Our Debt Free Family

Commit. Plan. Take action.

It’s Not Too Early to Start Prepping for the Holidays

| Leave a Comment

Prepping for the holidays

Two years ago, I got on the blog and talked a bit about people “Christmas shaming.” Most people moan and groan when you bring up Christmas before Thanksgiving, but in all reality, if you begin prepping for the holidays early it can prevent you from going into debt and help you save money. Here’s how we’re planning to spend the holidays and a piece of advice for getting ready for your own celebration.

Getting in Gear for a Busy Season

Before moving to Atlanta, we would typically travel or host holiday celebrations. Sometimes we’d go to Pennsylvania or Tennessee to visit family. Other times we’d host the holiday events at our home. Last year, we had Thanksgiving at our home and a Christmas celebration there as well. However, this year will be a bit different.

It is our first year away from home during the holidays together. We won’t likely be traveling anywhere to celebrate and our families won’t be traveling here. Instead, we will be starting some of our own traditions here in Georgia. Because I am a fan of establishing our own traditions and prepping for the holidays early, I’ve already begun brainstorming what we will do.

For Thanksgiving, my husband and I will be having a very small, intimate dinner at home. In place of purchasing a full-sized turkey, we will likely buy two small cornish hens. Of course, I’ll also cook up a few things to make sides and a yummy dessert. The total dinner should cost less than $25. We will also probably take the dog to the park and put up the Christmas tree that evening.

Christmas will be a little different. Instead of swapping gifts with everyone, we’ve decided to stay home and attempt to start our own fun holiday tradition. We will do Christmas presents for each other and send out a Christmas letter to our friends and family with a new photo of us and the dog. The letter and photos will cost less than $30 altogether. We will also have a yummy Christmas breakfast and likely a ham dinner on Christmas Eve. All in all, it will be extremely low-cost.

When Should You Start Prepping for the Holidays?

You’re reading this probably thinking, “why would you plan ahead for such a small celebration?” Well, planning ahead is what keeps my husband and me from racking up credit card debt around the holidays. We put caps on how much we will spend, plan out meals, and make things special by spending time with one another instead of placing value on items.

If you’re thinking you’ll spend a bit during the holidays, it is even more important to start prepping ahead of time. Not to mention, there have been studies to show that people who put up their Christmas tree earlier and prepare for the holiday are generally happier. They are also less likely to suffer from things like seasonal depression.

Forty-three percent of Americans begin decorating and preparing for Christmas before Thanksgiving week. You may even find planning ahead puts you in a better mood, overall. While it certainly isn’t necessary, it is a good idea to prep early to keep your finances and mood in check during the busiest time of year.

Read More

Realizing We Need to Refocus on Different Things

| Leave a Comment

refocus

First, this week has been absolutely insane. Both my husband and I have been fairly busy with work. On top of that, we’ve been trying to get our diet and exercise routines back on track. (You know, meal prep and “adulting” stuff.) However, something that happened made us realize we needed to refocus and reconsider some of our financial goals.

Why We Need to Refocus

Of course, being financially free and debt-free is still our main goal, but this week it has become apparent that we also need to focus on making money available to pay for healthcare.

On Wednesday, I returned back to our condo after walking the dog, like I do every day. I had the same lunch I normally have (two hours before the walk). Upon returning I started itching my head like crazy then, when I peered into the mirror, I realized my entire face was covered in welts and hives. Within 10 minutes, my entire body was covered in these welts. As if that wasn’t terrifying enough, I then began having trouble breathing.

refocus

Immediately, I called Drew to come home and take me to urgent care or the ER. The local urgent care had little-to-no wait so we decided to try our chances there. They got me back in less than five minutes because I was having a severe allergic reaction and were able to treat me quickly. After a breathing treatment and a few steroid shots and Benadryl, they let me go. The total came to right about $200. Without insurance, this all came out of our pocket.

