So, I will be slowly rolling out some progress bars on my blog. I am surprised to say that I feel a little exposed. I do have a few friends that read this blog who are non-judgemental, but I feel like I should have more cash (specifically) available to me. I make a decent wage, I have no kids, I’m not dating anyone right now. Where in the heck is the cash going? I must back up and say that I have a nice amount in my retirement account, and a reasonable life insurance plan. Mind you, I don’t want to use that anytime soon! So, despite it all I do have a positive net worth. However, I have hardly any cash. I don’t even have a car. You know where the money is going to? Paying on my stupid credit cards, my student loans, having fun, and the little things. Jeez, I am so annoyed with myself. Intellectually you know what has to happen in order to move forward. But, inertia is a powerful mental force. If you’re battling it like I have been listen to the messages that the universe is sending you. Yes, this sounds totally ridiculous. But, by this I mean the following:
1.) I get a letter in the mail and it’s telling me that my student loans have changed hands-AGAIN! this has happened 3 times since I began paying back my loans. Time to accelerate repaying these loans. Am happy that I took them out, however, the stress of dealing with them and the expense is too much. I’m over them. Time to let them go, like a bad boyfriend. Once they are paid, I will have more cash.
2.) I get letter in the mail telling me that my mortgage has changed hands-AGAIN! this has happened once so far. It is also time to accelerate my payments. Once they are paid, I will have more cash.
3.) I keep meeting middle aged (defined by me as 55 and older) women who tell me that they wish they had begun saving earlier, had paid off their debt, etc. I have heard this so many times that I’m listening. Again, all of my $ decisions before this point are important
4.) Dave Ramsey, Susie Orman, David Bach, Michelle Singletary, etc. there are personal finance messages everywhere that can be condensed into the following themes: 1.) you need cash in case of emergency! 2.) don’t spend more than you earn 3.) Cut your expenses 4.) plan for retirement as early as possible!!! 4.) every single time you touch money, you are making a financial decision 5.) Cash is king
5.) Am puzzled by my inability to save cash as I have saved large amounts before to travel abroad etc. The only thing I can think of is a lack of discipline and just feeling overwhelmed by the process. When I saved before I had a lot fewer things (financially) that I was dealing with. So, I was finding myself overwhelmed by the process
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I’m with you, dear. A few things I’ve done over the years:
whenever you get a $10 bill, put it in a jar somewhere just to have some cash on hand. You don’t get them as often as fives or twenties, but they still add up
get rid of all credit cards – especially once you have a nice cash reserve (online savings account that takes a few days to get to) – and don’t use them AT ALL unless you are stranded and there’s no place else to turn. Don’t carry it with you unless you’re out of town.
hide a few 20’s and 50’s in your wallet. you just might forget about them until you are in a minor emergency (cash for valet parking, tip, whatever, splitting dinner costs with friends)
try to make at least a 13th payment every year on your long-term debt, or round up as much as you can each time you make a monthly payment as to equal a 13th payment over the year.
anyway – just little steps that can make a difference over time that have helped me!