Month: October 2018

Have you ever checked in to see if you are on track for retirement? I know this can feel like a daunting task, but preparing yourself for retirement can help you save more and avoid common retirement mistakes.

For some, retirement means quitting their job after 40+ years, but it can also mean working towards early retirement, in your 20’s, 30’s, 40’s, and so on.

I know that’s not for the “average” American, but by avoiding some of the retirement mistakes I will talk about today, you can start preparing for retirement at any age.

The thing about retirement is that sadly many out there are not saving enough money. In fact, according to Zacks Investment Research, 72% do not save enough for retirement each month.

Also, according to surveys done by Bankrate, 20% of people aren’t saving any money, and 61% of Americans have no idea what they will need to save for retirement.

These numbers are very alarming.

Saving money in general is an important thing to do, but if you don’t want to work for the rest of your life, saving for retirement should be something that you are thinking about. And, I believe that saving for retirement is possible if you start working towards it and avoid retirement mistakes when it comes to planning and saving.

While many believe the economy ruins their chances for retirement, in reality most retirement mistakes come from specific beliefs people have about retirement. Some of these beliefs come from expectations of what their budget will be during retirement, that they can rely on their pension or social security, and more.

There are many reasons for why a person might not be saving for retirement, and by looking at the various retirement mistakes you might be making, I feel that more people can be aware of and overcome their retirement preparation problems.

Here are five retirement mistakes and how they might be hurting your chances for retirement:

 

1. You ignore saving for retirement altogether.

Many people skip out on saving for retirement for several reasons, including:

• Believing you don’t have enough money to save for retirement.
• Thinking that you’re too young to care about retirement or that it’s too late to start.
• Relying too much on pensions and social security.

No matter how young or how old you are, you should be saving and preparing for retirement. You never know when you will need it, and I am all for a person being in charge of their own retirement plan instead of relying too much on other sources of retirement (such as relying on social security 100%).

Millennials are especially at risk and according to an article by Business Insider, a shocking 40% of millennials have nothing saved for retirement. This is a scary number because these people will all have to retire one day and I’m not sure what they will do when the time comes.

But, it isn’t just young people who aren’t saving for retirement. Bankrate found that only 60% of people aged 45-54 have some type of retirement savings. You can read more crazy retirement statistics here.

It is important to realize that part of the reason for these low savings rates is that many are currently living paycheck to paycheck, which makes it hard to even approach saving for retirement. Fortunately, you can start investing with very little money, and you can learn how to start investing for beginners if you are wanting to start planning for retirement.

There is never a bad time to start saving for retirement, and you can correct this retirement mistake by starting today.

Side note: I highly recommend that you check out Personal Capital if you are interested in gaining control of your financial situation. Personal Capital allows you to aggregate your financial accounts so that you can easily see your financial situation. You can connect your mortgage, bank accounts, credit card accounts, investment accounts, retirement accounts, and more. And, it’s FREE!

 

2. You take on debt for others and don’t think about your future.

I talked about this topic in the post Should I Ruin My Retirement By Helping My Child Through College? This is a hard thing for a lot of parents especially as student loans are out of control, and I am hearing from parents nearly every week saying that they cannot afford to retire because they are paying for their child to go to college.

If this is your situation, I want you to STOP making this one of your retirement mistakes. Unless you are on track for retirement, I honestly think you need to seriously start prioritizing your future. Your child will be fine without your monetary support.

There are lots of ways to support your child through school that don’t involve leveraging your future for their education. You can help them find a job, find scholarships, be an emotional support, and more.

You can take out loans for college, but you cannot take out loans for retirement.

 

3. You think you’ll never have to retire.

Recently, I read an article about someone who made hundreds of thousands of dollars a year, had a monthly budget of around $30,000 (yes, MONTHLY!), and yet hardly saved anything. This person said they didn’t really feel the need to save for retirement because they enjoyed their job so much. That’s just crazy!

See, even wealthy people make retirement mistakes.

Assuming you will love your job forever can be a huge mistake. While it’s great that you love your job now, it’s hard to judge what you will love decades down the line.

Also, you never know if something will come up in the future that will completely prevent you from working, such as a medical issue or some sort of major life change. Beyond realizing that you will need to prepare for retirement, an emergency fund should be something you already have or are working on – emergency funds are there to protect you from the what-ifs.

Related articles:

 

4. You miscalculate how much money you’ll spend in retirement.

For some reason, many people just assume they will spend less money in retirement, but that is not always the case.

While you might find some ways to save money on things like commuting expenses, work clothes, lunch if you weren’t bringing it, you will probably experience a very similar budget to the one you had while working.

You are still going to spend money on housing (even if you pay off your home completely, you will still need to pay property taxes, utility bills, etc.), food, clothing, entertainment, and so on.

Many retirees also take up new hobbies or activities. And, some retirees just have more time to pursue things they’ve already been doing, which can add up to a lot of extra expenses.

Plus, medical expenses may come up, you might decide to travel more, and like I said, the truth is that retirement spending is not usually much different than what you are currently spending.

Some make plans to become super frugal after they enter retirement, but life doesn’t always work out so perfectly. To make sure this isn’t one of the retirement mistakes you are making, I recommend starting to cut down your budget now.

By living frugally before you retire, you will be able to save more, will have less expenses going into retirement (the less money you spend, the less you need in the future), and you might even reach retirement sooner. Really, if you cut your spending now and become more frugal, you will be used to living with less. I’ve been living a more frugal and minimalist lifestyle since we moved onto our boat, and it can be a life changing thing.

 

5. You use your retirement funds for expenses other than retirement.

This is one of the worst money mistakes out there, and unfortunately many young people are making it. I’ve actually heard far too many stories about people taking money out of their retirement funds in order to pay for a vacation, a timeshare, pay off low interest debt, and more.

When preparing for retirement, this is a HUGE mistake.

While I don’t know everything about taking money out of retirement funds, I do know that this can usually hurt you more in the long run. Taking funds out of a retirement account can lead to large penalties and paying extra towards taxes.