This made us start thinking about how we might get coverage or how we can find low-cost medical care. Now, I obviously need an allergy test (which will cost another $200+) and need to enroll with a primary care physician in the area. Not to mention, I still haven’t gotten my wisdom teeth out (yes, really). So, we are looking into free clinics and low-cost ways to get some of these things done while we also research insurance options (talk about stressful).

Pros: No Additional Debt

There is one “plus” to the latest update and that’s that we haven’t accrued any more debt as a result of anything that’s happened recently. We had the cash to pay out-of-pocket at urgent care this week. Every other emergency that has come up has been paid for in cash as well.

We’ve also been able to manage to continue to make our minimum payments on everything (sometimes a bit more). Doing this has been able to keep us (basically) on track paying off our debts, but it definitely isn’t where we’d like to be. With the idea of an additional expense like insurance or medical costs looming, both of us are feeling a bit defeated. But, we shall persist and move forward.

Readers, have you looked for low-cost medical care? Did you have success?

Read More

Mom Pays Son’s Debt: Should You Consider Paying Your Child’s Debt?

| Leave a Comment

Mom pays sons debt

Most of us have heard a story about a mother, father, or family members stepping forward and paying someone’s debt. When it comes down to it, reading things like “mom pays son’s debt” is pretty disheartening. Why not give your child the tools to better their finances on their own, something that will undoubtedly help them for years to come.

“Mom Pays Son’s Debt”

Some would argue that if you have the ability to do so, why wouldn’t you pay off your child’s debt and help them start their life off on the right foot? While that is a valid argument, there is a good chance they’ll land themselves back in debt without the proper financial education.

This is increasingly a problem for millennials. In fact, 1 in 4 parents of millennial children pays their child’s bills (even though they work full time). Half of the millennial children are still on their parent’s cell phone plan. One-third relies on their parents to pay their car insurance, car payment, utilities, and even rent. Additionally, they are making payments on their children’s student loans, taking the bulk of the $1.4 trillion student loan debt.

And those are the kids that are working full time. When you take into account those who are working part-time or are without work, parents are footing a lot of the bill for their grown children.

Should You Consider Doing This?

Many parents risk absolute financial ruin if they help their children in this way. You’ll put off your own retirement, your own financial goals, and even go into debt yourself helping your child.

When it comes to whether your not you should consider settling up your child’s debt for them, the answer isn’t yes or no. Of course, you wouldn’t ever tell a parent to not help their children. However, rules need to exist. If your child needs financial assistance from you, they should be able to explain why.

Then, you should take steps to better educate your child about financial planning. Have open discussions about saving, debt freedom, buying a home, and other important topics. Making a comfortable environment for your child to talk about their financial concerns can help you help them and inspire them to take better care of their money in the future.

Readers, are there any instances where you would pay off your child’s debt?

Read More

The Cost of Relocating (Again)

| Leave a Comment

As you all know, we have been working on relocating from Charlotte to Atlanta over the past few weeks since getting married. And, once again, the cost of relocating has caught me off-guard.

First – The Wedding

Wedding

Before I jump right into the dollars and cents, we had an amazing wedding day. Even though most of our out-of-town folks couldn’t make it in, we truly had a great day. The best part about it was it was honestly what we’d wanted all along. Plus, we spent next to nothing on the celebration (even my dress was only $35).

Two days after our wedding, we began the relocation process. We have some plans for a honeymoon down the road but aren’t sure quite when that will be yet. The postponing of the trip has a ton to do with how much the move has cost thus far while maintaining payments on our debt and regular bills.

Lessons Learned

First, not everything that glitters is gold. The opportunity to come to Atlanta was (and still is) a great one for my husband. There are more work opportunities here and more room for him to grow his career. So, that is a plus. However…

When we were asked to relocate we were told some of the cost would be offset by not having to pay rent (see my last update). We would be living in his boss’ home here in Atlanta, free of charge, for up to a year. But, that isn’t quite how it worked out.

After moving here, the owner of the shop notified my husband that the rent would actually be coming out of his pay after the first month. While he would still be making more than he was before (by about $500/month), this was a bit of a letdown financially. We also probably wouldn’t have relocated for $500 per month extra.

