How “No Spend Challenges” Helped One Woman Eliminate $78,000 of Debt – with Jen Smith

With nearly 80% of Americans living paycheck to paycheck, most of us could use some help with saving a bit more.

Our guest today, Jen Smith, is going to show us how. Jen and her husband paid off $78,000 of debt in just under two years. A huge factor in their success was taking advantage of “No Spend Challenges”.

These challenges encourage you to halt all “personal spending” for a set period of time. This cold turkey approach could be an excellent solution for a large population of our country right now.

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Why It’s Okay to Have a Credit Card When You’re Debt Free

Our second question of the month comes in from Amanda from Cleveland!

Hi! I had a question about credit cards and travel rewards.

My husband and I have no credit cards and we’ve paid off all of our debt except our mortgage. We’re looking to go to Hawaii for our 10-year anniversary and didn’t know if there was a credit card that we should sign up for to help us redeem more travel rewards.

We’re also not sure if getting a credit card is a good thing to do since we haven’t had them for a while.

Should we get a new credit card for the rewards or just pay with cash?

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15 Ways to Save More Money When You’re Living Paycheck to Paycheck

Our question of the month comes in from Anonymous … we’ll just call her Jane Dough:

Andy! Help!

We make $120,000 per year, but we spend nearly all of it. We want to get rid of our student loans, but there’s just no money left at the end of the month. And retirement … we’re so behind.

We’re married, we have one kid and another on the way. Daycare is crazy expensive. We want to fix our money situation, but don’t know where we can save money.

What can we do to save more money?

Jane

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Sinking Funds: The Secret to a Successful Budget

Hello all! Andy Hill here …  We have a new guest post from personal finance writer Amy Beardsley from Early Morning Money. Amy is a self-described money geek that is obsessed with simplifying money and breaking free from the burden of debt. Her article below shares why we all need sinking funds in our budgets to help us create that freedom we desire. Enjoy!

When it comes to your family’s finances, you already know you need an emergency fund to protect you from a job layoff or major medical illness. But what about all of those little expenses that come up year after year, like car insurance, Christmas, or your annual family vacation?

That’s what sinking funds are for, and they’re the secret to a successful budget.

When money is tight, or you’re working on a big debt-payoff goal, covering all of your expenses is key to making it work. With sinking funds, you can easily stick to your budget even when faced with costs that don’t come up that often. Here’s how to get started.

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Over $100,000 of Debt Destroyed on a Teacher’s Salary – with Allison Baggerly

For some people, their pile of debt can feel so huge that paying it off just feels like fiction. It feels impossible. It feels overwhelming.

Well today, I’ve invited someone on the show who felt the same exact way, but then she took action and won the battle against her debt.

Allison Baggerly and her husband partnered together to pay off $111,000 of debt in 4 ½ years. They completed this difficult feat on two teacher’s salaries with two little kids at home. In our interview, she’s going to share with us how she did it.

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With a New Baby, How Do We Prepare Financially?

Our question of the month comes in from Stephen:

Hey Andy!

My wife and I are expecting our first child this year, so it will be a true test on how we work around the new costs we will be accruing. I am on pace to pay off a student loan in 3 years and I don’t want to break that. We max out our 401k and we pay extra on our mortgage and my student loan each month.

I don’t want to lose this momentum we have — we both promised ourselves we would never decrease our 401k contributions because we value investing in our future too much. I guess I’m divulging all of this to ask …

What do you advise so I don’t lose momentum when the baby comes?

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10 Budget Apps That Make Your Personal Finance Goals Easy

There are mobile apps for just about everything nowadays. This includes apps designed to help you improve your personal finances through budgeting.

Using a budget is an excellent way to eliminate debt, save money, and reach your financial goals faster. With new budgeting apps available to download every year, which ones are the best for you and your family to improve your finances?

Here are 10 budgeting apps to that we like.

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How to Increase Your Net Worth by $800,000 in 8 Years

One fall night in 2010, my wife Nicole and I were watching the Suze Orman Show. (Yes, I used to DVR it). There was this fun segment where someone would call in and Suze would analyze that person’s financial health and give them a grade. It was called How Am I Doing?

One term that we kept seeing over and over again on this segment was “Net Worth”. Since we were personal finance newbies, we had no idea what this meant. Nicole and I were making a combined six-figure income together so we figured our net worth must be HUGE.

After the show was over, we decided to see how rich we really were. There was no doubt in our mind that we’d be better off than most of the jokers that call in to the show and get an “F” grade from Suze!

via GIPHY

We walked upstairs and started to write down all of our numbers on a big white board. By separating our “assets” (what we owned) and our liabilities (what we owed) into two big columns, we started to discover that we weren’t rich.

We were kinda broke.

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Become an Everyday Millionaire for your Family – with Chris Hogan

After interviewing dozens of 30-something millionaires and accomplished multi-millionaires, it is fair to say I’m a little bit interested in the inner workings of a millionaire.

Well today, I have a very special guest who’s going to share the results from the largest and most comprehensive study of millionaires ever done.

Author and National Speaker, Chris Hogan, is joining me today to talk about his new book Everyday Millionaires: How Ordinary People Built Extraordinary Wealth—And How You Can Too.

Who wants to become a millionaire with me?!

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