ideas

Apache is functioning normally

Those who’ve been experiencing Bridgerton withdrawals for the past year can finally breathe a sigh of relief. The Netflix franchise’s highly anticipated prequel Queen Charlotte: A Bridgerton Story is here to indulge your need for a period drama. And while the latest installment (starring newcomers India Ria Amarteifio and Corey Mylchreest) certainly meets expectations in delivering steamy romance and wild plot twists, there’s another component to the 19th-century story that will catch viewers’ eyes. Yes, the elaborate Regency-era decor serves as an unofficial character in the plot, adding drama and interest … not to mention inspiration for your next home refresh.

Now, to be clear, Regencycore has been having a moment in fashion and home for the past year, thanks to the success of Bridgerton’s first two seasons and other turn-of-the-century series like HBO Max’s The Gilded Age (which debuted in early 2022). In fact, following the release of the latter, vintage reseller 1stDibs reported a 130% increase in “gilded age” searches. And while the quiet luxury trend has taken design by storm in recent months, with the debut of Queen Charlotte, it’s safe to assume a fresh interest in the ornate textured designs of 19th century England will re-emerge.

Which begs the question: How does one make such a maximalist trend like this work in 2023? “While the Regency era style is undeniably beautiful, it can be challenging to seamlessly incorporate its elements into a modern home without sacrificing practicality and functionality,” says Zakhar Ivanisov, founder of Soul & Lane, a platform for home tips and advice. That said, like other over-the-top aesthetics, the key to embracing the Queen Charlotte look is “mixing [these] design elements with more contemporary pieces for a balanced and timeless look,” says Brad Smith, interior designer, and CEO of Omni Home Ideas.

Ahead, interior designers and decor experts outline these components to Regency decor so you can channel your own royal palace in a modern way this spring and summer. Queen Charlotte would be proud.

Rich, Regal Colors

LIAM DANIEL/NETFLIX

The first and possibly easiest step you can take with this throwback aesthetic is by adding some color to your living space. “Rich and vibrant palettes were popular during the Regency Era,” says Smith. “Consider using jewel tones like emerald green, deep sapphire blue, and burgundy, or opt for soft pastels like dusty rose and powder blue for a more subdued look.”

Ornate Detailing

LIAM DANIEL/NETFLIX

Another quick fix could be simply swapping in a few accents and accessories. “Regency Era design features intricate detailing in furniture and decorative accents,” says Smith. “Look for pieces with carved woodwork, gilded finishes, and elaborate patterns to add visual interest to your space.” Door or cabinet knobs, mirrors, and picture frames can easily add a touch of regal opulence.

Amber Dunford, design psychologist, and style director at Overstock.com seconds this tip, adding, “an opulent chandelier with elements like crystal, glass, or detailed filigree can bring an instantly elegant feel to a dining room or entryway space.”

Tapestry Walls

NICK WALL/NETFLIX

Dunford explains that many English homes in the Regency era featured decorated walls with large-scale tapestries. “Try a tapestry-inspired wallpaper or wall hanging,” she recommends. “You may want to consider wallpaper with floral damask prints or opt for eye-catching patterns on a larger scale with scenes that depict nature or animals. There is also formality in symmetry that aligns nicely with this trend, so you can play that up with symmetrical artwork or wall panels or break the rules and go asymmetrical.”

Curved Shapes

LIAM DANIEL/NETFLIX

Intricately carved and rounded furniture was key in the Regency era. “Adding chairs with tufting or caning is another easy way to get that royal vibe in your home,” says Dunford. “Rounded shapes on sofas and chair backs also have a more regal feel and help spaces feel more comfortable, as curved shapes induce a more soothing energy for humans. “

Luxe Textures & Materials

LIAM DANIEL/NETFLIX

Never underestimate the power of a throw pillow or fresh drapes. “Opt for rich materials like silk, velvet, or brocade for your draperies, upholstery, or throw pillows,” says Ivanisov. “These textiles not only add a touch of opulence to your space but also contribute to a comfortable and inviting atmosphere. Consider choosing fabrics with intricate patterns or bold colors that reflect the grandeur of the Regency era, ensuring they complement your existing decor.”

Subscribe to our newsletter >

Source: thezoereport.com

Apache is functioning normally

Love is in the air … not just for smitten couples and star-crossed lovers, but for ordinary people who have fallen head over heels for their apartments.

For some, apartment living isn’t a stepping stone towards buying a home; it’s a way of life. We asked our readers to tell us exactly what they love about renting, and here’s what they had to say.

For this Madison, WI resident, apartment living hits all the right notes.

For others, it’s the simple conveniences that make apartment living special, and a great view goes a long way toward making an apartment feel like home.

The other residents of an apartment community can make a big difference in everyone’s quality of life. But in the end, it’s the simple things that make an apartment home sweet home.

Looking for inspiration to make your apartment a place you love to call yours? We’ve got plenty of ideas on the AG Blog!

Thanks to all our Facebook fans that responded! Now it’s your turn – what do you love about apartment living?

Photo credits: Shutterstock / laura.h; Facebook

Apache is functioning normally


Your Guide to the Sharing Economy – MintLife Blog

Skip to main content

peer-to-peer lending). 

Looking for a quick definition? Keep the one below in mind.

Sharing economy definition

The sharing economy is a peer-to-peer lending system, often facilitated by online platforms, that allows individuals or small companies to share goods and services with one another.

To better understand the sharing economy, it’s helpful to see how it fits into the bigger picture of novel industries that are disrupting traditional ones. 

Sharing economy vs on-demand economy

The on-demand economy is a name for the new suite of services most people have available with their phone. “On-demand” refers to the fact that, with just a few taps, swipes, and a credit card, there are many goods and services immediately available to consumers. 

For instance, let’s say you need groceries delivered — there’s an app for that. A fleet of gig-working delivery drivers (more on that next) is ready on demand to bring you the bread, almond milk, and kale that you need ASAP. 

How does this differ from the sharing economy? When investors, economists, and consumers talk about the sharing economy, they are referring more specifically to services that facilitate sharing goods. It might not even be on-demand; for instance, if you’re part of a group of people who share power tools, you might not have access to the bandsaw you need until the person who has it now is done in 3 days. 

The sharing economy and the on-demand economy have a lot in common, though, as they both allow peers to collaborate through the use of a third-party app. That brings us to another buzzword you might be hearing a lot about these days. 

Sharing economy vs gig economy

The gig economy focuses more on the workers’ side, rather than the consumer. For instance, both sharing economy services (like Airbnb) and on-demand economy services (like TaskRabbit), and even services that fall into both categories (like Uber), can be considered forms of gig economy work. 

The gig economy consists of workers who operate on short-term contracts, performing jobs through an app-based service. When investors and economists talk about the gig economy, they’re usually talking about the transition in many sectors toward this sort of short-contract-based work. 

The quintessential example is a service like Uber or Lyft. Rather than a full-time, wage-based job like taxi driver, many people are instead working part-time, contract-based, often precarious positions as ride-share drivers. That’s the gig economy in action. 

