Posted in Building Wealth, Credit Cards, Debt Free, Financial Freedom, Saving for Your Future, Winning with Your Money, You and Your Money

We Have a Shopping Situation

If you are in debt right now, odds are you have a shopping “situation”. For me, it was a full blown shopping addiction. (Yes – that is a real thing with a 12 step program and everything.)

But even if you aren’t addicted to shopping, your shopping “situation” is stymying you from becoming debt free and building wealth.So how did I get my shopping “situation” (addiction) under control? Here are a few things that I did that helped me turn it all around and even help me today when I find myself shopping more than my budget can handle.

  • Remove all of your credit cards from your shopping websites
  • Remove all of your shopping websites from your email
  • Cut up and close all of your credit cards
  • Only go to the store when necessary and when you go, take a strict list and cash
  • Be content with what you have – promise yourself you won’t upgrade unless what you have breaks and can’t be fixed.
  • When you start shopping online, get up and do something else. We shop out of boredom a lot and just doing something else for a few minutes gets our mind off of it.

Shopping gives many people a high – it makes us happy, gets us through rough times, and makes us feel good for a moment. But like every high, it doesn’t last. However, the debt does. We need to take a few seconds every time we feel like shopping and reprogram our brains to do something else – something that doesn’t cost money.

I challenge you to look at your credit card statements and your spending for the last 3 months. I think you will be shocked at how much you actually spent. Now, I want to challenge you to go on a 30 day spending freeze. This is how I retrained my brain 20 years ago and I still use it today when needed.

When you stop spending money on “stuff” and start buying only what brings value to your life, you will have more money to save and to use to pay off debt and build wealth. And that will give you a high that will stay with you always!

Posted in Building Wealth, Debt Free, Financial Freedom, Saving for Your Future, You and Your Money

Save Money Today

America Saves Week 2020 is still a month away, but we don’t want you to have to wait that long to get savings tips that will change your finances.

Many of you don’t save money because you think you can’t or that you don’t have the money. The truth is you do have the money – you’ve just promised it to other people or have things that you believe are more important that you need to use it for. But there is nothing more important than making sure you have an umbrella when the storms of life come through.

I don’t want you to have any excuses for not saving so here’s a tip that you can use today to get started. Take $10 – from your account, your couch, your car, anywhere – and put it in a savings account. (You have $10 and you know it!) If you don’t have a savings account already, you can open an online savings account in 2 minutes . It’s okay to start small – you just need to start.

And if you really want to build wealth, set up an automatic transfer for another $10 every paycheck. Doing this forms the habit of savings and when you develop this positive habit, you will want to do more and more, building wealth along the way.

So no more excuses! $10 is all it takes to change your finances forever in a positive way! You’ve got this!!

Posted in Building Wealth, Credit Cards, Debt Free, Financial Freedom, Winning with Your Money, You and Your Money

Lifehack – Truth About Credit Cards

Back in the day, I always associated credit cards directly with debt. If you had a credit card, you were in debt. If you didn’t have a credit card, you were wealthy.

During my journey, I learned the real truth about credit cards.

Credit cards are simply a form of payment – the same as cash, checks (for us older folks) and debit cards. That’s it – plain and simple. The feature of credit cards that is our downfall is the fact that the bank they are issued through gives us a special “limit” that they will allow us to spend without them saying “no more”. This is where people, and I was one of those people, turn a simple credit card into debt. We make purchases with an intention of paying for it when the bill comes, but when it comes, something new has come up and we can’t pay in full. And after a few months of this, we find ourselves on the hamster wheel of debt and paying interest.

Here is the truth about credit cards – credit cards have great benefits if they can be used as intended, as a form of payment. This means that you pay for something using your credit card and once a month, you make one payment to the bank, paying the bill off in full. This is what I do with all of our monthly bills. They all go on one card I have – a Disney Chase card – and once a month, I pay it in full. This has several benefits: Disney points to use on our vacations, one payment per month instead of multiple and it automates all of my payments, giving me one due date instead of 12.

For many years, I was unable to use a credit card as intended. And in the process, accumulated a butt load of debt. When I paid the debt off, I still shyed away from them because I never wanted to go back on the hamster wheel again. Once I knew, for sure, that I could use a credit card as intended, I decided to take advantage of the benefits.

Here’s the moral of the story – if used as intended, as a form of payment, a credit card can be beneficial. However, if using a credit card is causing debt in your finances, then stop using them immediately. It’s not about the card – it’s about how it is used.