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Making Debt Resolutions

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debt resolutions

More people than ever a resolving to be more financially healthy in the coming 12 months than ever. Each year, we typically sit down and list out our goals. Things like “lose 20 pounds,” and “save $1,000” usually frequent such lists. However, in the personal finance world, I have seen some really amazing (some lofty) debt resolutions for the new year. Honestly, they are inspiring. It made me sit down and reflect on what my resolutions for 2020 were.

2020 Resolutions

When 2020 began, I had some pretty hefty resolutions, as many people do. None of us expected COVID to derail our plans. Financially, I’m glad to have been able to pay my rent for all 12 months this year. I am glad to have had a little money in my bank account at all times. More importantly, we haven’t accrued any new debt. When it comes to having met last year’s goals though, there was a valiant effort made.

debt resolutions

As far as cutting our debt in half, that did not happen this year. We were on one income for most of the year and were doing good to make minimum payments. The bigger deal is that we did not accrue any new debt. Both of us hustled more this year with side work, freelance, and other opportunities where we could make money. That goal was definitely met.

The others on the list, well…

I did not reach my goal weight, nor did I finish my novel, or run a 5K. I did learn some German (though I’m not fluent) and I read more this year (40 books in total). I also took a few minutes every day to practice some sort of self-care: goal met. While these may not seem like a huge deal, they were things that significantly improved 2020 for me.

Debt Resolutions for 2021

Now, for my finances in 2021, I’m hesitant to make any big debt resolutions or financial goals. When it boils down to it, I don’t know what the next 12 months will bring us in terms of our money. My husband is starting a new job next week, so we will have an additional income. For the first three months of the year, we will be tying up any loose ends in Atlanta, taking care of things like tires for the car and maintenance items, and getting fully settled in our new home.

After that, we plan to focus on snowballing every extra penny we have towards our debt. In essence, my husband’s new salary should all be additional debt payment cash (whew!). I’m excited about the potential for change for us, but hesitant to be too optimistic, as I am sure many people are feeling right now.

2020 changed a lot of people’s ability to look forward and plan things like debt goals for the next 12 months. For most people, it is hard to plan for anything more than 30 days in advance. So, for now, we are taking everything in stride. I can’t wait to keep you updated on our progress through the next year.

Readers, are you making any debt resolutions for 2021? Are you finding it difficult to look forward to the next year too? 

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Debt and the Holidays: An American Story

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debt and the holidays

Are you someone who goes into debt every holiday season? You’re not alone. Debt and the holidays go hand-in-hand with one another for many families. Many people spend more than they have or money they simply don’t have to fund the holiday season (i.e. gifts, a Christmas tree, cards, dinners, treats). However, they don’t consider the lasting impact on your finances throughout the rest of the year.

Debt and the Holidays: A Story

Growing up, I was good friends with a larger family that was fairly well-off. Each year around Christmas, their mother took out a loan to pay for gifts for the kids. Yes, a LOAN. It sounded insane to me then and it still sounds fairly crazy to me now, but I realized more people do this than you might realize.

Every single year, they would have new Michael Jordan sneakers under the tree, a new phone, a new iPod, and literally whatever they asked for. In my family, we always had a nice Christmas, but within reason. When I would visit and see how they celebrated, it would always blow my mind. To me, it didn’t feel much like Christmas. It felt more like they were showing off for someone. But who?

I’m not sure if that is true or not, but it is certainly how it felt. Once I learned a loan was taken out for it each year, my jaw dropped. How did that make any sense at all? Then it was explained to me that they would pay it off before the next year’s celebration. While, in theory, this could work and even benefit your credit score, I’d still avoid it like the plague.

Why This is Generally a Bad Idea

Of course, if you have the means to pay off the loan in a short period of time like they did, great. But wouldn’t it be even better if you used that money and put it into savings each year? Your savings can accrue interest, while your loan’s interest isn’t the desirable sort.

On top of potentially putting yourself in a hard spot financially, it is also supporting bad habits with your money. When you take out a loan to cover Christmas gifts, you are giving yourself the “okay” to do it with other things too. Before you know it, you have tens of thousands of dollars in credit card debt and need a loan to be able to pay for rent, not just gifts once a year.

So, before you go over the top and think about getting a loan out or going into debt over the holidays, think about how you can better budget your money, save, and give meaningful gifts. After all, the true meaning of the entire season is the spirit of giving – that doesn’t mean you need to spend a fortune.

Readers, what do you think about debt and the holidays? Have you ever considered getting a loan out for Christmas or any celebration?

