Paychecks and Payments

This week I discussed trying to pay bills on time with one of my friends.  We were talking about getting paid twice per month and how it can be a challenge. We had slightly different reasons of why it's challenging but the one resounding reason is that it's hard to budget yourself and still have a spontaneous social life.

Over the years I've received my pay in several ways - Weekly, bi-weekly, semi-monthly, and monthly.  Of all of these types, I had the best experience with my budget, bills and on-time payments when I received my paycheck on a monthly basis in my last job in Nevada.  Why?  Because once I was paid for the month I'd sit down and write out all of my upcoming bills.  I'd pay my rent, do any car maintenance, pay my credit cards, etc.  Whatever was left was mine to manage for the next few weeks. It helped my credit score quite a bit because many of my bills were paid early and I always paid a little extra. Two great things to boost your FICO Score.

When I moved to Virginia, this semi-monthly pay was a hard pill to swallow. I had to think about how and when I would pay my bills. I had to maneuver varying "pay by dates", car insurance, credit card and rent payments.  Trying to figure out which pay period my payments would be taken from was trial and error - AND involved quite a few bouts of that horrendous feeling you get from seeing an insufficient funds notice from your bank! Aaack!!! That's not mentioning that I hadn't begun paying back my student loans - How would I manage a nearly $500 monthly student loan payment on top of a car payment that was just over $400? I have paid off my car since then, thankfully!

During the 6 years since I've started receiving my salary on a semi-monthly basis, it wasn't until this past year that I felt like I got it figured out. You really have to budget with more intention - It. Takes. Work.

What I had to do was look at my bills and see when the due dates were and balance them out as well as I could between pay periods. That required a couple of phone calls to companies to move some dates around.  Common sense, right? Now, if you've read my older entries, you know I've entered into a money management firm to deal with all of my creditors. Clearly what I was doing wasn't all that effective and I still ended up in trouble (Pay Day Loans anyone?). The experience of this all has lead me to having a better understanding of my money and myself.  Consequently, all those credit cards and lines of credit I once had have been closed. Not that I could have used them anyhow. They were all pretty much maxed out and even attempting to use them was a game in itself.

No one really teaches you how to be financially responsible. It's a skill most people learn through trial and error (and sometimes humongous errors). 

Which way do you receive your pay check? Do you have a specific plan to pay your bills on time?  If not, why don't you?

Continuing on my journey - and yes, it's the first of the month and I've already made my payments for this pay period. YAY!

Educated. Empower. Economize.

Fool Me Once...

This is a lesson on assessing the situation.

If you haven't guessed, money to spare is something I don't have these days. Without having a roommate currently, the wallet has gotten extremely lean. This is most likely due to my rash decision to pay the HVAC company $600 to "fix" my furnace by ridding it of "harmful" mold.  I use quotes because: 1. I have lived with this furnace for 4 years now and it hadn't been an issue. There's no mold in the house or on the walls that was a sign of anything wrong.  2. I really didn't have the money to pay them the $1200 they were asking for originally so they "lowered" the price. This should have been the real clue here. 3. I could have cleaned out that damn furnace myself with some soapy bleach water.  I am considering this a $600 (tough and expensive) lesson learned.

Fast forward to last Friday.  I realized my car inspection needed to be done prior to driving to West Virginia for a wedding so I headed to Midas - this is where I get my oil changes and the last three car inspections done. This was a 6 hour drive so I really just figured I'd be in an out with my new inspection sticker.  Wishful thinking.  The mechanic came in and told me that I needed to have the bushings on my sway bars replaced as well as the light bulb that lights up my license plate. I was thinking, "Okay. Bushing and a light blub can't possible be more than $150 bucks." 

The mechanic punched in a few things and then asked, "It's not a hybrid, is it?" and I replied, "No." 

"Good." the mechanic said.  "That would have made the price a lot more", he stated. 

I was relieved.  I knew I was good to go then.

"Well, your total is $302 for everything." he stated.

"$302!?  I don't have that kind of money. I'm going out of town right after all of this and that's all the money I have in the bank."

Then he said, "Well, I can throw in a $30 off coupon for you but that's the best I can do."