The other thing about saving for retirement is that the longer you have funds invested, the more you will have for retirement. Compound interest is a powerful thing, and if you are taking money out of your retirement account it means that you don’t get the full benefit of it.

You should always just use your retirement funds purely for retirement. If you are struggling with debt or need help differentiating between wants and needs, it’s time to make a change. Don’t wreck your future by making this huge retirement mistake.

What retirement mistakes have you seen? Do you think you will have enough money to retire and how are you preparing for retirement? What age do you expect to retire?

Welcome to September 2018’s business income report where I show you how I made money online last month. It’s time to look at this month’s update and see how I did.

If you’re new to Making Sense of Cents, you may be wondering why I would want to publish my income report each month. You can simply skip to the next section if you’re not new here.

This all started out as my extra income report because, in the beginning, it was all about the money I was earning from my side jobs. In my side income reports from the beginning, I included all of the income I made except for what I made at my day job.

However, I left my day job as a financial analyst in October of 2013 and now my monthly income reports consist of the many ways I earn a living.

Many have asked why I would ever want to publicly post my income each month. Some think I’m crazy, whereas some are glad I’m open about what I’m doing. Whatever you think, I enjoy publishing my monthly online income reports and I share them publicly for three main reasons:

1. Before I started blogging, I knew nothing about side hustling and making money online. I didn’t think side jobs were worth the effort and I thought the only way to significantly increase your income was through raises at your full-time job. If it weren’t for others publishing their monthly income reports, I don’t know if I would have ever tried side hustling. I want to help show others the positives in side hustling and how it can change a person’s life. There are many different ways to make money online, and I like to share my story each month to help motivate others to improve their financial situation by making more money.
2. Secondly, I like to publish my income reports because it’s a way for me to look back, learn from my mistakes and actually see what areas need improvement. I use my monthly income reports as a way to track how I’ve done and I treat it sort of like a journal.
3. Lastly, I like to show others that making side money is possible and that there are many legitimate ways to make money from your home. If you are looking for information on the many ways to make money online, I published the article Monthly Income Report Roundup that showcases many successful bloggers who are kind enough to share their income with the public each month.

I know I say this every month, but it’s the truth. Life is great now that I’m my own boss and a full-time blogger. I look forward to each and every day and it’s a wonderful feeling. I truly love waking up every single morning.

Above are just a few of the reasons for why I enjoy publishing my monthly income reports. I like to show others that you don’t have to hate your job and hate your life. You can make changes to your life and make money in a way that allows you to truly enjoy the life you are living. I’m not saying that you have to LOVE your job, I’m just saying that your job should, at least, allow you to do what you like to do outside of work (whether that be spending time with loved ones, painting, hiking, etc.).

 

How was business income in September of 2018?

I earned $104,814 blogging and online in September of 2018, before expenses.

September was a great month for Making Sense of Cents and the whole blogging business. I earned a great income and enjoyed my month.

I feel like I’ve been working less and less, and yet income is still staying at a great level, which is a really great feeling. It’s great to know that all of that hard work that I put in throughout the years is paying off, which is allowing me to better improve my work/life balance.

I don’t think I spent more than 10 hours working each week in September, which was nice but I definitely miss working!

I have big plans for the rest of the year, but I need to buckle down and actually start working. I think I’m actually going to get a planner soon and be more organized, haha! Does anyone recommend a good monthly calendar? Something simple – I just need something to organize my months. I’ve just always used my phone, but I’m starting to think that writing it down will be better so that I can see it all without having to click everywhere.

The last few months have seen a similar income level (around $100,000) due to the normal summer blogging slump. It should pick up again sometime around the fall. This is for many reasons such as me just being busier over the last few months (we had visitors almost all of July and August, and we have been away from the boat a lot so far this fall already), as well as the summer months usually just being a little bit slower for personal finance websites.

Currently, I am working on creating my next blogging-related product to sell, which will be about how to earn money through sponsored posts on a blog. You can sign up for the waitlist here. I was supposed to launch this earlier in 2018, but since we found the boat sooner than expected, I haven’t had much time to work on it. Things should become more “normal” with the boat soon, which means that things may start to slow down (they won’t slow down completely but that’s just #boatlife for ya!).

Anyway, to get back to my monthly income…

I never thought that I would ever earn over $1,000,000 a year, especially with a blogging business.

While my income levels are high, I do want everyone to remember that I started at $0 a month and have grown my income to where it’s at now through a lot of hard work.

Before you think that $100 or even $1,000 is out of your league, you should remember that it is not!

I, myself, used to think that it would be great to one day earn $1,000 online and through my blog. I looked up to many bloggers who were earning over $10,000 a month, and I thought it was impossible.

Now, I’m here to show everyone that it is possible! Through hard work and dedication, you never know where life may lead you.

As you can see, September was another great month. It was great on all fronts – blogging, course-wise, life, and everything else. The business is doing well and I’m very happy with it. I’ve been catching myself saying “Life is really good” a LOT. And, I truly mean it. Life is really good!

My business is growing, I have tons of amazing ideas for this year, and I am very excited about everything. I really love my business and I don’t know where I would be without it.

My Making Sense of Affiliate Marketing course is still doing very well as I had many new students join the course recently. It’s still not showing any signs of slowing down – and this is still without any guest posts, webinars, etc.

If you are interested in starting a blog of your own, I created a tutorial that will help you start a blog of your own for cheap, starting at only $2.75 per month (this low price is only through my link) for blog hosting. In addition to the low pricing, you will receive a free website domain (a $15 value) through my Bluehost link if you purchase, at least, 12 months of blog hosting. FYI, if you are asking yourself “can you make money blogging?” – my top tip is to be self-hosted. This is essential if you want to monetize your blog as you will appear more professional and this will help you monetize your blog tremendously. My blogging income did not take off until after I switched to self-hosted WordPress.

Blog news – 5 Year Self-Employment Anniversary!