Additionally, the landlord/boss made it clear he is expecting us to fix up his home while we live here and it would be deducted from our rent. I don’t know about you – but I am not entirely keen on fixing up someone else’s home free of charge. Also, if I had the money to buy and fix a home I’d have my own (and this house needs a TON of work).

With the being said, we have already located a new place. We are downsizing quite a bit but it will be saving us money month-to-month and ultimately help us take a step closer to our debt-free goal. Not without costing us a bit first though…

The Cost of Relocating So Far…

Cost of relocating

So far, with relocating, we will spend more than $3,000 to get settled here in Georgia (and probably more once we get our licenses and plates swapped over). Thankfully, we had wedding cash to help with some of the more unexpected things and haven’t had to dip into our emergency savings yet.

Here is a breakdown of the cost of relocating (for us) so far.

  • Moving truck to relocate hubby’s tools: $300, plus gas and food for the trip down and back
  • Food the week we traveled back and forth: $350
  • End of lease term agreement payout amount: $127
  • New pet deposit: $150
  • Moving truck for the rest of our belongings: $300, plus gas, food, etc.
  • New Wifi installation price: $100
  • Electric deposit: None
  • Moving materials: $50
  • Anxiety medicine for the dog (don’t laugh): $30
  • Elevator hold deposit (we will get this back): $300
  • Deposit on rental: $1,300

The biggest cost has been my mental stability (seriously… never move twice in one month). But, the good news is, there have been a number of lessons learned here and, despite it draining us a bit financially, we are optimistic about our relocation and the future. I can’t wait to see what Atlanta holds for us!

Readers, do you have a crazy moving or relocation story to share? Let me know about it in the comments below.

Read More

I’m Ditching The ‘Dream’ Wedding and Moving 4 Hours Away

| Leave a Comment

ditching dream wedding

This update has been a couple of weeks in the making but we wanted to make sure everything was final before announcing. In some of my most recent blog posts, I talked about planning a debt-free wedding. That will definitely still be happening but in a different timeframe and manner than we’d originally planned.

I’m ditching the dream wedding. We are having a courthouse ceremony next Monday. Then we are moving four hours South to Atlanta! 

Why The Move?

My (very soon) hubby-to-be has gotten his dream job offer down in Atlanta. He’ll be running a Porsche shop there. This is a huge career move for him and it comes with a ton of perks for us as well.

Of course, I work from home so there is nothing keeping me rooted here work-wise. In addition to the “dream job,” he will be getting a decent pay raise and we will also have a rental house to live in “rent-free.” I say “rent-free” because it will be considered a portion of his initial salary.

The house is only four miles from the shop he’ll be managing. Not to mention, we will finally have a yard for Enzo!

What This Means For Our Debt Free Journey

All those small perks aside, what has really driven our decision to move forward with this move has been the financial aspect. Yes, of course, this is an absolute dream come true and this could be where my other half spends most of his career.

On the financial side of things, we have the opportunity to finally pad our emergency savings the way we’ve needed to. We will have the money to pay off debt (and way faster than we’d initially planned). In fact, if everything goes to plan, we could find ourselves being debt-free in a year and on our way to buying a home.

Considering All Things

Since my husband-to-be received the offer, we have been over-the-moon excited. It almost seemed to good to be true and I am thrilled to get to start our married lives together in a city neither of us has spent any time in before. It will be a fantastic adventure and will put us on the right track financially for the rest of our lives together.

That isn’t to say we won’t miss being close to family and friends. Of course, we will. We will also miss out on the big “shebang” of a wedding we were planning later this year. But, we can always throw a celebration down the road and will celebrate with the immediate family able to make it this week.

All in all, I can’t wait to see what this next move does for our family, our relationship, and our finances. And, I can’t wait to keep you updated about it here!