Examples of the sharing economy

We’ve already discussed a few types of sharing economy services, but what are a few more familiar examples? The answer is that there’s no set definition or criteria for what makes a service a part of the sharing economy. That said, there are a few examples that you’re probably familiar with:

  • Ride-share: Services like Uber and Lyft are great examples of the sharing economy — a driver shares their car (and time) with a consumer, who gets a lower-cost ride out of the arrangement. 
  • Car-share: Some services also allow you to share your car with peers, not by driving them, but by allowing them to rent it. 
  • Tool-share: Power tools are expensive. Luckily, the sharing economy makes it easy to see who has a tool you can borrow, and pay a small amount to rent it for a day or two while you complete a project. 
  • Clothing sharing: There are sharing sites for expensive designer clothes that you probably won’t wear more than once. Pay for a subscription, then rent for a few days. 
  • Crowd-funding: Have a new business idea or product concept? You can use services online that allow you to crowd-fund the startup costs. 
  • Peer-to-peer lending: Rather than going through a large financial institution or sketchy loan shop when you need cash, peer-to-peer lending allows consumers to seek financing from other individuals who have a little surplus cash they’d like to grow. 

As mentioned before, there’s no hard-and-fast definition or criteria — pretty much any service that allows people to help each other out can be considered a part of the sharing economy. 

Sharing economy apps

We’ve mentioned that the sharing economy is mostly facilitated by app-based services — but what are these apps? Chances are, you’ve probably already got a lot of them on your phone. Here are a few common sharing economy companies, and what they’re built for:

  • Ride-sharing and taxi alternatives: Uber, Lyft

This is definitely not a complete list. Chances are, if you need some item or service, but don’t want to purchase it yourself, there’s a sharing economy solution out there for you. A simple Google search of “[What you need]” + “sharing app” will likely bring you tons of interesting options to consider. 

Pros and cons of sharing economy

Like anything, the sharing economy comes with plenty of pros and cons to consider. Before going all-in on using sharing apps, let’s take a look at some of the benefits and downsides that come along with the sharing economy.

Pros

  • Sharing services can help you save money
  • Sharing apps give you access to things you might not otherwise have (like power tools or a small loan)
  • They’re often on-demand, too (though not alway), so you can get what you need quickly
  • They allow owners of assets to make a small, steady stream of passive income
  • They’re popular. According to PWC, about 19% of people have participated in the sharing economy, and that number is expected to grow. 

Cons

  • They might be riskier than a traditional business because you’re renting items (like a car) from an individual rather than a company
  • While they might allow for a new income stream, some sharing economy jobs (like rideshare drivers) might not allow you to make a full living
  • Some app companies might inflate prices or take a large commission in order to increase their own profits — be sure to do your research on an app before using it as either a buyer or seller

Overall, for most people, deciding whether using the sharing economy makes sense will be an individual process. For some people, making money with side hustle apps might be a great way to spend some time and earn a little cash. For others, it might not make as much sense. 

If you have a vacation home you don’t use often, it could totally make sense to rent it out to travelers who need a place to stay. Others might not want the hassle associated with cleaning the home and preparing it for the next guests — ultimately, it’s up to you whether participating in the sharing economy makes sense. 

Sharing economy: the takeaways 

The sharing economy is a great way for peers to connect and share goods and services they have access to with people who are looking for access at a bargain price. It can include anything from sharing cars and power tools to peer-to-peer lending and crowdfunding. 

Here’s what to remember:

  • The sharing economy uses apps to allow individuals to connect with each other, sharing their goods and services.
  • It’s closely related to the on-demand economy and gig economy; in fact, there’s tons of overlap when it comes to the apps used in each. 
  • You can use the sharing economy to access things like car rentals, fashionable clothes, power tools, personal loans, and seed money for your ingenious ideas. 
  • Apps like Uber, Vrbo, DailyLook, and Prosper are all popular sharing economy options. 
  • There are pros and cons
    • Pros: Usually inexpensive, a great way to find extra income, and convenient
    • Cons: You have to trust peer lenders and borrowers, and some companies pay workers less than other options, or charge fees that make lending not worthwhile

What options can the sharing economy open up for you? Research the ways that you can start using sharing apps today, and start saving (or making!) money. 

  • Previous Post
    6 Ways to Cut Your Wireless Bill

  • Next Post
    Why Canadians Love To Shop In The U.S.

Browse Related Articles

  • Relationships

What Is the Circular Economy?

  • Saving 101

Would You Rent Your Car Out While Not Driving It? Car S…

Making Money Renting Your Car: The 411 on Peer-to-Peer …

<img width="600" height="1024" src="https://blog.mint.com/wp-content/uploads/2015/09/Stocksy_txp2de7076aWcZ000_Medium_503493.jpg?w=600&h=1024&crop=1" class="rkv-card__media" alt decoding="async" loading="lazy" data-attachment-id="895" data-permalink="https://mint.intuit.com/blog/stocksy_txp2de7076awcz000_medium_503493/" data-orig-file="https://blog.mint.com/wp-content/uploads/2015/09/Stocksy_txp2de7076aWcZ000_Medium_503493.jpg" data-orig-size="1536,1024" data-comments-opened="0" data-image-meta=""aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"" data-image-title="A How-To Guide to Modern Tipping" data-image-description data-image-caption="

A How-To Guide to Modern Tipping

” data-medium-file=”https://blog.mint.com/wp-content/uploads/2015/09/Stocksy_txp2de7076aWcZ000_Medium_503493.jpg?w=300″ data-large-file=”https://blog.mint.com/wp-content/uploads/2015/09/Stocksy_txp2de7076aWcZ000_Medium_503493.jpg?w=1536″>

  • Money Etiquette

A How-To Guide to Modern Tipping

  • Investing 101

Ron Conway: Investing in a Down Economy

<img width="600" height="578" src="https://blog.mint.com/wp-content/uploads/2019/10/Stocksy_txpc3ae9256WIU200_Small_1866702.jpg?w=600&h=578&crop=1" class="rkv-card__media" alt="The Millennial’s Guide to Buying a Home: Budgeting and Insurance" decoding="async" loading="lazy" data-attachment-id="11589" data-permalink="https://mint.intuit.com/blog/housing/the-millennials-guide-to-buying-a-home-budgeting-and-insurance/attachment/father-and-son-using-computer-in-new-house/" data-orig-file="https://blog.mint.com/wp-content/uploads/2019/10/Stocksy_txpc3ae9256WIU200_Small_1866702.jpg" data-orig-size="866,578" data-comments-opened="0" data-image-meta=""aperture":"0","credit":"MaaHoo Studio / Stocksy United","camera":"","caption":"","created_timestamp":"0","copyright":"All Rights Reserved","focal_length":"0","iso":"0","shutter_speed":"0","title":"Father And Son Using Computer In New House","orientation":"0"" data-image-title="The Millennial’s Guide to Buying a Home: Budgeting and Insurance" data-image-description="

The Millennial’s Guide to Buying a Home: Budgeting and Insurance

” data-image-caption data-medium-file=”https://blog.mint.com/wp-content/uploads/2019/10/Stocksy_txpc3ae9256WIU200_Small_1866702.jpg?w=300″ data-large-file=”https://blog.mint.com/wp-content/uploads/2019/10/Stocksy_txpc3ae9256WIU200_Small_1866702.jpg?w=866″>

  • Housing Finances

The Millennial’s Guide to Buying a Home: Budgeting an…

<img width="600" height="1068" src="https://blog.mint.com/wp-content/uploads/2018/08/Mint.com_Image1-2.jpg?w=600&h=1068&crop=1" class="rkv-card__media" alt="Side Hustle 101: What You Need to Know About Renting Your Car" decoding="async" loading="lazy" srcset="https://blog.mint.com/wp-content/uploads/2018/08/Mint.com_Image1-2.jpg?resize=44,79 44w, https://blog.mint.com/wp-content/uploads/2018/08/Mint.com_Image1-2.jpg?resize=300,534 300w, https://blog.mint.com/wp-content/uploads/2018/08/Mint.com_Image1-2.jpg?resize=600,1068 600w, https://blog.mint.com/wp-content/uploads/2018/08/Mint.com_Image1-2.jpg?resize=150,267 150w" sizes="(max-width: 600px) 100vw, 600px" data-attachment-id="9064" data-permalink="https://mint.intuit.com/blog/planning/side-hustle-101-what-you-need-to-know-about-renting-your-car/attachment/mint-com_image1-2/" data-orig-file="https://blog.mint.com/wp-content/uploads/2018/08/Mint.com_Image1-2.jpg" data-orig-size="5760,3840" data-comments-opened="0" data-image-meta=""aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"" data-image-title="Side Hustle 101: What You Need to Know About Renting Your Car" data-image-description="