Fall marks 5 years since I left my day job to blog full-time!

I cannot believe that it’s been 5 years since I worked at my old day job. In fact, I keep looking at the dates because it just does not feel like it’s been 5 years. In some ways, it feels much longer than 5, and in other ways, it feels like I just started blogging full-time (it’s crazy how quickly life can pass you by!).

In case you are new here, I used to work as an analyst at an investment banking and valuation firm. I chugged along working the 8-5 Monday through Friday and didn’t see myself having a fun future there. I had a stressful job filled with lots of deadlines and responsibilities that just didn’t interest me.

Life is completely different now. I look forward to each and every single day of work – I actually look forward to Mondays now.

So much has changed in the last 5 years as well. Just around 5 years ago, I had just paid off my student loan debt, but still had a mortgage, car loans, and more.

Now, I am financially independent, I can retire whenever I want, I travel full-time, have wonderful friends and family surrounding me, have a great business, and I love life! I thought life was good back then, so that makes me even more excited for the next 5 years.

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Anyway, I attended FinCon (a financial media conference) in September, and it was a great time. I will be talking more about FinCon in the Featured Question below.

September was another extremely busy month for us (I can’t wait until I can stop saying that, haha!). We closed on our sailing catamaran in May and have been working on something boat-related the majority of pretty much every single day. Things will slow down eventually, but there is definitely a lot of stuff to do when you buy a boat and move onto it!

And, I know that the craziness of living on a boat has only just started. Due to this, I’m working on getting further ahead with more content. I realize that we will be extremely busy getting the hang of everything, so being ahead in content is key right now so that I can focus as much time as I can towards #boatlife.

Overall, traffic for the month was around 500,000 page views.

Below are several other business and blog-related updates:

• I am creating a new series where I will help readers with specific financial questions, and tutorials to go along with them. Topics such as: How to open a bank account, How to write a check, Finding an online bank, Building and creating an investment account, etc. What other topics would you like to see me cover?
• I am thinking about adding some sort of group coaching session to my business sometime in the future. While I used to do individual coaching, my time was limited. Group coaching would allow me to help more people and to also create a great support group for bloggers.
• My community group for Making Sense of Cents is continuing to grow. This is a Facebook group in which you can seek advice from other readers on all sorts of topics such as finance, blogging, travel, running a business, and so on. There are already over 13,000 members!
• I released my How To Start A Blog FREE Course. If you’ve been wanting to start a blog, then check this out. I created this email course for those who are interested in starting a blog, but haven’t done so yet. The course is free, and over 40,000 people have already signed up. Thank you, everyone, for the kind emails about how great the course is. Glad everyone is enjoying it!
• Due to how well my first free course went, I also created the free Master Your Money email course. It’s full of great money management lessons and financial worksheets (such as a free budget template), and I’m loving the positive response from this email course as well.

Just a quick note before we continue. I created a time-saving cheat sheet that can help you increase your affiliate income. Sign up below!

Popular new posts on Making Sense of Cents last month:

 

Featured Question: What are the top things you’ve learned recently?

I feature one question from a reader in each monthly income report. Please leave a comment below if you have a question that you would like me to answer. 

I attended FinCon in September, and it is my favorite blogging conference. I have attended 6 times and already bought my ticket for next year.

I learn a lot at FinCon every single year, which is why I love attending.

And, it’s not just the sessions that I am learning from (those are great too!), but it’s from talking to other bloggers, money experts, and everyone else who attends FinCon (they are a very smart bunch).

So, what’s the top thing I learned from FinCon this year?

I learned from FinCon this year that… I just want to blog and it’s okay.

So many people have so many big and amazing goals such as having a talk show, becoming a famous public speaker, having an uber successful multi-million dollar business with tons of employees, and more, but I’ve learned that I’m extremely happy where I am. Don’t get me wrong, these are all great goals and I’m so glad that I’m surrounded by so many amazing people.

I’ve realized, though, that it’s just not for me and it doesn’t align with my goals and the life that I want to live. Success can have so many different forms, and for me, I am deathly terrified of public speaking so I just don’t see that as something I want to do, haha! I also know that I don’t want to run a huge company – I like my small team.

I bring this up because I receive emails all the time from bloggers and readers asking me when I’ll start public speaking, when I’ll start hiring 50 employees, and so and so on. And, I’ve been judged negatively for not doing these things.

While things may, of course, change in the future (and I’m sure they will, haha), right now I just plan on working on what I’m currently working on, and just enjoying the path that I am on.

I think I’m going to talk about this more in its own separate blog post. About how I’m slowing down and enjoying life.

I should say that I still have plenty of ideas that I learned from FinCon such as how to better manage my email inbox. I receive around 1,000 emails a day and I pride myself on the fact that I answer all of them, but it’s getting to the point where I don’t think I can do that anymore due to lack of time and to keep my sanity. Another idea is that I want to start creating more printables for my readers, both for money management and for blogging.

Past featured questions:

 

My plans for my blog and my business.

Plans and goals can help you run a successful business. I believe that working towards a goal can help keep a person motivated too.

Below are some of the areas I am currently working on:

• Get at least three months ahead on Making Sense of Cents posts. I am currently less than one month ahead. I’ve definitely fallen behind ever since we got the boat! I plan on using October to catch back up in content and I already have sent several articles to my editor for editing (over 10!). Being ahead in content makes life much more enjoyable because I can focus on other things knowing that the majority of my writing work is already done.
• Create two more products to sell. In 2016, I created Making Sense of Affiliate Marketing, and that has completely changed my life and my business. I want to create two more products to sell in 2018 so that I can continue to diversify my income. I have some plans in store and I’m excited to finally start creating more products!
• Grow to 150,000 email subscribers. I’m hoping to see at least 150,000 email subscribers by the end of 2018.
• Work less than 20 hours per week. For the most part, I am working less than 40 hours per week. However, there are some weeks when I spend all day and night on the laptop, not even sure where the day went. Due to that, I would like to continue to work on a better work/life balance.
• Have fun. Okay, so this isn’t really a goal that is quantifiable or something that I’ll track, haha, but I am really looking forward to the rest of 2018 and beyond! ?