Read More

Debt-Free Wedding Planning and Prepping for the Year Ahead

| Leave a Comment

debt-free wedding

Since my last personal update on the site, a lot has happened. First, we’ve announced to our friends and family we will be getting married this year (tentative November 2 date). Instead of eloping to Vegas, we decided to spend the money we would have on the trip and hold a ceremony here with everyone.

*Visibly Panics*

I’ve never dreamed of having a large wedding but, since announcing, I’ve gotten more excited by it day by day. But, of course, like everything with finances, it will be difficult. This is especially because we will be maintaining regular payments on all of our debt while putting together a completely debt-free wedding.

A Debt-Free Wedding

It is extremely important to both of us to not rack up any more debt planning a gathering for our family and friends. For this reason, we have vowed to pay cash for everything that has to do with the big day.

I’m thrilled about this and believe that if we buckle down on our spending we’ll be able to do this easily! Plus, we’ve got some awesome family and friends willing to help us make this dream come true. Here are a few things we are going to do to keep cost low.

  1. We are serving tacos. We both love tacos and they’ve grown in popularity in recent years. So, we will have a taco bar at our wedding. After looking at some catering places, we are expecting this will cost about $12.95 per person (much less than the usual $60+ we’ve been quoted elsewhere).
  2. Search for venues outside the city. Venues close to the city were priced at $6,000+ for a four-hour event. Once we looked outside the city, we found venues willing to rent their properties for two days for $2,100.
  3. Nixing the traditional cake. We will have a two-tier cake with cupcakes. This will cut the cost a bit but still give us the chance to get a photo of cutting our wedding cake.
  4. Make it kid-free. After some consideration, we decided to make our wedding a kid-free event. I found some tasteful language to depict that on the invites and (hopefully) our friends and family with children under 15 will be able to make arrangements.
  5. Skip the RSVPs. Many wedding sites (like Zola) will allow your guests to RSVP through your wedding website. This can save you $1+ per person on RSVPs. If some of your guest list isn’t very tech savvy, you can also offer them the option of calling you. Then you can log the RSVP in the site with the others.
  6. Wear a suit instead of a tux. Tuxedos rentals, or buying a tux, can be extremely expensive. Consider buying (or renting) a nice suit instead.
  7. Keep your wedding party small. We have limited our wedding party to four people: a maid of honor, one bridesmaid, a best man, and one groomsman. This will help keep wedding gift costs low and (for us) cuts down on the stress of planning.
  8. DIY your decorations. Pinterest is going to be your best friend if you are going to DIY your wedding. You can search different color combinations and theme ideas. Then grab the members of your wedding party and get to making some decor!
  9. Utilize the skills of family and friends. If you have family members that do photography, DJ, or plan weddings, don’t be afraid to ask them about helping at your wedding. Of course, don’t expect them to work for free, but they are likely to offer a bit of a discount.
  10. Take advantage of free services. There are tons of wedding planning websites and apps out there that will help you plan your event for free. Take advantage of these sites and any other freebies you can while you’re engaged.

Lastly, don’t panic. As I may have mentioned earlier in this blog post, I panicked a little when we first decided to have an actual wedding. However, the key to keeping things under control and within budget is to stay calm and think about your options. As we’ve been comparing prices of venues and different caterers, we haven’t given any answers or deposits right away. Instead, we take a moment to look at the budget as a whole and go from there.

Wedding Gift Plan

Of course, we are going to have a registry and will absolutely love any gifts we receive from our loved ones. We are also hoping to be gifted the best present of all: money. Any cash we receive for the wedding we’ve decided will go towards paying off our current debts. We will also start a small “honeymoon” fund so we’re able to take a trip later in 2020.

Overall, I’m beyond excited to plan this wedding and share it with you all. I also can’t wait to share how I’m able to pull off this debt-free wedding and share any tips/tricks I learn on the way. Lastly, I can’t wait to embark on this journey with my other half.

First comes love, then comes marriage, then comes financial freedom.

Readers, did you go into debt celebrating your marriage? How long did it take you to pay off?

