Category Archives: Motivation Station

Financial Forecasting: Using a Financial Aid Loan Calculator to Strategize your Debt Repayment Plan

Financial Forecasting: Using a Financial Aid Calculator to Look in to your Financial Future - Fun on a Budget Blog

When I was younger, I used to play this weird game in my own mind where I would try to guess exactly what my life would be like in X amount of days or X amount of years. For the most part, this quirky pasttime, which I later dubbed “Future Game”, consisted of me interrupting my typical daydreams (something monumental I’m sure, like contemplating where exactly I should part my hair) to ponder some bigger and more exciting unknowns: Where will I be living? What will I be thinking about? Who will I be with? Will I have met my husband yet—or even weirder, have I met him already and don’t even know it? Will I be in good shape and still have all working body parts? But my favorite question to ask was always this one:

If I could see the future me, how would present me feel?

photo credit: www.moreintelligentlife.com

Clearly, I am not and never will be a world renowned philosopher, but I still think that playing “Future Game” and musing over what is to come is an interesting way to get lost in thought.  As I was playing “Future Game” a few days ago—wait did I give you the impression I quit playing—oh, I’m sorry, I should have made it more obvious that “Future Game” was invented in my younger years and is still going strong!  I know, I know, everyone probably wishes they could hang out with me on the weekends now that the secret is out about how cool and exciting I am 😉 All jokes aside, I recently created a more fact-based variation of “Future Game” that I’m calling “Five Year Financial Future Game” (creative I know).  I  used a Financial Aid Loan Calculator to plug in the numbers for two different debt repayment strategies:

  • STRATEGY ONE: Making only Required Monthly Minimum Payments
  • STRATEGY TWO:  Making Monthly Minimum Payments AND Contributing as much Additional Money as Possible

If you are having any second thoughts—or no thoughts at all—about putting extra money towards your debt, then I suggest you play “Five Year Financial Future Game” too. The results were MUCH more DRAMATIC than I had anticipated. Here is what I found:

Making only Minimum Payments on my Debt for the next 5 years results in…

Me making minimal financial gains. If this is the route I choose to take, five years from today I will still be putting $616.59 towards my student loan debt every month. My total debt numbers will be lower, but essentially nothing else will have changed because I will still be 2.7 years away from escaping my biggest financial burden. Even worse, when it is all said and done, I will have paid over $12,000 in interest alone! That is nearly 1/3 of the total debt I owe. Ouch!!

Financial Foreasting: Using a Loan Calculator to Determine where you will be Financially 5 years from Today.

Financial Forewarning: Minimum Payments will only take you so far…You get what you give.

Paying as much Money as I can towards my debt over the next FIVE 1.5 years results in…

Me only being in debt for 1.5 more years! That is no joke, folks. By putting more than 50% of my income towards paying off my debt, five years from now my debt-paying days will be 3.5 years behind me, and I will have paid just $2,700 in interest (that is only 6% of my total debt).  In comparison to using the strategy of scraping by on minimum payments, paying off my debt faster will provide me with an additional 3.5 years to do whatever with the money that would have otherwise been going towards loan payments, and I will save $10,000 in interest alone! Retirement savings, vacations, home buying, college funds–you name it, and I have the extra funds to work towards it. Yes, please.

Financial Forecasting: Using a Financial Aid Calculator to Look in to your Financial Future - Fun on a Budget Blog

Playing the “Five Year Financial Future Game” helped me discover that when it comes to paying off debt, a lot can happen in just 5 years. If I work a little bit harder, spend a little lot less, and pay attention to where my money is going right now, I could be debt free before potential BIGGER expenses and limitations (ex: children, mortgage, etc.) have a more significant impact on my life. Using the Financial Aid Loan Calculator makes the “game” a reality and allowed me to see accurate financial forecasts for each debt repayment strategy. After seeing the major effect that today’s actions have on my financial future, “present me” just can’t stomach the thought of choosing some instant gratification over long-term success and comfort.  How could I crunch these numbers and not buckle down sooner rather than later?!?!

Actually doing the math and facing reality can be so eye-opening. Did you use the Financial Aid Loan Calculator to play the “FIVE Year Financial Future Game”? Does looking at your Financial Forecast have an impact on how you are choosing to pay back your debts now, and what is the main factor in how you have decided to eliminate debt?

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This post is linked up at Alex and Cassie’s Thrifty Thursday, at Living Well Spending Less, Financially Savvy Saturdays, and Frugal Friday.