 

Affiliate income results.

In September of 2018, I earned $65,438 in affiliate income, as outlined earlier in this blog income report.

I have some ideas and plans to improve affiliate income further over the next several months. Soon, we will be done outfitting our sailboat, will be leaving the marina that we are currently at, and will start cruising full-time (sailing and not staying in one place). And, when that happens, internet won’t be as reliable and I’ll be much busier dedicating my life to living on the boat, so being able to earn more passive income will be wonderful.

Earning affiliate income is something that I’m extremely grateful for, especially lately. We have been so busy the last several months and I haven’t spent as much time towards the business as I would normally like.

Even though I am spending less time on the business, I am still earning a great income each month and this allows me to focus on a better work-life balance.

I’m a very big fan of affiliate income, of course. It’s something that I enjoy due to how passive it can be. It makes full-time traveling much more enjoyable when I know I can bring in an income while having fun seeing new areas.

As I always say, blogging income is not dependent on page views. Even brand new bloggers can make money through affiliate marketing. If you know the correct way to promote a product, you can succeed at affiliate marketing. This is one of the main things I teach in my Making Sense of Affiliate Marketing course.

My affiliate marketing course went live in July of 2016. I’ve already had over 5,000 people enroll in the course, and I’d love to have you as a student as well!

In the course Making Sense of Affiliate Marketing, there are 6 modules, over 30 lessons, several worksheets, bonuses, an extremely helpful and exclusive Facebook group, and more. I go through everything that you need to know about affiliate marketing, such as:

• A quick introduction to affiliate marketing and how it works
• The benefits of affiliate marketing
• The exact steps I’ve taken to earn over $500,000 from a single blog post
• How to correctly pick affiliate products to promote
• The steps to increase your conversion rate
• 80+ affiliate program ideas for different niches
• How to build trust with your readers (this is a MUST!)
• The required disclosures you need to know about
• The major tool you need for affiliate marketing
• The many different strategies to promote your affiliate links

My course is anything and everything about affiliate marketing. This course is perfect for you whether you are a new blogger or if you’ve been blogging for years, no matter what topic your blog is about, what country you live in, and so on.

I wrote this course so that it would benefit everyone, and there is so much to learn from it.

Financial infidelity is a real thing. It can ruin relationships and financially devastate families. You’ve probably heard stories of people hiding accounts, buying big ticket items without their partner’s knowledge, or cleaning out a joint bank account. Infidelity ruins trust and robs the relationship of financial stability and security.

But what happens if you’re the one who’s been unfaithful? How do you correct the issue and change course? And most importantly, how do you win back your partner’s trust and repair the damage?

Addressing your financial unfaithfulness starts with honesty — which is a tough and scary thing to do. Here are a few ways to come clean after financial cheating. (See also: 8 Signs You’re Committing Financial Infidelity)

Understand why you’ve been unfaithful

Before you drop the bombshell on your partner, it’s a good idea to take a moment and understand why you did it in the first place. You really have to become introspective and do a bit of soul searching to understand your motives.

The key is to be honest with yourself.

Your reasons could be deep-seated issues that stem from your childhood. Or, they could be a simple momentary lapse in judgment and self-discipline. You could be driven by fear, lack of trust, or maybe you’ve just been given bad advice. It’s important to unearth your fears, hidden control issues, or whatever is driving you to exhibit this behavior.

It’s also important to remember and convey to your spouse that your reasons don’t excuse your behavior. Understanding facilitates correcting the behavior, but it doesn’t absolve the wrong or heal the hurt. (See also: 4 Money Fights Married Couples Have — And How to Avoid Them)

Repent with remorse

When you do reveal what you’ve done, be upfront and open. It’s important that you don’t try to downplay or sugarcoat your actions. And don’t blame your partner for driving you to do what you’ve done. Your partner’s actions may have contributed to your decision to be dishonest, but the onus is on you. 

It’s also important that your confession is accompanied by a sincere and heartfelt apology. Most people need to see or feel remorse in order to begin the process of forgiveness. Showing remorse places you in a posture of humility and displays that you understand — to some degree — the depth of your actions. Give your spouse space to be angry and don’t allow their anger to make you angry.

Of course, the more egregious the infraction, the more you may need to apologize. Spending the grocery money on shoes can be wiped away with a simple sincere apology. However, stealing your partner’s identity to finance a motorcycle you’ve kept hidden in a storage shed across town requires more than a shoulder shrug and flippant “Sorry.”

Implement accountability and transparency

After you have confessed your financial infidelity and apologized to your spouse, you need to add some sort of reassurance that this won’t happen again. At the very least, assure them that you are working to correct the issue. And that requires more than just a verbal statement.

Most people are inherently good, but the fear of consequences and having to account for your actions also keeps you on the straight and narrow. Every time you think about robbing a bank, you might think about The Shawshank Redemption and quickly reconsider. Accountability gently nudges you in the right direction. Accountability is your friend.

Adding an accountability component provides a safeguard for both you and your partner. It shows that you are truly working to correct the issue. It can be something as extreme as adding your spouse to your bank and/or credit card accounts, or simply allowing them to review your statements with you each month. The key here is to do something that requires you to be accountable and transparent to someone else, and that provides some sort of preventive measure to stave off future occurrences. (See also: 4 Money Challenges That Will Strengthen Every Relationship)

Write your spouse a note

Communicating difficult things to someone you love is not only gut-wrenching, but it can also be tricky. Especially if it’s something that will hurt them. Writing your spouse a letter explaining yourself is a great way to get things out in the open and start the conversation.

This is especially true if verbal communication is difficult for you or if your partner is explosive or talks over you. It allows you to process your thoughts and explain exactly what you’ve done and how you feel in a clear and concise way. Keep in mind, it shouldn’t take the place of a face-to-face conversation — it’s merely a way for you to analyze, process, and explain things in a controlled environment before sitting down to talk further.