Side Hustle 101: What You Need to Know About Renting Your Car

” data-image-caption data-medium-file=”https://blog.mint.com/wp-content/uploads/2018/08/Mint.com_Image1-2.jpg?w=300″ data-large-file=”https://blog.mint.com/wp-content/uploads/2018/08/Mint.com_Image1-2.jpg?w=5760″>

  • Financial Planning

Side Hustle 101: What You Need to Know About Renting Yo…

  • Saving 101

Be Green, Save Green: The Rise of eBook Sharing

A Visual Guide to the Federal Reserve

  • Saving 101

The Black Friday Survival Guide


Browse by Topic

Source: mint.intuit.com

Apache is functioning normally

A short while ago I wrote reviews of two services that recently launched, both of which intrigued me. One is a free online savings account called Digit, and the other is a free automated investing adviser called Axos Invest.

Both companies are different from anything else out there.

Digit’s claim to fame is that they will automatically save money for you after analyzing your spending and account balance trends. Once Digit figures out how much it can save without you noticing, or overdrawing your account, it just does it. It saves small amounts to your Digit savings account throughout the month. At the end of the month, you’ve got a nice lump sum saved in your account. (Digit review here)

Axos Invest is gaining traction because of its unique business model as well. They’re a robo-adviser, an automated investment advisory along the lines of Betterment or Wealthfront, but they’re different in that they don’t charge any management fees as most other companies do. They invest your money in ETF index funds with no trading fees and no management fees whatsoever. They plan to make their money off of premium add-on products like tax-loss harvesting in the future. (Axos Invest review here)

I liked the ideas behind these services and signed up for both of them to give them a trial run. While I was at it I decided to turn this into a bit of an experiment.  I plan to see just how much money I can automatically save and then invest with them through the end of the year.  I thought it would be interesting to show just how much you can automatically save and invest (at no cost), without even thinking about it. Saving and investing doesn’t have to be hard, or expensive!

Digit Savings Account

According to Ethan Bloch, the founder of Digit, the company was started to help people, “maximize their money, while at the same time driving the amount of time and effort it takes to do so as close to 0 minutes per year as possible”

So how does Digit work? You sign up for an account, and link your checking account. Digit will then analyze your income and expenses, find patterns and then find small amounts that it can set aside for you – without any pain for you.

So once you sign up and turn on auto-savings, every 2 or 3 days Digit will transfer some money from your checking to your savings, usually somewhere between $5-$50. Digit won’t overdraft your account, and they have a “no overdraft guarantee that states they’ll pay any overdraft fees if they accidentally overdraft your account.

Open Your Digit Savings Account

Axos Invest Investing Account

Axos Invest launched with the goal of being the world’s first completely free financial advisor.  Their founders had a mission “to ensure everyone can achieve their financial goals, which starts with investing as early as possible. This is why there is no minimum to start and we do not charge fees.” 

Axos Invest’s founders understood that one of the drags on the typical person’s portfolios is the fees that they’re paying to invest, as well as the friction point of having to invest thousands of dollars to start.  They changed that with no minimums to invest, and no fees charged for investing.  Axos Invest will be releasing some premium add-on products for their users, which they will charge for, but a basic investing account will not cost anything beyond the mutual fund expense ratios associated with your investments.

What do you invest in with Axos Invest? Axos Invest will invest your funds based on Modern Portfolio Theory (MPT). Your investments will be diversified, low cost, and recognize the value of long term passive investing by investing in ETF index funds.

Open Your Axos Invest Investing Account

The Digit + Axos Invest Experiment (D+AI Experiment)

For the experiment I plan on using the two accounts I have just opened with Digit and Axos Invest in order to show just how easy it is to invest.

From now until the end of the year I plan on allowing Digit to automatically save money from my checking account and put it into my Digit savings.

When the amount in the account gets to around $75 or more, I’ll transfer it back to the checking and transfer the same amount over to my Axos Invest Roth IRA to invest in their automated investing service.  I figure by doing it this way, I’ll engage in a bit of dollar-cost averaging, instead of waiting until the balance is higher and investing once or twice.  Since Axos Invest has no minimums and you can buy fractional shares, why not?

When the end of the year rolls around I’ll do a review and look at how much money I’ve been able to save and invest using these two sites.

The Experiment In Progress

Once I had setup my Digit and Axos Invest accounts I started putting the experiment into action in early February. I turned on the automated saving feature of the Digit savings account, and waited for the small savings amounts to start showing up.  After about 3-4 days, my first few deposits into Digit appeared.  There were deposits for $5, $6.50, $8.45, $2.35 all within the first 7 days. I have also referred friends to Digit, and $5 referral bonuses started showing up as well.

Day after day the referrals and savings deposits started piling up and before I knew it, I had $186 in the account.  At this point I decided to withdraw and make my first investment over at Axos Invest.

Amounts Withdrawn And Invested So Far

I’m only about a month into my little experiment, and so far I’ve withdrawn my Digit savings balance and invested it in my Axos Invest Roth IRA twice.  The amounts were:

  • $186.00
  • $74.72

Here’s a screenshot from my Digit account showing my latest withdrawal for the purpose of investing.

After withdrawing the money I then transfer it from my checking account over to Axos Invest. Here’s a screenshot of my latest deposit with Axos Invest.

Once this deposit goes through I’ll have a little less than $260.72 invested at Axos Invest since the market has gone down slightly since I started. You can see the $184.84 total invested for my first $186 deposit below.

Here’s the portfolio’s asset allocation in my Axos Invest account currently. Probably a tad more aggressive than in my other retirement accounts, but that’s OK.

The funds that Axos Invest uses and their expenses are shown below (and are subject to change)

  • Vanguard Total Stock Market ETF (VTI): 0.05%
  • Vanguard FTSE Developed Markets ETF (VEA): 0.09%
  • Vanguard FTSE Emerging Markets ETF (VWO): 0.15%
  • Vanguard Intmdte Tm Govt Bd ETF (VGIT): 0.12%
  • Vanguard Short-Term Government Bond Index ETF (VGSH): 0.12%
  • iShares Investment Grade Corporate Bond ETF (LQD): 0.15%
  • State Street Global Advisors Barclays Short Term High Yield Bond Index ETF (SJNK): 0.40%
  • iShares Barclays TIPS Bond Fund (ETF) (TIP): 0.20%
  • Vanguard REIT Index Fund (VNQ): 0.10%

Depending on how the market does, we’ll see what kind of returns my account sees.  No matter how it goes, I’m already ahead of the game as I don’t have to pay any account management or trading fees. Can’t beat that.

Join In The Digit & Axos Invest Experiment

If you’re intrigued by Digit and Axos Invest like I was, and want to join in the “D+WB Experiment”, I invite you to join in.

Open an account with both services (both accounts are free), set Digit to start automatically saving and get started. Let’s see how much we can save and invest this year – without lifting a finger!

Related Posts

Source: biblemoneymatters.com

Apache is functioning normally

Early retirement is the dream of many.

