Budget Tips, Money

The Ultimate Guide To The Cash Envelope System

  Cash Envelopes are the best way to curve your spending because it has been proven that cash is mentally harder to spend than swiping your card!  This system is nothing new to the budgeting world. In fact, this is probably how your great-great grandma carried her budget! If it worked for her, it could definitely work for you! Cash Envelopes are exactly what they sound like. Envelopes or Clips to hold cash that is specifically allocated for a certain category. Things like eating out, groceries, and misc/personal spending are usually the most popular categories for your envelopes, but they can be so many more than that. Cash envelopes allow you to assign a certain amount of money to a category. Once the money in that envelope is gone, there is nothing left for you to spend! They take a few months to get the hang of, but soon you will be rocking and rolling your way to spending less! How to Set up Cash Envelopes? Gather all of your materials To get started you will need envelopes, a pen, a small notebook (small enough for a piece of paper to fit inside of the envelope), clips, and a place to put them! I also use sticky notes to label each clip. I use an old recipe box to keep all of my envelopes organized. The old, decorated milk jug is my coin jar where I put all of my loose change. It actually adds up pretty quick and it is a nice extra $50 every other month. I have seen people use all different kinds of envelopes as well. There are plastic envelopes (which will hold up a little bit longer), or paper envelopes with a ledger if it makes it easier for you to track. Or you can decorate your own. I started with basic office envelopes, but I have been thinking about upgrading! Make a list of budget categories that cash spending would help with These can be all different kinds of things based on your budget and your family. Because I am a waitress, I have…

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Millennial Stuff, Money

Refinance Student Loans: Why I Did It and Is it Right For You?

The refinance on my student loans went through! Having student loan debt has probably been one of the most complicated things for me to figure out on my debt free journey. When I started my journey, I had about $7,500 in debt in my own name, but I also had student loans in my dad’s name. They were “parent plus” loans, which ultimately means that my dad was technically responsible for the payments on them. However, I knew when I took them out, that I was ultimately responsible for making the payments on them. When I started looking into my student loans more, I realized my interest rate was high. I was paying 7% interest on $25,000+. It ended up calculating out to $8 a DAY in interest. (I took these loans out in 2014). I don’t regret taking out my student loans, even though I don’t have my degree yet. First, I started with ton of research online. Actually, almost 2 months worth of research and all of it brought me back to one company. So I finally decided to refinance my student loans through SoFi, (Social Finance).  Why did I refinance my student loans? 1) They were in my dad’s name. Because I have been throwing all of my money at them, I have paid off about $3,000 in interest off in the last year. When it comes to taxes this year, it will all go to my dad’s name instead of my own. Ultimately, it is fine, but that tax break would have went right back towards my debts. 2) My credit score had gone up 120+ points since I had originally took out student loans. This helps because when I took out loans, I had almost no credit. I didn’t get approved for very much, but my dad did. Now that my credit went up, I can actually get approved for the amount that my education costs. 3) 7.4% interest rates. Refinancing it brought it down to just under 6% interest, which is a pretty decent savings over “the next 7 years” that the loan is…

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Millennial Stuff, Money, Relationships

My Single, Millennial Debt Free Journey: The Pro’s and Con’s of Being Young and Single while Becoming Debt Free

I am in my early 20’s, single with no kids and I have been working on my Debt Free Journey since January 1st, 2017. A lot of people have said, “Oh, well with no kids to feed, it would be easy.” This journey isn’t easy whether you are single, married, divorced. Becoming debt free is a hard journey no matter what. There are constant, daily struggles of a debt free journey. If you haven’t read my whole story, I started this journey just a few weeks after I got a loan for my Jeep right before my 22nd birthday.. I realized how deep in debt I really was because my student loans were all coming due. Then, I started to freak out. I had never ever had a vehicle loan because my I have always driven $1,500 or less vehicles. My Jeep is the most expensive vehicle I have owned at $3,000. Mentally, I didn’t know what I was supposed to do because I was 22 and already overwhelmed by my debt. Not really how I imagined spending my early 20’s, but I am so thankful that I have spent the last year getting rid of as much debt as I could in a year. My student loan companies had started calling to talk about payment plans and I started getting bills in the mail for them. At 22, I got my first credit card to “help build my credit” after I didn’t get approved for my Jeep loan. (Thanks Dad for cosigning my Jeep, but also unknowingly encouraging the start of this journey.) Having no one else to worry about when it comes to my budget has been great. There are HUGE perks to being single on this journey, but I have also found some things harder because I am single. Here are just a few of the pro’s of my young and single debt free journey: One of the best things about being single is no “budget committee meetings.” I am the committee. When I sit down to decide on my budget, what I decide is what it…

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Budget Tips, Money, No Spend Month Tips

5 Things To Prepare for a No Spend Challenge

Preparing for a no spend challenge is extremely important.

