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14 Unpopular Opinions on Managing Debt: What Financial Experts Won’t Tell You

April 25, 2024 By Catherine Reed Leave a Comment

14 Unpopular Opinions on Managing Debt What Financial Experts Won't Tell You

Managing debt is a topic fraught with anxiety for many. Mainstream financial advice often revolves around traditional strategies like consolidating loans or cutting back on spending. However, numerous unconventional and sometimes controversial approaches to debt management seldom make it into the typical advice columns. Here are 14 unpopular opinions on managing debt that challenge the norm and could provide alternative solutions for your financial woes.

1. Don’t Rush to Pay Off Student Loans

Don’t Rush to Pay Off Student Loans

Conventional wisdom urges us to eliminate student debt as quickly as possible. However, if you have federal student loans, these often have lower interest rates compared to other debts. Focusing on higher-interest debts, like credit card balances or high-interest personal loans, might save you more money over time. Plus, federal loans come with protections like deferment, forbearance, and income-driven repayment plans that other debts do not offer.

2. Sometimes It’s Okay to Prioritize Investments Over Debt Payments

Sometimes It’s Okay to Prioritize Investments Over Debt Payments

This is a contentious issue among financial experts, but there can be merit in prioritizing investments over rapid debt repayment, especially if the debt carries a very low interest rate. If the return on your investments could surpass the interest accumulating on your debt, this strategy might lead to greater net worth in the long run. It’s a riskier approach and requires careful market understanding and risk assessment.

3. Maintaining Some Debt Can Benefit Your Credit Score

Maintaining Some Debt Can Benefit Your Credit Score

Completely wiping out your debt might actually hurt your credit score. Credit utilization—how much credit you are using compared to how much you have available—is a significant factor in credit scoring. Maintaining some level of debt and making regular, on-time payments can demonstrate to creditors your reliability, potentially boosting your credit score.

4. Use Windfalls for Yourself, Not Just Your Debts

Use Windfalls for Yourself, Not Just Your Debts

When you receive a financial windfall, such as a tax refund or a bonus, the typical advice is to apply this money directly to your debt. However, using a portion for something personally meaningful or rewarding can be motivating and reduce burnout from constant self-denial. This approach helps maintain a balanced outlook toward financial management.

5. Refusing to Cut Out All Discretionary Spending

Refusing to Cut Out All Discretionary Spending

Cutting all discretionary spending is often touted as a quick way to free up money for debt repayment. However, maintaining some level of discretionary spending can make your financial plan sustainable and more enjoyable in the long term. This strategy can prevent the resentment and fatigue that often derail debt repayment plans.

6. Debt Consolidation Isn’t Always the Answer

Debt Consolidation Isn’t Always the Answer

Debt consolidation can lower monthly payments and simplify financial management, but it’s not a panacea. Consolidating debts might lead to longer payment terms or higher overall interest costs. Essentially, reading the fine print and understanding the long-term implications before going this route is critical.

7. Not All Debt is Bad Debt

Not All Debt is Bad Debt

There’s a growing narrative that all debt is inherently bad. However, some debts, like mortgages or business loans, are considered ‘good’ because they represent an investment in your future. Understanding the difference between oppressive and constructive debt is key to managing finances wisely.

8. You Can Negotiate Your Interest Rates

You Can Negotiate Your Interest Rates

Many believe that interest rates on debts are fixed. However, you can often negotiate these rates with your creditors, especially if you have a history of timely payments and good credit. Reducing your interest rates can make a significant difference in how quickly you can pay off your debt.

9. Paying Off Small Debts First Isn’t Always Optimal

Paying Off Small Debts First Isn’t Always Optimal

The snowball method, paying off the smallest debt first for a psychological boost, is very trendy. However, the avalanche method, where you pay off debts with the highest interest rates first, can save you more money over time. Choosing the correct method depends on your personal psychological needs and financial circumstances.

10. Use Cash, But Don’t Completely Cut Off Credit Cards

Use Cash But Don’t Completely Cut Off Credit Cards

Following debt accumulation, a common suggestion is to cut up all your credit cards. However, using cash for all transactions is not always practical or safe. Instead, using credit cards wisely and paying off balances in full each month can help manage debt and improve your credit score.

11. Skipping Mortgage Payments Can Be Strategic

This is highly controversial, but in some cases, if you are facing financial hardship, skipping a mortgage payment to save cash for an emergency fund or to pay off higher-interest debt could be strategic. Be sure to communicate with your lender for potential options like forbearance.

