March 30, 2017

Archive

How To Be Social While Paying Off Debt 

One thing I consistently struggle with is being social while paying off debt.  I'm single and in my 20's so most social events are at restaurants or bars multiple times a week.  On average I spend about $30 each time I go out.  That includes roughly 2-3 drinks and an appetizer eaten at the bar or shared with friends.  If I continued to spend $30 four times a week out that would be $120 a week, $480 a month, and $5,670…

My Minimalist Apartment That Fits In My Minimalist Budget 

I recently downsized to a minimalist apartment to fit my Minimalist budget.  I had been thinking about downsizing for a while so I can speed up my debt payment and finally took the leap.  There are definitely some drawbacks to downsizing but I think overall it's working for me.  The biggest drawback for me is security.  The security of the bigger buildings I've lived in has always been great.  My last building was on the third floor and you couldn't…

Butting Heads With Your Family and Friends While Paying Off Debt 

I want to take a minute and talk about family and friend support while paying off debt.  When I started my debt free journey I didn’t expect it to be easy and I didn’t expect everyone to understand.  I did, however, expect my family and friends to be supportive, which they have not been at all.  It's a very strange feeling arguing with your family and friends about your personal financial situation.  I'm a true believer that you should respect…

Is Refinancing Student Loans A Good Idea?

After much consideration, I decided to refinance my student loans with a private lender last year. It's a big decision so I wanted to share some insight that may help you decide if you're considering doing the same.  Below I've listed some pro's and con's to refinancing with a private lender that you may find useful. Pro's You may be able to get a better interest rate.  You should shop around and get quotes from a few lenders to find out…

Mid-Month Budget Update

It's only the 19th of the month but so far I've paid off: $1,438 of Invisalign debt $1,700 of student loan debt For a total of  $3,138 in debt gone!!  I'm leaving the IRS debt alone right now while I try to fight it.  I'm wishing and praying I can get it resolved so I don't have to pay anything which could speed up my student loan payoff by almost 6 months.  I did have a little in savings I used…

Living Without A Credit Card During Debt Payoff 

One of the hardest things I've had to do during this journey is live without a credit card during debt payoff.  I have been a heavy user of credit cards my entire life.  I'll never forget the first credit card I got at the mature age of 16 ... I was able to get approved for my first card with my Dad as a co-applicant.  The limit was $250 and I felt like I was rich!  Absolutely rolling in the…

Everyone Has A Story About A Stupid Purchase & This is Mine

I have a ton of dumb purchase stories but let me tell you my personal favorite which is my own.  I was halfway through my MBA and had just landed a job at private equity firm.  I thought this was it, I had made it!  I would now be commuting so I asked my dad to help me shop for a car one weekend.  I had $6k saved up to buy something.  We headed to the Honda dealership to get…

Pursuing Minimalism

In anticipation of my downsizing move in two weeks, I decided to clean out my apartment and give some stuff to Goodwill.  My LORD, I got rid of so much crap!  I didn't realize how much stuff I've had for years, moving from apartment to apartment, that I never use.  I think of myself as somewhat of a minimalist anyway, but now I'm starting to see the benefits of only owning what you absolutely use and need.  I took a…

How Much I Plan to Keep in Savings During Debt Payoff

As mentioned in one of my last posts, this year I was hit with a major tax bill of $8,335 due to something I reported in 2014 that the IRS didn't like... kill me. I had a melt down for about three straight days after I got that letter.  After speaking with a lawyer I decided it wasn't worth it to go to tax court because his fees would about cancel out anything I would get the IRS to shave…

Why I’ve decided To Pay Off My Loans ASAP 

Pretty much every day I come across an article telling people not to worry about paying off student loans because they are "good debt."  Then in about an hour, I read another article saying you are crazy for keeping loans around, they're ruining your life, now please click some crazy link about a 22 year old who paid off $90K in 6 months. I'm in camp #2 if you haven't realized that by every other post in this blog, the title,…