The idea of paying your dues, saving up, investing smart and retiring at some point before the “traditional” retirement age of 65 has a strong pull.

For many, early retirement is something that might even happen in their 40s.

If you are considering how you can retire early, here are 3 ideas that can help you reach an early retirement goal:

1. Disciplined Saving and Investing

One way you can build up a sizable nest egg is to practice disciplined investing. Consider how much you will need in your investment portfolio to create an income stream that you can live off of.

You will have to consider your age, how long you are likely to live, and the asset allocation you will need to provide reasonable growth, but not leave you over-exposed to the vagaries of the market. A long-term approach can help you.

If you are 30, and plan to retire by age 50 or 55, you might be able to amass $522,063.08 if you start with $10,000 and invest $1,000 a month for 20 years, assuming a 6.5% return — compounded quarterly — on your portfolio. (Note, though, that returns will vary according to market conditions, and there is always the risk of loss.) You can end up with more than $1 million if you double that to $2,000.

When you start living off your retirement portfolio, though, you will need to make sure you are not withdrawing so much that your nest egg can’t support you. You can maximize your efforts by investing in tax advantaged accounts and making use of your employer’s company match program. But you need a plan, and you need to be disciplined enough to stick with it if you go this route.

2. Cultivate Multiple Income Streams

Another idea for early retirement planning is to begin cultivating multiple income streams, rather than relying solely on your ability to build up a massive nest egg to get you to retirement. Instead, make a plan to pay down your debt (including your mortgage) by your early retirement target date.

Try to rid yourself of as many obligations as possible, so that you will have fewer expenses during retirement. Make a plan to pay down this debt while preparing for the future. Figure out how much money you will need each month to support your retirement lifestyle and then begin cultivating different income streams to create that income.

While there are rules that allow you to begin withdrawing from an IRA early, you likely won’t have access to Social Security benefits during an early retirement. You can consider your early withdrawal from an IRA if you must, but consider other sources of revenue. You can establish a web site that helps you earn residual income, write a book that results in royalties, start a business that can provide an income stream, or even engage in income investing.

It is, of course, possible to cultivate a number of income streams at once, diversifying your income sources. Start now to develop these streams so that they are established and mostly automatic by the time you are ready for early retirement.

3. Take Mini-Retirements

Tim Ferriss, author of The 4-Hour Workweek, made the idea of a mini-retirement somewhat popular. If you want to enjoy life now, and aren’t concerned about having a huge chunk of time to try and kill when you are older, you can plan to take mini-retirements, living in a different place for one to six months. You do have to be willing to quit a job — and try to find a new one — in some cases.

An alternative that appeals to me is having a job you can do from anywhere. I work from home as a freelance writer and I could actually whittle my workload down to a couple hours a day for a few months, and take my job on the road. I’d be living in a state of almost retirement, and it would work as long as I had access to the Internet. Consultants and other freelancers, as well as online entrepreneurs, could make this work. After all, if you can manage to work on reduced hours, and have time to do what you want, you won’t need the same size of large nest egg.

Bottom line: There are even more paths to early retirement, and it might be that you combine different efforts to come up with a method that works well for you. The important thing is to decide what you want to do, and then make a realistic plan to accomplish it.

Source: goodfinancialcents.com

Apache is functioning normally

Paying off debt is hard work. If it weren’t so hard, then it would be no problem for people to do. But, that isn’t the case at all.

Once you decide to pay off your debt, there will challenges along the way. There will be times that you feel tired and even defeated. Paying off debt takes making sacrifices, it takes time, and you may feeling like you are the only one working towards being debt free.

There are many things that may weigh you down as you pay off your debt, and the ones I bring up are all going to feel very negative. But, I want to talk about them because they are all things that I have felt while paying off my nearly $40,000 of student loan debt. By knowing that these feelings are common, my hope is that today’s post can help you overcome difficulties that you may experience along the way.

Instead of letting these feelings or challenges completely stop you from moving forward as you pay off your debt, you should know that many of the obstacles you come across are things that you can push past and move on from.

I hate seeing people stop their debt payoff journey because they feel too overwhelmed, and it’s important to remember that you aren’t the only one trying to pay off your debt. Just like anything else you are working towards, keep trying because you won’t get any closer to your goal if you stop now!

Plus, paying off debt is all worth it.

Remember this as you go, choosing to face your finances and pay off your debt is one of the best things you can do for yourself. And, even though it’s hard, you will be so proud of yourself once you realize what all of those struggles and hard work were for.

It may take a long time, but try to remember why you are doing it.

To help you deal with how difficult it may feel to pay off your debt, here are some of the struggles and feelings you may face and what you can do to change your mindset.

You may feel tired.

Learning to pay off your debt means you may need to find another job, cut your spending, and even downsize your house. All of those things are stressful and stress can leave you feeling exhausted.

But, you need to remember that you won’t always feel this way. This feeling is a temporary thing and what’s at the end, being debt free, will let you live a better life.

You will eventually be able to cut back on working so much and you will be able to sleep better knowing that you won’t have debt hanging over your life.

I remember how much extra work it took to pay off my debt. I worked so much and was so tired, but I wouldn’t change a thing because paying off my debt has led to living an amazing life.

You may have to make sacrifices.

Paying off your debt is all about making sacrifices, and we all know how hard that can be. You may have to change your spending behaviors, avoid places like the mall, cut your expenses, and more.

While it may seem tough to adjust to a new lifestyle, especially in the beginning, it will get easier over time. If bad spending habits were what led you into debt, then these sacrifices may feel even harder due to the fact that you may be used to spending more than you have.

But, you can break those bad habits and create new ones that will help you pay off your debt and then stay debt free. Habits like budgeting, family money meetings, and not overspending are all things that will help you for years to come.

If you are struggling with making sacrifices, I recommend bookmarking your favorite debt blogs and podcasts,

going on a no spend challenge, redoing your budget, looking for ways to extra money, and more.

Related:

You may be bored.

When you are trying to pay off your debt, you may have to start saying no to some of the activities and things you were spending money on. This could mean saying no to vacations, happy hours, dinner with friends, going to the movies, and more.

While you may feel bored in the beginning, it’s probably just because you haven’t realized that there are so many ways to have fun while you pay off your debt. When you actually start looking for frugal options to having fun, you will probably be surprised that there are so many possibilities.

You can take part in free events and festivals around your area, go to your local library, use coupons, and more. Plus, the outdoors are always a great place to have fun for cheap. You can go for a walk, ride your bike, hike, jog, or just explore. Find more ideas at How To Have Frugal Fun.

There really is no reason to be bored while paying off your debt. You’ve probably heard the saying that only boring people are bored – so don’t be boring!

Related posts:

You may feel like you should be keeping up with the Joneses.

One thing that many people find hard about paying off debt is that it feels like everyone else around them is still spending a lot of money. There are social media posts about amazing vacations, your friends might be talking about the new car they just bought, and friends who are wearing trendy new clothes and shoes, etc.

But, none of those things are needs. That negative feeling you might be experiencing when thinking about those things is just the feeling that you need to keep up with others. This is often something we try to do in order to feel better about what’s going on in our own life.

Unfortunately, it can be very tempting to stop your debt payoff journey to try to keep up with others around you, this is because you may feel jealous and wonder why others can spend money when you cannot.

But, looks can be deceiving. You don’t know what kind of financial situation that the other person is in. They may have more debt than you do! They may be maxing out their credit cards to go on vacations and buy expensive new clothes. They may have taken a second mortgage out on their home, and more!

There is no need to spend just to spend. You should only make purchases that you actually want to make and ones you need to make.