12. You Don’t Always Have to Follow a Strict Budget

You Don’t Always Have to Follow a Strict Budget

Strict budgeting is a cornerstone of traditional debt management advice. However, being overly restrictive can be unsustainable. An alternative approach is to monitor spending habits and make adjustments based on actual spending patterns and needs, allowing for more flexibility and personalization.

13. Invest in Quality to Save Money

Invest in Quality to Save Money

Investing in high-quality products and services that last longer can be more financially prudent than repeatedly purchasing cheaper, lower-quality items. This principle applies to everything from appliances and clothing to cars and furniture.

14. Sometimes, Spending Money Can Be a Form of Saving

Investing in things like home energy improvements, professional development courses, or health and wellness can reduce costs in other areas of your life. This approach sees spending as an investment in reducing future expenses rather than just immediate cost-cutting.

Unpopular Opinions on Managing Debt Offer a Different Perspective

Unpopular Opinions on Managing Debt Offer a Different Perspective

These unconventional opinions on managing debt offer a different perspective that might be better suited to certain financial situations and personalities. While they may not align with traditional advice, they provide alternative strategies that could lead to financial success when used wisely. Always consider your personal circumstances and, if necessary, consult with a financial advisor to determine the best strategies for managing your debt.

Read More:

Ditch the Debt: 8 Unconventional Tips to Achieve Financial Independence!

Debt Management 101: How To Break Free from Debt and Reclaim Your Finances

Filed Under: Debt, ShareMe Tagged With: budgeting, debt, debt management, debt repayment, financial experts, managing debt, Personal Finance

12 Unusual Beauty Standards and Practices from the ’20s That Would Stun Today

April 24, 2024 By Catherine Reed Leave a Comment

Unusual Beauty Standards and Practices from the '20s That Would Stun Today

The Roaring Twenties, an era marked by dramatic social and economic change, also saw an evolution in beauty standards that would seem almost alien today. While contemporary beauty trends lean towards natural and sustainable practices, the 1920s embraced a flair for the dramatic and the novel, often with bizarre twists. From the use of radium in cosmetics to the bobbed hair revolution, these beauty standards and practices from the ’20s would undoubtedly stun modern audiences. Let’s explore 12 of these intriguing trends.

1. Radium Beauty Products

Radium Beauty Products

In the 1920s, the discovery of radium and its mysterious glow led to a bizarre beauty trend. Radium was infused in various beauty products, including creams and powders, believed to impart a radiant complexion. However, the glowing allure came at a high price, as radium is highly radioactive. Unknowingly, women were exposing themselves to dangerous levels of radiation, leading to severe health complications later on.

2. Lard-Based Creams and Hair Products

Lard-Based Creams and Hair Products

In the 1920s, a rather unusual component found in many beauty products was lard. Used in various creams and hair products, lard was praised for its ability to moisturize and enhance hair shine. This trend reflects a time when animal products were commonly incorporated into beauty routines without the same ethical or health concerns expressed today. While modern beauty standards favor plant-based or synthetic alternatives for ethical and health reasons, lard-based products were once a staple in beauty cabinets, embodying the era’s less scrutinized approach to ingredients in personal care products.

3. Lead-Based Face Powder

Lead-Based Face Powder

While the use of lead in cosmetics dates back to ancient times, it persisted into the 1920s. Lead-based face powders were popular for their ability to provide a pale and matte finish, which was a coveted look of that era. Unfortunately, lead is a potent neurotoxin, and prolonged use causes a variety of health issues, including skin damage, hair loss, and even more severe organ toxicity.

4. Mercury for Skin Whitening

Mercury for Skin Whitening

During the 1920s, the use of mercury-laden creams for skin whitening was a common but dangerous practice. These creams promised to lighten the complexion and clear the skin of blemishes and freckles, which aligned with the beauty standards of that era for pale, unblemished skin. However, mercury is highly toxic and can cause severe skin damage, scarring, and serious health issues, including neurological damage. The use of such hazardous substances highlights the lengths to which people would go to conform to beauty ideals, often at significant risk to their health.