I have been on my debt free journey for almost exactly a year now! One thing that has helped me tremendously with paying off $15,000 on a $30,000 income was No Spend Months! They may seem a little crazy, but you can accomplish anything in 30 days if you set your mind to it! No Spend Months are great for resetting your finances after a splurge or really just focusing in on what you already have. The last year of 2017 has been a bit of a cheat week for me because my roommate came home from her military training for Christmas break. I haven’t exactly stuck to my budget, but I also budgeted to splurge (All in cash). Does that mean I’m not breaking the budget? I am making January a no spend month for me, but you can definitely do it any month out of the year. I will probably have multiple throughout 2018 and beyond. Whether your goal is to not spend for one week, a month, or even a whole year, you have to be realistic about your goals. Everyone has to set their own rules for a no spend month. The best thing you can do for your goals is to prepare for obstacles that might come up throughout your no spend time. Here are 5 things to do to prepare for a No Spend Challenge: 1. Set your goal. When setting your goal, really think about why you want to do this challenge. Is it because you know you have been spending too much? Or maybe you have too much stuff in the house already and you are going to focus on getting rid of stuff and not bringing more in. Another great goal is to pay off the rest of a debt. If you are super close on one of your snowball accounts, maybe the whole point is to really focus on getting that student loan/credit card/car loan gone! When preparing for your no spend month, make a list of the things that you hope to get out of this month. I don’t recommend your…

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Debt Free Journey Reports

November Debt Free Journey Report

  My Story If you have been following my story at all, you probably know my story. If not I tell my story at the beginning of every monthly report for those who just stumbled upon my blog. I gain different followers every month and I don’t want anyone to feel blind as they find my posts! If you have read my story, feel free to skip ahead to my monthly report. I tell this story so I am not just some stranger, but instead someone who just might inspire each and every reader to follow the same journey! My name is Elyse. I am 22 (almost 23!) single with no kids and I am proudly on my way to being completely debt freeeee. I never really thought of myself as someone who was in debt. With no credit cards and no car payment, I was not the average American.  All I had was a few student loans. It wasn’t until a few weeks before my 22nd birthday that I got a loan for a Jeep and my very first credit card. I should say credit card(s). For the month of December, I thought it was so cool that I finally had a credit card. I was excited over it actually. I was learning about all the different rewards I could cash in and it was fantastic. Even though I had never needed a credit card, I was determined that I needed them then. I had racked up a pretty decent amount of money on my credit cards and started picking up waitressing shifts to get it cleared. While I have never paid interest on my credit cards, I have definitely gotten close. Towards the end of the month, I was cleaning off a bookshelf, getting ready to move (again), and found The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness. This $15 book completely changed my life path at the time. Dave describes being debt free as such a rewarding and achievable thing. In his book, he says it will take work and it will be hard,…

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Debt Free Journey Reports, Money

October’s Debt Free Journey Report

October is so great for fall activities and some of the best foods on the planet. It was also a FANTASTIC month for my debt free journey. I did a NO Spend Month and made sure that I was only spending money on groceries, gas, and prebudgeted things. See here how I paid off $2000+ in one month on a SINGLE income.

Disclaimer: This post may contain affiliate links. This is one way that bloggers make money, but it is at absolutely no extra cost to you if you choose to make a purchase based on my suggestions! If you would like to read more about how this works, check out my Disclosure Policy! My Story If you have been following my story at all, you probably know that I tell my story at the beginning of every monthly report for those who just stumbled upon my blog. I gain different followers every month and I don’t want anyone to feel blind as they find my posts! If you have read my story, feel free to skip ahead to my monthly report. I tell this story so I am not just some stranger, but instead someone who just might inspire each and every reader to follow the same journey! My name is Elyse. I am 22, single with no kids and I am proudly on my way to being completely debt freeeee. I never really thought of myself as someone who was in debt. With no credit cards and no car payment, I was not the average American.  All I had was a few student loans. It wasn’t until a few weeks before my 22nd birthday that I got a loan for a Jeep and my very first credit card. I should say credit card(S). For the month of December, I thought it was so cool that I finally had a credit card. I was excited over it actually. I was learning about all the different rewards I could cash in and it was fantastic. Towards the end of the month, I was cleaning off a bookshelf, getting ready to move (again), and found The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness. This $15 book completely changed my life path at the time. Dave describes being debt free as such a rewarding and achievable thing. In his book, he says it will take work and it will be hard, but it will be worth it. He has been right.…

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Budget Tips, Money

14 Things that Waste Money, but I Refuse to Eliminate from my Budget

The biggest financial advice I have seen is what items that you should never pay for once you start your debt free journey. Maybe I just don't fit in, but I don't see eye to eye on all of the items that are a "waste" of money. I believe that if it brings ease or joy to your life, why eliminate it! Check out my list of 14 things that I waste my money on!

