Debt Archives - Page 3 of 43 - Making Sense Of Cents

Save Money With These Top Tips For Buying A New Car

June 3, 2019 BY Michelle Schroeder-Gardner - 12 Comments

Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.

I’ve recently heard a lot about people spending an exorbitant amount on their monthly car loan. Personally, I know several people who spend over $1,000 a month on their car loans while barely making enough to cover that and all of their other bills.

So today, I want to give you some tips for buying a new car so that you can save money on your next car purchase.

According to USA Today, the average new car price is around $37,000, with the average new car buyer paying around $550 a month with loan terms of 69 months. Many people are buying more expensive cars and taking out loans with high interest rates in order to “afford” them.

In fact, according to Edmunds, the current average annual interest rate on in 2019 is 6.19%. I've even seen car buyers with interest rates of 20% and higher. [Read more…]

How We Paid Off Our $223,000 House By The Time We Were 30 (Yes, We Have Kids!)

May 10, 2019 BY Michelle Schroeder-Gardner - 15 Comments

Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.

Hello! Today, I have a great guest post on an amazing debt payoff story. If you are interested in learning how to pay off your mortgage early, this is something you should definitely read! Enjoy.

I get asked all the time, “how in the world did you pay off your house at your age?” Normally I give some wise anchor answer like I won the lottery, or my rich uncle died but those just aren’t true. The truth is, I’m a pretty normal guy but I had a big, not so normal goal.

Hi, I’m Tyler, my wife Ashlee and I paid off our $223,000 mortgage off by the time we were 30. Now, we live a life full of freedom, adventure, and 4 kids. To find out more, check us out at Paid Off House.

So here is how we did it. I know some of these things are pretty common-sense things, but I happen to know for a fact that they work. (Because we did it!) [Read more…]

Money And Relationships: Are You On The Verge Of Calling It Quits?

May 8, 2019 BY Michelle Schroeder-Gardner - 16 Comments

Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.

What To Do When Your Partner Is A Financial Disaster #moneymanagement #manageyourmoney

Is love enough for a healthy and happy relationship, especially when it comes to financial troubles? What if your partner was hiding a secret account or was lying about their spending? Are those issues you could work past?

Unfortunately, negative issues with money and relationships are incredibly common. I actually receive lots and lots of emails from readers who are struggling with some of these exact issues. Hardly a day goes by when I don’t get a question or comment from a reader who has concerns about the bad spending or savings habits of their partner.

Here are a few of the situations I’ve been asked about:

My partner earns $50,000 a year and wants to buy a $900,000 house, and we have NO savings. How do I explain why this won’t work?
My partner has the mistaken idea that if he has a coupon for Best Buy, Bed Bath and Beyond, etc. that he must absolutely buy something because he’s “losing money if I don’t use the coupon.” He is a hoarder and spends all of his money on stuff that he will never use. How do I help him work past his issues before it’s too late for us?
My partner spends over $1,000 a month on entertainment but we have a lot of debt. How should I approach them about it?
My partner is hiding her spending from me and I know it’s happening. How do we work through this?
My partner isn't trying to find a job but we desperately need the money. What should we do?

[Read more…]

How Amanda Paid Off $133,763 In Debt in 43 Months

April 24, 2019 BY Michelle Schroeder-Gardner - 24 Comments

Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.

How Amanda Paid Off $133,763 In Debt in 43 months #debtpayoff #payoffdebt

My monthly Extraordinary Lives series has been a lot of fun, and I’m back with another inspiring interview. First up was JP Livingston, who retired with a net worth over $2,000,000 at the age of 28. Today's interview is with Amanda, who is now living debt free after paying off $133,000 in three years and seven months.

I've been following Amanda – @debtfreeinsunnyca – on Instagram for quite some time, and I'm so happy that I was finally able to interview her!

In this interview, you'll learn:

How Amanda got into debt.
Why she decided to get out of debt fast.
The expenses she cut so that she could pay off her debt quickly.
What she thinks about the cash envelope method.
The sacrifices she made to reach her goal.
What she did to stay motivated.

And more! This interview is packed full of valuable information! [Read more…]

Is Paying Off Your Debt Worth It?

April 15, 2019 BY Michelle Schroeder-Gardner - 18 Comments

Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.

Is Paying Off Your Debt Worth It? #payoffyourdebt #debt Paying off debt is hard work. If it weren’t so hard, then it would be no problem for people to do. But, that isn’t the case at all.

Once you decide to pay off your debt, there will challenges along the way. There will be times that you feel tired and even defeated. Paying off debt takes making sacrifices, it takes time, and you may feeling like you are the only one working towards being debt free.

There are many things that may weigh you down as you pay off your debt, and the ones I bring up are all going to feel very negative. But, I want to talk about them because they are all things that I have felt while paying off my nearly $40,000 of student loan debt. By knowing that these feelings are common, my hope is that today’s post can help you overcome difficulties that you may experience along the way.

Instead of letting these feelings or challenges completely stop you from moving forward as you pay off your debt, you should know that many of the obstacles you come across are things that you can push past and move on from. [Read more…]

Top 5 Credit Card Mistakes And How To Avoid Them

March 25, 2019 BY Michelle Schroeder-Gardner - 16 Comments

Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.

Top 5 Credit Card Mistakes And How To Avoid Them #creditcardmistakes #creditcards Even though I love credit cards because of their many benefits, I understand that they aren’t for everyone.

A family member of mine once struggled with credit cards, and they found that using a cash only budget was the best way to stay out of credit card debt. Fortunately for them, they were able to recognize their credit card mistakes and found a way to make sure they weren't adding any debt. Part of that was being proactive and noticing they had an issue with them early on.

However, others are not as lucky.

Some people rack up large amounts of credit card debt, and they do so because they aren’t aware of the credit card mistakes they might being making. According to a study done by NerdWallet, the average household in the United States (who has debt) has an average credit card debt of $15,482. [Read more…]

The Very Honest Truth About Going Full Time With My Side Hustle

February 27, 2019 BY Michelle Schroeder-Gardner - 22 Comments

Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.

Hi, it’s Ariel, Michelle’s editor. Over the past couple of years you’ve seen me here on Making Sense of Cents talking about real life frugality, living in a small house, and writing and editing strategies. Part of being here is that I work as a freelance editor for her, and I recently turned that side business into my full-time job.

Even though I started side hustling as a freelance editor three years ago for Michelle, it wasn’t until about six months ago that I took the plunge and decided to go full time with it. That’s actually what I’m going to talk about today – the very honest truth about turning my side hustle into a full-time job.

For full disclosure, I know Michelle on more than just a professional level. She’s my sister-in-law, and we’ve known each other for nearly 15 years. She and Wes actually rented a room from us years ago, where she spent hours every night working on side hustles, while Wes and I stayed up way too late watching Lost on Netflix. [Read more…]

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