#personal finance debt tips.

[financia012]

How My Perspective on Debt Changed: From Fear to Financial Tool”

What’s a topic or issue about which you’ve changed your mind? Introduction: For a long time, I was taught that debt was something to avoid at all costs. Growing up, I saw debt as a burden—something that could trap you and ruin your financial future. However, as I learned more about personal finance and grew in my understanding, I realized that debt, when managed wisely, could be a powerful tool…

[bitchesgetriches]

{ MASTERPOST } Everything You Need to Know about Saving Money and Being Frugal

We’re all in this together. Don’t give up.

On food and groceries:

How to Shop for Groceries like a Boss

Why Name Brand Products Are Beneath You: The Honor and Glory of Buying Generic

If You Don’t Eat Leftovers I Don’t Even Want to Know You

You Are above Bottled Water, You Elegant Land Mermaid

You Should Learn To Cook. Here’s Why.

On entertainment and socializing:

The Frugal Introvert’s Guide to the Weekend

7 Totally Reasonable Ways To Save Money on Cheap Entertainment 

Take Pride in Being a Cheap Date

The Library Is a Magical Place and You Should Fucking Go There

Your Library Lets You Stream Audiobooks and eBooks FOR FREEEEEEE!

What’s the Effect of Social Media on Your Finances?

You Won’t Regret Your Frugal 20s

On health:

How to Pay Hospital Bills When You’re Flat Broke

Run With Me if You Want to Save: How Exercising Will Save You Money

Our Master List of 100% Free Mental Health Self-Care Tactics

Why You Probably Don’t Need That Gym Membership

How to Get DIRT CHEAP Pet Medication, Without a Prescription 

On other big expenses:

Businesses Will Happily Give You HUGE Discounts if You Ask This Magic Question

Understand the Hidden Costs of Travel and Avoid Them Like the Plague

Other People’s Weddings Don’t Have to Make You Broke

You Deserve Cheap, Fake Jewelry… Just Like Coco Chanel

3 Times I Was Damn Grateful for My Emergency Fund (and Side Income) 

When (and How) to Try Refinancing or Consolidating Student Loans

The Real Story of How I Paid Off My Mortgage Early in 4 Years 

Season 2, Episode 2: “I’m Not Ready to Buy a House—But How Do I *Get Ready* to Get Ready?”

The Most Impactful Financial Decision I’ve Ever Made… and Why I Don’t Recommend It

On buying secondhand and trading:

Almost Everything Can Be Purchased Secondhand

I Am a Craigslist Samurai and so Can You: How to Sell Used Stuff Online

The Delicate Art of the Friend Trade

On giving gifts and charitable donations:

How Can I Tame My Family’s Crazy Gift-Giving Expectations?

In Defense of Shameless Regifting

Make Sure Your Donations Have the Biggest Impact by Ruthlessly Judging Charities

The Anti-Consumerist Gift Guide: I Have No Gift to Bring, Pa Rum Pa Pum Pum

How to Spot a Charitable Scam

Ask the Bitches: How Do I Say “No” When a Loved One Asks for Money… Again? 

On resisting temptation:

How to Insulate Yourself From Advertisements

Making Decisions Under Stress: The Siren Song of Chocolate Cake

The Magically Frugal Power of Patience

6 Proven Tactics for Avoiding Emotional Impulse Spending

On minimalism and buying less:

Don’t Spend Money on Shit You Don’t Like, Fool

Everything I Know About Minimalism I Learned from the Zombie Apocalypse

Slay Your Financial Vampires

The Subscription Box Craze and the Mindlessness of Wasteful Spending

On saving money:

How To Start Small by Saving Small

Not Every Savings Account Is Created Equal

The Unexpected Benefits (and Downsides) of Money Challenges

Budgets Don’t Work for Everyone—Try the Spending Tracker System Instead

From HYSAs to CDs, Here’s How to Level Up Your Financial Savings

Season 2, Episode 10: “Which Is Smarter: Getting a Loan? or Saving up to Pay Cash?”