The next time you feel like you should spend money on things you don’t really need, you should stop and think about what’s actually bugging you and if you truly believe that spending money will cure whatever problem you are dealing with.

So, if you are wanting to do some emotional spending to deal with your feelings of debt pay off or to keep up with others, try to think about how amazing you will feel if you just keep working on your debt.

Paying off debt is all worth it.

While all the things listed above were negative feelings, there is one thing to keep in mind:

Paying off your debt can have so many positives.

I paid off my student loan debt quickly, and while it was extremely tiring, I wouldn’t change it for the world. There were many sleepless nights, 100 hour work weeks, and more, but I always reminded myself that this wouldn’t last forever. I knew that I wanted a different life and knew that paying off my debt would be 100% worth it in the end.

And, while you may feel like it’s awful right now, here are some positives that will come along the way:

  • Happiness. No longer having debt means that you’ll have more money in your pocket. You can save for retirement, finally take a vacation, and those things can lead to happiness and security.
  • No longer living paycheck to paycheck. By eliminating your debt, you will hopefully have learned better money management skills which will then allow you to start saving for other things in life, such as retirement.
  • Feeling in control. Debt can make a person feel like they have completely lost control of their life. By getting rid of your debt, you will feel much more in control of your life and your financial situation.

How does, or did, paying off your debt make you feel? What do you do to remain positive? What do you think debt free life will be like?

Related Posts

<!–

–>

Source: makingsenseofcents.com

Apache is functioning normally

There’s a divide in the world of personal finance. On one side are the folks who offer advice for scrimping and saving your way to financial success. On the other are the experts who scoff at frugality and champion big wins. I think there’s a place for both.

From my perspective, it’s important to do the small stuff — clipping coupons, conserving electricity — because doing so builds good habits. And, of course, many small actions combine to yield big rewards in the long term. (Plus there’s the fact that a frugal lifestyle costs less to support, which means you can reach financial independence all the sooner!)

On the other hand, the “big wins” camp has a valid point. Too many people focus exclusively on the small stuff because it’s easy to do and doesn’t require any real sacrifice. Yet you improve your monthly cash flow by hundreds of dollars by achieving a single big win, which is likely to be more than you save on all of the thrifty things you do combined.

Big Wins vs. Pyrrhic Victories

The way I see it, there are four types of things you can do to reduce your expenses or boost your income.

  • Difficult (or time-consuming) things that provide small pay-offs. These pyrrhic victories include things like going door-to-door to collect old newspapers in order to earn money or making your own laundry detergent.
  • Easy (or quick) things that provide small pay-offs. Because there are so many of these opportunities, they’re the bread and butter of personal finance. They’re the daily victories with which we’re all familiar. On the income side, they include working overtime and participating in research studies. Small, quick ways to reduce spending include clipping coupons, buying clothes at thrift stores, and making use of the public library.
  • Difficult (or time-consuming) things that provide big pay-offs. Some tasks, such as moving to a cheaper home in a cheaper city, can provide huge rewards, but they take a lot of time and effort to accomplish. These are ongoing projects, and might include selling all of the stuff you’ve collected in your attic or garage. (An example of this is me selling my comic books last year.)
  • Easy (or quick) things that provide big pay-offs. Here’s where you should spend most of your time: Working toward big wins. These include negotiating your salary (which takes minutes, but pays off for decades to come) and reducing your transportation costs (which you can do in a matter of days).

Here’s a diagram to provide a visual representation of what I’m describing:


Some actions provide bigger payoffs than others. And some are easier than others.

Note: For convenience, I’m saying that the things we do fall into one of these four quadrants. In reality, all of this exists on a continuum. Some of the easy actions are easier than others. And each of us will obtain slightly different results.

As you can see, big wins are the best way to improve your financial situation. They’re easy (or quick) to achieve, but provide big rewards. If you want to improve your financial situation, start with these.

How to Achieve Big Wins

Here are some examples of common ways to achieve big wins that will dramatically improve your cash flow:

Housing

Housing is the biggest expense for most Americans — and by a wide margin. According to the U.S. Bureau of Labor Statistics’ 2012 Consumer Expenditure Survey (CES), the typical American household spends 32.8 percent of its income on housing, which includes mortgage (or rent), maintenance, insurance, interest, and utilities.

In an ideal world, you’d slash your housing expense by buying an affordable home in a city with a low cost of living. But while that would provide a huge financial reward, it’s not exactly easy, which means it doesn’t qualify as a “big win” in my world. But there are easier ways to reduce your living expenses.

The biggest (and, admittedly, most difficult) is to move within your current city. Sell your home (or move out of your rental) and choose something more affordable. Think about it: If you’re an average American who spends slightly more than $50,000 per year, $1,408 is going to housing every month. Drop that by 10 percent, and you’ll save almost $150 per month. Drop it by 30 percent, and you’ll save more than $5,000 per year!

Transportation

Transportation is our second-largest expense. We spend an average of $750 per month (17.5 percent of the typical budget) to get around, including vehicle payments, gasoline, insurance, and repairs. I know Americans love their automobiles. They’re loath to let go of them, even in the face of logic. But imagine how much you could save if you could cut your car costs in half! How do you do that?

  • Sell your current car. Replace it with a used vehicle, one that’s fuel efficient. (Side benefit: An older, used vehicle will cost less to insure!)
  • Drive your car only when necessary. When possible, bike or walk to reach your destination. (Side benefit: Increased fitness, which also saves you money!)
  • Make use of public transportation. (Side benefit: Time to read!)

Usually when I recommend people make changes to the way they get around, I’m met with a wall of objections. No worries. I’m used to it. But let me suggest that instead of looking for reasons you can’t do this that you instead look for ways you can. You’ll save yourself buckets of money.

Other expenses

Together, housing and transportation consume half of the average American’s budget. There are enormous opportunities to save if you choose to economize on these two categories. But there are dozens of ways to achieve big wins in other areas too.

The CES reveals that the typical household spent $1,736 on clothing in 2012, $3,556 on health care, $2,605 on entertainment, and $6,599 on food (which doesn’t include the $783 that went toward alcohol and tobacco).

Because each of us is different and we spend in different ways, opportunities for big wins vary from person to person. For example, after tracking my spending for the last half of 2013, I realized that I was spending way too much on travel. This year, I hope to cut my travel costs in half. Doing so would allow me to save money toward other goals, such as, guitar lessons.

Examine your own spending. Where do you have the most room to cut back? How can you do it? Look for big wins — and make them happen.

Income

I’ve written before about the importance of increasing your income. While it’s great to cut your spending, you can only trim your budget so far. Your earning potential, on the other hand, is theoretically unlimited. If you really want to get rich — slowly or otherwise — you’re going to have to make more money.

But as with spending, some methods of boosting your income provide big wins while others don’t. Here are two easy (or quick) ways to make a big difference to the amount of money you make:

  • Take a second job. Earning more in your spare time is a quick way to boost your cash flow, and it’s something that almost anyone can do. Some people don’t like the idea of taking a second job (they feel like it’s beneath them) and others are full of reasons that doing so is impossible (they don’t have time, the job market is tough). But for those who choose this path, a second job involves less risk and planning than most other income-boosting strategies, and it’s likely to cause far less stress than your primary job.
  • Negotiate your salary. One of the best ways to increase your income is at the source: during salary negotiations when you land a job or during a performance review. For many folks, salary negotiations can be awkward or scary. But in his book Negotiating Your Salary, career coach Jack Chapman argues that those few minutes during which you ask for more money in an interview can make a difference of tens of thousands of dollars over your career. Maybe hundreds of thousands. That’s a big win.