I told him I didn't have $272 either and that I will just have to worry about that when I got back from the trip.

The mechanic then stated that I have 15 days to fix the issues and gave me the estimate.

I left the building and got into my car, seeing the white inspection sticker pasted to the windshield. with the large rejection symbol on it.  I opened up the envelop with the estimate and saw the price breakdown.  $19.99 for labor to install a friggin' lightbulb????? You've got to be kidding me.   $172 for the labor of installing the new bushings.  I drove off that morning and continued my trip. I knew there had to be a better way.

I returned from my trip Sunday night determined to find a mechanic with better prices.  Located right next door to Midas  was Merchant Tire.  It is literally about 60 feet from Midas.  I walked in and told the woman what I needed done to pass inspection.  She also asked me if it were a hybrid.  She then stated that it would be $165 to replace the bushings and another $10 to replace the light bulb.

"Are you kidding me?" I said with excitement.  I told her how they were trying to charge me $300 for the same thing. 

She shook her head and said, "It's just bushings and a bulb. It shouldn't be that pricey."

I quickly informed her that she just won a new customer.

The lesson I learned from the situation with the furnace is to always wait to make a decision.  Businesses are always hoping to make something seem like an emergency when in fact, it isn't. An emergency is a flat tire that needs to be fixed. A brake system that isn't working properly.  A furnace that isn't working.

After shelling out $600 for something that I probably could have waited on, I vowed to never be fooled into thinking that everything is an urgent matter.  Everything can be sorted out if you remain calm and give consideration to what really needs to happen.

This lesson has most definitely been learned. And $125 remains in my bank account!

Educated. Empower. Economize.

Questions from a Blog Reader: Money Management Programs

Recently I had a reader ask me some questions related to the money management company that I am using to help me pay down my debt.  It was timely because another reader and friend of mine just told me that she has officially enrolled in the program to pay off her debt.  She is now going to pay off her debt in 4 years as opposed to 33 years!  This is all great news for them.

I asked the reader who asked the questions if I could post them along with my responses.  She agreed and I wanted to share them with my readers. She brought up some great questions that I believe everyone worries about when they're beginning to focus more on their financial health. Hopefully my responses will help others who may be deciding to take steps toward enrolling into a money management company.

How long was the process from the first conversation you had with the company until you committing to being part of the plan they proposed?  Do you pay the application fee and then they work with the creditors, and then they tell you how long it will take and how much the payments will be, etc.?  I guess what I am wondering is, if it doesn't sound like a good option for me, what's the point of no return, or when can I decide yes this sounds good or not?

The process could have started just as soon as I finished the counseling portion of the phone call.  Once you pay the application fee, you have to also pay the first installment which seemed like a lot to pay all at once. My issue was that I was never paying all of my bills on time. I'd skip payments so I was never selling out that much money.   The company will tell you the estimated amount you will pay and an estimate of how long it will take you to pay it off before you pay anything.  Once you pay the first installment it usually takes about a week or so before it hits your creditors.  Just know that the company will have contacted everyone once you paid, to let them know what you're doing because they are negotiating your new interest rates, which are generally lower.  You have to know that you will be told that being in the program, they will close all of those accounts that you give to them.  I kept one card (the one that I had the longest).   Ultimately, I say it's a good option for anyone... the real question is, "are you ready to live without using credit?". haha That's the tough part because so many of us are used to just pulling out a credit card for things.  I primarily live off cash now.  I can't even really say that the one card that I have is for emergencies. It has a $300 limit.  What I have learned is that without depending on credit cards and being more mindful of my budget, I have a lot more money than I had before. I have been putting money in savings and that's something I never did before.

Did you every consider bankruptcy? Or could you do that after doing this consolidation if for some reason you felt that was your best option?

I never considered bankruptcy because most of my debt is student loans (over $90K worth) and those don't go away with bankruptcy.  My hope is that when I eventually sell my house that I will make a good amount to pay a lot of that loan down.  The credit debt is less than $20K and is more like paying a car payment. Luckily I don't have a car payment anymore - plus that debt will be paid off in 2 1/2 more years. That's when I plan to sell my house.

You mentioned maintaining one card with a small limit even while in consolidation.  Do they work that out for you with one of your current card?  Or do you do that yourself?