5. The Tapeworm Diet

The Tape Worm Diet

Although not exclusively a beauty practice, the tapeworm diet was utilized by some looking to maintain the slim figure ideal of the 1920s. Individuals would ingest tapeworm eggs, hoping the parasites would help them lose weight without additional dieting or exercise. This hazardous method was as dangerous as it sounds, causing severe health issues ranging from malnutrition to death.

6. Bobbed Hair

Bobbed Hair

A more benign yet revolutionary beauty trend of the 1920s was the bob haircut. Moving away from the long, voluminous styles of previous decades, the bob was a bold statement of modernity and liberation for women. This dramatic shift in hair fashion reflected broader social changes, including women’s increasing independence and the rejection of traditional gender norms.

7. The Cupid’s Bow Lip

The Cupid’s Bow Lip

The 1920s makeup aesthetic included a very distinctive lip shape known as the Cupid’s Bow. Women would use lip liner to overdraw the upper lip to create a pronounced double-curve, which was thought to be highly desirable. This look was often paired with dark red or even black lipstick, which made the lips a striking focal point of a woman’s face.

8. Eyebrow Plucking for Thin Lines

Eyebrow Plucking for Thin Lines

Another unique aspect of 1920s beauty was the trend towards extremely thin, penciled eyebrows. Women plucked their natural brows to almost non-existence, then redrew them with a pencil in a fine, curved line. This look is in stark contrast to the fuller, more natural brows favored today and would be considered excessive by current beauty standards.

9. Beaded Eyelashes

Beaded Eyelashes

In the 1920s, beaded eyelashes became a novel trend for those seeking to add a glamorous and dramatic touch to their evening makeup. These lashes were embellished with tiny beads or sequins, catching the light and emphasizing the eyes during the lively jazz nights and lavish parties of the era. This extravagant style, though less practical for everyday wear, showcased the decade’s love for opulence and innovation in beauty.

10. Kohl-Rimmed Eyes

Kohl-Rimmed Eyes

In the 1920s, kohl-rimmed eyes were a defining beauty trend, embraced by women seeking to emulate the dramatic and exotic look popularized by movie stars of the silent film era. Applied heavily around the eyelids, kohl was used to create a dark, smoldering effect that enhanced the eyes’ expressiveness, which was especially important in the era of black-and-white cinema. This bold use of kohl played a crucial role in the evolution of makeup artistry, influencing the way eyes were highlighted in fashion and film.

11. X-Rays for Unwanted Hair Removal

X-Rays for Unwanted Hair Removal

In the 1920s, X-ray technology was not only used for medical diagnostics but also adopted for removing unwanted hair. This method was seen as a cutting-edge solution for achieving smoother skin without the need for repetitive shaving or painful waxing. However, the high exposure to radiation posed serious health risks, leading to severe skin damage and increased risk of cancer, ultimately causing this practice to be abandoned.

12. Chest Binding

Chest Binding

During the 1920s, the fashion trend towards a flatter, more androgynous silhouette led many women to practice chest binding. This involved tightly wrapping the upper torso to conform to the era’s beauty standards that favored boyish figures for women. While this practice allowed women to wear the stylish flapper dresses of the time more effectively, it often resulted in discomfort and potential health risks due to restricted breathing and circulation.

These Unusual Beauty Standards and Practices from the ’20s Show How Far We’ve Come

These Unusual Beauty Standards and Practices from the '20s Show How Far We’ve Come

These unusual and often hazardous beauty standards from the 1920s show how far society has come in understanding health and safety in beauty practices. While today’s beauty trends continue to evolve, health and ethical considerations now guide the industry, steering it away from the harmful practices of the past. This historical perspective not only enlightens but also appreciates the progress made in ensuring that beauty standards do not compromise health and well-being.

Read More:

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Filed Under: ShareMe Tagged With: 1920s, beauty, beauty practices, beauty standards, beauty trends, fashion, hair, makeup

11 Unconventional Frugal Habits to Try Today

April 23, 2024 By Catherine Reed Leave a Comment

11 Unconventional Frugal Habits to Try Today

In today’s economy, finding ways to stretch your dollar can be not just a necessity but a smart strategy for financial growth and security. While traditional frugal habits like coupon clipping and budgeting are well-known, there are several unconventional strategies that can help you save money in unexpected ways. This article delves into 11 such frugal habits that are not only easy to implement but could also make significant differences in your financial life.

