Beating Broke

Personal Finance from the Broke Perspective

  • Home
  • About
  • We Recommend
  • Contact
  • Privacy Policy

Powered by Genesis

More Reasons to Beat That Debt

January 27, 2020 By MelissaB Leave a Comment

If you’re in debt, you’re not alone.  A few generations ago, most Americans did not carry debt, and if they did, they only had mortgage debt.  Carrying debt was looked down up and considered shameful.  But how things have changed now.  Many 18-year olds immediately go into student loan debt for college, and then for credit card and automobile loan debt and to top it all off, mortgage loan debt.

Once you’re in debt, you can feel like you’re in so deep, there’s no way out.  But don’t give up!  There are many more reasons to beat that debt than to not.

More Reasons to Beat That Debt

More Reasons to Beat That Debt

When you’re deep in debt, you may feel there’s no point in going on a strict budget and putting extra money on your debt.  After all, you work hard to scrimp and put extra money on the debt, but you barely see a difference in the balances.  Sure, progress is slow in the beginning, but there are so many benefits of working hard to pay off your debt.

Today’s Money Is Yours for Today

One of the most frustrating things about being in debt is that you pay for yesterday with today’s money. Let’s say you earn $3,000 a month, and $1,000 of that money must go to payments for your debt.  That is 1/3 of your income that must go for past expenses that you went into debt for.  Imagine if all the debt was paid off and you had that $1,000 to use today.  What would you do with an extra $1,000 every month?

Money to Save for Long Term Goals

Maybe part of that $1,000 can be saved for long-term goals like a fabulous vacation you can pay cash for, or to grow your retirement nest egg, or to save in your children’s college fun.  When you don’t have to pay debt payments, you have more money to save for, and advance, your future.

More Reasons to Beat that Debt
Photo by Shoeib Abolhassani on Unsplash

Security

Probably the best reward for working hard to pay down debt is that you have financial security.  If your car is paid off, you don’t need to worry that it will be repossessed if you lose your job.  That car is yours no matter what.

Money for Charitable Goals

If giving to charity is important to you, you can give more freely when your money isn’t tied up in expensive debt repayment.  You can give to your church, or an organization that you support, or a family in need.  You have the means and the ability to give generously when there is no debt burdening you.

More Reasons to Beat that Debt
Photo by Kat Yukawa on Unsplash

Financial Freedom

When you are in debt, you feel burdened, even if you don’t realize that you feel that way.  There is something about being out of debt, not being beholden to anyone, that makes you feel free and empowered.  You don’t realize how much having debt was subconsciously weighing you down until the debt is gone.  I’ve experienced this myself and also heard many people share that this is what they felt, too.

Final Thoughts

If you’re in debt, remember, getting out of debt, especially significant debt, is a marathon, not a sprint.  However, you should get out of debt as fast as you are able to benefit from these many more reasons to beat that debt.  You’ll be glad you break the chains when you get out of debt.

MelissaB
MelissaB

Melissa is a writer and virtual assistant. She earned her Master’s from Southern Illinois University, and her Bachelor’s in English from the University of Michigan. When she’s not working, you can find her homeschooling her kids, reading a good book, or cooking. She resides in New York, where she loves the natural beauty of the area.

www.momsplans.com/

Filed Under: Debt Reduction

Find Your Frugal Tribe and Save Even More Money

January 23, 2020 By MelissaB 1 Comment

Who is your tribe?  With whom do you surround yourself?  Too often, our friends seem to be those we accidentally meet.  Someone at the gym we clicked with or a co-worker we have a connection with.  These friendships are usually made because we have at least one thing in common, something we both love that connects us.

Find Your Frugal Tribe and Save Even More Money

If you’re of a money mind, perhaps being frugal and avoiding debt, you may find that most of your friends don’t share this trait with you.  In real life, finding friends who share your passion for saving and pinching pennies can be very difficult.

Luckily, you can look online and find your frugal tribe and save even more money.

Find Your Frugal Tribe and Save Even More Money

Thanks to technology, there are many ways to find a frugal tribe.

YouTube Tribes

Find Your Frugal Tribe and Save Even More Money
Photo by NordWood Themes on Unsplash

My husband and I are looking to save money, especially on groceries, because we’ve been facing hundreds of dollars in medical expenses each month.  The amount we spend on groceries is a place where we can reduce our expenses.

However, asking friends in real life what they spend on groceries and how they save money is a bit awkward, especially because most of my friends don’t seem to be money minded.

Enter YouTube.  I discovered one woman on YouTube who feeds her family of 5 for $30 to $35 a week!!  Insane, isn’t it?  I know I’ll never get my grocery bill that low, but it is encouraging to know that there is definitely room to cut the grocery budget.

Facebook Tribes

Find Your Frugal Tribe and Save Even More Money
Photo by Kon Karampelas on Unsplash

The same vlogger I mentioned above also runs a Facebook group, 11,000+ members strong, solely devoted to frugal meals and groceries.  I joined that group, and I’m learning a lot.

But you can find your frugal tribe in a range of topics.  I belong to several Facebook groups–one on saving on groceries, one on frugal living in general, and one about frugal ways to send your kids to college.

Change Your Tribe, Change Your Habits

Here’s the thing.  Whether you realize it or not, the people you surround yourself with, even if they are vastly different than you, affect your thoughts.  If you’re around spendthrifts, you unconsciously become a little looser with your money because that’s what you see others doing.  You may still be the most frugal person among your friends, but you’re likely less frugal than you used to be because of the influence of your peers.