Lately, I have seen a ton of articles that focus on things you shouldn’t waste money on in your debt free journey. According to these, you should just go cold turkey on everything that is a “waste” of money. There are a ton of things that could be considered a waste of money to one person, but not another. I am all about ways that I can save money. This month, I am in the middle of my #SavvySagittariusNoSpend Challenge. When I am not spending money on anything, it makes it easier to see what I really do waste money on. This isn’t how I am doing my debt free journey at all. There are still quite a few things that I purchase that are on most of these lists. I am always looking for ways to save money, but there are a few things that I am just not willing to stop “wasting” money on. Because I won’t give them up, I have found a few ways to save some money on these things. Your debt free journey doesn’t mean you have to be miserable. Continue to enjoy the life you have, but do so responsibly.

Debt Free Journey Reports

August’s Debt Free Journey Report

Disclaimer: This post may contain affiliate links. This is one way that bloggers make money, but it is at absolutely no extra cost to you if you choose to make a purchase based on my suggestions! If you would like to read more about how this works, check out my Disclosure Policy! My Story If you have been following my story at all, you probably know that I tell my story at the beginning of every monthly report for those who just stumbled upon my blog. If you have read my story, feel free to skip ahead to my monthly report. I tell this story so I am not just some stranger, but instead someone who just might inspire each and every reader to follow the same journey! My name is Elyse. I am 22, single with no kids and I am proudly on my way to being completely debt freeeee. I never really thought of myself as someone who was in debt. With no credit cards and no car payment, I was not the average American.  All I had was a few student loans. It wasn’t until a few weeks before my 22nd birthday that I got a loan for a Jeep and my very first credit card. I should say credit card(S). For the month of December, I thought it was so cool that I finally had a credit card. I was excited over it actually. I was learning about all the different rewards I could cash in and it was fantastic. Towards the end of the month, I was cleaning off a bookshelf, getting ready to move (again), and found The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness. This $15 book completely changed my life path at the time. Dave describes being debt free as such a rewarding and achievable thing. In his book, he says it will take work and it will be hard, but it will be worth it. He has been right. There have been days were I have completely questioned my sanity. I sometimes wonder why I don’t just make…

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Food, Money

13 Things to Do to Avoid Fast Food

Fast food is the hardest part of almost every budget. It is usually where I go over every month. Most of that is due to poor planning. Here are 13 Things that I do that make it easier to say no to fast food!

Disclaimer: This post may contain affiliate links. This is one way that bloggers make money, but it is at absolutely no extra cost to you if you choose to make a purchase based on my suggestions! Thank you! You can read more about it in my Disclosure Policy. I constantly struggle between not having enough time to cook and not having enough money to eat fast food every day. I refuse to eat out often, especially since I am trying to become a healthier me in the midst of My Debt Free Journey.  While trying to live a rice, beans, and ramen lifestyle, I am also trying to lose weight and get my butt back into shape. It hasn’t been easy, let me tell you. Throughout my journey, I have found myself working out more (because it is something free to do). When I workout, I don’t want to eat fast food all of the time because it doesn’t make me feel great. I fuel my body with better foods when I can. One of the best things I have done is cut down on fast food. The drive thru very rarely means anything healthy and it usually adds up fast. Every time I talk to someone who is struggling with their budget, it usually boils down to spending too much money eating out, when money should be going elsewhere. If you spend even $5 a day on miscellaneous food, you could unknowingly be spending over $1,800 a year on it. That isn’t including the actual times when you eat out for special occasions or with other people. According to Reference.com, Americans as a whole spend 384 million dollars a year on fast food alone. That seems absolutely outrageous!

Budget Tips, Money

7 Steps I Took to Pay off $7000 in 7 Months

Disclaimer: This post may contain affiliate links. This is one way that bloggers make money, but it is at absolutely no extra cost to you if you choose to make a purchase based on my suggestions! Thank you! You can read more about it in my Disclosure Policy. If you have followed me at all, you have heard all about my debt free journey. Maybe reading about my story has made you curious. Maybe you stumbled upon my post about Why You Should NOT Start Your Debt Free Journey and it inspired you, or at least got you thinking. Maybe you have no clue what I am talking about when I say “My Debt Free Journey.”  Or you simply want to know how I have paid off $7,250 since the beginning of the year. It is crazy that this has been my life for 7 1/2 months because I feel like it was just yesterday that I started this journey. But some days it feels like I have been at this forever. I have poured my whole life into doing everything I possibly can to speed up the steps. I read some great inspiring stories about how people trade in their brand new car for a 10 year old car and they are able to pay off debt super easy.I am so happy for them, but that isn’t my story at all. All of my debt is student loans and I live in an apartment, so nothing big to sell here. There is no acquired money from relatives, just from working a lot.  I am not married, so I don’t have anyone else’s income to live off, just my own. This year has taught me a lot about myself. I have learned that I have a lot more determination than I originally thought. I can also go days without getting more than 5-6 hours of sleep. This year has been a long one, but I am taking it step by step. I am 22, not married, and no kids.