Credit Cards On Pause

When my wife and I decided to get out of debt, we did three things. First, we created a simple to use zero-based budget. Second, we established an emergency fund. Third, we stopped using our credit cards. Essentially, we put them on pause. We didn’t cancel them and we didn’t cut them up.  Instead, we simply stopped using them. Here are the details: Why did we stop using our credit cards? We were spending more than we made, month after month, and we were using credit cards to finance our bad spending habits. Easy-credit made it easy to overspend – and we did. Getting out of debt became a priority.  Putting away the credit cards – and the ease-of-use that…

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Debt Reduction Takes Attitude

Over at Money Smart Life, there’s a great article about personality traits and how they can help pay off debt.  I particularly like Miranda’s take on the importance of patience – Sometimes, it’s not about the impetuous and grand gesture. Sometimes it’s about patiently sticking to your plan for the next three years. It can be hard to keep moving forward when you want the problem to be solved right now… You need to be patient as you forge new financial habits, and get used to making your regular debt payments. Awesome. I would add that patience – a willingness to endure – can be coupled with persistence – a fixed determination – to produce amazing results! Debt reduction requires…

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Personal Finance Books For The New Year

January, with its New Year’s resolutions, is just around the corner. Now is a great time to read a couple of personal finance books, dust off the old calculator, and get prepared for an awesome 2013. Personal finance books make for great gifts, too! Below, you will find links to my favorite books about personal finance. Each one, in its own way, helped me, motivated me, challenged me, inspired me, and informed me. The Total Money Makeover: A Proven Plan for Financial Fitness was the first personal finance book to grab me – and not let go. This book, literally, changed my life and the future of my family.  It’s a great read.  The plan is simple to follow and…

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