The Magic of Unclaimed Property: How I Made $1,900 in 10 Minutes by Being a Disorganized Mess

We will periodically update this list with newer articles. And by “periodically” I mean “when we remember that it’s something we forgot to do for four months.”

Bitches Get Riches: setting realistic expectations since 2017!

Start saving right heckin’ now!

If you want to start small with your savings, consider signing up for an Acorns account! They round up your every purchase to the nearest dollar and save and invest the change for you. We like them so much we’ve generously allowed them to sponsor us with this affiliate link:

Start investing today with Acorns

[wildhannimal]

Before you pay that not-covered hospital bill:

I want to take a min to spread awareness for the No Surprises Act after noticing a reddit post earlier.

This protection for patients just popped up in the past couple years, and the one major downside is that it's up to the patients to speak up to make use of it, but not everyone knows what it is.

"If you have private health insurance, these new protections ban the most common types of surprise bills. If you’re uninsured or you decide not to use your health insurance for a service, under these protections, you can often get a good faith estimate of the cost of your care up front, before your visit."

Consumer fact sheet

Typically, health insurance companies will help pay for bills from "in-network" providers, AKA their VIP inner circle gang turf. They won't help pay if you get medical care from another gang's henchmen (out of network).

This means that sometimes, a person would go to the hospital, which they knew had been covered by their insurance before, so they expect it's going to be relatively affordable. But they didn't know that multiple medical "gangs" were working in the same hospital. Their anesthesiologist, for example, was from a different gang. That specialist was out of network even though the surgeon and nurses were all in network.

Boom. Big bill for thousands of dollars and their insurance refuses to help pay it.

But now we have this law! The No Surprises Act means that insurance companies need to cover "surprise" expenses (under certain conditions).

If you don't have health insurance, hospitals and clinics need to give you an accurate quote before you get services, then foot the bill if they were too far off the mark.

The Fact Sheet section (UPDATE: this consumer toolkit link is better) of the Centers for Medicare and Medicaid services have some wonderful user-friendly resources for you about health insurance and how this act works.

Keep in mind that Medicare and government-run programs always have weird rules for everything, so you might have different (yet similar) protections through those programs.

If you have a medical bill that wasn't covered by insurance and you think it might count as a surprise bill, please check out your rights and consider fighting it instead of letting it become a stressful expense or debt you can't repay.

Go here to start figuring things out for your situation:

Health insurance companies have way, waaaaay too much power over our lives. We need every drop of protection we can get - but it only counts as much as we can understand and use those protections!

[talabib]

Mastering the Art of Investing: Practical Strategies for Insightful Decision-Making

Key Point:

Making smart and insightful investment decisions is an attainable goal with the right strategies in place. By recognizing your limitations, managing emotions, seeking professional guidance, and aligning your investments with personal objectives, you can cultivate a robust and successful investment portfolio that stands the test of time.

Sound investment decisions are the bedrock of financial success. However, navigating the complex world of investing can be challenging, even for the most seasoned investors. This post explores practical strategies for making smart and insightful investment decisions, empowering you to grow your wealth with confidence and finesse.

Recognize the Limits of your Abilities

In both life and investing, it is crucial to acknowledge the boundaries of our expertise. Overestimating our abilities can lead to ill-advised decisions and, ultimately, financial losses. By cultivating humility and seeking external guidance when necessary, we can minimize risks and make more informed investment choices.

Manage Emotional Influence on Decision-Making

Emotions can significantly impact our ability to make rational decisions. To circumvent the sway of emotions, adopt a disciplined approach to investing, relying on data-driven analysis and long-term strategies rather than succumbing to impulsive reactions.

Leverage the Expertise of an Advisor

Engaging a professional financial advisor is a prudent investment decision. Their wealth of knowledge and experience can help you navigate market complexities and identify opportunities tailored to your financial goals, risk tolerance, and investment horizon.

Maintain Composure Amidst Market Volatility

Periods of market turbulence can incite panic among investors. However, it is essential to remain level-headed and maintain a long-term perspective during such times. Avoid making impulsive decisions based on short-term fluctuations and focus on your overarching financial objectives.