The company may insist that you put all of your creditors into the program.  I had one card in full on collections so it really didn't matter whether I added them in the program or not. I did get to choose the card I wanted to keep and I choose the $300 limit one because I knew that I could never dig myself into the hole again.  If I really wanted to, I could pay off that balance in just a couple months time with diligence.   You can tell them that you want to keep one but they certainly tell you what the best method is. haha

Did you have any store specific cards?  Were those included in your consolidation?

I put all of my store cards on the program too.  Honestly, store cards are really bad cards to have anyway.  Their interest rates are typically higher and if you have a major card anyhow, you wouldn't need a store card.  That's just me preaching though. hahaha Sorry.  I've gotten so frugal that it's crazy.  I shop clearance racks like a champ! Clearance in the grocery store, clothing store, bakery, Starbucks, you name it.

Lastly, I know on your blog you talked about some expenses due to home ownership like a furnace, etc.  I am thinking in my head...what if while I'm in this consolidation program something bad happens with my car, God forbid, or something along those lines.  Since, you can't open any new lines of credit while you're in it, what would you do in that case?  This sounds so trivial!  Maybe you have savings, but I am trying to play through all the possible scenarios.  I realize this is probably the best thing for me either way, but I want to go in as informed as possible when I call them.

You're right! What do you do? That was one of my worries, too.  You'll be surprised how much money you can save just by looking into your options.  I started saving money as part of this 52 week money challenge I started with friends. You have to save for the "just in case".  That's pretty much the only way.  If my furnace broke down and I didn't have the money - I at least have space heaters or at worst, I could get a kerosene heater.  If the A/C broke down, well, I'd buy fans.  When I needed my furnace worked on, I have some savings so that helped.  Other things that might help is to really investigate what's available to you or what you can do to save money.  Is there a commuter plan at your job?  Maybe carpool?  Do you really need cable?  How about the gym membership? You can find ways to cut your utility bills.  If you have a smart phone, maybe it's time to put it on sabbatical until your bills are paid off (which has been a consideration for me). Cooking your meals at home instead of eating out is another option.  It seems really scary but once you commit to it you really do just find ways to make life work.  

One thing Suze Orman told me to do when I was on her show was to stop bowling in my league each week.  That's one piece of her advice that I didn't take.  I still bowl but I make room for it in my budget and adjust other things.  I keep my meals to $3 - $5 each during the week and that allows me to put some money in savings and to bowl.

It is most certainly a lifestyle change. 

Educate. Empower. Economize.

Being Financially Prepared.

This blog post is all about financial preparation.

I started the whole 52 Week Money Challenge at the beginning of the year. To date I have saved about $200. Not too shabby. I have been doing pretty good financially since being on The Suze Orman Show.  I had roommates. Paid off a bill. I'm planning to have another roommate in August and that will help even more. I was excited with the progress I've been making.

The progress of my bank account seemed to dwindle little by little in the month of May.  I think I got carefree and started old habits again.  Going out.  Drinking. Eating out. Not planning meals when I got to the grocery store.  Buying clothes that I don't need. I thought I had it all under control. However, I have dwindled my cushion of funds from $400 to $100. WHAT IN THE HECK???  In my head I thought I had about $200 in the bank.  Nope!  How did I find this out?  I bought a Groupon for duct cleaning in my home. They came by today to begin the process but checked out the furnace first.  The interior of the furnace was covered in mold! Mold that has been there for years according to the serviceman from the company. I've only lived here for 4 years.  How did the Home Inspector miss this?

The company told me what could happen if I didn't get it removed - and I was already well aware of that. I was also aware that it would probably cost a decent amount of money.  The look on my face surely showed concern because inside I was thinking, "Oh my God! How am I going to fix this?" Mind you, I already had planned a budget trip to New York City that I am leaving for tomorrow morning.  Needless to say - I had to figure something out quick, fast, and in a hurry! 

Had I not started this money challenge and the freelancing is picking up - otherwise I wouldn't have had the money.  Now that it's all of the mold cleanup is completed, I'm thinking, "Well, it's nice looking now and no mold. Thank goodness I have a three year warranty. But DAMN... $600???" After seeing the end result - it does look pretty awesome but I could have done that mess myself!

