Feeling overwhelmed with all things money? I've got you covered. Below are the best posts to help you understand your money and take control of your finances. Want something even simpler? Sign up for my FREE Money 101 Course.
Just Getting Started Figuring Out This Money Thing?
Allow me to walk you through the steps to becoming a money boss. You're already a boss at everything else, it's time you add money to that list.
Step One: Stop Living Paycheck to Paycheck
First, let's get you out of that paycheck to paycheck cycle.
Step Two: Create Your Debt Attack Plan
Next, you need to decide how you will attack your debt, by prioritizing your debt. If you have student loans (who am I kidding, you totally have student loans), find out how much you owe and educate yourself on your options. With your student loans, if you have federal loans there are tons of different repayment plans, including ones with loan forgiveness available.
For private loans, consider refinancing. If you have both federal and private student loans then this post can help you figure out the best approach. If you're feeling a little apathetic about your debt, get motivated by calculating your daily interest rate. Alternatively, if you're feeling like the paying off the amount of debt you have is impossible, check out this awesome group of people paying off massive amounts of debt (at least $50K each).
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Step Three: Build Up Some Savings
Step Four: Fill in the Money Gap
Not financially able to save and pay off debt? Have you created a budget and checked it twice? There are two ways to find more money in your budget, the first is to cut expenses, the second is to earn more money, starting a side hustle or getting a raise at your current job are the easiest ways to bring in more cash.
Here are some side hustles you can get started with, though I have to highly recommend freelance writing, it lead me to an entirely new career. Just remember to be realistic about side hustling and smart in your approach to side hustling.
Step Five: Actually Start Attacking Your Debt
There are so many simple things you can do to make paying off debt easier and to pay off debt faster, you can split payments, use apps to pay off debt, or just set up automatic payments. Just make sure you avoid these mistakes when paying off debt.
Step Six: Remember Life is About Balance
While debt sucks and paying it off quickly should be a priority when you've got a mountain of debt, it can be hard to sustain serious debt pay off habits (like never eating out) for long periods of time. Try to find the balance to actually make continuous progress on your debt and enjoying life. I came up with a list of 45+ ways to save money and still have a life.
Still Have Questions? I've Got Answers
Check out the Frequently Asked Questions series, if you don't see your question listed, drop me a note.
Frequently Asked Financial Questions Series
You should now be starting to understand your money so you can take control like the money boss you are. Looking for tools to help you with all this money stuff, I've put together a list of what I use.