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admin | reflection of the past meaning | 03.04.2015
With the Holidays fast approaching, I thought this would be the perfect time to share with you my top 10 tips for staying debt FREE!!! Now, I wouldn’t say that I am a professional in this field, but I will tell you that I am nearing the age of 30 and have been debt FREE {besides out house} for my entire marriage and even before that when I became an adult at age 18.  How did I do this?
I can show you how ProjectMAHMA can change your life like it has changed my life and offered me the chance to make money and still be at home with my son!
I hope these tips have helped you figure out how you can stay debt FREE, even in times of our economies recession and times when we would typically spend more money, such as the Holidays. Make a paper chain and pull one off for every $100 you pay off on a debt.  You will have the visual reinforcement of seeing the chain get smaller. I am a mom who has paid off $111,500 in debt in less than 4 years by saving money at the stores and putting all of our extra $ on debt. Got my calculations off, we pay $824 towards principal now, if we add another $176 it will be an even $1000 every one brick to color per month! Well, with work, dedication, and a commitment to myself that I can live a blissful life on less!  Let me show you how you can too! I swear they are even trying to give them to young teenagers now a days and if credit card companies had it their way, they would probably offer them to babies too!
My husband and I have ALWAYS had a budget and I am telling you this has saved our marriage and sanity because many couples fight over money.

On a piece of paper, list out the amounts of debt you have smallest to largest.  If you have debts that are around the same amount of money, list the one that has the higher interest rate first.  Paying off the smaller debts will give you gratification and keep you motivated to keep going!!
When you own your own business, you receive tax write offs that can be beneficial to you and your family! Subscribe to my FREE Daily Newsletter so that you can get my free updates and NEVER miss a deal. It is so silly to think of because we don’t want money to be the center of our existent, but we can’t live without it, so we might as well all learn to manage it properly.
If you only budget $300 for groceries, you only put $300 in your grocery envelope and once that money is gone, that’s it!
Once you pay off one debt, work on the next one, until every single amount of debt in GONE!
Now you might say, “what if I don’t plan to stay in my home for 30 years?”  It is still better to make an extra payment every year because you are paying interest on the amount of your total loan and the lower your total loan is, the less amount of your hard earned money is going towards interest.  Got it? I use Excel and have created a simple spreadsheet to track our monthly budget and actuals that I calculate at the end of each month to keep track of our incoming, savings, and spending. This is because instead of using a credit card to pay for emergencies like new tires, a broken washer, or unexpected medical bill, you can use cash from your $1,000 stash.  This is a very important step for getting and staying out of debt. We have built up more than 6 months of living expenses and leave this money in an account that is easily accessible and gaining interest.

It just makes sense.  Plus, you will most likely receive this money back if you ever do decide to sell your house, considering you make more on the house than what you owe, and you sell in times of a favorable market. If so, pursue your passion and dream and start your own home based business.  I started my own business a year and half ago and absolutely LOVE IT!
We always have this amount on hand and keep it locked away in a safe.  We ONLY use this money for emergencies and it has saved us a few times in the past, when otherwise we may need to use a credit card.
We feel great knowing we have this money set aside in case there is an unfortunate emergency that we need it for.
At the end of the year, I will be able to write off business expenses that I’ve incurred and it will help bring down our taxable household income, which will put us into a lower tax bracket and help us pay less taxes.
If you are in the positive, think about how much of that money can be transferred over to savings. As time progresses you should budget in for savings and entertainment so you are building for your future and still having fun now.

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