Budgeting Archives - Page 14 of 16 - I Heart Frugal

Budgeting

Learn how to budget and take control of your finances and budget better.

Dave Ramsey Hacks to Stop Being Broke

Dave Ramsey’s Baby Step Hacks to Stop Being Broke

Baby Steps & the Debt Snowball

 

Who is Dave Ramsey?

Dave Ramsey is a financial guru that has been through it all. He was a millionaire at age 26 but lost it all, only to turn it around and come back stronger at a net worth of around $55 million.  Dave made it his mission to help others learn from his mistakes and to leave debt in the past.

Dave often uses biblical references to teach people about money. Moreover, he is known to quote Proverbs 22:7 stating, “The rich rule over the poor, and the borrower is a slave to the lender.”  After losing it all Dave has quickly built up his wealth, maintained his marriage, and now helps people learn the value of a dollar. Nonetheless, he teaches people how to pay down debt with his debt snowball methods.

Not only does Dave have New York Times Bestselling books he also created a class called “Financial Peace University” where he teaches live or video versions of his baby steps method for becoming debt-free and building wealth.

More Budgeting and Debt-Free Posts

Easy Budget for the New Year

11 Steps to Get Out of Debt

How to Raise Your Credit Score by 200 Points

7 Budgeting Methods Explained

How to Become a Better Saver

No Money to Pay My Bills, Help!

(more…)

Learn How to Create a Simple Budget Roundup

Simple Budget Roundup


Budget roundup

How badly do you need a budget? Budgeting is hard work and it is best to gain all the knowledge and information you can before attempting to create your own. In this way, you will create a budget that will work well for you and your family.  Yet, scavenging around the pool of information we call the Internet is especially time-consuming and it is hard to weed out the good seeds from the bad. So I have done the work for you!

This week on I Heart Frugal, I have compiled a list of budget posts to help you get started on your budgeting journey. My fellow personal finance bloggers have a wealth of information to share that will get you back on track to an amazing debt-free life.

Each picture will feature a link to the post and the blog title below. Check out my post on budgeting here and use these other posts to really dive into starting your budget and making your money work for you.

(more…)

Are You Drowning in Debt? Learn How to Come up for Air

Drowning in Debt


Drowning in Debt

So when I was a kid, I used to swim every day. I would swim for fun! I would swim for exercise and because I grew up by a lake, I thought this made me an excellent swimmer. Daily walks to the lake entailed swimming laps and laying out in the sun. This was a way of life when you grew up a few blocks from the water. Winter was your enemy and summer your best friend.

Yet, that day in the five-foot hotel pool told a story of a different swimmer. Not the story of a swimmer that could swim laps around Michael Phelps, but of a vulnerable kid that could not get a grip. That was the day my brother started drowning. Yet, being the great swimmer that I am, I knew I could save him.

I saw it so differently in my head. I envisioned diving in, grabbing him, and pulling him to the edge. It was all so clear and I would be a hero!

However, I didn’t take into account, when the water is over your head and the other person is panicking – by the way, I’m not a lifeguard – saving them is near to impossible.

As I swam up to my brother bobbing up and down grabbing for any inch of air to fill his water-logged lungs, he grabbed me and started taking me down with him. I – the great swimmer from Michigan – started to panic myself.

Suggested Reading: No Money to Pay My Bills, Help!

(more…)

How to Track Spending to Get Out of Debt

Is tracking spending worth it?

How to use a spending journal to conquer debt

 

(Updated Jan. 2021)

Hi, I’m Sarah and my husband and I have paid down over $100,000 worth of debt combined. We are close to being totally debt-free when we pay off our mortgage this year (2021). Read more about our story here.

If there is one trick that has helped us pay down debt and stay out of debt, it is tracking our spending.

Have you ever considered using a spending journal? You may be thinking, “Why would I want to add one more thing to my “To Do” list?”

Yet, tracking your spending could be the one aspect of your budget you are missing to put the “debt-free” back into your life. Nonetheless, journals come to mind when writing about feelings and yes, they are more commonly used for this type of writing, yet isn’t your money journey just as important as your emotional journey? These two aspects of life are intertwined immensely.

Writing down what you spend will give you a clear picture of where your money is going and help you solve your debt puzzle. I suggest making this the first step to beginning your budget and obtaining financial freedom.

What is a Spending Journal?

Spending Journal: A written journal of all the money you have spent that week or month. I recommend tracking your spending for at least a week, but a month would be better and will give you a clear picture of how you spend. Moreover, once you have this in place you can begin to trim the fat off of your budget and use the extra money to pay down debt or save for an emergency fund or retirement.

Suggested Reading: No Money to Pay My Bills, Help!

(more…)

How to Get Out of Debt: 11 Actionable Steps to Live Better

Learn How to Get Out of Debt in 11 Steps

Debt payoff

Henry David Thoreau once said, “Almost any man knows how to earn money, but one in a million knows how to spend it.” Most people have not mastered the art of frugal living – living within your means. It is commonplace to use credit cards and buy on a whim.  Moreover, debt continues to grow and as your paycheck fizzles away, plastic replaces reality. Spending more than you make becomes a habit and your debt becomes a way of life.

In fact, learning how to spend with intention and cut out unnecessary items from your budget, can be your saving grace if you are in debt.

Are you in debt? You are not alone. Over 50% of Americans are in debt right along with you. The average American family carries a credit card debt of $8,377 according to CNBC.com.

One solution is to toss up your bills and hope you win the lottery, but your odds are super low.  So now is the time to solve your debt dilemma.

Reasons to Pay off Debt:

  • peace of mind
  • ability to save for an emergency fund
  • less stress
  • no family fights about money
  • own your house and car outright
  • fewer bills
  • pay less interest

This post contains affiliate links. This means if you click a link and make a purchase, I will receive a small commission at no cost to you, so thank you. This site uses cookies for better user experience. For more information read our disclosure policy here. 


Suggested Reading:

(more…)

1 12 13 14 15 16