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Baby Step 2a: The reason your debt snowball isn't working part 1

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 You’re not budgeting You’re not 100% focused on your lowest balance Your income and expenses are remaining the same Your spouse isn’t on board You aren’t consistent You aren’t tracking your progress This is the step that I struggle with. The Debt Snowball. It would be easier to pretend like I didn’t have issues with this, but I am not. Most wounds don’t heal unless exposed. After Renardo and I remarried, we began budgeting, saving, and hustling for our dream…owning a home. We managed to obtain our dream only to slide back into old habits. After obtaining our home, we generated more debt. We recently bought a new house, a new car, among other things. We were sensible in our purchases, and can afford everything we bought, but we did not go in the direction that was most beneficial to us. Debt reduction. A lot of the pointers that Dave Ramsey espouses, we did not follow. So, I know the struggle is real. Step 2 is the step that I struggle with. One of my goals is to one day overcome o...
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Budgeting

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Dr. Lynn Richardson, a financial coach for the stars, suggests that you do several things to improve your finances.  Some of the suggestions are simple, for example, spending less than you make.  My late brother-in-law, Levorn Sanders, used to say, “You’ve got to watch your money, because it can’t watch itself.”  I would suggest that you make out a budget to help you with this. Make a list of every bill you have and allot money you pay to each bill.  When you have done this, take your net take home pay and see how much money you have left over.  Does this amount match up with what you have extra at the end of the month? If it doesn’t, you should consider trying to track your daily spending. Tracking my daily spending has always been hard for me. I forget to log in an amount, or I draw money out and forget where I spent it.  To fix this I tried a free app called Mint. This app was supposed to track my every withdrawal from my accounts and also give me financ...
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Controlling Credit Cards and Spending

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When we were in college, we applied for credit cards and thought we hit the jackpot when we got approved. They started off as small approval amounts, $300 here or $500 there. We would make small purchases here and there, pay our minimum payment on our bill on time, and slowly the amount we owed grew. What eventually happened after making so many on time credit card payments, the credit card companies would increase our credit limit and the cycle would start again. We would celebrate with spending more. We were facing one of the biggest issues that most Americans face and that is credit card debt. As of mid-2019, Americans have 1.08 trillion in credit card debt. Visa, Mastercard, American Express, and Discover are the most popular cards to have. We used to be proud of the credit cards we had. Now the goal is to pay off our credit cards and to have a healthy savings account.  I’ve talked about the snow ball-effect, which Ramsey is known for. You know, arranging your credit cards by t...
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