Fun on a Budget’s Most Popular Posts of 2014

Most Loved Posts 2014 - Fun on a Budget Blog

As the year comes to a close, we thought it would be fun to share Fun on a Budget’s most popular posts of 2014.  The results are varied, which might mean we haven’t found our niche OR it might mean that our audience is just as varied as the top 10 most-viewed posts :) One thing is for sure—we won’t stop writing about beating the student loan system, rewarding and forgiving ourselves over financial triumphs and failures, planning and attending weddings, our own personal debt stories (for all you nosy people who like seeing those numbers–who doesn’t, right?), saving money on food expenses, and finding ways (and the money) to take enjoyable vacations.

We hope all the newbie readers enjoy what has been going on here at Fun on a Budget over the past year just as much as everyone else. As chosen by the readers themselves, here are the most popular posts of 2014.

10. What are You Packing in that Lunchbox?

5 lunches that taste good, keep you full, are easy to pack, and save you money. These examples can be altered in a variety of ways to create many different lunch options. Packing lunch and taking it to work does not mean you have to eat the same thing every day.

Over multiple years, your lunch-packing habit could help you save enough money to contribute a significant amount of cash into a savings account for a home, car, or college without making any other income or lifestyle changes.  So if packing your lunch and carrying it to work every day is so awesome, why isn’t everyone doing it?

9. Mythbusters: How to Make Your Debt Payments Count

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Paying extra on your student loans can make a big difference, especially if you allocate those payments the right way and make them count.

8. Healthy Staples for Less than $25 a Week

$25 of healthy staples

Through trial and error I have learned that there are THREE cardinal rules when it comes to consistently keeping healthy meals on the table without upping your grocery spending.  I am SO happy to share these rules because they also debunk one of the biggest myths out there regarding healthy eating (which also happens to be one of my biggest pet peeves). The next time you hear someone say, “I want to eat healthy, but it’s just too expensive,” you can flick them on the forehead, and then refer them to this website because they are wrong.

7. Six Fun Ways to Reward Yourself for Reaching Financial Goals

Mental breaks come in all shapes and sizes. My favorites come on yoga mats, with lots of pages, and in wine bottles.

Victories are a little bit better when they are followed by a party. Here are 6 fun ways to reward yourself for reaching financial goals without falling off the savvy-spending bandwagon.

6. How to Turn a Long Weekend into a 3 Day Cross Country Vacay on a Reasonable Budget

Destination-Arches

Traveling can seem impossible when you’re on a budget and working to meet long term financial goals, but it can be done and done well :) Here is how I left the freezing temperatures and snow covered ground of the Midwest to spend my holiday weekend basking in the desert sun for just $330.00.

5. My Life on a Budget: A Year in Review

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So, here we are one year later, and it just wouldn’t be right not to reflect on how being on a budget has impacted our lives, right? I must say that I originally assumed I would post about how my budget has impacted my debt only, but once I started taking a deeper look at all that has happened (or not happened) and changed over this past year, I realized that the debt numbers are only half of it :)

The link above and the picture link will take you to Brittany’s Year in Review, but if you want to see how being on a budget impacted Sam’s life too you can find that post HERE.

4. 15 Creative and Cheap Halloween Costumes

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Everybody wants a costume that makes the other ghouls and goblins cheer when they enter the room, but nobody wants to spend a fortune to get that recognition. Lucky for you, I’ve dug through the archives of the most creative and low income years of my life and am ready to share 15 creative and cheap Halloween costumes that will help you avoid being a party pooper at your next boo bash.

3. How to Deal when Debt Tests your Patience

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Paying off debt takes a lot of determination and in some cases a LOT of patience as well, but we are all human here and let’s be real–sometimes that patience wears thin. The question is, can it wear so thin that you decide to take your entire paycheck immediately after it’s deposited into your account and combine that with a “little” from your emergency savings in order to reach your goal? That doesn’t sound like the best idea, buuuut I did it anyway. ;)

2. Wedding Budget 101: A step-by-step guide to Wedding Budgets for the Financially Unprepared Bride to Be

wedding perspective

Here is how a completely financially unprepared Bride-to-Be can create a personalized budget and payment plan suitable for a paid in full, aisle-walking day of I Do’s.

1. 25 Reasons being in Debt Sucks

towels

Hi, my name is Brittany, and I am in debt...and it sucks. There are days in my life when I take a look at myself or my home and think, “Are you f@#!ing kidding me?” Because it’s hard to stay positive and pumped up about doing what’s best (and usually the most difficult) all the time, I present to you the current movie that has been on repeat in my brain for the past couple of weeks: 25 Reasons Being in Debt Sucks...hard.