There are other ways to supercharge your income — become better educated, start a side business, become a landlord — but they take more time and effort. You can find a second job this week and be earning more toward your financial goals. And you can negotiate a salary increase the next time you sit down for a performance review. Both provide big boosts to your earnings for a minimum of effort.

The Bottom Line

I’m not saying you shouldn’t make your own laundry detergent or collect newspapers to earn money. But I think it’s important to put these activities in their proper place and to realize that you will never get rich doing them. (In fact, they’re a poor way to get out of debt.) It’s better to focus on actions that are easier to complete and/or yield greater rewards.

The biggest barrier between the average person and big wins isn’t ability. It’s psychology. Big wins generally require effort and sacrifice, which can be tough to stomach, especially if you’re just getting started with smart personal finance. But the sooner you understand that these aren’t fringe ideas, the quicker you’ll get out of debt or reach financial independence. The small stuff forms a great basis for behavioral change, but it’s doing the big things that will make you rich.

Source: getrichslowly.org

Apache is functioning normally

*Please note that this article contains affiliate links. Fancy Pants Homes will receive a small percentage out of the value of anything you buy if referred by our site, money that will go into creating content for you. Thank you for supporting Fancy Pants Homes.

We make a goal out of building our dream home one day and we work hard to make it happen. Ever passed by a gorgeous house and just stared at it for a few minutes? I know I did! Then went about my business thinking I’ll probably never afford it anyway…

But what if you could create an amazing home using dollar store decorating hacks? After all, it’s just about combining cool ideas with good taste. And if you’re not the creative type, don’t worry! We’ll give you a list of ingenious home hacks that will transform your interiors.

Here are 16 of our favorite decor hacks for an affordable fancy home: 

1. Use lighter colors when painting a small room to make it feel bigger

If you’re lacking on space, the first trick you can use to make a room feel larger is painting the walls in softer, lighter colors. White and beige never get out of style, but if these seem a bit dull, you can always choose soft shades like straw, pearl grey, blush, sage, sky blue or eggshell.

2. Signal your style by painting your front door in a vibrant color

Your front door is your home’s first impression. Tell your neighbors about your personality by painting it in a bold, glossy color.

In fact, you can even use take things a step further and make a statement with the color you choose for your front door and make use of conventions. For instance, in Feng Shui, a red front door simply means “welcome.” While in Scotland, painting your front door red means that you paid off your mortgage.

3. Hide your router inside a hollowed-out book

Tired of that router ruining the looks of your bookshelf or coffee table? Use a hollowed-out book to hide it. Just make sure to cut out the part that covers the router’s vents. This way you’ll prevent it from overheating.

4. To cast a lovely shadow, use a Sharpie to draw shapes on a light bulb

Or color it entirely if you love soft light. However, if you choose to simply draw a smiley face (let’s say) on a light bulb, the pattern will not be reflected on the walls. Not as you’ve drawn it anyway. But you can still do it for the sake of design.

5. Paint the sides of your doors a bright, playful color 

This is a small DIY home decor hack that can actually make a big impact. Besides, it requires minimum time and effort. So grab a little tin of paint, pick an awesome color that you think goes well with the accents you’ve already incorporated in your home decor and dedicate an hour of your time for this small home project. You will love the result! 

6. Use an old ladder to create your own shoe rack

We love DIY hacks that require little to no money. Depending on how your old ladder looks like, you can repaint it or just put it in the desired spot. At least now you won’t stumble over 10 pairs of shoes piling up at your front door.

7. Reinvent a boring dark lampshade by poking holes in it

Well, it’s more like creating a design or an image by poking the lampshade. You want to make it look more interesting, not ruin it. With a little dedication you can create a dreamy starry effect or your own big city lights.

8. Restore old furniture by using contact paper

If you’re looking for cheap home DIY decor ideas, breathe life into an old piece of furniture by covering the ‘damage’ with contact paper. The good thing about contact paper is that you can stick it on any dry, clean and flat surface (not to mention it comes in so many beautiful colors and patterns that your design choices are endless).

And just like that, your kitchen countertop has that marble look you love but can’t afford.

9. Use coins to decorate… whatever you want

Time to break the piggy bank and get creative. Make yourself a penny floor; glue your coin collection on a mirror frame or on a plate. Home decor hacks are a wise way to use your pennies.

10. Frame your favorite pictures with washi tape

Most of us love hanging memories on the wall, but when we lack space, picture frames can crowd the place even more. A great and cheaper alternative would be to frame your pictures with washi tape after attaching them to the wall.

11. Brighten your room with colorful throw pillows

Those small cushions are great accessories for your sofa. Don’t be afraid to mix and match colors and textures. Some crisp new pillow covers will change the overall appearance of your room.

>> Buy them here: Colorful and affordable throw pillows that will add extra flair to your room

12. Go bold with a stylish backslash

You can do it for both your kitchen and your toilet without breaking the bank. Pay special attention to colors and patterns to bring a cheerful feeling with very little work on your part. You can use peel and stick tiles so you don’t break the piggy bank.

>> Buy it here: Add Color And Drama To Your Room With Peel And Stick Wallpapers

13. Use mirrors to make your room look larger

Large mirrors reflect the room back and will trick you into thinking a place is bigger than it actually is. It’s a great visual trick to use to make your room feel larger (and fancier), just make sure not to try going into the ‘other room’.

14. Get rid of useless things

If you still have things you haven’t been using for years or a certain object makes you groan, get rid of it. Don’t act like a hoarder and give yourself some space to breathe. Less is usually better when decorating your home.

15. Pick fluffy towels you’ll love to use

Time to throw away those old discolored towels that make your space look dirty and cheap. Use the fluffy ones you keep in your closet. You know… those that make you feel like you’re staying in a fancy hotel. 🙂 You can easily score extra points here by playing around with the way you showcase them. 

16. Place dishwashing products on a cake stand

This is literally one of the easiest decorating hacks out there. Add style to your boring dishwashing products by placing them on a cake stand. Talk about an easy hack to make your kitchen look more fancy in an instant! 

What home decor tips have you tried and loved the results? Let us know in the comments, we’d love to feature them!

Bonus: 17. Breathe life into your space by adding indoor plants

Decorating with indoor plants is a cost effective way to add visual interest to any room without breaking the bank. Plants can be displayed in many different ways from bohemian macrame plants hangers to more expensive stand alone planters, depending on your budget. The great thing about decorating with plants is that unlike other home decor they are truly timeless and will grow and adapt to your interior over time providing a unique look. 

More tips for your fancy home

10 of the Most Stylish Minimalist Wall Clocks You Can Buy on Amazon
7 Top Decorating Ideas for Your Bedroom this Fall: Making Your Room More Cozy & Stylish
Here’s Everything You Need to Set Up a Meditation Corner in Your House
These are ‘Queer Eye’ Bobby Berk’s Top 6 Choices for Wall Décor

Source: fancypantshomes.com

Apache is functioning normally

Gap years are a hotly debated topic.

Some love the idea of taking a year off from your life’s traditional trajectory to explore the unknown. But others prefer to stick to their determined path. 

No matter where you stand in life, a gap year could be the right choice for you. However, it is not the right choice for everyone. 

What’s Ahead:

What is a gap year?

According to the Gap Year Association, a gap year is:

“a semester or year or experiential learning, typically taken after high school and prior to career or post-secondary education, in order to deepen one’s practical, professional, and personal awareness.”

That’s a lot to take in!

Ultimately, a gap year is a period in which you choose to step away from the current trajectory of your life. Traditionally, people choose to take gap years before or after college. But technically, you can take a gap year at any point throughout your career. 