Read More

Happy Holidays! Here Are Our New Year’s Resolutions

| 1 Comment

New Year's Resolutions

Christmas was extremely successful in our home this year. We managed to keep everything low-cost where presents were concerned. However, many of them haven’t gotten in the mail for our relatives out of town (whoops). Christmas Day we went to the dog park with our baby (Enzo) and made homemade lo mein instead of ordering takeout Chinese. We ended the holiday looking forward to creating a vision board for 2019 and setting some New Year’s resolutions.

Setting Family New Year’s Resolutions

My other half and I have a lot of goals for 2019. This year will be our first year creating a Vision Board together. It will include financial goals, of course, and personal goals for us both. On the personal side of things, we would both like to get married next year. I would also like to train for and run a 5K and lose the last 40 pounds I have to reach my weight goal.

Financially, we both have the same long-term goal: be debt-free. However, to hone in on what we need to do in 2019, we’ve made a list of our debts and plan to snowball it starting January 1. Here’s what we’ve discussed so far…

  1. Pay off “small” debts by March. The other half’s car will be paid off by March. We will also have our credit cards paid off by then and a small medical bill ($242). Having these things paid off in full will leave us room to pay off other debts, including new tax debt.
  2. Focus on tax debt while making minimum payments on other accounts. We owe a little over $9,000 and have established a payment plan with the IRS. With my other half out of work last year, we weren’t able to put taxes aside as we normally do. After we pay down the smaller accounts, we will use all of our extra cash to pay this off. Once it is paid we are also going to begin putting big chunks of cash aside for future tax bills.
  3. After tax debts are paid, we will be making extra payments on remaining accounts. Once the IRS is paid, we will start throwing extra cash at the remaining accounts. We will still have our Conn’s bill (about $2,000 remaining), student loan ($22K), car loan ($20K), and the tool bill ($10K).

Creating a Vision

New Year’s resolutions are overrated for the most part. Many people abandon them by the end of March. For us, creating a Vision Board is more important than resolving to change in the new year. Instead, we are focused on large goals we’d like to reach by the end of the year. Each of the steps above will be part of reaching that vision and creating a life we want to live.

What about you? What are your New Year’s resolutions? Do you create a Vision Board?

Read More

How to Avoid Catastrophic Health Care Costs for Your Parents

| Leave a Comment

catastrophic health care costs

According to the Kaiser Family Foundation (KFF), “About a quarter (26 percent) of U.S. adults ages 18-64 say they or someone in their household had problems paying or an inability to pay medical bills in the past 12 months. Now think about these same statistics as people age. With age, health care needs and costs tend to increase. This potentially means more personal indebtedness for those with health care issues.

[Read more…]

How Much Does it Cost to Plant a Tree?

| Leave a Comment

cost to plant a tree

This Sunday is Earth Day. Many families will be looking for fun ways to celebrate with their children. One of the best ways to celebrate is by planting something. However, it can also be a bit costly.

Cost of Planting a Tree

If you’ve been considering planting a tree with your family this Earth Day, you will be getting around the largest cost: labor (because you’ll be planting the tree yourself).

Those planting a tree themselves will also save money because they won’t likely be able to plant a medium size or large size tree. A small tree can usually be a DIY project though and costs around $78 but can cost up to $200, depending on the type of tree.

Once you plant the tree, you will also need to factor in the cost of maintaining the tree and keeping it alive (up to $100 per year). So, are there any other ways to celebrate (and plant) this Sunday without breaking the bank?

Easy-to-Grow, Cheap Plants to Buy

You don’t have to plant a tree to celebrate Earth Day necessarily. There are plenty of cheap, and easy-to-grow plants that you can introduce to your family’s garden. These 10 plants are practically impossible to kill and come at a low cost.