As we wave goodbye to 2014 and embark on a new year we both wish you all the best and as always thank you for stopping by our little blog. If you are ever feeling nostalgic for your favorite financial mumbo jumbo, you can find all of these posts waiting for you on our Pinterest page and filed in our archives 😉

Happy Holidays!!

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 Brittany & Sam

photo Credit: quickmeme.com, www. theknot.com

Frugal Friday
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Brittany’s November Debt Progress Report

Heading Picture

The graph below summarizes my short term debt progress across all of my individual loans. The blue column represents my debt totals for individual loans as of November 1, 2014, and the green columns represent my debt totals for individual loans as of November 30, 2014. Looking at the debt progress in this format really emphasizes how paying more than the minimum has a significant impact on your debt decrease. My Great Lakes Student Loan 3 is my current focal loan, and I paid as much as I could above the minimum requirement in November. Because I used about half of the money I had left over at the end of the month to cushion my savings account as I prep for a wedding and travel expenses, the chunk I put towards my focal loan was smaller than usual.

individual loans

The bar graph below represents the long term and short term progress I have made on my overall debt. The grey bar represents my original total debt amount, the blue bar is my total debt one month ago, and the green bar shows how much debt I have today. Sometimes it’s hard to feel like you are making progress when you look at your BIG number on a month-to-month basis, but looking back to the beginning can remind you how far you have come.Total progress

Having ONE target loan will increase the rate at which you can pay off your debt and decrease the amount of money you will pay towards interest to help you become debt free sooner!

Because I was paying above the minimum monthly requirement on my focal loan, the percentage being paid towards interest was smaller—16% of my total payment went towards interest—than percentage being paid towards interest on my other loans—30%. You want to pay as much as possible toward the principal because that is what helps speed up the process of eliminating debt. Because my savings was higher in November, you’ll notice that the impact on interest was smaller than usual. The chart below gives you a visual representation of these numbers.

intesrest

Tell your Income Where to Go

The pie chart below summarizes where I delegated my earned income during the month of November. About 30% of my earned income went towards debt—that includes my minimum monthly payments and extra cash flow. Just below 52% went towards my living expenses (food, rent, etc.), and 18% of my earned income was put into long-term savings this month to prepare for holiday season travels and any surprise wedding expenses I haven’t considered in my budget. Much my my current dismay, I am staying on the safety train and continuing to build the wiggle room in my budget.

pie chart

November Roadblocks: I’m not paying as much towards my debt as I’d like to because of the extra savings I’m building for any last minute or surprise wedding/holiday expenses. At this point it’s really just that darn wedding that is holding me up. I think it’s worth it 😉 Jokes—I know it is worth it ♥ I also had a significant increase in living expenses in November because of the way we paid our rent. Basically we were just slowpokes, so instead of going halfsies like we usually do, I wrote a check for the full amount upfront and was “reimbursed” in cash later. With the upcoming merging of our lives and bank accounts the whole “reimbursement” seems a little silly; however we currently have separate bank accounts, and I wouldn’t have made it through the month without being “paid back”. Because of the rent snafu and my higher than usual saving habits, the amount of money I put toward debt was nearly halved.

November Dollar Hollllaaaaas: I didn’t create extra income, but I really kept my spending under control this month and was able to capitalize on a work trip by stretching it out into a weekend with Sam. Without the flexible thought and strategic use of my funds, I probably wouldn’t have been able to see Sam’s new home until next Spring or Summer–and we all know that is unacceptable in a friendship :)

For more information on how to gain control of your finances check out our info on Getting Started by clicking the link in the menu bar at the top of the page. How do you stay motivated and track your debt progress? Is it getting harder or easier now that the year is coming to a close?

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 Brittany

P.S.

My progress and other financially mindblowing 😉 (exaggerating a bit–lots of coffee this morning) posts are linked up over at *Part of Financially Savvy Saturdays on brokeGIRLrich* Head over and check them out!!

10 Reasons I’m Thankful for my Budget

This holiday season I’ve reflected on many things that I am grateful for, and at first glance a significant amount seemed to be completely unrelated to money. However, when I look a little closer and peel back a layer of the onion that is my life, I see that being on a budget has impacted all areas by really putting a spotlight on what I value most and pushing all the other distractions into the shadows (where they belong).