Why you should take a gap year

You’ll find plenty of reasons why you should take a gap year. Some of the most prominent reasons include:

Self-exploration

As you move through life, it is normal to run into some confusion along the way. After all, there are so many directions you can take in life. It can be hard to know which way to turn. The right gap year could help the perfect way to sort through your feelings and determine what you want your life to look like. 

Thomas Jespen, CEO of Passion Plans, says:

“I felt confused after high school. I had in fact gotten into the college I had wanted to go for but remember I woke up one day thinking I was making a mistake. My gap year was the best self-exploration journey I have ever undertaken.”

Avoid burnout

Constantly staying engaged in our school or work can be draining. Unfortunately, many students say they are burnt out in school. In fact, a study conducted by the Ohio State University’s Office of Chief Wellness Officer found that 71% of students reported burnout in April 2021. Kassandra Marsh, owner of Lakazdi, says:

“Going straight from high school into university seemed like no big deal at the time, but after a semester at university, it was clear that I needed a break after so many years of continuous education.”

When she returned from the gap year, Marsh had more enthusiasm to tackle the degree. 

Gain work experience

Work experience can help you decide what you like, and perhaps more importantly, what you don’t like. In a gap year, you can choose to work in any field to see what is out there. 

June Escalada, co-founder of PhotoshopBuzz, took a gap year between high school and college. The overarching goal was to study for a big exam. But Escalada says, “I also took some time to work part-time and travel.” The experience helped her learn how to be part of a team and deal with coworkers.

Save for school

College can be incredibly expensive. Depending on the path you take, you might not be comfortable taking out too many student loans. With that, a gap year could serve as the perfect opportunity to work and save for your degree. 

Need some help saving for college? Here are our top tips for teenagers. 

Explore while you have the chance

A gap year is an incredible opportunity to see the world or explore whatever your heart desires. 

Jeremy Yamaguchi, CEO of Lawn Love, didn’t have the opportunity to take a gap year. But looking back, he sometimes wishes he had.

“At this stage in my life and with all of the responsibilities that I have, taking a gap year really isn’t possible anymore, so I do sometimes wish that I had done it while I had the chance.”

Should you take a gap year?

As with every big decision in life, there are some major advantages and disadvantages to taking a gap year. You can weigh the benefits in your own life. Ultimately, it may come down to a gut decision that only you can make with your heart. 

At the end of the day, you need to take a few things into account before you make a decision:

  1. Can you afford to take a gap year? This entirely depends on what you want to do with your gap year. If you’re looking to travel the world, consider if your finances can handle that.
  2. Does taking a gap year align with your future goals? If school is going well, then you might not want to break up your momentum. This is especially true if you are already set on a particular career path that you don’t have any doubts about.

How to make the most of your gap year

If you decide to take a gap year, here’s how to get the most out of it. 

Determine what you want to gain from your gap year

A gap year will be a highly personal experience. With that, you should have a general idea of what you want to gain from your gap year before jumping in. 

Here are a few ideas to consider:

  • Satisfy your wanderlust by traveling around the globe.
  • Save for college with a job.
  • Volunteer your community to see what types of work you enjoy. 
  • Learn a new skill. 
  • Explore another part of yourself. 

The reasons why you take a gap year will vary. But without a broad purpose in mind, it can be tempting to settle into an easy routine around the house. After all, it is all too easy to dive into a Netflix series or escape reality in your favorite virtual world instead of getting the most out of this unique year. 

Sketch out a plan

Depending on your personality, you may want a plan that covers all the details. But even a plan that covers just the broad strokes can be very helpful. 

For example, you may set up your first volunteering gig. But decide to see where that takes you. Or you might map out a tour of the places you want to visit. 

As you embark on this adventure, it might be a good idea to enter the experience with an open mind and a willingness to make changes along the way. 

Consider your finances

Personal finances will play some role in your gap year. If you have funds available, that might open the door to travel. If you are light on funds, you might decide to pursue opportunities closer to home. 

You can get creative with your finances to make a gap year successful. If you need funds, consider picking up a flexible side hustle or learning an in-demand skill that can travel with you. 

Summary

A gap year could be the right move for your future. But only you can decide if it is a good choice for your life. 

Don’t forget to consider the finances required to fund this adventure. You may want to build savings before jumping in. 

Read more:

Source: moneyunder30.com

Apache is functioning normally

Today, I have a great debt payoff story. I’ve known Lauren for years – pretty much ever since I started Making Sense of Cents years ago! She was one of the first blogs I read actually.

Lauren Mochizuki is an ER nurse, wife, and mother. She and her husband paid off $266,329.01 in 33 months.  They also purchased their fixer-upper dream home, and renovated it without going into debt. Enjoy her story below!

The Background

Female, age 25, nurse, recently married, living her life with no regard to finances.  Frequently dines out, goes to concerts, travels to foreign countries, never volunteers to work any extra shifts, lives beyond her means.  Purchased a brand new Subaru Forester, husband also purchased a brand new car, lives in an 1,100 square foot condo.

Total debt owed: $266,329.01.

My Story

My name is Lauren, I’m a registered nurse, wife, mother, blogger at www.casamochi.com, and firm believer that you can live an amazing life within your means! I didn’t have a clue what budgeting actually meant.  

When my husband first brought up the idea of budgeting, I was incredibly resistant. I thought that budgets were boring, restrictive, and I didn’t want to compromise my spending habits.  I couldn’t have been more wrong about my ideas surrounding budgeting.

Looking back eight years ago, I realized that change is difficult, but the outcome was worthwhile.  We are now debt free!

Other debt payoff stories:

Inspiration to Become Debt-Free

Eight years ago, we had some friends that were doing radical things to become debt free.  We thought they had lost their minds. They were working lots of overtime, and paying down their debt.  At the time, it sounded very extreme, and obscure.

Then one day,  after reading Dave Ramsey’s “Total Money Makeover” and having a long discussion with our aspiring debt-free friends, he said “I want us to become totally debt-free too.”  

I was ready to give my husband a swift karate chop when I heard that.  It never occurred to me that we had money problems. Our bills were being paid on time, we put aside some money in savings, but most of all, we were having so much fun with our money!  

Our debt breakdown was:

  • Credit card bills: $1,871.31,
  • The balance owed for two new cars: $31,211.10,
  • Mortgage balance for our condo: $233,346.60.

Total Debt $266,329.01.

Figuring out my “Why”

My husband kept pitching the idea of “Financial Freedom” to me, and that sounded pretty amazing, and at the same time daunting.   I wanted to support my husband, and if becoming debt-free was something that was important to him, and in reality important for US, then I decided  that I should give it a try.

I went from 0-60 very quickly.  I not only took on this journey of debt-freedom; I lived it, breathed it, and became incredibly passionate about it.  I also read “Total Money Makeover”, which fired me up even more. It was an easy read, for a “free-spirit” like me.

Accountability Partner

My husband and I became budget accountability partners.  He is the President of the Budget, and I’m the Vice-President.  

Together, we make decisions about how our money is spent, our work schedules, family schedules, and our future.  Having an accountability partner is something that is helpful for being successful on a budget. Whether it’s a friend, sibling, or coworker, find someone you trust, and respect, and most importantly hold you accountable for your decisions.

Establishing our Monthly “Budget” Meeting

At the end of each month, my husband and I decide how we are going to spend our money for the following month.  We call it our monthly budget meeting.

For example, if we made $5,000 one month, we would assign each dollar to a budget category (examples: utilities, mortgage, toiletries, work expenses, groceries, savings, etc.) for the following month.

