I’m Officially Going Into Debt Again…and I’m Already Freaking Out

going into debt again

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I paid off my school loans, my credit card, my ex-wife (long story), and even my house. By my 30th birthday, I was completely debt free and I vowed to never go back into debt…until now. I’m officially going into debt again…and yes, like the title says, I’m already freaking out…

I’m Officially Going Into Debt Again…and I’m Already Freaking Out

Liz and I currently live in the city. We look out the window above our sink and we’re staring directly into the living room of our neighbors. When we lay in bed, we see into the bedroom of our other neighbors. When I sit on the porch, I watch our rear neighbor cook dinner and do laundry…

Needless to say, things . . . → Read More: I’m Officially Going Into Debt Again…and I’m Already Freaking Out

How To Pay Yourself First This Christmas + Why You Should

pay yourself first this Christmas

Christmas is around the corner, which means many Americans are buying gifts, putting items on layaway, and even getting into debt to afford items for their loved ones. However, in a time where instant gratitude and lots of presents under the Christmas tree is a big deal, you don’t have to fall for the hype. Instead, here’s how to pay yourself first this Christmas, and why you should.

How to Pay Yourself First This Christmas…and Why You Should

This post has been written by our talented staff writer, Kimberly Studdard.

What does pay yourself first mean?

First things first, what does pay yourself first even mean? Basically, paying yourself first means that before you take out money for living expenses, whether fixed or variable, you instead give yourself a portion of the money to save or invest.

This could mean taking out money and putting it in a savings account. . . . → Read More: How To Pay Yourself First This Christmas + Why You Should

How to Make Money With Passive Income

daydreaming your way to success

Wouldn’t it be nice to be able to make money without constantly having to work for it? You can make money with passive income. Passive income is the return you receive from an initial investment. It’s a great way to supplement your cash flow for an early retirement.

How to Make Money With Passive Income

Want to know how you can get into the passive income game? Thankfully, there are quite a few effective ways to do it. Check out the ideas below and choose the one that makes the most sense for you!

1) Trading Stocks

Stock trading is one of the most popular avenues to make money with passive income. If you’re a beginner and wondering how to make money from trading stocks, it’s not too difficult. Once you’ve researched the companies you would like to invest in, you can do as much or as little as you . . . → Read More: How to Make Money With Passive Income

The Economy Was Up But I Lost Thousands…and So Did You…

losing to depreciation

This last year, you earned $60,000 at your job, made $5,000 in the stock market, but……you lost $8,000 and you didn’t even know it! Kind of hard to believe, right? That you lost $8,000 and you didn’t even realize it? Believe it or not, it happens to almost all of us. Heck, I’m super frugal and I lost $2,000! “How?” you might ask. Depreciation. How much do you think you’re losing to depreciation?

By the end of this article (and after inputting your info into my new tool), you’ll know exactly how much you’re losing to depreciation!!

How Much Are You Losing to Depreciation?

So first things first…what really is depreciation?

According to The Street…

“When something depreciates, it reduces in value.”

It really is as simple as that. You buy something, you have it for a while, and you’re forced to sell it for less than you . . . → Read More: The Economy Was Up But I Lost Thousands…and So Did You…

8 Reasons Your Credit Score Matters…and How to Improve It Quickly

credit score matters

You’ve heard me say it many times here at LifeAndMyFinances.com – having zero debt is the absolute best way to live! Buuuut, having no credit score certainly isn’t. Believe it or not, your credit score matters – for many reasons actually. No matter how many times Dave Ramsey tells me otherwise, I doubt I’ll ever believe him…

8 Reasons Your Credit Score Matters…and How to Improve It Quickly

Liz and I live a no-debt lifestyle. We have no credit card debt, car debt, or even house debt (we paid off our home in 2014). After living a no-debt lifestyle for almost four years now, we certainly wouldn’t have it any other way. However, even though we don’t plan to dive into debt again any time soon (or ever!), we’re still careful to build and maintain our credit scores.