Assess Company Management Actions Over Rhetoric

When evaluating potential investments, examine the actions of a company's management rather than relying solely on their statements. This approach ensures a more accurate understanding of the organization's performance, financial health, and growth prospects.

Prioritize Value Over Glamour in Investment Selection

The most expensive investment options are not always the wisest choices. Focus on identifying value rather than being swayed by glamorous or high-priced options. This strategy promotes long-term financial growth and mitigates the risk of overpaying for underperforming assets.

Exercise Caution with Novel and Exotic Investments

While unique and exotic investment opportunities may appear enticing, approach them with caution. Ensure thorough research and due diligence before committing to such investments, as they may carry higher risks and potential pitfalls.

Align Investments with Personal Goals

Invest according to your individual objectives rather than adhering to generic rules or mimicking the choices of others. Personalized investment strategies are more likely to yield favorable results, as they account for your unique financial circumstances, risk appetite, and long-term aspirations.

Making smart and insightful investment decisions is an attainable goal with the right strategies in place. By recognizing your limitations, managing emotions, seeking professional guidance, and aligning your investments with personal objectives, you can cultivate a robust and successful investment portfolio that stands the test of time.

Action plan: Learn a few simple rules and ignore the rest of the advice you receive. 

It’s easy to become completely overwhelmed by the volume of advice available about investing. However, you don’t need to become an expert on the stock market in order to become a good investor. 

Just like an amateur poker player can go far if he simply learns to fold his worst hands and bet on his best ones, a novice investor can become very competent just by following a few simple rules. For example, he should learn not to overreact to dips in the market and make sure to purchase value stocks instead of glamour stocks. 

[dollar-and-sense]

Mastering Personal Finance and Investing: Your Ultimate Guide to Financial Freedom

Introduction: Understanding the Importance of Personal Finance and Investing Personal Finance and Investing: Your Path to Financial Freedom Importance of Personal Finance and Investing for Wealth Creation The Basics of Personal Finance: Budgeting, Saving, and Debt Management Mastering the Basics: Budgeting, Saving, and Debt Management Budgeting Tips for Effective Personal Finance…

[everywherenyc]

#SavingsTip - 3 MODERN WAYS TO ADD TO YOUR SAVINGS ACCOUNT

1. Round-Up Feature: Connect checking to round-up app or activate on account. Automatically save spare change from purchases, effortless savings method.

2. Cashback Rewards: Utilize platforms offering money back on purchases. Transfer earnings to savings directly from store apps, memberships, or websites.

3. Automated Transfers: Schedule regular transfers from checking to savings, like each payday. Small amounts accumulate easily, automated and convenient. 

[fastlane-freedom]

Master Your Finances: 10 Proven Strategies for Financial Freedom

Financial success is a dream that many people aspire to achieve. Whether it’s the desire to retire comfortably, provide for your family, or simply enjoy a worry-free life, mastering your finances is essential. But achieving financial freedom is not a matter of luck; it requires careful planning, discipline, and the implementation of proven strategies. In this blog, we will explore ten strategies…

[champstorymedia]

Debt Management Made Easy: Simple Steps to Achieving Financial Stability

Debt management is a crucial aspect of maintaining financial stability. It involves organizing and strategizing your debts to ensure that you can effectively pay them off without compromising your overall financial health. In this article, we will explore simple steps to help you manage your debt easily and achieve financial stability. Understanding Your Debt Before you can effectively manage…

[themoneysavvyblog]

10 Signs You're Financially Healthier Than You Think

It’s easy to feel behind financially, especially in today’s economy and social media frenzy, but you may actually be doing better than you realize if some of these signs sound familiar: 1. You’re Free of High-Interest Debt If you’re not carrying high-interest debt like credit cards or payday loans, you’re ahead of many. Paying off high-interest debt frees up more of your income for savings and…

[kids-worldfun]

