Money wisdom, student loan debt, leasing myths, debt payoff goals and more.
YNAB – The YNAB (You Need a Budget) team was tasked with writing a “money letter” to their children. This letter is from Janelle – a customer service rep. She lists four things her children should think about when dealing with finances.
The first is: “From Now On, It’s either Time Or Money.” She says, whatever “obligation” they take on, or “possession” they add, “will demand some of your time or your money. Or Both.” The problem is time and money are both limited. So, tough decisions must be made. Read on and you’ll find out about the “Power Ranger Factor.”
Billfold – You won’t hear many people make that statement. But Caralynn has a reason: She can’t find a job “in my industry, the one I’d actually gone to school and worked my ass off to pay for.” Why? She passed up on working free internship positions that were relevant to her degree. She worked at a law firm that paid her decent money instead.
As a result, she paid down her student loan debt during school and graduated owing only $5,000. If she would’ve taken the internship positions, she’d be further in debt, but probably also happily employed. Do you have a similar story you can share with us?
Catherine Alford – When Catherine found out she was having twins, she freaked out. She not only worried about their well-being, she also worried about finances. After a few weeks, this thought hit her: “Oh my gosh, I have to pay for college tuition for two kids at once.”
But never fear, Catherine has prepared three steps we can all use when we start saving for our children’s education. The first step is: “Whip Your Finances Into Shape.” You can’t properly save unless you “have a strong hold on your finances first.” For additional help, watch this video on saving for college.
Money Talks News – Many consumers love leasing cars. The main reason is the low monthly payments. But Nancy reports in Myth No. 5 that “focusing on the monthly payment” is basically foolish. You must know the vehicle’s full price.
Myth No. 1 is also interesting: “You should ask the dealer what cars you can lease.” Nope. Once you do that, the sales person will probably only show you the cars they want off the lot. Here’s an interesting post about the 7 Secrets Car Dealers Hope You Don’t Know.
Centsibly Rich – Amanda says if you’re “fed up” with debt and want it gone, don’t just start paying it off blindly. Make a plan. These five ways will make planning easier. Her second is: “Know who and what you owe.”
Going over all this information is sometimes daunting. You can organize your bills better using a free online app such as PowerWallet. You can record all of your bank, credit card and other debt sources into one plan. Check out her other tactics.