When penning your letter, make sure you follow the steps previously outlined. First, ensure you understand why you committed the infraction. Then, explain exactly what you’ve done in detail. Take full responsibility for your actions and explain your reasons for making the choices you’ve made. Make sure that you express remorse and sincerely apologize for your actions. From there, you want to propose a plan of action that allows you to be more accountable to your partner and ensure that this type of thing doesn’t happen again. You also want to give your spouse room and permission to feel hurt, betrayed, and angry.

Financial infidelity is serious and can ruin a relationship, especially if the infidelity is continuous. Your reasons for coming clean shouldn’t be to rid yourself of guilt or to tell on yourself before your spouse finds out. It should be done because you understand that you’ve wronged your partner and want a relationship that is open and honest. (See also: 5 Money Conversations Every Couple Should Have)

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October 14, 2018 BY Michelle Schroeder-Gardner – 3 Comments

The following is a sponsored partnership with JoinSavvy.com.

As many of you know, we got rid of our Jeep a few months ago. We’ve been riding our bikes and walking everywhere, which has been great.

However, that also means that we are ordering things online more than ever, because going to the store and carrying stuff back isn’t the easiest, especially when you are outfitting a boat and getting ready to leave (we’re ordering ALL the things, haha).

While I’m not new to ordering things online, I am always looking to save as much money as I can. Because, after all, who just wants to waste money?

Not me!

If you’re like most people in today’s world, you’re probably shopping online a lot as well. So, these tips should be especially useful to many, many people!

 

Here are my tips on how to save on online shopping.

 

Use the Savvy browser extension.

Savvy is a new product, but I think it has the potential to be great.

Savvy helps you to save time and money on the items you already buy online and is a FREE browser extension that automatically applies the best coupon at checkout for you.

If you’re anything like me, this is great because I forget to search for coupon codes all the time, and then want to hit my head on the wall afterward, haha!

Savvy has one-click installation, which means that it’s super easy to add to your browser, and it allows you to shop just like you normally would. Savvy automatically applies the best coupon code for you at checkout, so you literally don’t have to do anything else in order to save money!

Also, with Savvy, with select online stores, you could earn up to 10% cash back on your purchase. This is called Savvy Cash and can be redeemed for actual cash back.

Click here for JoinSavvy.com.

 

Have a separate email to save on online shopping.

One great tip I have learned recently is to start a separate email address that is just for shopping. This is the email address that you give out to stores when they ask for it, and the email address you’ll receive to hear about special promotions.

This is great for many reasons such as:

• You can keep all of your shopping separate from everything else in your life.
• If you are the type of person who will shop more because of sales emails, you can just choose not to open up that email inbox.
• You can worry less about giving out an email address of yours.

So, if you are sick of being inundated with sales emails, but you also don’t want to miss out on a sale, then this may be something for you to try out.

 

Wait to shop.

What I like to do is that I like to put items in my online shopping cart, and then wait until I have a big purchase to do it all at once.

I like that this usually means a little less packaging (instead of the store putting a pen inside a mattress-sized box, UGH!), but it also means that I will revisit my shopping cart a few days or a week later, and I can see if I actually still need the item.

Many of the times, I find that I end up taking a few items out of my cart, because I found a better replacement, realized that I didn’t need the item anymore, and so on and so on.

This little online shopping hack has helped to save a little bit more money.

What do you do to save on online shopping?

George Arnold bought his Chicago bungalow in 2009. This fixer-upper needed a lot of TLC, but was in a good neighborhood. He’d found a diamond in the rough. Arnold set to work bringing the home back to life through a series of major renovation projects. Soon after, his mother’s health took a turn for the worse.

“I kept my mother out of the nursing home for two years before she passed away,” he recalls. His devotion to his mother is admirable — but it caused him to fall behind on bills.

To avoid losing the home and all the money he’d invested, Arnold agreed to sell his home to an investor. He’ll rent it from that investor for two years with the option to purchase the home again at a fair market price.

Losing your home to a foreclosure or tax sale is not the only option for struggling homeowners. A short sale lease-back allows a homeowner to sell their home and lease it back from the new buyer, forming a landlord-tenant relationship that lasts for the term of the lease.

There are several ways to get a short sale lease-back on your home. We’ll discuss three below.

Investor short sale lease-back

Struggling homeowners might be able to save their homes by selling the home to an investor before the foreclosure. Investors looking for rental property profit from the steady income and potential discounted purchase price. The short sale will have to be approved through your lending institution. Once approved, the homeowner can avoid a credit-crushing foreclosure, rebuild their credit in the ensuing years, and stay in the home.

At some point in the future, the previous homeowner and investor can negotiate a fair sale price. This allows the homeowner to recover their property and the investor profits on the sale.

Lender short sale lease-back

Homeowners can also check on lease-backs available with their mortgage lenders. Some lenders or mortgage holders will accept a lease-back arrangement in lieu of foreclosure by handing over your deed. In this situation as well, a suitable purchase arrangement can be worked out in the future once the homeowner has been able to recover financially and can qualify for a loan on the original home.

Nonprofit short sale lease-back

Homeowners can also turn to nonprofits that are approved by the Department of Housing and Urban Development. These HUD-approved nonprofits have been given the green light to conduct lease-back transactions after a 2011 change in the Making Home Affordable program.

Homeowners may be required to attend financial management training as a requirement for participating in a short sale lease-back program through HUD-approved nonprofit organizations.

Sellers beware

Homeowners facing foreclosure can be particularly susceptible to mortgage rescue scams or people who will take undue advantage of a homeowner’s distress. Sellers attempting to avoid foreclosure must be diligent to ensure they are dealing with reputable people or businesses.