“Why?” you might ask…

Well….for at least eight reasons!! …as if one . . . → Read More: 8 Reasons Your Credit Score Matters…and How to Improve It Quickly

Is Tiny Living For You? What To Consider Before Buying A Tiny House

before you buy a tiny house

In a time where bigger houses mean better lives, many people are now trying to escape the rat race and go back to simpler living. Tiny living has become a movement in recent years, with more and more people getting rid of high costs of living and city dwelling for more serene and minimal lifestyles. But is tiny living for you? Here’s what to consider before buying a tiny house.

Is Tiny Living For You? What To Consider Before Buying A Tiny House

This post is written by our staff writer, Kimberly Studdard.

Can you even do it?

Before buying a tiny house, the first thing you should consider is if it’s even possible for you to do.

Does your city allow it? Are you willing to move to a new city, or even state, to do so? Are there any limitations that you have in your . . . → Read More: Is Tiny Living For You? What To Consider Before Buying A Tiny House

The Fastest and Easiest Ways to Save Up for a House

save up for a house

Are you getting ready to purchase your very first home? Congratulations! Just be prepared to put in quite a bit of work. Not only to find your perfect abode, but also to save up for a house. Thankfully, there are a few ways to increase your savings rather quickly so that you can get closer to fulfilling your dream of being a homeowner.

The Fastest and Easiest Ways to Save Up for a House

It doesn’t have to take years and years to save up for a house. Follow these four steps and you’ll be socking more money away each month than you even thought possible!

1) Choose the Right Savings Account with an Online Bank

There are a lot of savings accounts that you can choose from. If you want your money to grow so that you can save up for a house more quickly, you should stick with . . . → Read More: The Fastest and Easiest Ways to Save Up for a House

Should You Sell Your Car? 8 Reasons You Absolutely Should…

should you sell your car - mercedes

Have you ever, at some point in your life, thought that you should probably sell your car?? Maybe you just hate it because it’s breaking down all the time, or maybe the payments are just too astronomical for you to afford each month. Whatever the case may be, the question of “Should you sell your car?” has been on your mind. It’s time to figure it out once and for all.

Should You Sell Your Car? 8 Reasons You Absolutely Should

There are seven reasons you should sell your car. If, when you read any one of these reasons and you start nodding your head in agreement, then you should absolutely sell your car. No cold feet, no second guessing, just sell your car.

1) Your car is worth more than 25% of your annual salary

If you earn $50,000 a year and your car is worth $30,000, that . . . → Read More: Should You Sell Your Car? 8 Reasons You Absolutely Should…

10 Ways to Save Money on Sporting Equipment for Your Kids

save money on sporting equipment

A budget-conscious mom of two children, Jessica Samuels, encourages her kids to engage and compete in youth sports. However, that participation comes with a hefty price tag. She needs to look at ways to save money on sporting equipment.

Samuels’ children are on the swim, bowling, golf, softball and baseball teams. Between uniforms, shoes and other equipment, Samuels has to spend a small fortune on gear. One sport alone can cost hundreds. “When they signed up for baseball, they had to get a new uniform,” Samuels said. “That’s easily $100 to $150, and they outgrow them within a year.” But Samuels thinks the sacrifice is worth it. “It’s all about building an active lifestyle, developing a love of sports, being active and being a part of the community,” she said.

According to TD Ameritrade’s survey on parents and sports, 37 percent of survey respondents said they spend $500 . . . → Read More: 10 Ways to Save Money on Sporting Equipment for Your Kids

How Much Should You Invest in Your 401k?

unique investment ideas

“Sooo…how much should you invest in your 401k? 3%? 6%? 15%? More? What’s the best answer for me?” …asks random people at my work from time to time after they discover my blog… 😉

It’s hard enough to meet up with one person and instruct them on exactly how much they should invest into their 401k…and here I am trying to answer the question of the thousands of different people that will read this blog post… But you know what? I’m always up for a good challenge!! So let’s get to it!

How Much Should You Invest in Your 401k?

You might be thinking to yourself, “How much should I invest in your 401k….? Well, the more I invest, the better, right?”

Nope. Not necessarily. And that leads us into point #1…

1) You Should Invest Nothing When…

…You still have consumer debt

If you still have:

credit card . . . → Read More: How Much Should You Invest in Your 401k?