Budget Archives - Making Sense Of Cents

How To Stick To Your Holiday Budget & Avoid Debt

Last Updated: November 27, 2020 BY Michelle Schroeder-Gardner - 5 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.

Do you want to learn how to stick to your holiday budget?

The holidays are here, and you may have a lot of expenses and spending on your horizon.

The average person spends around $900 on gifts during the holiday season.

And, this doesn’t even include other holiday spending that you may have, such as travel, food, decorations, and so on. There are also other expenses many people forget to budget for, like stamps, cards, shipping, etc.

According to a survey by MagnifyMoney, American consumers took on an average $1,325 worth of holiday debt in 2019.

That is a lot of debt to take on for holiday spending. And, the same study found that holiday debt has gone up by 34% since 2015. [Read more…]

How To Rent An RV: The Best Tips For Your First RV Rental

Last Updated: November 8, 2020 BY Michelle Schroeder-Gardner - 9 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.

Want to learn how to rent an RV? Today, I’m going to talk about the best way to rent an RV, if renting is cheaper than a hotel, what to know before renting an RV, and more.

While I no longer live full-time in an RV (we’re now living full-time and traveling via sailboat!), I lived in one for several years and still own one. When we’re not on the boat, we live full-time in the van.

RVing is something that I absolutely love, and I think that traveling or living in an RV will ALWAYS be a part of my life!

What I love so much about living in an RV or van is that you have your whole house with you while you visit beautiful places. You can park right next to hiking and biking trails, next to the mountains or beaches, and more.

When we first sold our house to live in an RV full time, people thought we were crazy. We got rid of more than half of our stuff and started driving across the country.

But, as I started sharing our experience with our friends and family, more and more people started to realize it wasn’t crazy at all – it was amazing! [Read more…]

18 Debt Free Stories That Will Inspire You

Last Updated: November 8, 2020 BY Michelle Schroeder-Gardner - 2 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 love a good debt free story! If you are interested in learning how to pay off debt, the 18 stories I’m about to share will teach, motivate, and inspire you.

When I was paying off my $40,000 student loan debt in 7 months, I spent a lot of time online reading how other people paid off their debt.

Because I wanted to pay off my debt as quickly as possible, I knew I needed some extra motivation.

Finding a good debt free story would give me the boost of energy I needed to keep working on my side hustles, finding new ways to save, and put all of my extra money towards debt.

I also learned so many great tips and tricks to help me pay off my debt that I wouldn’t have learned about otherwise. Not all of the tips I read about worked for me, but some did.

By reading other people’s debt payoff stories and learning how to become debt free, I believe that you can find motivation to pay off your own debt. [Read more…]

Pay Off Debt Or Save Money – Is One Better For You?

Last Updated: November 8, 2020 BY Michelle Schroeder-Gardner - 5 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.

Should you pay off debt or save money?

I wish this was a super easy article where I could just give you a clear answer about whether you should pay off debt or save money, but that’s just not how personal finance works.

Every situation is different, and today, I’d like to go over different circumstances so you can figure out the best answer for your personal situation.

Whether you have a mortgage, student loans, a car loan, credit card debt, medical loans, or something else, you may be wondering if you should only focus on paying off your debt and how saving money fits in as well.

And, you may be stuck.

A big question when paying off debt is if that should be your sole focus. Should you still be trying to save money while paying off your debt?

Or, should all of the extra money you have be going towards your debt?

You may be wondering things such as:

Should I pay off debt or emergency fund first, as in set some money aside for emergencies?
Should I pay off debt or save up for a downpayment?
Should I pay off debt or save during a recession?
Can I pay off debt AND save money at the same time?

And so on and so on. [Read more…]

How We Paid Off $161,000 In Student Loan Debt in 16 Months

Last Updated: October 2, 2020 BY Michelle Schroeder-Gardner - 11 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 debt payoff story to share from a reader, Kristin Burton. She paid off $161,000 in student loan debt in 16 months, and also just recently paid off her mortgage. Below is her story, enjoy!

In 2016, I finished grad school with $161,000 in student loan debt.

That six figure debt created more stress than I ever thought possible.

I initially got my first job as a Physician Assistant and was over the moon excited to have my first salaried position.

However, I very quickly realized it would be very difficult to ever get ahead financially with my minimum student loan payment of around $2,000 per month over the next decade.

Even though it is well within societal norms to take out student loans to get a degree, especially a graduate degree, I experienced substantial shame over having it when it was all said and done.

My husband brought no debt to our marriage, so the major financial burden we experienced had all been thanks to yours truly.

Rather than wallow in my sorrows, I sat down with my husband and we crafted a plan to get rid of it. [Read more…]

Do I Need A Will? What You Need To Know About Wills & How to Create One For Free

Last Updated: November 8, 2020 BY Michelle Schroeder-Gardner - Leave a Comment

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.

Do I need a will?

Lately, I’ve been hearing that question and many other questions about having a will.

I completely understand, and this can feel like such a complicated topic.

Putting a will together is something that most people don’t think they need when they are young. You might think nothing will happen to you and that you have plenty of time before you need to write one.

However, having a will is something that can protect your assets and help your family members decide what to do once you pass. It can also make the probate process much quicker and smoother if you didn’t have one.

Losing a loved one is never easy, but if you’ve ever dealt with a death of someone close to you, you may have heard how helpful it was if they had a will. No one has to guess what they would want to happen, as a will honors their wishes. [Read more…]

10 Of The Most Common Questions About Having A Side Job

Last Updated: September 21, 2020 BY Michelle Schroeder-Gardner - 3 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.

Today, I’m going to answer some of the most common questions about having a side job. These are questions I get asked a lot by readers and other questions I see asked online.

If you’re thinking about getting a side job or starting a side business, you probably have some questions. I know there were things I was curious about before I got started.

So, if you have common questions about having a side job or making extra money with a side hustle, then this is the article for you.

Finding ways to make extra income can change your life in huge ways.

I say that because I believe it. Here on Making Sense of Cents, I talk a lot about making extra money, especially through side hustles. After all, having side jobs changed my life and allowed me to pay off $40,000 in student loan debt.

My side job (this blog) even turned into my full-time business, which is something I will always be grateful for. I love my business, I earn a good income, I travel full-time, and I have a great work-life balance. [Read more…]

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