Conquer Debt Year Round

[ProfMoneyWise]

Conquer Debt Year Round
Tuesday November 1

Romans 13:8 explains it this way: “Let no debt remain outstanding, except the continuing debt to love one another, for he who loves his fellowman has fulfilled the law.”

Love is one debt that's never paid off. No matter how much we have loved, we are obligated to keep loving one another and, more importantly, God for all He has done through His love for us.

However, FINANCIAL debt should not remain outstanding.

 

[ProfMoneyWise]

Conquer Debt Year Round
Wednesday November 2

$120.00 - That's the minimum amount you agree to pay for putting $100 on a credit card at 20%. If you only pay the 2.5% minimum payment each month it will cost you over $300.

Finances are complicated when you factor in interest, double cycle billing, grace periods, transfer fees, APR's, APY's, amortization, monthly payments, etc.

Finances are simple when you don't spend what you don't have and use cash.

 

[ProfMoneyWise]

Conquer Debt Year Round
Thursday November 3

Be realistic when you calculate the amount needed in your emergency fund for monthly living expenses. Don’t factor in the lattes.

Sit down and list what you really need. Dave Ramsey calls them the four walls: Food, Utilities, Housing, and Transportation.

Cable, booze, cigarettes, concert tickets, internet, and clothes shouldn't be on the list.

Get real. If you're in emergency mode, you aren't eating out.

 

[ProfMoneyWise]

Conquer Debt Year Round
Friday November 4

"Will it matter 20 years from now?"

This question pertains to every aspect of your personal finances, to every decision you'll ever make about them. Ask it often.

 

[ProfMoneyWise]

Conquer Debt Year Round
Saturday November 5

Don't let frustrated creditors send you to collections.

Be up front about your money problems with those you owe. More can be solved by engaging them in conversation than can be accomplished ignoring the problem.

Know your rights before the creditors abuse them. The Fair Debt Collection Practices Act is required reading. Know it, study it, use it. You still owe the money but you can control the situation.

 

[ProfMoneyWise]

Conquer Debt Year Round
Sunday November 6

If the problem is that there isn't enough money to pay your expenses then you either need to make more money or reduce your expenses. It really is that simple.

As you look for income opportunities, remember to be very wary, very afraid of scammers. They just want your money!

 

[ProfMoneyWise]

Conquer Debt Year Round
Monday November 7

The phrase “I deserve this” is a lie if you're using a credit card.

You don't deserve anything you can't pay for in full. Don't ask the person next to you if they think this is wrong. You know the answer. Trust yourself. You answer to the person who pays your bills, not to the person who gives you the answer you want to hear.

Pay cash. You may have less, but I promise you will owe less.

 

[ProfMoneyWise]

Conquer Debt Year Round
Tuesday November 8

Walk in a store, look at the salesman, hold up your checkbook and say, “The full amount for what I want is right here. Only you can mess this up.”

Oh ok, be nice about it, but remember their game is to get you to pay as much as possible for what you want. You may want to let the salesman know you're playing your own game -- to pay as little as possible for what you want.

Then you can both go from there . . .or not.

 

[ProfMoneyWise]

Conquer Debt Year Round
Wednesday November 9

Paid-for vacations are even sweeter when you get to return home in your paid-for car to your paid-for house and sit on your paid-for furniture and watch your paid-for television and . . . oh you get the idea, don’t you?

 

[ProfMoneyWise]

Conquer Debt Year Round
Thursday November 10

Credit card companies make money when you spend. Don’t get all excited or think it’s a sign of responsibility when they give you access to that money. Take more pride in not participating in their scheme at all.

They couldn't care less about the principal being paid. They want the interest, fees, and late charges. That is free money to them.

Don't play this game 'cause you'll lose.

 

[ProfMoneyWise]

Conquer Debt Year Round
Friday November 11

Our Veterans didn't sacrifice their lives so we could live in debt. They sacrificed so we could live in freedom. To do otherwise is to do them a disservice.

Thank you Veterans, past and present.

Read up on The Soldiers' and Sailors' Civil Relief Act (SSCRA) and pass along the information to anyone you think it can help today.

 

[ProfMoneyWise]

Conquer Debt Year Round
Saturday November 12

If you get paid weekly, budget for a week. If you get paid every two weeks, budget for those two weeks. Monthly? You get the idea.

You can string weeks together if it makes sense to you. Don’t get frustrated and think you have to budget a perfect month, that doesn't exist for most of us.

Budgeting takes months, if not years, to get right. Don't get frustrated and don't think it's a one time and done deal.

 

[ProfMoneyWise]

Conquer Debt Year Round
Sunday November 13

Don’t be afraid to reach out for help.

There may be programs available to help you out of your financial problems provided you didn't just blatantly create them. I am told many hospitals will work out financing for healthcare, but you have to ask for that help first.

Being too proud can hinder your financial freedom. Being proud is different from being stupid. Ask for help.

 

[ProfMoneyWise]

Conquer Debt Year Round
Monday November 14

You can’t live in a house of cards (pun intended) forever. Eventually those living a life fueled by borrowing will crash and burn. Stay focused on getting out and staying out of debt.

You can't get ahead if you are in debt.

You can't borrow your way to prosperity.

You can't keep moving debt around and make it disappear.

You can't ignore your problem and hope it away. Take control, fix YOUR problem.

 

[ProfMoneyWise]

Conquer Debt Year Round
Tuesday November 15

Being debt-free allows you to truly enjoy good fortune when it pays a visit. But, if you're in debt and get lucky you know what to do with every cent of good fortune, right?

Let's say you inherit $10,000 and happen to owe $10,000 on a credit card. Do the right thing; pay off the card!

 

[ProfMoneyWise]

Conquer Debt Year Round
Wednesday November 16

If you're living on a single income, or have an irregular income (like a sales job), your Emergency Fund must be a minimum of six months of living expenses.

If you are in a dual income living arrangement and both jobs are stable you may lean more toward the minimum of three months of living expenses in your Emergency Fund.

However, make no mistake. You must have an Emergency Fund. No exceptions.

 

[ProfMoneyWise]

Conquer Debt Year Round
Thursday November 17

The only time it's acceptable to borrow money to get out of debt is when you sell that car you can’t afford and take out a loan for the difference between what you got for it and what you owe on it.

Remember to borrow a little more to buy a clunker to get you back and forth from home to your numerous jobs.

You'll hate having to do this, or at least you should.

 

[ProfMoneyWise]

Conquer Debt Year Round
Friday November 18

You must make a commitment to yourself to pay off your credit cards. Once your cards are paid off, the money you were paying out is now yours.

It will be amazing how much money you make each month when you don't have to use it for credit card payments.

Being debt-free is liberating. Try it, and if you don't like it you can always go back into debt. Yeah, I'm sure you'll want to do that, huh?

 

[ProfMoneyWise]

Conquer Debt Year Round Saturday
November 19

No matter the size of your debt you can dig your way out. If it's large you just need a bigger shovel. There's no telling how long it will take, but it will never happen if you never start.

Don't let the amount of debt be an excuse for not starting the process. Don't let how you got into debt be a deterrent, and don't let friends or family talk you out of starting the process.

This is yours to fix so get started.

 

[Railroad]

Done yet? The rest of us would like to see you done. See: wore out the welcome.