Do your research

Check with your state attorney’s office, the Better Business Bureau, or the local Chamber of Commerce to find information about anyone before conducting the transaction. As with predatory lending, unscrupulous investment companies are quick to prey on people in a desperate, high-emotion situation where they fear losing their home. A quick Google search may return reviews about the company on various message boards that you can use to help make a decision. Try to locate individuals who’ve had a personal dealing with the investors to ascertain whether the company is reputable or not. (See also: How to Protect Yourself From Predatory Lending)

Seek legal counsel

Shawn Kunkler, Realtor with Paragon Real Estate Group and author of the Insider’s Guide to Home Buying, San Francisco Edition, advises homeowners to work with a real estate attorney to set up a proper lease-back agreement. “This is not difficult to include, but does need to follow the correct protocol,” he says. Each state may have specific requirements that need to be followed. It’s best to work with a real estate attorney who has experience with short sale lease-back transactions. Contact the Bar Association for your state for referrals.

Keep your word

Homeowners fall behind for many reasons. If you’re able to avoid a foreclosure with a short sale lease-back agreement, resolve to keep this new agreement. Make that a priority. Kunkler notes that if an agreement is going to fail, it’s most often because the leasing party fails to honor the agreement.

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Many of us started 2018 with a list of goals we wanted to accomplish by the end of the year. We’re now only two months away from the new year — what’s left on your list?

What do you want to get done before 2018 ends? How do you keep motivated during the final stretch? What goals have you already checked off this year?

Tell us what you want to get done before 2018 ends and we’ll enter you in a drawing to win a $20 Amazon Gift Card!

Win 1 of 3 $20 Amazon Gift Cards

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Congratulations, you’re pregnant! Even if this is exactly what you wanted, finding out you’re pregnant can be stressful. After all, a new baby changes your life forever. You may need to rearrange your home, move, buy a new vehicle, and more. And even if you have all of that in place already, a new baby will completely transform your daily routine. Here’s how to make room for these big changes and lower your stress at the same time. (See also: 8 Money Moves to Make When You Find Out You’re Pregnant)

1. Assess your needs

Maybe you need more alone time. Maybe you need some time out with friends. Maybe you need to take regular naps, or meditate a few times each week. Take the time to figure out what you need. Think about your life, and write down what you think would help make your pregnancy more comfortable and how you can incorporate more of that into your routine. Then do it. (See also: 14 Smartphone Apps That Make Self-Care a Snap)

2. Avoid Google

Pregnancy can be a time of high anxiety because you don’t want to do anything that will hurt your baby. It comes with all sorts of new physical sensations and experiences. When something feels different, or you have a question, it’s natural to want immediate resolution by finding the answer yourself.

The problem with the internet, though, is that you hear about a lot of worst-case scenarios, and you expose yourself to a lot of untested information. This can cause anything from annoyance to outright panic. Instead of going to Dr. Google, find a real doctor, midwife, or doula you can trust. When questions pop up, call them instead.

3. Get more rest

Due to hormonal changes, most women feel more tired than usual, especially during the early days of their pregnancy. Instead of pushing through this, take it as in indication of what your body needs: more rest. By prioritizing rest, you’ll not only give your body the energy to grow a baby, but you’ll also put yourself in the best possible place to be able to approach your pregnancy with a calm and clear mind. (See also: Treat Yourself With These 7 Free Self-Care Routines)

4. Find or create a calming space

Is there a place that instantly puts you at ease? This can be anywhere from your bedroom or garden, to the local library or the spa. Wherever this place is, spend as much time there as possible while you’re pregnant. You can even create a cozy space by adding your favorite books, candles, and lots of warm blankets and pillows.

Even if you can’t actually go to your peaceful place because of work or other daily responsibilities, take some time regularly to visualize yourself there. Visualization can be a powerful tool, and can change the way we perceive reality. While you may not reap all the benefits of actually being somewhere relaxing, you might find yourself less stressed. (See also: 5 Ways Self Care Can Actually Save You Money)

5. Take a hike

Exercise is always good for lowering stress, and it can be especially helpful when you’re pregnant. Make sure that you consult your doctor about any exercise routines you haven’t yet tried but, unless you’re on bedrest, taking a walk is almost never a bad idea. And 30-60 minutes of walking each day can help release endorphins in your brain, which will make you feel happier, more relaxed, and able to tackle any challenges that come your way. (See also: 6 Simple Ways to Get More Exercise Without Working Out)

6. Take time to enjoy your pregnancy

If you’re feeling nervous or your pregnancy has brought up a lot of unknowns about your future, it can be hard to feel anything but dread. Set aside some time each day to remember why being pregnant is worth whatever you’re going through in the moment. Soon, you’ll have a child to love and nurture, and you’ll get to watch them grow up. You should also keep in mind that your body is doing something truly incredible while you’re going about your day. You’re creating a life inside your body. That’s amazing. And there are women all over the world who have gone through it, and are going through it now — so you can find comfort in knowing you’re not alone in this process.

Do you want to pay off debt and learn how to live debt free?

Do you feel like you are stuck in a cycle of debt? Are you able to pay off your debt, only to fall back into it shortly after? That is what a debt cycle is, and many people fall into this cycle and can’t seem to get out.

Falling into debt over and over again can lead to insane amounts of stress, unhappiness, sadness, and feelings of hopelessness. No one wants to experience these feelings.

The thing is that there are lots of reasons for why you may have debt, like student loans, a mortgage, etc. In some ways, that kind of debt can be good, as it can be an investment in your future. Going to college can lead to a higher earning potential, and a home can add to your net worth.

While some debt can be positive for some people, that does not mean you should take out more than you need for student loans or buy a house that’s more than you can actually afford. Those big mortgages can cause a lot of financial stress. Even with “good” debt, you should always be responsible with your borrowing, take only what you need, try to pay more than the minimum when paying it back, and find ways to do it faster.

Then there is “bad” debt, like car loans, financing furniture, credit card debt, etc. This type of financing usually comes with high interest rates too. The sad thing is that most of this debt is completely avoidable.

