Budget Archives - Page 3 of 90 - Making Sense Of Cents

How I Paid Off Over $42,000 in Student Loans in 34 Months (Earning $36,000 Per Year)

April 6, 2018 BY Michelle Schroeder-Gardner - 29 Comments

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Today, I have a great debt payoff story from Val Breit. She paid off $42,000 in student loans in 34 months, while earning $36,000 per year. Below is her story. Enjoy!

How I Paid Off Over $42,000 in Student Loans in 34 Months (Earning $36,000 Per Year) I burst into tears.

For the first time, I was selecting my own student loan lender to help pay for my graduate school tuition.

After seeing the chart that explained the $50,000 I projected to borrow for college would actually cost me nearly $100,000 to repay, I cried. Hard.

I knew I was not going to earn very much as a school counselor, so I felt like this was a death sentence. I was going to be paying off this student debt forever.

After this harsh reality slapped me across the face, I got my act together and decided I was going to do whatever I could to avoid paying that horrifying $100,000 amount.

After 6.5 years, I graduated with a 4.0, a master’s degree in school counseling, and over $42,000 in debt. After consolidating, my loan servicer put me on the standard 20-year repayment plan, but I knew there was no way I was going to be paying for my college education that long. [Read more…]

One Year Later: My Extraordinary Interview Series Roundup

April 4, 2018 BY Michelle Schroeder-Gardner - 18 Comments

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One Year Later: My Extraordinary Interview Series Roundup One year ago, I launched a new series here on Making Sense of Cents where I interview people who are doing extraordinary things with their lives.

I started this new series because I wanted to show you all real stories about financial successes, and I wanted you to get to know the people leading these extraordinary lives.

I figured this would not only be great motivation, but it would also show everyone the different things that are possible. Plus, interviewing these amazing people is a great way to learn from them as they share their secrets to success with us.

Here's a quick snapshot of the people I interviewed this year:

How This 28 Year Old Retired With $2.25 Million
This Successful Entrepreneur Went From Welfare To Earning Millions – Interview With Kimra Luna
From Rags To Riches- How Tina Immigrated To America With Nothing And Now Has A Net Worth Of $2,000,000
How This Couple Does Van Life With A Baby (and a dog!)
How This Successful Family Of Four Makes Travel Blogging Work For Them
How This Family Moved To The “Hood” And Paid Off $120,000 In Debt
How This Couple Bought An $11,500 RV, Traveled To All 50 States, And Built A Thriving Business
How This Couple Paid Off $204,971.31 In Debt
How We Paid Off $195,000 In Debt In 18 Months!
How This 29 Year Old Is Building A Real Estate Empire
How Elizabeth Reached Financial Independence By 32 And Moved To A Homestead

[Read more…]

7 Ways My Relationship With Money Has Changed

April 2, 2018 BY Michelle Schroeder-Gardner - 46 Comments

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7 Ways My Relationship With Money Has Changed It's crazy to think about how much my life and my relationship with money has changed in just a short amount of time.

I still remember, quite vividly, struggling with money and living paycheck to paycheck. I remember thinking about how $25 could completely break me, crying over dropping food because I was so stressed out and every dollar mattered, and more.

And, it wasn't just that I didn't properly manage my money, I also had an unhealthy relationship with money.

I still have a lot more room to grow, but I do think that my relationship with money has greatly improved over the years. And, it can only get better from here.

It's not just because I’m earning more now than I used to. I've learned a lot about myself over the years, and I've also learned more about money, which has helped empower me. [Read more…]

Real Life Frugality- 20+ Ways Our Family Of 5 Is Frugal

March 28, 2018 BY Michelle Schroeder-Gardner - 20 Comments

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Real Life Frugality- 20+ Ways Our Family Of 5 Is Frugal Hi, I’m Ariel, Michelle’s sister-in-law and editor! Working for Michelle has given me the unique opportunity to not only read and learn from nearly all of the content she’s published on Making Sense of Cents over the past couple of years, but our relationship has given me a firsthand understanding of how her money making and savings tips work in the real world.