When you are forced to prioritize your life because you’ve decided to purposefully live on a budget, you start to see things you didn’t see before, increase the magnitude with which you appreciate all that is around you, and learn a whole lot about personal growth. It’s inevitable. My budget has freed me from preoccupations with material items and the opinions of others, and now I have the energy and openness to be Super Duper Supremely GRATEFUL for the best things in life.

Muchas gracias, Budget.  You deserve it.

MIles

A night spent grilling out and chatting about life with Sam is supreme quality for me and it’s FREE! For Miles, her dog, it may have felt like torture.

1) Increased Quality Interactions  Because I’m spending less money on things to use and events to go to, much more of my time is spent doing simple things to interact with others. When you only have each other (and sometimes one person’s cute little baby or lovable dog) to entertain you, your own personalities and best qualities have a chance to step up to the plate and make life fun.

2) Decreased Fear of Rejection By nature, I am not the world’s biggest fan of being told no or feeling like I’m inconveniencing others. It’s been a lifelong battle to put myself out there to face the possibility of rejection. A not so wise college friend (who was referring to asking a car rental company to let a group of 23 year old spring breakers rent vans to reach their destination) once uttered a phrase that I replay in my mind to this day when I consider not asking for something I want

“What’s the worst they can do? Say no and laugh in your face?”

That actually is the worst they can do, and really—that’s not so bad. When you are on a budget people are constantly teasing you or reminding you that you can’t do something with them because you “have no money” (which is false, but whatever, people are good at hearing what they want to hear) and this helps thicken your skin and decrease your concern with what other people think of you. If asking for a better deal, decreased price, more product for the price that is being charged is received with a laugh in my face and the big N-O, I can handle it. And if it’s not–score!

3) I’m less wasteful I’m convinced that the footprint I’m leaving behind has become much shallower since I’ve been on a budget. I’ve developed a strong aversion to wasting anything—printing paper, food, gas, paper towels, electricity, water—you name it, I’m trying hard not to waste it. It’s helping my wallet, but it’s good for our planet too.

Little things like my better half taking the time to make me a Saturday breakfast and me taking the time to follow with clean up are actually "big things" to me

Little things like my better half taking the time to make me a Saturday breakfast and me taking the time to follow with clean up are actually “big things” to me

4) “Little Things” become “Big Things” You know the saying, “It’s important to enjoy the little things in life,” but I think that being on a budget has shifted my perspective because those little things carry more weight now. Why shouldn’t they? It’s mega important to say something kind to a person you care about (or a person you don’t), go out of your way to help someone (even if it is just taking out the trash), or simply appreciate a day filled with nice weather. The previously conceived “little things” now make a BIG, fat positive impact on my day :)

5) Control over “Big Life” Stuff  Knowledge is power. Because I know where I stand monetarily each day, I no longer make monetary decisions that will put me in a position that takes away my own personal sense of control. I remember the feelings of complete helplessness I felt a few years ago when my car broke down and I was left with $600 for a down payment to replace it. I had no idea how to make a well-informed and responsible decision in that realm, and it scared me something real good. Never again my friends, never again.

travel

This picture was taken basically in the backyard of our $30 bungalow. Sure, we got the key from a sketchy convenience store below, but I’m still here to tell about it. Nothing beats falling asleep to the waves and drinking coconut water from coconuts you knocked down and chopped open yourselves on your practically private backyard beach.

6) Unique Travel Experiences Because money is an object, I travel differently now. Yes, I have missed out on many 5 star hotels, day trips to the spa, room service orders, fancy rental cars, and all inclusive resorts. Luckily I have gotten to stay in a $30 per night bungalow right on a white Costa Rican beach, spent my days hiking alongside waterfalls, eaten $5 local favorite meals, ridden the metro/bus solo, and spent my nights in the homes of residents in my travel destination and broadened my knowledge of their culture and lifestyle.

7) A Tangible Future Planning for the future is much simpler when I have an awareness of my capabilities. Knowing how much I can afford, the timeline for saving, when a big payment is looming, or when I can make a big life move/expense creates a vision for goals with a clear path. There are fewer questions of “if “and “when” because I know where I am right now, and what I need to do to get to get where I want to go.

8) Less Stress Before I get paid, I look at where I will be spending my money. For recurring payments, I plan for exact amounts and for special occasions I budget a reasonable estimate. I never have to worry about whether or not I will run out of money in order to pay for life’s expenses. Simply put: Because I plan how to spend my money, I don’t have to stress about spending too much money.