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How to Succeed at the 365 Day Money Challenge

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365 day money challenge

Several years ago, online challenges became really popular. Individuals challenged one another online to do 100 squats a day, lose weight, write journals, and save money. Of these challenges, one of the most popular has been the 365 Day Money Challenge. This was a finance-focused challenge that helped people save a set amount of money throughout the span of a year. 

About Money Challenges

If you’ve never heard of a money challenge, don’t worry! They are fairly simple to understand and extremely easy to participate in. The 365-day money challenge helps you save $668 over the span of a year, one penny at a time. Depending on your savings goals, you can pick-and-choose between many different money challenges that have higher (or lower) savings goals.

Other challenges also have altered time spans as well. For instance, there is the 26-week money challenge, or the bi-weekly money challenge, that helps individuals put money away every other week. No matter what your goals are, there is a money challenge out there for you.

The 365 Day Money Challenge

The money challenge was one of the first to appear online. Essentially, you start with saving $0.01 on the first day, $0.02 on the second day, $0.03 on the third day, and so on. On the 365th day, or after one year, you will have accumulated nearly $670.

One problem with challenges, however, is that many people fail to complete them. Maybe they grow bored with it or they don’t have a plan in place for saving. Whatever the case may be, follow these tips to successfully perform the challenge:

  1. Print this sheet to track your 365-day money challenge progress. Tracking your savings will help encourage you to continue on. You’ll be able to see the money stacking up over time. Also, writing your contributions down will help make you feel like you are being held accountable for saving that money.
  2. Join a Facebook Group. The 365-day money challenge has been around for a few years and thousands of people have tried it out. There are plenty of forums and social media groups to talk about the money challenge, ask for help, and bounce ideas off other individuals. Having support like this can encourage you to continue saving and complete the challenge.
  3. Ask a friend to join you. By asking someone you know to join you in the challenge, you can create a small feeling of competition, making the challenge more interesting. It can also provide you with someone to go to if you are having trouble saving or sticking to your plan.
  4. Keep your eye on the prize. Whatever the reason is for you want to take on the 365-day money challenge, write it down on a sticky note and put it wherever you are stashing your pennies every day. Seeing that reminder will help you continue driving forward with your savings goals.

No matter what those goals are, participating in a challenge like the 365-day money challenge is a great way to add to or kickstart your savings. Making the decision to take on a year-long challenge is a big commitment but can prove to be extremely beneficial.

Have you tried a money challenge? How much did you save?

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The Steps of Getting Success in the Forex Market

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People improving their performance cam make them triumphant traders. To improve their performance, investors are required to do hard work and follow some strategies. The millionaire traders have not got to their current position by depending on luck. They have gained adequate knowledge about the market and have always tried to separate psychological complexities from crucial trading decisions. There are some guidelines for managing the buying and selling process to do well in the Forex market. Let’s dive into the details. [Read more…]

Amazing tips for the new price action traders

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This article is about the perception of different price action trading. It also includes various trading strategies and the way of reading the charts. It can assist in reading commodities, futures, and chart movements and creating personal process and its action. Some strategies are depended on the technical analysis and individual opinions. It is such a type of trading that incorporates both fundamental and technical analysis. It is needed to make the right decision at the right time. [Read more…]

Why Did No One Tell Us Adulting Was This Hard?

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adulting

I feel like I’ve heard just about every single one of my millennial-aged friends say this at some point in our lives. “Why didn’t anyone tell me” (fill in the blank here). My thoughts about this are generally two things:

  1. My parents totally prepared me for how hard adulting was going to be.
  2. Suck it up, buttercup.

At the same time, there have been moments in my adult life I have been totally ill-prepared for, especially when it comes to finances. For me, it wasn’t that no one told me adulting was this hard, but no one really taught me how to manage being one.

So, Why Didn’t Anyone Tell Us?

Chances are, they did. What they didn’t prepare you for was the specific life crisis you’re going through right now. After all, your parents and mentors can only prep you for what they have been through, for what they know. No one goes through life having the same exact experience as the next person.

That being said, when it comes to “adulting” and why you weren’t prepared, you should also realize the environment we’ve been living in is vastly different from that of our parents. It is even different from the generations just a few years younger than us. A lot of the advice and tips your grandparents and parents bestowed on you is no longer relevant in many ways, especially when it comes to your finances.

It doesn’t make their advice or what they have to say less valuable. Many of the same things apply in today’s world, but you’ll need to alter it to fit your needs. Remember, doing what is best for you comes first and foremost – no matter what mom and dad always said you should do.

