The debt snowball method is a GREAT way to get out of debt for those with multiple debts. But you can still use it even when you only have one debt! Here’s how. The idea is simple. Suppose you have just one debt, and it’s $250,000. Taken by itself, that amount is overwhelming. It probably feels like it will take forever. But how long would it take you to pay off $500 of it? $1000? $5000? A whole lot less time, right? So the idea is to focus on those smaller amounts instead of the big lump sum. It doesn’t matter what you’re using, a debt payoff app, a debt snowball calculator, or even just a pi ..read more

There’s no doubt about it, it’s extremely stressful when you can’t pay your bills. You may be dealing with sleepless nights, debt collectors, and worries about how to feed your family. But there are steps you can take to manage and improve your situation. Avoiding these 7 mistakes when you can’t pay your bills will help! Mistake #1: Choosing a Permanent Solution I hate to open with this, but please do not consider killing yourself over debt or bills. Your life is worth way more than anything that may happen with your money. Remember that given enough time, things can turn around. Please do not ..read more

These motivational quotes about debt and money can help keep you inspired on your journey to debt freedom. They’re all quotes from women in the personal finance world. Quotes About Debt “Every debt paid is an automatic pay raise.” –Nia Adams, Perspectives “If debt were a person, I’d slap it.” —Michelle Singletary “Live a life you would want your kids to have…debt free and full of possibilities.” –Monica, Grab Your Slice “Getting out of debt and enjoying life are not mutually exclusive.” –Jackie Beck, The Debt Myth “‘Good’ debt can sink you as quickly as ‘bad’ debt; you need to determine y ..read more

IRA contribution limits can change from year to year, and the max amount you can put in also depends on your age. Note that no matter what, the amount you put in can’t be more than your taxable compensation for the year. Take a look below for the limits based on the kind of IRA. Remember that IRA is one of many retirement plan options available. Traditional & Roth IRA Contribution Limits Year   Normal Limit Age 50+ Limit 2023   $6,500 $7,500 (includes $1,000 catch-up) 2022   $6,000 $7,000 (includes $1,000 catch-up) 2021   $6,000 $7,000 (includes $1,000 catch ..read more

A side hustle is just extra work you do in addition to your normal job. A side job or side gig, in other words. The phrase “side hustle” doesn’t have a bad meaning the way like the word “hustle” alone sometimes does. It’s more like hustle in the sense of “get a move on and work hard”. (Like your gym teacher might have yelled.) It can be work you do a few hours a week, no set number of hours, or even a lot of hours if you are full of fire. Usually a side hustle is done as a freelancer or independent contractor/entrepreneur (aka working for yourself), so those are the kinds of things we’ll focus ..read more

Each year, the government looks into whether or not to increase 401(k) contribution limits for those kinds of retirement plans. It’s good to take advantage of any increases if you can, as it could help future retired-you. To make planning and taxes a little easier, here are the amounts for 2023 and prior years. 401(k) Contribution Limits The annual contribution limits (also known as elective deferrals) are shown below for a regular 401(k) and a Roth 401(k). Keep in mind that the amount you put in also can’t be more than 100% of your compensation. Traditional 401(k) and Roth 401(k) Contribution ..read more

There are many ways to stay warm during a power outage. And with rolling blackouts, winter storms, and other cold-weather outages on the rise, chances are you may need to use them. So what are the ways to stay warm during a power outage? In general, think of staying warm by area. The smaller the area you need to warm up, the easier it will be to stay warm. So that means to think of keeping warm in this order: Your body Part of the warmest room in the house The warmest room in the house Part of the house (with the rest closed off) The entire house The fewer areas you need to warm up during a ..read more

Inflation is rising and wages are flat, making it hard to make ends meet. So how can you cut your budget when it feels like there’s nothing left to cut? First, don’t despair. I know it can feel incredibly discouraging when you’re eating crackers for supper and the latte factor seems like a joke. I’ve been there, and it is possible to get through it. There are still ways you can get back on your feet, even when it feels like there’s nothing left to cut. Start With a Second Look at Your Budget Cutting your budget does start with taking a second look at your current budget. I don’t just mean look ..read more

When you’re buying a car with cash, there are several things to consider. You can buy a new or used car, and you can buy it from a dealer or a private party. You can save up for your dream car, or buy a starter car and work your way up. Here’s what you need to know about paying cash for a car, plus the pros and cons of doing so. Why Consider Buying a Car With Cash? Do you like debt? If the answer is no, that’s a huge reason to consider buying a car with cash. When most people think about buying a car, they think about financing it. This is the option that allows you to spread the cost of the c ..read more

Saving money can be a challenge, especially if you don’t have a lot of income to work with. However, it is definitely possible to save money from salary if you are willing to make some small changes in your spending habits. In this blog post, we will discuss 8 tips on how to save money from salary to help improve your financial situation. 1. Know What You’re Saving For Knowing what you’re saving for is more important than you might think. Why? Because saving for saving’s sake doesn’t give you any sense of urgency or accomplishment. So if you want to successfully save money from salary, the ver ..read more