How to Finally Pay Off Your Student Loan Debt

Perhaps like millions of others, student loan debt is that dark cloud that hovers over you. Every month, you pay off the obligations, but the balance barely seems to budge. Frustrating, exhausting, and often wondered with a sense of hopelessness: “Will I ever be debt-free?” Yes, it’s possible – once one plans and commits – to pay off student loan debt. Here’s how you can regain control of your…

[theroguebanshee]

Breaking the Chains of Debt: Our Journey to Financial Freedom

In this episode of The Undependent Podcast, Jason Schaller shares his personal story of breaking free from debt and gaining financial independence. Learn how he and his family tackled over $70,000 of debt using the Avalanche Method, and discover practical tips for distinguishing between wants and needs, making sacrifices, and building long-term financial freedom. Jason also touches on the…

[bitchesgetriches]

{ MASTERPOST } Everything You Need to Know about Credit and Credit Cards

Understanding credit

Dafuq Is Credit and How Do You Bend It to Your Will? 

Dafuq Is a Down Payment? And Why Do You Need One to Buy Stuff?

Ask the Bitches: Should I Get a Loan Even Though I Can Afford To Pay Cash?

Season 2, Episode 10: “Which Is Smarter: Getting a Loan? or Saving up to Pay Cash?”

Ask the Bitches: What’s the Difference Between Credit Checks and Credit Monitoring? 

When (And How) To Try Refinancing or Consolidating Student Loans

Season 3, Episode 7: “I’m Finished With the Basic Shit. What Are the Advanced Financial Steps That Only Rich People Know?”

Buy Now Pay Later Apps: That Old Predatory Lending by a Crappy New Name 

Using credit

How to Instantly Increase Your Credit Score…For Free 

How to Build Good Credit Without Going Into Debt 

Case Study: Held Back by Past Financial Mistakes, Fighting Bad Credit and $90K in Debt 

Season 1, Episode 3: “My Parents Have Bad Credit. Should I Help by Co-signing Their Mortgage?” 

Season 3, Episode 2: “I Inherited Money. Should I Pay Off Debt, Invest It, or Blow It All on a Car?”

Season 2, Episode 2: “I’m Not Ready to Buy a House—But How Do I *Get Ready* to Get Ready?”

Credit cards

A Hand-holding Guide To Getting Your First Credit Card 

63% of Millennials Are Making a Big Mistake With Credit Cards

Let’s End This Damaging Misconception About Credit Cards

The Best Way To Pay off Credit Card Debt: From the Snowball To the Avalanche

Credit Card Companies HATE Her! Stay Out of Credit Card Debt With This One Weird Trick 

Season 4, Episode 3: “My credit card debt is slowly crushing me. Is there any escape from this horrible cycle?” 

Here’s What to Do With Those Credit Card Pre-approval Offers You Get in the Mail

We’ll periodically update this masterpost as we continue to write tutorials and answer questions on credit. So if there’s anything you’re confused about, keep the questions coming!

And if we’ve helped you increase your credit score or pay off your credit card debt, consider tossing a coin to your Bitches through our PayPal. It ensures we can pay our lovely assistant and keep bringing you free articles and episodes like those above.

Toss a coin to your Bitches on PayPal

[radiantrealities]

Financial Independence for Gen Z and Millennials

Introduction Hey there! If you’re a member of Gen Z or a Millennial, chances are you’ve heard the buzz about financial independence. But what does it really mean? Simply put, financial independence is the ability to support yourself without relying on anyone else—this includes having enough savings and investments to cover your living expenses. As the world evolves, so do the challenges we face…

[talabib]

How to Work Less to Achieve More

Key Point:

keep your attention on an important task by adopting hyperfocus. When you hyperfocus, you rid your environment of distractions, and become aware of what’s occupying your mind. What’s more, every time your attention strays, redirect it. Remember is that scatterfocus can help you with tricky problems that require creative solutions. With scatterfocus, you allow the mind to wander and make unusual connections. You can help create scatterfocus by nourishing your mind and allowing time to reflect.