Taking Care of Yourself in the Way You Need

When it comes to your finances, your health, your home, your family, and just adulting, doing what is best for you is always the right decision. Keep your blinders on, try not to pay attention to what other people are doing, and perform what works for you instead of looking to others for direction. There is no “one size fits all” to anything – finance, life, or pants.

Lastly, don’t ask that annoying question “Why didn’t anyone tell me adulting was going to be so hard?” Life has its difficult moments, it always will. How you adapt, push through, and persevere is what counts.

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What Is a Non-Traded Real Estate Investment Trust?

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If you are like most people, you can often get lost in all the terminology associated with financial services. Sometimes figuring out the definitions of certain portfolio choices can be difficult enough, let alone understanding the pros and cons of investing in such portfolios. Difficulty in understanding various options is one of the top reasons many individuals turn to wealth management organizations such as AOG Wealth Management for help. [Read more…]

5 Financial Hacks for Every Startup

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Every startup’s goal is to reach financial stability in order to generate real profit, establish a fierce base in the competitive business world, and upscale their corporation. Although these may seem hard to reach, many of these objectives can be attained through a few simple steps early on. A systematic approach to your business management will allow you to better your time, capital, and other efficient resources. In order to do so, every start-up entity must understand and realize the following financial hacks. [Read more…]

Top 6 Reasons Getting a Business Phone Number Could Be Beneficial for Your Company

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If you run your own company and you’ve been juggling multiple communications systems lately, you may have wondered if getting a toll free number for business would be helpful. While getting a separate, dedicated phone number just for your business may seem like just a luxury or an extra expense at first, the many benefits associated with a unique number can quickly become more than worth the initial investment. From helping you maintain consistency to improving your customer service to protecting your personal privacy, a business number can be beneficial for any type of company. Here are just a few of the top reasons you may want to consider getting a dedicated phone number for your business. [Read more…]

ClickCashGo Review: Avoid At All Costs

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ClickCashGo Review

Sometimes we get in a tight spot and need money immediately for an emergency or even money for food to put on the table. That has many people look to bad credit loans and cash advances to help them get by. ClickCashGo is a marketplace to put people in touch with bad credit loan service providers. Is it a good option for you if you’re in need of cash right now? Here is my honest ClickCashGo review…

What is ClickCashGo?

ClickCashGo is a loan marketplace that puts people with bad credit in touch with lenders. Because the site is geared towards people with bad credit, credit checks aren’t always necessary. However, interest rates can be higher on many of these bad credit loans.

The site is designed to help match people with small personal loans and other types of financing. Purposes for financing can vary widely and can be as little as $200. To qualify you must be/have:

  • at least 18 years old
  • a resident of the United States
  • income of $1,000+
  • an active checking account in your name
  • employed for a minimum of 90 days

You also won’t be able to submit information for ClickCashGo if you are located in my state (Georgia) or any of the following states:

  • Arizona
  • Arkansas
  • Massachusetts
  • New York
  • Ohio
  • Pennsylvania
  • West Virginia

My ClickCashGo Review

Personally, ClickCashGo isn’t something I would ever use myself. There is no reason my husband or I would look into a high-interest payday loan or cash advance. However, I have been in those situations in the past. If I was looking for a loan like this, would ClickCashGo be a good option?

Well, ClickCashGo is a site that puts you in connection with loan service providers. While it is not the provider itself, it collects information that can give you good loan matches. For people with bad credit, ClickCashGo can find loans that can cater to your specific needs (up to $5,000). The bad thing is ClickCashGo does partner with some not-so-great lenders. Interest rates on loans through the marketplace can be up to 35.99%.

Thankfully, you are not obligated to pay anything unless you accept the term agreement. If you do not accept, you will not be held responsible for payments.

A Note on Transparency

When you look at other review online of ClickCashGo, many people note transparency being an issue. Some sites have the service as low as three out of 10 stars for transparency. In many cases, this is because terms were not always made clear. ClickCashGo can also give your information out to loan service providers. Some applicants did not believe ClickCashGo was transparent about their contact information being given out.

Conclusion

When it comes down to it, ClickCashGo is still a payday loan and/or cash advance service. Unless it is absolutely necessary, these types of loans should be avoided at all costs. Not only are they typically higher interest, but they will also continue to keep you in the mindset that living on debt is okay.

To truly further your own debt freedom goals, make loans like this mentally not an option. This will help keep you from falling victim to predatory lending or picking up unneeded debts along the way.

Readers, have any of you used ClickCashGo or similar services? What was your experience? 

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