The lesson here?  Always save your coins! 

The other lesson?  Don't feel pressured by companies to do anything.  If it's not broke. Don't fix it right away.. .fix it eventually.

The moral of the story:  Make sure you think clearly and have a plan on how you would manage something that is unexpected.  June is going to be a tough month to get through. So it's time to hustle more freelancing opportunities and sell more items!  Need a graphic designer?  How about supporting me by buying a t-shirt?  Jewelry anyone?  It's time to get back to basics!

Until next time...

Educate. Empower. Economize.

52 Week Money Challenge - Doh!!

I have to make a confession. 

I haven't kept up with the 52 Week Money Challenge as well as I had hoped.  Honestly, I forget about it.  I need to make a habit of putting the money into the savings account as soon as I get paid.

Today, my balance is $160 whereas $231 is really where it needs to be.

If you're doing the 52 Week Money Challenge - How has your plan for saving been working? 

Time to tighten up the purse strings man bag strings if I want to make this trip to Europe happen!

Keeping my eyes on the prize.

Keepin' My Head Above Water

On my drive home from work I was thinkin', "What did people do before all of these credit cards?"  Then I thought, "Wait.  Credit has been around for ages.  What's happened is that people have learned to abuse the system and companies have learned to take advantage of those abusers."

It all makes me think of the theme song from Good Times.




I've been keeping my head above water. Making a way where I can.  There are no temporary layoffs, or easy-credit rip-offs. Just good old fashioned downsizing. Living without  roommates for about a month now doesn't allow for that extra income.  I also haven't used my credit card since my trip to Las Vegas in March.  Mind you, I only have one left after consolidating all of my credit debt (credit limit of $300). 

When I started thinking about all of this, I started thinking about how not having credit cards and relying on cash finds me with more cash each week - still being able to put money into the 52 Week Money Challenge. It has also helped that I have been getting hired to do freelance graphic design projects! 

One of the tricks I use is giving myself the, "Do I really need this?" assessment. It's actually helped me control my spending and  I only buy what's necessary and don't really go out on the town much.

This is truly a case where less truly is more... more money in my bank account.

Educate. Empower. Economize.

Roommates Make a Difference

Hey folks!  I'm back.  Yep, it's been a while and there's no excuse for that. But, hey... I'm here

writing. 

It's been nearly a month since my two roommates have moved out.  I would be lying if I said that I miss them.  What I miss is their money.  It's not that they were awful roommates.  They most definitely were not.  Probably the best roommates I've had since my senior year of college.  I just happen to like the solitude of the space in general. They weren't loud at all and it was definitely a treat to come home and have people to chat it up with for a bit then go out separate ways in the house.  I think what made the experience nice was that one of the renters is a friend of mine from my college days.  We already had a rapport.

Now that there's no more money coming in, I'm back to fitting the bills all alone. I have considered getting another roommate. I have a friend who is weighing his options with regard to signing a new lease or moving into my house in August. We get along well, so I don't foresee any problems.  Best of all, it would only be for 6 months!  I love a short term situation. 

Sometimes you just have to do things you're not completely comfortable with in order to get yourself out of another uncomfortable situation.  In hindsight, had I not took all of those student loans out I wouldn't be paying back nearly as much... Had I just sucked it up and paid the loans when they first went into repayment, I'd probably be paid off by now.  Had I not gotten all of these credit cards and paid them off only to run them up again, I'd probably not need a roommate. However, I did and this is my life and I am "handlin' my business".

So, you see, there is a nice span of time between now and August.  No extra money coming in and me trying to save money as well as pay all my bills during that entire time!  I'm still on target for paying off my credit card debt (haven't missed a single payment) and I have made every payment on my student loans without fail. 

What's a man to do to keep his head above water in the interim?  He gets his hustle on!  I'm clipping coupons and saving my coins!  Oh, and selling things online.   If you'd like to check out what I sell, visit Five Loves Artistry, Brilliant Banana Tees, or my Etsy shop!

As Prince wrote in his song, "America", "..may not be in the black. but (s)he's happy (s)he ain't in the red."