Some people rack up large amounts of credit card debt, because they feel like it’s okay to spend more than they can afford, and this is a real problem for many. According to a study done by NerdWallet, the average household in the United States (who has debt) has an average credit card debt of $15,482.

When you add that all up, it equals $927 billion worth of credit card debt for American consumers. They break this down further and show that the average U.S. household pays around $900 in annual interest. 41% of consumers say they go into credit card debt because they are spending more than they can afford, while 33% say they are adding to their debt because they can’t cover their monthly expenses.

When you start off your life with student loans, add in a mortgage, add in a car payment, and then start spending more than you can afford, this quickly leads to being unable to pay off debt and be trapped in a debt cycle. And, because it can be hard to pay more than the minimum payments when you have this much debt, it’s very difficult to feel like you will ever pay off your debt completely.

But, I want to tell you that it IS possible to pay off debt and get out of the debt cycle.

Today, I will help you work towards finally getting out of the debt cycle so that you can live the life you want.

 

First, face your problem.

To pay off debt and get out of debt cycle, you have to first realize why you keep adding to your debt. This is probably going to be hard to think about, but the only way to do better is to really look inside and see where you are struggling.

You should think about the answers to the questions below:

• Are you trying to keep up with the spending and luxuries of others?
• Do you have an emotional spending problem?
• Do you live beyond your means?
• Are you afraid to face how much debt you have?
• Do you feel like debt makes things seem more affordable?
• Do you feel like you deserve everything you buy?
• Do you truly understand how debt and interest rates work?
• Are you living paycheck to paycheck?
• Are you unprepared for emergencies?
• Do you have credit card spending problems?
• Do you know how much debt you actually have?

To pay off debt for good, you need to realize why you keep falling into debt. By knowing this you can stop adding to your debt, start paying it off, and prevent yourself from falling back into a debt cycle.

However, until you dig deep and think about these questions, it will be very difficult to pay off debt completely and the debt cycle may never end.

Side note: I highly recommend that you check out Personal Capital if you are interested in gaining control of your financial situation. Personal Capital allows you to aggregate your financial accounts so that you can easily see your financial situation. You can connect accounts such as your mortgage, bank accounts, credit card accounts, investment accounts, retirement accounts, and more. And, it is FREE.

 

Add up your total debt

This is related to facing your problem and is one of the questions you should be asking yourself in order to pay off debt. By adding up your total amount of debt you will be able to understand how to face it head on. This will allow you to create a plan to pay off debt completely.

Unfortunately, most people have no idea how much debt they have.

Adding up your total debt helps you gain control of your finances, instead of feeling like your debt is controlling you.

To add up your debt, you will need to gather statements and information about all of you debt. You will want to add up student loans, credit cards, your mortgage, any other types of loans, etc. You can create a spreadsheet, but using Personal Capital, which I mentioned earlier, is an easy way to see all of your accounts combined.

You will also want to know the interest rates of each loan to help you understand which debt is costing you the most. This can help you with different strategies to pay off debt quickly.

By adding it up, you will have a more realistic view of how to start to pay off debt and break out of the debt cycle.

 

Create a budget

While most people have some type of debt, not many people have a budget.

Actually, according to a survey done by Gallup, 68% of households in the U.S. do not have a budget.

But, budgets are something that nearly everyone needs, no matter what you financial situation is. However, for some reason there is this myth that only people who are “bad” with money need one. Would it surprise you to know that I keep a budget? It helps me track my cash flow and spending, and my budget helps me realize my financial goals.

Budgets help you manage your spending, savings, and help you reach your goals. But many people see budgets as something that will hold them back.

When you are wanting to pay off debt, a budget doesn’t hold you back, it helps you get ahead.

Budgeting can help you take control of your financial situation so that you can stop the revolving debt cycle.

Read more at The Complete Budgeting Guide: How To Create A Budget That Works and Could Not Having A Budget Destroy Your Finances?

 

Pay off debt

This isn’t going to be a surprise, but in order to get out of the debt cycle, you’ll have to pay off your debt.

Paying off your debt can lessen your stress levels, allow you to have more money to put towards something else (such as retirement), stop paying interest fees, and more.

After you total up your debt, you are probably staring at a pretty large number. It might feel unmanageable and it might cause some anxiety, but you just have to take the first step and start paying it off.

The rest of this article is really about the steps you can take to make debt pay off manageable. Working through these points won’t just help you pay off debt, they will help you stay out of debt.

Read more at How To Eliminate Your Debt.

 

Create a vision board

Having your financial goal displayed in front of you can make it that much more real, plus it’s nice to have a constant reminder of what you’re working towards. This might give you the motivation you will need to pay off debt. Various ways to make your financial goal visual include:

• Create a graphic that demonstrates your goal, which could be a debt payoff number or what you think that freedom will feel like when you reach it. I did some research and found a blog post on A Cultivated Nest about many creative ways to do this.
• Keep a picture of your goal on hand. You could even go all out and create a vision board on Pinterest, or you can create a poster board of all of the things that debt freedom will allow you to do.
• Write down what debt free life will be like for you.

 

Start an emergency fund

An emergency fund is something that everyone should have. However, according to a report by Bankrate.com, 23% of Americans have no emergency fund whatsoever. This same report found that only around 20% of families have enough in savings to cover three months of expenses. Surprisingly though, more families, 29%, have the recommended six months worth of savings.

This is scary to me, as having an emergency fund can greatly help you get through hard and unexpected situations that may arise.

An emergency fund can help if you:

• Lose your job.
• Have your hours cut back.
• When your car breaks down.
• If you have a medical expense, and so on.

Plus, an emergency fund can help you get out of the revolving debt cycle. This is because if an emergency does arise, you won’t be forced to rely on debt in order to solve your situation. Instead, you’ll have your emergency fund to bail you out!

Read more at Everything You Need To Know About Emergency Funds.

 

Spend less than you earn

The sad reality is that too many people live paycheck to paycheck. While there are many reasons for this, one major reason is that too many people are spending more than they can afford.

