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Debt Payoff Methods: A Personal Success Story
I believe it’s true that wise people learn from their mistakes and experiences. Even wiser people learn from the mistakes of others. We can all learn from each other, but only if we are willing to share those experiences. I would like to share some of mine with you to give you an example of
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Debt
“Don’t have the money right now? Just charge it.” This has become the norm for too many of us. We can’t afford something so we purchase it with a credit card. We don’t have the money for a new car so we get a loan. We carry student loans for decades. We get sucked in
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Emergency Funds
The average American Household doesn’t prioritize saving, let alone have money set aside for emergencies. Typically, most people do not have enough to cover an emergency that costs $500, let alone a more expensive one. In most households, dealing with an emergency involves going into debt. We’ll talk about this in the next post, but
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Rolling Funds (A.K.A Sinking Funds)
Some expenses don’t happen on a monthly basis. They might be something that is needed every few months or even less often. If you buy certain things in bulk, such as toilet paper or paper towels, you might only buy them every other month, or every few months. Other examples might be things like insurance
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Managing Your Spending
If you’ve been tracking your expenses you may have a good idea of what your spending habits look like. If not, go back to the blog and read Awareness and Budgeting. Most people spend more than they realize on various categories, even after making a budget. But a budget only works if you follow it.
Ashes 2 FIRE 