Any other money saving tips from readers are welcome!  

Vegas on a Budget Challenge: The Results

So yeah,  I went to Vegas.  I spent a lot of money.  More than I cared to, however I was able to stay close to budget!  Are you surprised?  I know I am.

Here's how it all went down.

I vowed to only spend $20 per day.  What I should have said was only spend $20 per day on food.  I think that's what I really meant to say. hahaha

My total expenses for this trip to the conference was:

$199.99 for the hotel for 8 nights (Yeah, a TRUE STEAL!).
$230.52 for food over 9 days.  My goal being to only spend $20 each day. I spent on average, $25.62 per day.
$313.72 on miscellaneous ($90 of this was in airport fees! Damn checked bags). Remaining $223.72 involved a taxi cab when I returned to Washington, D.C. a few shopping moments that included alcohol ($100.87) and $122.85 in spending money (some of which included some unnecessary gambling).

Overall - I think I fared pretty well!   Especially on the food front. Had I not gambled I would have done even better.

Would you have guessed that I'd spend more money spending 8 days in Las Vegas?

Whew!  I survived and I still have money in my account!

Educate. Empower. Economize.

Vegas on a Budget

In just two days I will be faced with a challenge.  That challenge being that I am going to Las Vegas and I don't have much money to spend on "stuff". If you keep up with this blog, you know that I am putting money away in my 52 Week Money Challenge.  Now, as I gear up for my trip to The Silver State, I face 8 nights of being surrounded by slot machines, alcohol and food.  While the alcohol is free (as long as I'm playing a slot machine or table game) the food is not.

Now, when it comes to food - I have a plan. That plan is more of a challenge. How can I stay in Las Vegas and attend this conference while spending $20 or less each day?  You know people at conferences are NO-NO-NO... NOTOOOOOOOOORIOUS for large group meals and trying to be on "baller" status. As Sweet Brown has said, "Ain't nobody got time for that!".

During the time I am away in Vegas, I will document my ability to stay within budget.  I already scored a hotel room on The Strip for $16 a night. The cool thing is that I lived in Vegas for 5 years - so I am aware of many of the cheap eats in town.  Let's hope for more amazing deals to come my way because this "Baller" is officially retired.

Viva Las Vegas!

Educate. Empower. Economize.

The First Cut is the Deepest

You'll probably hear me say this over and over in this blog.  You MUST face your financial truth.  I'm standing in front of my truth officially as of December.  I consulted a debt management company to help me dig out of the pit of financial hell that I've dug myself into. They are now working with my creditors to pay back my credit debt.  There is no more ducking and dodging the phone calls from bill collectors. No more avoiding opening the bills because of fear of what I already know is the truth - I owe too much damn money to companies.  Essentially, I work for them until it's all paid for.

When you enter into one of these repayment plans you have to document all of your expenses.  Sadly this was the first time, in all of my life of having my own money to spend, that I really accounted for what money came in and what money went out.  I was a little sick to my stomach. How on earth will I find the money to pay these people?

The company I went with to help me fix my mess was Money Management International.  They offer free credit counseling - and that's really the only thing that's free.  This is when you realize that anything of value has a value attached to it somewhere.  After being told is such a delightful way, that I would have these creditors paid off in 36 months, they informed me that there is a $75 application fee and a $40 a month maintenance fee for managing it all.  Honestly, once they got my interest rates lowered, it's still less that I would be paying if I did all of this myself. Add to the fact that I would probably still duck and dodge my creditors to try to seem as though I have money to buy frivolous things for myself such as Chipotle or cocktails.

After making all of these payments, this leaves me with approximately $ 320 per month for gas, groceries, medication, etc.  At first I thought, "How the hell am I going to do this?"  Now, I know how and budgeting has become a buzz word for me. Once you accept things as they are it becomes increasingly easy to live more simply.  If you need to create a budget on your own, there are many online versions available.  Mint.com has a great system that also syncs with your smart phone AND it's free!