When I was 20 years old, my now husband and I bought our first house, we’ve added to our family, learned a lot from our mistakes, and we are now building a path towards financial freedom. This year is a big year for our family, as I’m about to graduate from Washington University with a degree in English Literature, and my husband will be adding a graduate degree in History.

I’ve never thought of myself as frugal, but the more and more I learn about the concept, I realize that, in a lot of ways, I am frugal.

While I have consciously grown this skill set in the past few years, some of my practices have grown out of necessity. In the past, I would rather have referred to my practices as resourceful and aware, but no matter what you call it, frugal means you are finding ways to save money. [Read more…]

Here’s How To Save Thousands For Your Next Vacation

March 26, 2018 BY Michelle Schroeder-Gardner - 32 Comments

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How To Save For A Vacation - Create Your Vacation Savings Plan Now! #howtosaveforavacation #travelfundjar #vacationsavingsplan Do you want to go on a vacation? Do you know how to save for a vacation?

The two go hand in hand!

Because vacations can be expensive, many people try to “afford” them by taking on more debt, and this is something I never recommend doing. Vacations are supposed to be relaxing, and coming back home to a pile of debt is the opposite of relaxing.

So, today, I want to help you learn how to save for a vacation. These are actual things you can do to save money for your trip and have money to spend without taking on any debt.

There are many ways to save money ON your vacation, and you can read those here – How To Travel On A Budget And Still Have The Time Of Your Life. Today's article is a little different from that, though.

With the tips in today's blog post, you'll learn how to save for a vacation by creating a savings plan that allows you to actually save all of the money you need before you leave for your trip.

I hear a lot of people say that they don't have any extra money for a vacation, and I hope that with today's advice, you can start setting aside money to finally go on that long awaited trip. [Read more…]

Your Financial Freedom Checklist

March 21, 2018 BY Michelle Schroeder-Gardner - 18 Comments

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Financial freedom.

Financial freedom. Everyone wants to reach it but not everyone puts in the effort to make that a reality. Well, today, I want that to change. Money isn't everything, but to improve your life, it can make things easier if you are smart about it. Everyone wants to reach it, but not everyone puts the same amount of effort in making it a reality.

Well, today, I want that to change. Money isn't everything, but to improve your life, it can make things easier if you are smart about it. And, having a financially secure future is one of the smartest ways to use your money.

Here’s exactly what I mean when I use the term financial freedom:

Financial freedom is when you are able to live life without constantly worrying about money. It's when you feel comfortable enough to follow your passion, instead of thinking about the income you are bringing in. It allows you to not stress about an unexpected expense because you have an emergency fund.

Financial freedom isn't about how much money you make. It's about how much you save, your financial habits, your financial goals, and more.

Depending on your situation and what you want out of life, you may be able to think of some things to add to that list.

So, whether you have a financial goal for this year, if you're creating a five year plan, or whatever your goal may be, here is a financial freedom checklist so that you can start improving your financial life. As you knock each one off of the list, you'll get closer and closer to financial freedom! [Read more…]

Would You Consider Living In A Camper To Pay Off Debt Quicker?

March 19, 2018 BY Michelle Schroeder-Gardner - 47 Comments

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What would you do to save more money and pay off your debt quicker?

One thing that I've noticed more people doing is living in a camper in order to save money.

Before we begin, I will say that RVing is funny. Some people who don't RV think that all RVers are trust fund babies, and others think the complete opposite, like that we are all truly homeless and have no money.

In reality, living in a camper has a wide range of costs, just like houses that don't have wheels do. You could live in a $1,000 travel trailer, or there are $2,000,000+ motorhome mansions. Similarly, the budget you keep while living in a camper can vary widely too.

Some people manage to spend just hundreds of dollars a month, whereas others can easily spend several thousands of dollars a month RVing.

While we don't live in an RV to save money (the house we used to own was actually much less expensive than our motorhome), there are many who have been able to pay off debt, save for early retirement, and more, all by living in a camper. [Read more…]

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