  1. Sunflowers: A single pack of sunflower seeds costs around $0.75. An acre of sunflowers is estimated to cost about $15.
  2. Marigolds: Marigolds cost about the same as sunflowers to plant. It is slightly less expensive per-acre (around $11).
  3. Pansies: Pansy seeds are slightly more expensive. You won’t find pansy seeds for less than $1.50. These are also easy to find already planted-and-potted (around $4 per plant).
  4. Lettuce: A pack of 100 to 200 seeds costs $0.99. You will want to read up on how to care for lettuce plants, but it is not expensive to maintain and you’ll get practically free food.
  5. Tomatoes: Many people have tomato plants in their home. A single packet of tomato seeds costs between $0.75 and $5, depending on the type of tomato you are looking to plant.
  6. Cucumbers: Cucumbers cost about the same as tomatoes and can cost up to $6, depending on the plant type.
  7. Carrots: Seeds for carrot plants are slightly more expensive at around $3 per packet of seeds.
  8. Herbs: Most herbs can be purchased for less than $1 per packet. You can also purchase entire herb kits (with multiple types of herb seeds). This can save you money on seasonings throughout the year.
  9. Wild Flowers: Wild flowers are some of the cheapest plants to maintain and practically impossible to kill. You can purchase a quarter pound of seeds for less than $10, and the flowers will return each year. Just be sure it is an area you don’t mind a LOT of flowers.
  10. Vines and Ivy: Vines and ivy are resilient as well. You can buy black-eyed Susan vine seeds for less than $3.50 per pack and it can provide a great decoration for your garden area.

Readers, will you celebrate Earth Day by planting something? What will you plant? 

You may also enjoy: 

How to Handle Financial Stress in a Relationship

| 1 Comment

Handling financial stress with a loved one, in many ways, is far better than suffering through it alone. However, stressing out about money can have a heavy impact on a relationship, whether it be romantic or platonic. So, how do you go about handling financial stress without adding stress to your relationship? 

There’s no 1-2-3 answer to this really. In many cases, the dynamic of the relationship will determine how financial stress is handled. However, there are some steps you can take to ease the stress on your relationship and place it where it belongs: on fixing your finances.

How to Deal With Financial Stress in a Relationship

My significant other and I have been living together for about a year and a half. Up until recently though, we were pretty strapped financially. It took a lot of discipline and hard work. We paid off debts, saved money, and made things happen quickly. One of the main contributors to our success in doing so was not allowing the financial stress to damage our relationship. Here’s how we did it:

  1. Be open and honest about money. One key step in our success to overcoming our financial stress was communication, and it will be on your journey as well. If you are sharing finances with this person, and plan to do so the rest of your life, you can’t be afraid to talk to them about it. A huge thing for us and many other couples is being able to find a tool that we could use to monitor all of the finances in the house. We did this by sharing a Mint budgeting account. We added all of our accounts and reminded one another of due dates, savings goals, and had a good idea of where we were financially at all times.
  2. Talk about areas you messed up and discuss your losses. Before we got to that great place where we were communicating about our finances well, we messed up. A lot. Don’t be afraid to admit when you’ve messed up, but also work with your partner on ways to prevent it from happening again. Talking about where you messed up and how it happened can prevent financial stress down the road. For instance, we went over budget at Christmas time and, subsequently, had a really tight budget at the beginning of the year. We discussed having additional savings this year for Christmas (because we both love the holiday). Discussing it took the stress out of the relationship and placed it back on the finances like it should be.
  3. Always appreciate the little things. When you are broke or seriously working on your finances, you don’t have money to spend on spoiling your significant other, and that sucks. You can still do a lot of little things that will make a world of difference though. When dealing with financial stress in a relationship, focusing on the little things can make-or-break it. While we were experiencing hard times, my other half brought home $1 coffee mugs (I love coffee), or he would bring home my favorite snack. Although these things didn’t cost much, they meant a lot.

Don’t Be Afraid to Get Help

Whether it is relationship counseling or financial counseling, always remember that reaching out for help is a possibility. Don’t be afraid to reach out to a financial advisor or relationship counselor to help you navigate these tough times. There are many affordable counseling services available.

Dealing with financial stress in a relationship can be tough but as long as you keep communication open, work together, and reach out for help when you need it, you and your partner will be on your way to financial success in no time!

Read about how to maintain your financial momentum.