While it was scary to take that step and commit to having over $300 a month taken out of my bank account automatically for credit debt (which is utterly ridiculous and I own that). That's not including my student loan payment that is now being repaid in the same manner, to the tune of $512 a month. Then there's the loan payment at $227. It's almost as overwhelming to think about now as it was when I was completing my budget spreadsheet in preparation for my appearance on the Suze Orman Show. ZOINKS!  Over $1000 a month in debt payments! It's painful. Thankfully my car is paid off or I'd be in an even bigger mess!

What steps have you taken to reduce your expenses?

Start a budget with Mint.

What's in Your Wallet?

One of the things that I find helpful in preventing me from spending money I don't have comes from the idea that Dave Ramsey presents - spending money out of envelopes. He suggests that you set aside envelopes with cash in them to track how much you spend. Using the "Cash Only" method is a great way to track your spending. I sometimes will carry only $20 in cash on me for the week and try to make it last all week.

 Sometimes carrying cash isn't all that helpful when you have to use a credit card for a purchase. Usually those are online purchases that present great deals on things. I have been using a pre-paid debit/credit card for a year now. I have 10% of my paycheck automatically moved to this card through direct deposit. This is the money that I use for random purchases I really don't need but just want. For example, a new pair of jeans or Starbucks Coffee. Setting a finite amount of money causes you to think differently about the purchases you make and it leaves the bulk of your money safe for bill paying. If you don't use all of the money each pay period then it carries over.

The card I use is The Suze Orman Approved Card - It was easy to set up and well, I've been a Suze Orman fan for years.  I am not endorsed by her but I do like her card for several reasons. 

1. I like how it can notify you of your spending and gives you a running tally of what's left.  You can set it up to text you after each purchase. I did turn mine off after a few weeks because it got a little annoying.  I opted for the emails instead.
2. To be able to set up different funds on the website is great!  Whether it's a vacation fund or a Christmas fund, you can set it up. Maybe this is where your carry over money goes each pay period.  
3. You've heard people mention having an emergency fund.  You can set that up here as well.  My 52 Week Money Challenge will be going into this. 

There are some things to know about The Approved Card.

• Monthly fee is $3.
• If you don't use Direct Deposit you will experience a lot of other fees.

EVERYONE AND THEIR GRANDMOTHERS seem to be on this prepaid debit/credit card idea. There is something lucrative about these cards or else celebrities and banks wouldn't be in on it. With so many choices,   I encourage you to do your research and figure out what would work best for you.  Everyone's needs are just a bit different.

Here is a SHORT list of a few banks/companies that offer them:

BB&T
Paypal
Green Dot
Rush Card
*Western Union
*Target Red Card 
*Blue Bird

Of the cards listed, the only ones that seems to be the better options are Western Union, Target Red Card and Blue Bird. Again, I stress to you - DO YOUR RESEARCH!   What works for one person will not work for everyone.

Educate. Empower. Economize.

A 52 Week Financial Challenge

As I settle into the new year I find that I have new optimism.  What was so scary about paying my bills, student loans and cutting back on my expenses to achieve all of that?  Hell if I know - but I do know this much to be true.  I AM STILL HERE!

Print the Challenge by clicking on image.

I was browsing my Facebook Newsfeed and came across a challenge to save money. It looks VERY interesting.  I mean, each week you put away the amount of money that relates to the week of the year it is.  Week one = $1. Week two = $2. Week three = $3 and so on. Okay. Okay.  Sounds easily until you're in week 42 and you think, "What in the hell?  Where am I going to get $42? Honestly, you can make it work and I will take on this challenge. I am tired of only having $5 in my savings account.  If it weren't necessary to have at least $5 in a savings account to have a bank account - I wouldn't have that much saved.

So, this Friday I will begin the challenge. I am still here. I am still paying my bills. I am still sure I can meet this challenge and actually save money. Who doesn't want $1378?

If you're up for the challenge, I'd love to hear from you throughout the experience. I'll be sharing my progress periodically.

Join my adventures on Facebook, too!

Educate. Empower. Economize.

He's Slicing and Dicing His Way to Financial Freedom

Necessity is the mother of invention. I needed to find a way to have more money to pay my debt.  Mind you, I have been avoiding making payments for years.  This means, had I paid the debt when I incurred the debt, I wouldn't be paying nearly as much as I am now.  My student loan debt wouldn't have gone from $65,000 to $90,000 had I not avoided repayment. The same is with credit cards.