I am the social events planner for our family.  During our budget meetings, I always have our monthly calendar open.  This step is key to having a successful budget meeting. We check the following month events for birthdays, showers, events, or weddings so that we can budget appropriately.  This helps to avoid any budget surprises.

We would also plan out all of the extra shifts we would be working during this time to cover these expenses.

It took us nearly 6 months to really get the hang of budgeting and tackling any issues that would arise.  It felt like the first several months, we kept discovering new budget categories that needed to be added.

We also started planning for big expenses all year long such as:  yearly memberships, property taxes, car and house insurance. We were also mindful of bills where a discount was given for yearly payments instead of monthly payments.

Special holidays such as Christmas, is a budget category that we allocate money to all year long.  This allows us the freedom to enjoy the holiday without wondering how we are going to pay for it.

Establish Rainy Day Savings

Unexpected costs had occurred, and we weren’t prepared.  Thankfully we had some money saved, but we realized it wasn’t easily accessible if we needed it for an emergency!

We quickly transferred that money into a different account (from a whole life insurance plan into a regular savings account) where it could be readily available to us.  It’s a good idea to have 3-6 months in your emergency fund.

Reducing our Expenses

After reviewing our monthly mortgage payment, we decided to refinance.  We changed our mortgage from a 30-year-fixed mortgage to a 20-year-fixed mortgage.  This single-handedly saved us thousands of dollars in interest.

Next, we checked every single utility bill and figured out how to bring down the monthly costs.  We were very successful with this process, by shopping around for utility providers, to decreasing our consumer habits (figuring out ways to use less water, electricity, etc), we managed to decrease most of our monthly utility bills.

Two other areas we changed to save additional money: meal planning and thorough review for big purchases. I started weekly meal planning, and I try to only grocery shop on a full stomach.  Don’t allow yourself to waste food and money if there isn’t a specific meal plan in place.

If there were big purchases that my husband and I would want to make that were over $50, we would have a conversation with each other, and sleep on it.  If we still wanted the item after a few days, and if there was money in the budget, then the purchase was justified.

We inadvertently had lots of no spend weekends.  A really frugal, and fun weekend for us would include time spent with friends and family at the beach.   Bonfire, barbeque or dutch oven meals would help reduce weekend spending, and they were delicious (my favorite are the dutch oven nachos)!  A major discovery in this whole process was that time is one of our most precious assets, and spending time with others is priceless, and doesn’t require additional money.

Increasing our Income

In order to achieve our goal, we HAD to increase our income.  

We were both incredibly thankful to have the opportunity to work extra shifts at our jobs.  I acquired a second job as an emergency room nurse, and my husband and I worked as if our lives, our future, and dreams depended on it.  

I’m talking: multiple 16 hour shifts a week for myself, and 60-120 hour work weeks for both myself and my husband (we were intentional to make sure that our mental and physical states were not in jeopardy).  We were on fire for this “financial freedom” that we were working towards. As Ramsey would say, we were “gazelle intense.”

We attended money conferences (we saw Dave Ramsey speak several times), listened to financial podcasts (You Need a Budget), and read blogs (Making Sense of Cents, Mr. Money Mustache), and books (The Millionaire Next Door, Start, The Go-Getter) that would encourage, and inspire us to keep working towards a debt-free life.  

Selling items also became a means to make more money.  We had garage sales, and sold things on eBay, and craigslist.  We wanted to be good stewards of our resources, and therefore sold items we no longer needed.  For several months, we were living off of 30% of our household income.

Related content:

The Visual Aid and Celebrating Milestones

My husband and my mother-in-law pulled their creative resources together, and created a visual aid!  It was a picture made of felt material, of a mound of dirt, broken into many pieces that sat beneath the ground and a beach scene (our happy place).  

We kept the visual aid in our bedroom. It would be one of the first things I saw every morning when I woke up, and one of the last things I saw before I went to sleep.  It was a great reminder of our debt-free journey.

My husband and I created many different milestones to celebrate along our journey.  

  • We celebrated every time we paid off $5,000, and we would remove a piece of dirt from our visual aid.  
  • We printed out our mortgage amortization schedule, and celebrated every time we turned a page in our mortgage amortization schedule, and every time we saved another $5,000 of interest on our mortgage.  
  • When the principal became greater than our interest on our mortgage payments, we celebrated. It felt like we were constantly achieving a different victory!
  • Every month after a budget meeting, my husband and I would take a picture with our visual aid, we would write down the month, and if we celebrated any milestones that month!  
  • Our “celebrations” would include apple cider or champagne toasts, making a nice dinner at home, or simply reflecting on our goals accomplished that month.

After thirty three months, when we finished paying off all of our debt, I put all of the pictures together and made them into a photo album for my husband!  It’s so rewarding to look back and reflect on all the sacrifices, and all that we accomplished together! I still get teary-eyed when I look at it, and enjoy sharing this book with our children.  

This journey was one of the most challenging, and meaningful things we have ever done together.

Keep your eyes on the prize

Don’t play the comparison game.  I was the most successful when I kept my focus on our own progress.  It was very distracting when I looked around at what everyone else was doing.  I kept reminding myself that I didn’t want to be like everyone else, I wanted to be debt-free!

This whole process was difficult, challenging, life changing, and incredibly rewarding!  There were times when I felt like giving up, and just burnt out. When I felt like giving up, my husband would continue to encourage me to keep going.  He reminded me what we were working towards, and that we were positively changing our financial trajectory forever.

Work Hard, and Stay the Course

Thirty-three months can seem like an eternity when you are in the thick of it.  If you are living radically, any time spent during this season can seem like a long time.  

We had a few months where life’s challenges happened, and things would get in the way of our goals.  We didn’t let that deter us, instead, it gave us more motivation to continue on.

After a laborious thirty-three months, we became totally debt-free!  We were also expecting our first child. I still remember the day we went to the bank to pay our final mortgage payment, and the day we called in to the Dave Ramsey radio show and did our “debt-free” scream.

One year later, we purchased our fixer-upper dream home in Orange County, California.   We paid half of the total price of the home as our down payment. Three years after that, we completely renovated the home without going into debt.  We have a mortgage now, but it is very reasonable, and it’s the only debt that we have. I no longer have to work full-time, but work per diem as a nurse, and my husband rarely picks up any overtime shifts.  

We now enjoy spending lots of time together as a family.

Plant Seeds of Joy and Generosity

Maya Angelou once said “When we give cheerfully, and accept gratefully, everyone is blessed.”

I would highly encourage being generous with your resources because it’s good for the soul,  whether it’s writing someone a kind note, buying someone’s coffee behind you, or giving to a non-profit organization or church.

During our entire debt-free journey, we donated 10% of our income, and it was always the first thing we budgeted.  This may not be for everyone, but we discovered that there is lots of joy to be had when things are given from a grateful heart.

We were first inspired to become debt free because of our friend’s story.  We now share our story in the hopes of inspiring others, and that it is possible if you are willing to work for it.  The timeframe for becoming debt-free might be long, and difficult, but it will definitely be worth it.

If you are thinking of becoming debt-free, find your passion, and don’t let anything stop you! As Colin Powell once said “A dream doesn’t become reality through magic; it takes sweat, determination, and hard work.”  You can do this!

Author bio: Lauren Mochizuki is an ER nurse, wife, and mother. She and her husband paid off $266,329.01 in 33 months.  They also purchased their fixer-upper dream home, and renovated it without going into debt.  On her blog www.casamochi.com, she is sharing her home renovation story, encouraging others to become debt-free, and that one can live a great life while being on a budget. 

Do you have dreams of being debt free?

Related Posts

<!–

–>

Source: makingsenseofcents.com