Budget Archives - Making Sense Of Cents

Create a Life You Don’t Need To Escape From

September 18, 2017 BY Michelle Schroeder-Gardner - 23 Comments

This post may contain affiliate links. Please read my disclosure for more info.

“Instead of wondering when your next vacation is, maybe you should set up a life you don’t need to escape from.” – Seth Godin

To make life better, create a better life you don't need to escape from. Do you constantly dread going to work or some other task? Here are ways to make your life better. I know this quote will stir up some feelings. However, I want you to dig deeper and think about the true meaning of it, which I’ll get to in a second.

First, though, dreaming about vacations isn't a bad thing – we all do it.

Honestly, I'm always looking forward to the next destination (after all, I do travel full-time). But, if you aren’t traveling full-time, vacations do allow you to explore new places, relax, have fun, and more. And, because of all of that, they really can make life better.

When thinking of the quote, though, I think it’s saying – you should create a life that you don't hate. Honestly, it’s possible that taking vacations are causing you unhappiness, especially if you are taking on more debt to travel.

However, the life this quote mentions is one where you don't have to purchase things to make you happy, a life where you don't dread every single day, a life where you actually look forward to things, and are positive. [Read more…]

What You Should Do About The Equifax Data Breach

September 11, 2017 BY Michelle Schroeder-Gardner - 18 Comments

This post may contain affiliate links. Please read my disclosure for more info.

The other day, news about a data breach went viral. This isn't surprising, though, as the data breach is said to possibly impact 143 million American consumers. This data breach was through Equifax, which is a large credit reporting agency. So, if you have a credit report, then you may be possibly impacted by the Equifax data breach. I'm interrupting regularly scheduled programming to discuss something major. You are probably aware of it, but you may not know what step to take next.

Recently, news about an Equifax data breach went viral. This isn't surprising, though, as the data breach is said to possibly impact 143 million American consumers.

Yes, 143 million.

This data breach was through Equifax, which is a large credit reporting agency. So, if you have a credit report, then you may be possibly impacted by the Equifax Data Breach.

According to Equifax:

The breach lasted a surprisingly long time (at least, to me this seems like a long time). It lasted from May through July of 2017.
During this data breach, hackers were able to access people's names, birth dates, social security numbers, addresses, and even driver's license numbers in some situations.
Not only that, these hackers also stole credit card numbers.
They also stole information from some people in the UK and Canada too, so it's not just people in the United States who were impacted!

[Read more…]

50 Things You Can Do Right Now Instead of Spending Money

September 8, 2017 BY Michelle Schroeder-Gardner - 20 Comments

This post may contain affiliate links. Please read my disclosure for more info.

Today, I have a great article from Elaine Westerfield at Upscale Cheapskate. When many people are bored, usually they resort to spending money. However, with this list, you'll see that there are other things to do than just spending money! Below is Elaine's article. Enjoy!

When many people are bored, usually they resort to spending money. However, with this list, you'll see that there are other things to do than just spending money! We have all been there – a lazy day with not much to do. You feel the urge to spend your time shopping or buying tickets to an event. I used to spend hours on a Saturday (and spending hundreds) going from store to store, buying items that brought no value to my life.

Even worse, I would waste hours on the computer, obsessively checking my social media or binging on the latest show. I eventually realized I was wasting valuable hours that I could be using to improve my stress levels, home, and career.

Once I had this realization, I took the time to calculate how much I was spending on “entertainment” and pointless items. In one month, I had spent over $600 on clothes I didn’t need, expensive movie theatre tickets (plus the $20 small popcorn), random toys for my dogs, and everything else that I thought I needed to fill up my time. [Read more…]

Should you go on vacation if you have debt?

September 5, 2017 BY Michelle Schroeder-Gardner - 37 Comments

This post may contain affiliate links. Please read my disclosure for more info.

Managing your money and paying off debt can feel like a never ending process. And, if you have a long term debt repayment plan, you may find yourself wondering if you can realistically take a vacation without feeling guilty and/or potentially wrecking your financial progress.

Whether or not you travel while having debt is a personal decision.

Personally, I did travel when I had student loan debt (read more about how I paid off $40,000 in student loans in 7 months here). They were usually short trips, and I always made sure to budget for them while keeping them as affordable as possible.

And, we still had a great time!

We went to Puerto Rico, Kauai, and many other places, and each trip was done affordably.

Plus, it was a great way to feel refreshed so that I could enjoy life while working towards my financial goals.

See, I believe the key is finding a healthy balance. Luckily, I didn't have any super high-interest rate debt, so going on vacation didn't stress me out as bad or derail my financial progress. I also didn't add to my debt by going on vacation, and I knew not to splurge on travel either.

I know others who have debt but still spend thousands of dollars on each of their vacations, and they also believe that this is the only way to travel.

That is not correct at all!

You can still enjoy life on a budget, but it's all about having a good balance and seeking out what will work best for your situation.

For example: If you have high-interest rate debt that is building up each month and becoming more and more unmanageable, then I do not recommend going on an expensive vacation. Instead, enjoy the area that you live in for free, which is still very possible to do! In my opinion, spending money on a vacation would just add to the stress while money would be better used towards paying off your debt. This will make sure that you don't put yourself into a deeper hole.

For today's post, I would like to start a discussion in the comments below. Below is my opinion for traveling while having debt, and I'd love to hear your opinions in the comments as I know that opinions will vary.

Related content on how to travel on a budget:

How to travel if you have debt:

Find a way to travel affordably.

Travel is great. However, it doesn't have to cost an arm and a leg to enjoy your vacation.

If you still have debt, especially a lot of high-interest rate debt that is causing you to live paycheck to paycheck, then you will want to find a way to enjoy yourself affordably while on a trip.