There are several things I've done to reduce expenses and they are:

• Bring in a roommate
• Disconnect cable television
• Take the shuttle to work
• Limit spending at restaurants
• Cut the nightlife activities

Securing a Roommate: 
The first thing I tried was having a roommate. I didn't go as well with the last roommate in the beginning but we found a happy medium.  I also recognized that there are a few things I could have done differently when having a roommate.  1. Charge more.  I was not charging enough for the space. 2. Set the ground rules and expectations upfront. 3. Always maintain open dialogue.

I never charged enough for the space I was offering. I also never really used the money "properly".  While I had a roommate, I found myself taking out payday loans.  Why in the hell am I taking out a payday loan regularly when I have extra income coming in that didn't exist before?  So VERY ridiculous.

Round Two of securing a roommate - be sure to cover all of those items mentioned AND treat it as a business relationship.   I have secured a temporary roommate who will be signing a 3-month lease and I am charging the appropriate rent for this area. I will be using this new income wisely!

Disconnecting Cable:
Cable has become like a lifeline for people.  I recognize this as I found it very difficult to "disconnect" myself from the notion that I had to have cable.  Do you realize how much garbage is aired on TV? I went back and forth on whether to disconnect or not.  I anguished over not being able to watch TV programs that only aired on cable.    Prior to "cutting the cord", I did my research.  What would I need to still be able to see local television?  Now that local channels are aired digitally, did this mean I WOULD need cable?  A friend of mine informed me of using an OTA (Over the Air) Antenna.  Once I researched this more, I was sold!  Did you know that the local channels that are aired via a digital signal is picked up via the antenna?  I bet most people did not.  I made the jump and I survive on my FREE signal provided by my antenna and a Roku box - yes, I still have internet service only because I have an online business that I run and I justify it as an entertainment expense.

Before disconnecting, I was paying $125 a month for cable, phone and internet.  Bundled deals always seem to be the best way to go, so yes... I had the phone added for the extra $10 a month.  With cable being removed, I now pay $52 a month plus $7 for HULU Plus (which serves as a DVR for me because I can watch the shows I like whenever I want) and I also pay $8 a month for Netflix - I may ditch this because it's not necessary.  Altogether, my expenses are now $67 per month.

Commuting by Shuttle:
I've always known that there was a free shuttle that goes to my job.  I only considered it as an option if my car needed to go in the shop.  Well, my car went into the shop and I panicked and overlooked the shuttle as an option and looked to co-workers to help get me to work.  It wasn't until after my car was back in my possession that I realized I needed to utilize this financially-freeing goldmine of an opportunity! The shuttle picks up about a half-mile from my house (a 10-12 minute walk for me). By taking the shuttle 2 -3 times per week, I am essentially saving $20 - $30 a week.  AMAZIIIIIIIIIIIIING!  I fill up my tank once every 2 weeks now. I think I can cut costs even more.

Brown Bag Lunch:
I don't really put my lunches in a brown bag but I do bring my own lunch to work every day.  Before all of the reflection of my debt, I would eat lunch on campus once or twice a week, easily spending $7 or $8 (or more) on lunches each time.  My mantra for lunches now stands as this, "No lunch shall be over $5 and most should be closer to the $3 mark!".  It's worked for a while now.  Mostly eating bagged salads, canned soups and leftovers.  Lunch expenditures do not exceed $20 per week.

I LOVED the Nightlife:
And I liked to boogie, however, I like having money even more.  I used to think that I was missing out on something by not going out when friends would invite me.  Honestly, I am not missing anything and have everything else to gain.  I do get text messages each week that invite me to do things but I always turn them down.  I have to worry about making these payments - not about paying $5 - $8 per drink PLUS the tip!   When I did go out I would spend on average, $40.  This didn't include gasoline. Mind you, I live 30 miles from the nightlife. That racks up the total for a night out on the town to be roughly $60 in one night!  Then, when you're inebriated, you tend to make additional poor choices such as eating at a late-night restaurant. Even more money spent!

What are some of the ways you've reduced expenses?

Educate. Empower. Economize.