Silly Creditor, Debt is for Idiots

No offense. I’m calling myself an idiot here too. Though I try everyday to be more like this guy with the overalls – saying “No, thank you,” to debt.

Overcome with Budgeting & Schedule: 5 Steps

1. Setup a Budget Spreadsheet. – you’ve got to see the whole picture here. Use one of these spreadsheets as a starting point. Set it up then transfer to… Homebudget App.

2. Set aside 1 hour per week to revise/update Budget Spreadsheet & App as needed. Try it on Saturday morning, settle in with a nice cup of coffee, see how far you’ve come, and plan for your future.

3. Pay off your smallest credit card/revolving debt account first, being sure to keep the accounts open to improve your credit score. Use this free calculator to find the best way to pay off your debt. Then, use the credit cards for things that you would normally pay for with cash/debit card.  For this to work, you must pay the credit card off WITHIN THE SAME MONTH. Otherwise you’re just throwing away money on interest.

4. Start Saving! There are two types of saving: 1. Emergency Fund Saving and 2. Retirement Saving. If you’ve paid off your debt and have an Emergency Fund, you are ready to start saving! (Note: As long as you have an Emergency Fund and still have debt, it will serve you better to pay off your debt before you start saving for retirement. Trust me on this one.) There are all sorts of ways to save and they depend on your will power. If you’ve got strong will to save, a savings account will do. If you’re like me and need saving to be easier and more convenient, there are apps such as Digit, Tip Yourself and Qapital that will allow you to save from your phone. In addition, Real Estate, Silver & Firearms are ALWAYS solid investments. (I’m not being paid to recommend Digit, Tip Yourself, or Qapital.)

5. Start Scheduling your side-hustle. What would you do if you were independently wealthy? That’s what your side-hustle needs to be. Start thinking about and planning it. Ideally, you’ll plan it without a bank being involved so you don’t find yourself in more debt. But if you have an extraordinary idea and need a little help, SOFI has a pretty good program in place  https://www.sofi.com/entrepreneur-program/. (I’m not being paid to recommend SOFI).