This may mean taking a staycation and exploring the town you currently live in, instead of splurging on an expensive vacation across the globe.

Here are tips for traveling affordably:

Take a staycation. Like I discussed above, if you have a lot of debt and need to put as much money as you can towards your debt, then a staycation is probably your best bet. I recommend finding free events and other free things to do in your area so that you are spending as little as possible.
Budget for the whole trip. Budgets are always a good idea!
Don't slow down your debt repayment plan. If you don't have the money to travel, then you may just want to skip the travel or find a way to make/save extra money in order to do so.
If you have the gear to camp, camp! Camping can be expensive, so I wouldn't recommend that everyone go out and buy new gear to do it. However, if you already have camping gear, then it can be a great way to travel somewhere affordably and see the beautiful outdoors. Read How To Find Free Camping for budget friendly camping ideas.

Related tip: My preferred way to travel affordably is to stay in short-term rental vacation homes such as Airbnb (this will give you a $30 Airbnb coupon code for your next stay). Airbnb vacation home rates are usually comparable or cheaper than a hotel, plus you usually have more room and there is usually a kitchen as well. Also, if you have a lot of people going on vacation with you, you can split a house for a much cheaper price than it would be for everyone to get a hotel room. Read my Airbnb review The Many Positives Of Using Airbnb Plus a Coupon Code For Your Next Vacation!

Whatever you do – don't take on more debt.

I've heard countless stories of people taking on more debt in order to go on a vacation and to travel more.

In fact, one story I often share here on Making Sense of Cents is one of the worst stories I've heard about this. This person would take out thousands of dollars in extra student loans to pay for timeshares and cruise vacations.

And, they would actually brag about this!

To take a vacation, you should never take on debt (using credit card travel hacking is a different story and can be done wisely). Taking on debt to travel will just dig your debt hole even deeper, which will cause a lot of stress and probably make you regret taking a vacation in the first place.

You want good memories to come from the trip that you take, not stress, regret, and other negative feelings when you think about your vacation.

Vacations are great and all, but taking on debt to go on them is 99.999999% of the time not worth it.

Let's start a discussion. Do you think people should take a vacation if they have debt? Why or why not?

How This Successful Family Of Four Makes Travel Blogging Work For Them

August 28, 2017 BY Michelle Schroeder-Gardner - 26 Comments

This post may contain affiliate links. Please read my disclosure for more info.

Did you know that you can travel for a living, with a family too?! Caz and Craig Makepeace, from yTravelBlog, a married couple from Australia have lived in five countries and traveled to 52 of them. Here's how they travel blog! Recently, I decided to start a new series where I interview people who are doing extraordinary things with their lives. First up was JP Livingston, who retired with a net worth over $2,000,000 at the age of 28. Today’s post is about Caz and Craig Makepeace, a married couple from the Central Coast of Australia. They have lived in five countries and traveled to 52 of them. They blog about their travels at yTravelBlog.

Just seven years ago, they had no idea what they were doing with their blog, and since then, their blog has grown to be one of the biggest travel blogs in the world.

In this interview, you'll learn:

The obstacles they had to overcome getting started.
How they afford to travel extensively with their family.
How they have become such successful travel bloggers.
What an average day is like for them.
Tips for traveling with children, and more!

They have traveled extensively, including an 18-month stint traveling through Australia with their two daughters. They recently came to the US and are road tripping here. [Read more…]

How I Paid Off My $400,000 Mortgage In 7.5 Years, Before I Was 32

August 25, 2017 BY Michelle Schroeder-Gardner - 55 Comments

This post may contain affiliate links. Please read my disclosure for more info.

Today, I have a great article from a reader, Rob from Mustard Seed Money. Rob was able to pay off his $400,000 mortgage in just 7.5 years, all before he was 32 years old. Below is his story, enjoy!

Rob was able to pay off his $400,000 mortgage in just 7.5 years, all before he was 32 years old. Here is his mortgage payoff story. I was one of those weird kids that couldn’t wait to graduate from college. I’ve always had a long-term focus and viewed college as a stepping stone. One day during my freshman year, I remember walking to class with a friend saying that I couldn’t wait to graduate and start making some money.

My friend turned to me with an incredulous look and confessed he planned to live it up while he could.

Needless to say, I probably didn’t enjoy college as much as others did.

I had too strong of a focus on life after college to ensure that I'd reach the life goals that I had set up for myself. I wanted to obtain a good job, get married, buy a house and fill it up with some kiddos.

Of course, what actually ended up happening did not follow the order that I had envisioned. But, I can honestly say I love the way things turned out. [Read more…]

Credible Review – Refinance Your Student Loans And Save An Average of $18,668

August 23, 2017 BY Michelle Schroeder-Gardner - 11 Comments

This post may contain affiliate links. Please read my disclosure for more info.

This Credible review will show you how you may be able to refinance your student loans and save an average of $18,668! Credible student loans may be your next choice. Are you looking to refinance your student loans? Student loan debt can easily become overwhelming to think about, especially as it can loom in the tens of thousands of dollars, some well over $100,000.

On average, a graduate of the class of 2015 has slightly over $35,000 in student loan debt.

And, if you have a law or medical degree, you may find yourself with an average of around $150,000 or $200,000 in student loan debt, respectively.

That’s a lot of money!

One thing I haven’t talked about much here on Making Sense of Cents is that there are many options for paying off your debt. One of these options is refinancing your student loans, which I’m going to explain further in this Credible review. [Read more…]

How to travel if you have debt:

Find a way to travel affordably.

Whatever you do – don't take on more debt.

Subscribe Via Email