Taking advantage of perfect running weather instead of taking advantage of the flavor of the day helps me stay healthier and save money or spending opportunities with others.

Taking advantage of perfect running weather instead of taking advantage of the flavor of the day helps me stay healthier and save money for spending opportunities with others.

9) I’m Healthier Every dollar counts, but so does every hour of sleep and every piece of food you put into that beautiful machine otherwise known as your body. Because my “entertainment” money is a set number, unhealthy options like staying out late for drinks, ice cream shop stops, and convenient drive-thru foods take the backseat to healthier options that are more important to me. Now I save my money for opportunities to enjoy experiences or gifts with my friends and family whereas before I was more likely to indulge in several unhealthy solo spending adventures.

10) A Credible Excuse for Avoidance Sometimes people ask you to do things that you really do not want to do, and then you accept the invitations only to kick yourself in the tush later because you just wasted your time and money on something you don’t prioritize.  Why do that? If I tell people, “Thanks for invitation but that activity is not within my budget”, it’s easier for them to accept my decline because they know that it’s not because of my feelings towards them, it’s because of my own beliefs and preferences when it comes to spending money.

To all my friends out there: It’s not you, it’s me my budget.

😉

If the thought of living life on a budget and devising a plan for gaining control of your finances makes you choke on that turkey leg,  check out our Getting Started page by clicking the link in the menu bar at the top of the page and be sure to check  Sam’s latest post 7 Days to a  Simple Debt Payoff Plan if being in debt has your overwhelmed.

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Check out our post and other awesome financial insights on the Saturday Link Up!

I hope you all have a wonderful Thanksgiving celebrating all the things you are grateful for with the people you love most! Does anybody have exciting plans?

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 Brittany

7 Days to a Debt Payoff Plan

Starting your debt snowball or a plan to pay off debt, can be overwhelming, scary, and frustrating. Procrastination is a major roadblock for many people who are faced with the task of paying off debt because it can make a person feel like he is staring up to the summit of Mt. Everest and being asked to climb it!  If sitting down and trying to tackle the job of getting organized to pay off your debt makes you want to put on your tennis shoes and run in the opposite direction, you are not alone. I’ve been there too. That’s why I’ve come up with 7 days of “jobs” that will have your debt payoff plan feeling less like climbing Mt. Everest and more like stepping over an anthill :)

debt snowball defined7 Easy Steps to a Successful Debt Payoff Plan

Day 1: Gather it up. Find all of your student loan/debt paperwork (including the car, mortgage, etc.) and put it in one spot/folder/pile.

Day 2:  Protect it. Find all passwords, and create a word document labeled (something like “debt payoff”, “debt snowball”, “hello financial freedom”) for all of your usernames and passwords. Create accounts if you don’t have one.

Day 3: Get technical. Log on to all of your debt accounts. Make sure that you save them on your web browser as a “favorite” so you can easily click and go.

Day 4: Create your DEBT SNOWBALL. Either write down or start a word/excel document listing your debt totals in order from smallest to biggest. Include interest rates.

Day 5: Schedule it. Write on a paper calendar and in your phone all of your payment due dates. Set an alarm to alert you of a payment 2 days or 1 week before each payment is due to ensure on time payments and avoid fees.

Day 6: Plan ahead. Use your budget to decide when (month and year) you will make your first EXTRA payment.

Day 7: Easy access. Make a filing bin, cabinet, or folder for your debt paperwork ONLY! Put it in a spot that is easy to access. Most people are more willing to do something more often if it’s convenient (i.e. fast food, pre-packaged foods, etc.). Make it easy on yourself and make your debt snowball information easy to access and organized!

debt snowball picThere it is. In just 7 days you will go from, “I just pay the minimum and forget about it because it’s too overwhelming to look at” to “My first extra payment happens on 12/1”! Congratulations on taking years off of your total debt payoff time!

debt snowball congratulationsHow did you begin your debt snowball journey?

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Sam

10 Scary Facts about Debt

10 scary facts about debt

Halloween is just a few days away, and we couldn’t pass up the opportunity to get a little bit spooky this week. Don’t let these 10 Scary Facts about Debt become your own personal nightmare!

1. Currently, more than 40 million Americans hold student debt. The population with student loans is actually greater than the entire population of Canada, Poland, North Korea, Australia and more than 200 other countries. It’s also about four times greater than the population of Sweden.