1. Batch Cooking Over Meal Prepping

Batch Cooking Over Meal Prepping

While meal prepping is a common frugal habit, batch cooking takes it to the next level. Instead of preparing individual meals, cook large quantities of a few recipes and use them as a base for various meals throughout the week. This approach not only saves time and reduces waste but also minimizes energy costs due to less frequent use of your stove and oven. Buying ingredients in bulk for batch cooking can also lead to substantial savings.

2. Adopt a 24-Hour Rule for All Purchases

Adopt a 24-Hour Rule for All Purchases

One effective yet unconventional frugal habit is to implement a 24-hour rule before making any non-essential purchase. Whenever you feel the urge to buy something, wait for 24 hours before actually purchasing it. This delay makes differentiating between impulse buys and genuinely needed items easier, reducing unnecessary spending and helping you to prioritize your financial goals.

3. Swap Clothes with Friends or Family

Swap Clothes with Friends or Family

Fashion can be expensive, but you can keep your wardrobe fresh without spending a dime. Organize clothing swaps with friends or family members. This not only allows you to refresh your wardrobe for free but also helps the environment by recycling and reusing garments. It’s a fun and social way to maintain an exciting closet without breaking the bank.

4. Use Apps to Track Public Transport in Real-Time

Use Apps to Track Public Transport in Real-Time

For those who use public transportation, apps that track transit options in real time can save money. By optimizing your routes and connections, you can avoid longer, potentially more expensive routes and stick to the most efficient paths. This not only saves money but also time, aligning perfectly with frugal living principles.

5. Practice Eco-Friendly Living

Practice Eco-Friendly Living

Embracing eco-friendly habits isn’t just good for the planet—it can also be good for your wallet. Simple changes like reducing water usage, turning off lights when not in use, and using programmable thermostats can decrease your monthly utility bills significantly. Over time, these savings can add up to a considerable amount.

6. Volunteer in Exchange for Experiences

Volunteer in Exchange for Experiences

Many events and festivals offer free entry in exchange for volunteer work. If you enjoy cultural, music, or food events, this can be a great way to enjoy them without spending on tickets. Additionally, volunteering is a rewarding activity that can enrich your life experiences while being gentle on your finances.

7. Turn Off Autopilot on Subscriptions

Turn Off Autopilot on Subscriptions

Regularly audit your subscriptions and memberships, and ask yourself whether you really need each one. Turning off autopilot means not allowing your subscriptions to renew automatically without considering their ongoing value to your life. This habit ensures you only pay for services you genuinely use and enjoy, cutting out unnoticed drains on your finances.

8. Repair Instead of Replace

Repair Instead of Replace

In a throwaway culture, it’s easy to forget the value of repairing items. Whether it’s clothing, electronics, or furniture, learning basic repair skills can extend the life of many products, saving you money and reducing waste. This frugal habit not only preserves your belongings but also instills a sense of accomplishment and independence.

9. Host Potluck Dinners

Host Potluck Dinners

Instead of dining out, host a potluck dinner with friends or family. Each guest brings an entrée, side, or dessert to share, which spreads out the cost and effort of cooking, and you all get to enjoy a variety of foods. This is a great way to socialize on a budget, and it often turns into a fun and memorable gathering.

10. Use Library Resources Extensively

Use Library Resources Extensively

Libraries are treasure troves of free resources. Beyond books, many offer magazines, movies, and even tools for checkout. Some libraries also provide access to digital resources, workshops, and classes, all of which are valuable and completely free. Utilizing these resources fully can replace more expensive entertainment and learning options.

11. Exercise Outdoors Instead of a Gym

Exercise Outdoors Instead of a Gym

Gym memberships can be costly, and if you’re not going regularly, they’re also a waste of money. Consider exercising outdoors or using free online resources for your fitness regime. Running, cycling, or even workout routines in your local park are excellent alternatives that contribute to both your physical and financial health.

Give These Unconventional Frugal Habits a Try

Give These Unconventional Frugal Habits a Try

Adopting these unconventional frugal habits can help you manage your finances more effectively, leading to substantial savings without compromising on your lifestyle. Each habit offers a way to rethink your spending and lifestyle choices, making frugality a creative and enjoyable endeavor. Whether it’s changing how you manage purchases, enhancing your living environment, or finding cost-free ways to enjoy life, these strategies prove that being mindful with your money can also be fun.

Read More:

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Filed Under: frugal living, Frugality Tagged With: budgeting, financial savvy, financial wellness, frugal habits, saving money, shopping

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