In our fast-paced world, working long hours has become the norm. However, the key to achieving more is not simply working harder or longer—it's about working smarter. In this article, we will explore strategies to help you work less while accomplishing more. By training yourself to enjoy hyperfocus, cultivating meta-awareness and intentional focus, eliminating distractions, harnessing the power of scatterfocus for creative thinking, connecting seemingly unrelated information, and nourishing your mind, you can optimize your productivity and achieve greater success.

Train yourself to enjoy hyperfocus more.

Hyperfocus is a state of intense concentration where you become fully immersed in a task or activity. To work less and achieve more, it's important to train yourself to enjoy and leverage hyperfocus. Set clear goals, break tasks into manageable chunks, and eliminate distractions. Engage in activities that naturally captivate your attention and give you a sense of fulfillment. By training yourself to enjoy hyperfocus, you can maximize productivity and accomplish more in less time.

Meta-awareness and intentional focus are key to managing your attention.

Meta-awareness refers to being aware of your own thoughts and mental processes. Intentional focus involves directing your attention consciously and purposefully. Cultivating these skills is essential for effective attention management. Develop the ability to notice when your mind starts to wander and gently bring your focus back to the task at hand. By practicing meta-awareness and intentional focus, you can reduce time wasted on distractions and stay on track to achieve your goals.

Achieve hyperfocus by ridding your environment of distractions.

Distractions can significantly impact productivity and hinder your ability to work efficiently. Create a conducive work environment by minimizing distractions. Turn off notifications on your phone, close unnecessary browser tabs, and create a physical workspace that promotes focus. Consider using productivity tools or apps that block or limit access to distracting websites or applications. By eliminating external distractions, you can enter a state of hyperfocus and accomplish more in less time.

Scatterfocus helps you plan and think creatively.

Scatterfocus is the practice of intentionally allowing your mind to wander and explore different ideas, without a specific goal or objective. This mental state can be beneficial for planning and creative thinking. Set aside dedicated time for scatterfocus, allowing your mind to freely explore different thoughts and possibilities. Embrace daydreaming, engage in activities that stimulate your imagination, and give yourself permission to think outside the box. By incorporating scatterfocus into your work routine, you can generate fresh ideas and enhance your problem-solving skills.

Use scatterfocus to connect the dots between seemingly unrelated bits of information.

One of the unique benefits of scatterfocus is its ability to facilitate connections between seemingly unrelated information. During moments of scatterfocus, your mind can make unexpected connections and insights. Capture these ideas by carrying a notebook or using a note-taking app to jot down your thoughts. When you revisit these notes later, you may discover valuable connections and insights that can fuel your productivity and lead to innovative solutions.

Nourish your mind to make the most of scatterfocus.

To optimize scatterfocus and enhance your overall productivity, it's important to nourish your mind. Engage in activities that promote mental well-being, such as regular exercise, quality sleep, and mindfulness practices. Take breaks throughout the day to recharge and refresh your mind. Additionally, fuel your brain with nutritious foods that support cognitive function, such as fruits, vegetables, whole grains, and omega-3 fatty acids. By prioritizing self-care and nourishing your mind, you can maximize the benefits of scatterfocus and achieve more with less effort.

Working less while achieving more is within your reach. By training yourself to enjoy hyperfocus, cultivating meta-awareness and intentional focus, eliminating distractions, harnessing the power of scatterfocus for creative thinking, connecting seemingly unrelated information, and nourishing your mind, you can optimize your productivity and achieve greater success. Remember, it's not about working longer hours, but about working smarter. Embrace these strategies, experiment with different techniques, and find the balance that works best for you. As you implement these practices, you'll discover the power of effective attention management and witness your productivity soar.

Action Plan:  Have a cup of coffee to help you hyperfocus.

Caffeine and hyperfocus are a match made in heaven. Caffeine keeps you alert and focused. It helps you persevere when work gets boring. And perhaps most importantly, it can improve your performance on a number of cognitive tasks. So the next time you need a burst of intense concentration, make sure you’ve got a cup of coffee to hand – if nothing else, it tastes wonderful.

[tmarshconnors]

The Rich Rule Over the Poor!

