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Hope’s Debt Update – May, 2024

Starting to see and feel the progress. But I didn’t hit my goals exactly. Here are the current numbers.

Debt Description	October, 2023 Total	Interest Rate	Minimum Payment	Current Total	Payoff Date (Est)
CC - Amazon	$1,497	29.99%	$48	$743	June, 2024
Personal Loan #1	$2,500	0%	$500 (beg April)	$1,000	July, 2024
Personal Loan #2	$2,500	0%	$500 (beg April)	$1,500	August, 2024
CC - Wander	$1,630	29.24%	$75	$1,605	September, 2024
Dad - New Furnace	$2,600	0%	$500 (beg July)	$2,600	December, 2024
CC - Frontier	$3,857	29.99%	$131	$3,530
CC - USAA	$5,000	19.15%	$135	$2,742
Car Loan	$19,581	12.69%	Gymnast Pays	$16,038
Student Loans	$22,121	2.875%	In Deferrment	$22,541
CC - Apple**	$500		Paid off every month	$0
CC - AMEX	$894	29.24%	$0	$0	Mar, 2024
CC - Sams	$1,106	29.99%	$0	$0	April, 2024
Total	$61,186		$1,389	$52,299

The Details

I realize it doesn’t look like I did too much this month. However, there are somethings that these numbers don’t tell you.

My USAA CC was paid off in it’s entirety, so no interest charged. But then turned around and used it, thus the balance is lower but still significant. But it didn’t cost me anything this month. Woot, woot! Details: My auto insurance is set to auto-draft from this account which is how it’s been for a long time, and takes care of the monthly payment too.

I had a list of car maintenance I needed to do which I have been slowly chipping away at. It has new filters (did it myself so no labor,) had the coolant service, the transmission service, the serpentine belt replace, and just have a couple more things to do. Hopefully by June, all the 100K maintenance things will be ticked off. Just a sidenote: always check your mechanics bill. I am supposed to get free tire rotations since I purchased the tires from them (a couple years back.) They charged me for it this time and I didn’t catch it. It’s a pain to try to get a refund especially since an hour’s drive there so dealing with it over the phone.

Focus on Savings

Beauty and I had some money talks this week. She’s itching to get a car again, get out on her own again. Thankfully she’s slowing down and trying to make better decisions this time around. She’s more willing to listen. And she’s savings, albeit forced by me. But I believe she’s seeing how easy it is and how much confidence it gives her. And how it doesn’t hurt to save. You’ve just got to do it. I’m so proud of her.

On the other hand, I need to take my own advice, and slow down too. I’ve got to save better!

Princess and Gymnast (and the twins even) were forced to save 10% of all their income growing up. And as of right now, I would say that lesson has stuck a bit, especially with the younger two. They are doing so well on their own with their money. I can honestly say, they both know more about money at 18 and 19, then I did at 30-40. Giving myself a pat on the back for that. Their eyes are wide open. And this case knowledge truly is power.

But, back to me…

For the last couple of months, my focus has been digging out of my hole from the last year. And I’ve failed miserably to save.

But that stops now. With my next income…June, I plan to implement the same rule on myself. 10% of all income will go right into savings, not to be touched. This means, my debt pay off will slow down just a little bit. But I will build that cushion/safety net back up.

That’s where we are at now.

Work

Work is holding steady. I absolutely LOVE both of my jobs. And I’m feeling pretty confident that my 6 month contract will get extended. The owner asked me last week what I was wanting to go full time. So we shall see!? Keeping my fingers crossed.

Hope

Hope is a creative, solutions-focused business manager helping clients grow their business and work more efficiently by leveraging expertise in project management, digital marketing, & tech solutions. She’s recently become an empty nester as her 5 foster/adoptive kids have spread their wings. She lives with her 5 dogs in a small town in NE Georgia and prefers the mountains to the beaches any day. She struggles with the travel bug and is doing her best to help each of her kids as their finish schooling and become independent (but it’s hard!) She has run her own consulting company for almost twenty years! Hope began sharing her journey with the BAD community in the Spring of 2015 and feels like she has finally in a place to really focus on making wise financial decisions.

How to Spend Wisely On Your Business

by Semify

One of the most important things to focus on if you want to run a successful business is money management. This entails tracking your business finances to see how much you’re making and how much you’re spending. Based on this, you can create a realistic budget that will govern your business operations and make it easier for you to make the best call with your business funds. Because expenditures can get out of hand without some planning and knowledge, here’s how to spend wisely on your business.

Pick Bundled Services Whenever Possible

The first thing that you should do is to always pick bundled services when you go shopping for services. These services include things like website hosting, fax, cable, internet, and phone service. When you bundle a number of services that you need from the same company, they can offer you a discount. This way, you’re going to save a considerable amount of money a year, and this will add up over time while keeping you updated on the services that you need. Choose reliable service providers so that you can be sure you’re getting the quality that you need to keep your business running. This is especially true for internet and website hosting, since 53.3% of all website traffic actually comes from organic search, according to Ahrefs.

Take Care of Your Business Assets

Don’t forget to take care of your business assets, since repairing and replacing these will cost you money that could have been used elsewhere. Some of these assets are things like the air conditioner, which is one of the most-used appliances in the typical space. For this particular appliance, you’ll need to find a solution in case of a breakdown so that the business can keep running optimally. Something like a space heater could work as it’s used to instantly heat up a small space, according to Murdoch’s Ranch & Home Supply. These are a solution for heating 130 to 150 square-foot rooms, like a small living room or even a bedroom. To avoid such scenarios, it’s best to service and maintain your business appliances and other physical assets so that they don’t force you to spend extra money.

Ask for Discounts

Don’t forget to always ask for a discount from your suppliers and service providers. This is because there may be an amount that’s possible to save in most cases, but you have to ask about the best price before it can be given to you. You can do this for all your business needs, including plumbing, with the plumbing industry employing more than 565,000 individuals, according to Home Sprig. Your regular plumber may be able to grant you a discount for continued services, and they could also save some money by requesting for discounts when buying parts and fixtures that you need for your business.

Hire a Financial Advisor

Finances can be hard to manage for an individual, and this means that it’s significantly harder to manage them for a business. In this case, you can benefit immensely from hiring a financial advisor to help you with your business decisions. They’ll have the experience that it takes to help you make the right decisions in terms of how to track and manage your profits and expenses.

Use Less Paper

Finally, going paperless can end up saving you money and also making your business more sustainable. This will save you a lot in terms of appliances like a printer in terms of their purchase and maintenance. That said, think about how to make your office memos, advertisements, and even invoices more purely digital so that you can reap the benefits of doing so.

These are some good money management tips that can help you spend wisely on your business. By putting them into practice, you can increase your savings and be able to put even more measures into place. Plan for each change that you intend to make so that you can get it done in the best possible way.