2. The average American pays $600,000 in interest during his/her lifetime.

3. Forty-Three percent of all American families spend more than they earn each year.

4. The average age at which Americans expect to be debt free is 53 years old!

5. Seventy percent of college graduates in 2013 are graduating with debt.

6. The very last time the United States Federal government was completely debt-free was January 8, 1835. when Andrew Jackson was President.

7. If you have $10 in your pocket and no debts, you are wealthier than 25% of Americans.

8. In 2013, outstanding student loan balances reached more than $1.2 trillion, which is more than any other type of debt, except a mortgage.

9. A typical credit card purchase ends up costing 112 percent more than if cash were used.

10. Nine of 10 Americans claim credit card debt has never been a source of worry, but 47 percent would refuse to tell a friend how much they owe.

pumpkin butt

I tried to find some debt horror stories that would be worthy of campfire story telling but most of what I discovered online was more self-pitying that bone-chilling, so I guess we will end the list with a full moon dedicated to debt instead :)

You can also find this post on the Financially Savvy Saturday Link Up–along with some other great financial reads!

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Do you have a debt horror story? Please share it with us in the comments!

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♥ Brittany

Sources: 
1. http://www.forbes.com/sites/timworstall/2011/12/14/six-waltons-have-more-wealth-than-the-bottom-30-of-americans/
2. http://www.huffingtonpost.com/kyle-mccarthy/10-fun-facts-about-student-loan-debt_b_4639044.html
3. http://www.biblemoneymatters.com/being-normal-costs-an-average-of-600000-over-a-lifetime-heres-why-we-are-fighting-back/
4. http://www.cbn.com/700club/guests/bios/Howard_Dayton060506.aspx
5. http://www.creditcards.com/credit-card-news/credit-card-industry-facts-personal-debt-statistics-1276.php
6. http://www.fidelity.com/inside-fidelity/individual-investing/college-grads-surprised-by-student-debt-level-exceeds-35000
7. http://www.npr.org/blogs/money/2011/04/15/135423586/when-the-u-s-paid-off-the-entire-national-debt-and-why-it-didnt-last
8. http://www.brookings.edu/research/papers/2014/05/student-loan-debt-rising-gale-harris
9. http://thecoachnate.com/get-rid-of-the-broke-folks-in-your-life/
10. http://www.fiero.nl/cgi-bin/fiero/showThread.cgi?forum=Archive-000003&thread=20090907-6-053971&style=printable

Your Wishlist and Your Budget

We’ve all been there. Looking at a long list of “wants” that seem far away and totally out of reach. Sigh. I’m a big “Wishlist” person. I keep a list of items/activities that I want in my phone so that if I have some leftover spending money or when Holidays are coming up, I can refer to the wishlist of things that I’ve been wanting  but just haven’t scraped together enough spending money outside of my budget to pull the trigger on a purchase.

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Here are a few things that I do to keep my urge to shop for all the items on my wishlist and feelings of constant sacrifice at bay:

  • Narrow it Down. Edit your wishlist if it’s getting too long. It’s likely that there are several items on your list that you no longer want or you can push down toward the bottom. I go through my wishlist about once a month and I delete at LEAST one item from the list every time I check it.
  • Upcoming Holidays. Look ahead to see what holidays are coming soon. Christmas, Birthday’s, etc? Typically things on our wishlists are just “wants”, so it’s likely that we can wait a couple (or seven) months to get it as a gift and save ourselves from totally smashing our budget.
  • It Just HAS to Happen. What if you need it sooner? What if it’s something you can’t pass up? Ask yourself these questions:

1. Do I have money for it? 

2. Will I go into debt to get this?

3. Is this purchase worth decreasing the amount I can put toward debt this month?

If you answered “yes” for #1 & 3 and “no” for #2, maybe last minute tickets to a concert that a friend offered you won’t bust your financial plans or maybe your running shoes are so worn out that you slip on the gym floor and can see your socks through your shoes. Try not to make a habit of spending outside of your budget on wishlist items, but random events are materials may be worth if every once in a while.

If you answered “yes” for #2, STAY AWAY! SAY NO! Do not go into debt for wishlist purchases. Just plain old “NO”! Debt is not worth whatever it is that’s on  your wishlist. Start putting together a Christmas list and counting down the days!

You can find this article and more financial posts from some of our favorite bloggers over at the Savvy Saturday Link Up by clicking the button below!!

brokeGIRLrich

What’s on your wishlist? How do you keep your wishlist expenses in check? Let us know and leave a comment!

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Sam