In today’s culture, debt is often viewed as a normal part of life. Whether it’s taking out student loans, financing a car, or relying on credit cards to cover expenses, many people are accustomed to borrowing money. But financial expert Dave Ramsey warns against this mindset, drawing from a biblical principle found in Proverbs 22:7: “The rich rule over the poor, and the borrower is servant to the lender.” For Ramsey, this verse serves as a profound warning about the dangers of debt and a call to pursue financial freedom.

Debt as Modern-Day Slavery

When discussing debt, Ramsey doesn’t mince words. He often refers to debt as a form of modern-day slavery. Just as a servant is bound to their master, someone in debt is bound to their lender. Each month, a portion of their hard-earned income is already spoken for—sent off to pay for past purchases, often with interest. This, according to Ramsey, is a form of bondage.

People in debt often lose their ability to make decisions based on what’s best for their future because their past borrowing controls their present and future income. As Ramsey puts it, being in debt means you’ve sold your freedom to the lender. The greater the debt, the less freedom you have to make choices that align with your goals and dreams. Instead, you’re working to satisfy the demands of the creditor.

The Stress and Anxiety of Borrowed Money

Debt isn’t just a financial burden; it’s also an emotional one. Ramsey frequently highlights the stress that debt can cause. The fear of missing a payment, the anxiety of mounting interest, and the constant juggling of bills can take a heavy toll on a person’s mental and emotional well-being. This stress doesn’t just stay confined to finances; it often spills over into relationships, health, and overall life satisfaction.

In fact, studies show that financial stress is one of the leading causes of marital conflict. When debt becomes overwhelming, it can lead to arguments, resentment, and even divorce. Ramsey is quick to point out that eliminating debt can significantly reduce stress and create a more peaceful home life.

Achieving Financial Independence

One of Ramsey’s core messages is that avoiding debt is key to achieving financial independence. When you live debt-free, your income is yours to control, rather than being obligated to a creditor. This financial freedom allows you to save, invest, and plan for the future in ways that aren’t possible when you’re tied down by debt.

Ramsey advocates for a lifestyle of living within your means, which is the opposite of the “buy now, pay later” mentality that’s so prevalent today. He encourages people to delay gratification, save for major purchases, and build an emergency fund to avoid going into debt when life’s unexpected expenses arise. By doing so, individuals can protect themselves from falling into the debt trap and remain in control of their financial future.

Biblical Wisdom for Modern Money Management

Dave Ramsey’s teachings are deeply rooted in biblical principles, and Proverbs 22:7 is one of the cornerstones of his philosophy. Ramsey believes that the Bible offers timeless wisdom on money management, and that following these teachings can lead to a more peaceful and prosperous life.

In addition to avoiding debt, Ramsey emphasizes other biblical principles like generosity, wise stewardship, and contentment. He believes that by applying these principles, individuals can achieve both financial peace and spiritual fulfillment. For Ramsey, financial success isn’t just about accumulating wealth—it’s about using money in a way that honors God and benefits others.

From Borrowing to Building Wealth

One of the most powerful shifts that can occur when you move from borrowing to building wealth is the change in mindset. Ramsey teaches that wealth-building begins once you stop borrowing money. When you’re not sending payments to creditors every month, you have the freedom to invest in your future.

This is where Ramsey’s famous Baby Steps come into play. He encourages people to start by building a small emergency fund, then aggressively paying off all their debt (except for their mortgage), and finally moving on to saving for the future and giving generously. These steps are designed to help people break free from debt and begin building lasting wealth.

Conclusion: Choosing Freedom Over Bondage

Proverbs 22:7 serves as a powerful reminder of the dangers of debt. Dave Ramsey’s teachings on this verse challenge the cultural norm that debt is inevitable or even desirable. Instead, Ramsey encourages us to choose financial freedom over financial bondage.

By avoiding debt, living within our means, and applying biblical principles to our finances, we can break free from the slavery of debt and achieve true financial independence. It’s not an easy journey, but as Ramsey often says, “If you live like no one else, later you can live like no one else.”