50-30-20 Budgeting (DRS #3)

Welcome to the third post in my Debt Repayment Series, discussing 50-30-20 budgeting! In case you missed it, I’ve previously posted about calculating a debt payoff date and why having a repayment plan is important.
Budgeting and finance tips are all over the internet. One prevalent theme I’ve seen is the 50-30-20 rule (typically listed as the 50-20-30 but I like them to be in order).
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What I'm Reading: Migraines

I’ve been struggling with previous 4-5 days, experiencing a severe headache to migraine daily during that time. As a chronic migraine sufferer, I have learned a great deal about migraines over the decades I have experienced them. I have a myriad of tips and tricks to reduce pain and basically just ways to help me get through the day.
Honestly, my house and backpack look really bizarre from an outside perspective. I have this magical cooling pillow in my refrigerator, around 5 bottles of lavender essential oil (and probably 3 peppermint oils), two types of migraine meds I carry with me at all times, and more.
As I become older, I am more interested in overall prevention and in a better place to track possible triggers. I have established several of my triggers at this point (hormones, weather, and caffeine), but I am concerned about my recent increase in frequency. As a result, I’ve been looking for different information on migraine causes.
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How to Calculate Your Debt Payoff Date (DRS #2)

Welcome to the second post in the Debt Repayment Series! Check out my first post, The Importance of a Debt Repayment Plan.
Calculating your debt payoff date can seem overwhelming. In all fairness, it kind of is. It’s also simultaneously liberating and terrifying. But this is definitely a date you should find out and remember (and then probably attempt to move closer). My guess is if you’re reading this, you’re probably pretty committed to the idea of becoming debt free, or at least toying around with the idea.

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Debt Reduction Calculator | Friday Favorite

Honestly, I’m really surprised this wasn’t one of the first Friday Favorites I wrote. If you’ve read any of my debt-related posts, you’ve probably seen me pitch this Debt Reduction Calculator. Well today, I’m going to go in-depth about why I constantly recommend it. For the sake of abbreviation, I’ve going to reference it as DRC.
 
First of all, the DRC is freaking amazing. I use it to track my progress towards becoming debt-free. I love that I only had to enter the majority of the information once and then just update the principal balance and date.
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The Importance of a Debt Repayment Plan (DRS #1)

Developing a debt repayment plan is extremely important part of becoming debt-free. The repayment plan is your guide to how much money you will put towards your debt(s) on a monthly basis.
 

What is a debt repayment plan?

A debt repayment plan is an action plan for how you will tackle your debt and attain your ultimate goal of being debt free. This is everything from the total of all your debts to the order you will pay off your debts in to the amount of month you contribute to repayment monthly. Read more

New Series: Creating a Debt Repayment Plan

For the next several weeks, I’ll be writing a series about getting a handle on your finances to creating a debt repayment plan. The focus will be about budgeting, financial habits, and ultimately creating a plan of attack. My goal with this series is to help you get a better understanding of how you relate to your money and how to improve your finances.

What to Expect

  1. What it is and why it’s important
  2. How to calculate your debt pay-off date
  3. Common budgeting techniques
  4. The best way to apply extra payments
  5. Tips for controlling spending
  6. Making better financial choices
  7. Creating strong financial goals
  8. Putting it all together

When to Expect It

I’ll be posting series posts on Mondays mornings with some occasional Friday posts. All posts will be listed as part of the series (DRS #).

Preview: Why Having A Debt Repayment Plan is Important

Developing a debt repayment plan is extremely important part of becoming debt-free. The repayment plan is your guide to how much money you will put towards your debt(s) on a monthly basis.

What is a debt repayment plan?

A debt repayment plan is an action plan for how you will tackle your debt and attain your ultimate goal of being debt free. This is everything from the total of all your debts to the order you will pay off your debts in to the amount of month you contribute to repayment monthly.
I know a few people that are working towards become debt free because they feel the pressure and anxiety of being in debt. They are not comfortable being in debt. Unfortunately, many people have not addressed their debt situation and are ignoring the severity of it all.


 

Stay tuned for the full first post!
While you’re waiting, please check out these awesome posts:
The Avalanche Method vs. the Snowball Method
Why I’m Using the Avalanche Method
Driving Down Debt Using the Half Payment Method

Friday Favorites: Boxed

For those of you that have read my previous posts about my cash envelope system, you probably noticed I love me some Boxed. And if you haven’t checked in out, you definitely should. They have some great deals on both food and home supplies.

I consistently use Boxed at least every 4-6 weeks. I buy toilet paper, chia seeds, breakfast foods, tea, peanut butter, and snacks from there. They have a great selection that keeps growing!

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What I'm Reading: Life in Your Twenties

Welcome to this week’s list of articles I’m reading. Today’s list is obviously geared towards the other 20-somethings, but if that number doesn’t apply to you, you are definitely still welcome! Everything in today’s list could be beneficial to just about anyone.
This list is primarily finance-related, but there’s some other good stuff thrown in! Read more

Why I'm Using the Avalanche Method

There is a lot of support for the Snowball Method, including an abundance of success stories of people using this method to pay off their debt. But what about the Avalanche Method?
When you search for “Avalanche Method” or “Debt Avalanche,” there are very few articles solely about this method. The majority of what you will find are comparisons to the Snowball Method. Why is that the case?
These are things I frequently think to myself when I’m looking at Pinterest or Googling pay-down techniques. I love the Avalanche Method and it’s worked very well for me over the past two years.
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