Of course, the reverse is also true.  Since watching YouTube videos and joining the Facebook group, I have slashed my grocery spending by 25% every month.  Each day I learn new strategies for saving.

True, I don’t emulate a lot of what I learn.  One vlogger on YouTube made two big meals at the beginning of the week and then fed her family the leftovers for the next four days.  That definitely wouldn’t fly in my house, but it was a lesson in how to morph leftovers into other meals.

How to Find Your Tribe

If you can find a tribe in real life, that’s the best.  If you have a frugal friend, perhaps she can help you connect with more frugal people.

However, if you don’t, the Internet is a great tool.  The best starting place is YouTube and blogs.  Facebook is a close second.  Once you find one good frugal person, you can likely find more she is connected with.  If you find someone via social media or YouTube, don’t be afraid to reach out electronically and say “hi.”  Who knows, you may become friends in real life.

How do you find like-minded frugal friends?

MelissaB
MelissaB

Melissa is a writer and virtual assistant. She earned her Master’s from Southern Illinois University, and her Bachelor’s in English from the University of Michigan. When she’s not working, you can find her homeschooling her kids, reading a good book, or cooking. She resides in New York, where she loves the natural beauty of the area.

www.momsplans.com/

Filed Under: Frugality, Saving

Ways to Save When A Family Member Is in the Hospital

January 20, 2020 By MelissaB Leave a Comment

When you have a family member in the hospital, the last thing that you want to think about is money.  Yet, money is often a pressing concern because if you eat in the hospital cafeteria, pay for parking at the hospital, and stay in a hotel if the hospital is far from home, you will quickly rack up an expensive tab.  You may already be anxious about your hospitalized family member; there’s no need to also worry about finances.  There are several ways to save when a family member is in the hospital.

Ways to Save When a Family Member Is in the Hospital

Ways to Save When a Family Member Is in the Hospital

Bring Your Own Food

My mom was in the hospital for a few days after a knee replacement, and one of the best things I did was to bring my own food.  I bought a $13 dollar thermos from Amazon and brought my lunch in the thermos every day.  It was piping hot when I was ready to eat.  I also brought something cold like a sandwich in a little portable cooler for dinner, so my meals were covered.  This also meant that I could keep my mom company all day without leaving to go down to the hospital cafeteria.

If you don’t have a thermos or portable cooler, check with the nurses.  Many hospitals have a refrigerator visitors can use, and nurses may be willing to heat up your food for you.  However, if your family member will be in the hospital for more than a few days, I highly recommend buying a thermos and portable cooler.

Ways to Save When a Family Member Is in the Hospital
Photo by Perfect Snacks on Unsplash

Don’t forget to also bring snacks like granola bars, fig newtons, and other small, shelf-stable, filling snacks.

Discounted Parking

I was lucky in that the hospital my mom stayed at did not charge parking.  However, many do.  Again, check with the hospital because some hospitals offer discounted or free parking if you get your parking ticket validated.

Also, if family friends or other relatives ask how they can help, don’t be shy about asking for money to pay for parking.  When my mom was in the hospital, one family member generously gave me money to cover all of my accrued expenses, knowing how quickly they add up.

Discounted Hotel Stays

If your family member is in a hospital far from home, your expenses will likely add up even more quickly.  One way to make a significant difference in your expenses is to find a discounted place to stay.  Many cities have Ronald McDonald Houses nearby.  These facilities offer families with kids in the hospital free lodging and food.

In addition, some hospitals have Ronald McDonald rooms right in the hospital.  In the room, you can heat up food, sleep, take a shower, do laundry or watch TV.

Ways to Save When a Family Member Is in the Hospital
Photo by Marten Bjork on Unsplash

Finally, some hotels near hospitals offer a discounted “hospital rate” for people who have family members in the hospital.  Ask the hospital if they partner with any hotels for this rate.  Also, when calling around for a hotel to stay in, make sure to mention your situation.  The hotel may give you a discount.

Final Thoughts

If you have a family member in the hospital, remember that there are many ways you can save on food, parking, and lodging.  The last thing you want to do is worry about money, so use some of these strategies to save money while caring for a sick relative.

MelissaB
MelissaB

Melissa is a writer and virtual assistant. She earned her Master’s from Southern Illinois University, and her Bachelor’s in English from the University of Michigan. When she’s not working, you can find her homeschooling her kids, reading a good book, or cooking. She resides in New York, where she loves the natural beauty of the area.

www.momsplans.com/

Filed Under: Frugality, Saving

  • « Previous Page
  • 1
  • …
  • 38
  • 39
  • 40
  • 41
  • 42
  • …
  • 93
  • Next Page »
  • Facebook
  • Pinterest
  • RSS
  • Twitter

Improve Your Credit Score

Money Blogs

  • Celebrating Financial Freedom
  • Christian PF
  • Dual Income No Kids
  • Financial Panther
  • Gajizmo.com
  • Lazy Man and Money
  • Make Money Your Way
  • Money Talks News
  • My Personal Finance Journey
  • Personal Profitability
  • PF Blogs
  • Reach Financial Independence
  • So Over Debt
  • The Savvy Scot
  • Yes, I am Cheap

Categories

Disclaimer

Please note that Beating Broke has financial relationships with some of the merchants mentioned here. Beating Broke may be compensated if consumers choose to utilize the links located throughout the content on this site and generate sales for the said merchant.

Visit Our Advertisers

Need to change careers? Consider an Accounting Certificate Program from WTI.