This can lead to credit card debt, high interest rates, and more. Living above your means can devastate your finances.

While I could definitely spend more than I do on clothing, shoes, etc. I choose to be frugal because I know that spending less than you make can change your life. Plus, learning how to spend less won’t just help you pay off debt, when you have reached that milestone, it can help you save even more for retirement – you can start investing in your future with very little money!

The bottomline is that you should always be spending less than you earn. If you aren’t, then you need to find ways to cut your budget and/or increase the amount of money you earn.

 

Save more money

Finding ways to save more money may allow you to pay off your debt a little faster, improve your financial habits, help you reach your dream sooner, and more.

It’s just that simple.

Read more at 30+ Ways To Save Money Each Month.

 

Make extra money

I believe that earning extra income can completely change your life in a positive way. You can stop living paycheck to paycheck, pay off your debt, and more, all by earning extra money.

In fact, because of extra income and my blog, I was able to pay off $38,000 in student loans within 7 months, leave my day job in order to pursue my passion, travel full-time, and more!

Making extra money can do something similar for you as well. It can help you pay off debt and break out of the debt cycle as you’ll be able to put more money towards your debt, and you will be able to spend less than you earn.

Related articles:

 

Try using just cash

If your problem with debt is that you don’t know how to responsibly use credit cards or if credit cards are too tempting for you, then you may want to get rid of your credit cards and try using cash.

A cash budget can help you pay off debt because you use cash to pay for the majority of your purchases. Of course, there are certain expenses, like a mortgage payment, that you can’t do that with. But for the most part, when you are using a cash budget, any and almost all of your spending is done with cash.

A cash budget can help because:

• It forces you to think about where your money is going.
• It can prevent impulse shopping and clutter.
• Spending actual cash “hurts” more than spending money with a credit card.

Read more at The Importance Of A Cash Budget.

 

Don’t try to keep up with the spending of others

Whether you are a young child and want that new toy everyone is playing with or an adult feeling the need to upgrade your house, car, etc., everyone has experienced wanting to keep up with someone else.

The problem with this is that keeping up with the Joneses can make it really difficult to pay off debt – it’s actually one of the things that adds to it!

When trying to keep up with the Joneses, you might spend money you do not have. You might put expenses on credit cards to, in a pretend world, “afford” things. You might even buy things you don’t really care about. The problems can go on and on.

This can then lead to a lot of debt and potentially set your financial goals back years, if not decades.

Stop caring about what other people are doing or buying, instead focus on your own long-term happiness by working towards financial freedom.

Are you stuck in the revolving debt cycle? What are you doing so that you can get out?

October 17, 2018 BY Michelle Schroeder-Gardner – 4 Comments

My 10 Budget Recipes roundup proved to be popular, so I’m back at it again with 13 Instantpot Thanksgiving Side Dishes.

Thanksgiving isn’t too far away, which means that you may be looking for some Instapot Thanksgiving side dishes.

I recently purchased my first Instapot, and will definitely be using it for Thanksgiving.

We’ve always had a slow cooker. I bought one about ten years ago for a whopping $14, and I’ve used it multiple times a week ever since.

I’ve definitely gotten a ton of value from that small purchase and decided to upgrade to an Instapot since my crockpot was falling apart.

If you’re looking to get your own Instant Pot, I recommend checking out the one I purchased – Instant Pot 3 Qt 6-in-1 Multi- Use Programmable Pressure Cooker, Slow Cooker, Rice Cooker, Sauté, Steamer, and Warmer.

If you want easy Instant Pot recipes that are budget friendly and delicious, don’t worry, it is possible! The Instantpot Thanksgiving side dishes included in this roundup are affordable, easy, and you may already have many of the ingredients in your home!

Note: If you’re looking for easy weekly meal plans, full of budget recipes, I recommend $5 Meal Plan. $5 Meal Plan is a meal planning service that sends you a delicious meal plan and shopping list every week for just $5 a month.

Other helpful content to read:

Here are 13 Instantpot Thanksgiving side dishes:

 

1. Instant Pot Twice Baked Potato Casserole

Get the recipe here.

 

2. Instant Pot Green Bean Casserole

Get the recipe here.

 

3. Instant Pot Green Beans With Ham

Get the recipe here.

 

4. Creamiest Mashed Potatoes

Get the recipe here.

 

5. Instant Pot Brussels Sprouts Gratin

Get the recipe here.

 

6. Instant Pot Pumpkin Risotto

Get the recipe here.

 

7. Instant Pot Mac and Cheese

Get the recipe here.

 

8. Slow Cooker Cheddar Corn

Get the recipe here.

 

9. No Soak Instant Pot Baked Beans

Get the recipe here.

 

10. 3 Minute Pressure Cooker Butternut Squash

Get the recipe here.

 

11. Instant Pot Feta Dill Sweet Potato Mash

Get the recipe here.

 

12. Slow Cooker Loaded Potatoes

Get the recipe here.

 

13. Instant Pot Pressure Cooker Caramelized Sweet Potatoes Yams

Get the recipe here.

Which of these Instantpot Thanksgiving side dishes are you going to make?

Recently, a reader contacted me and told me about how her and her husband paid off around $58,000 of student loan debt in 2 years, all while traveling. Below is their story. Enjoy!

I always knew I wanted to travel. Ever since I was a little girl watching enviously as my older sister went abroad for the first time, I knew traveling was going to be in my future.

However, I was still unsure how I was actually going to make it happen. As I inched closer to my graduation date from Boston College in 2014, I became increasingly concerned because I had no real career path in mind (or even a trail or a gap in the woods to be honest). My husband (though we were only dating at the time) and I had 58k of student loans between us but all we wanted to do was travel.

So, how did we combine our dream of international adventures with the reality of crushing student loan debt? These are the exact steps we used to make it happen, along with some advice for anyone who is interested in following in our footsteps!

Related content:

 

Step 1: Explore Teaching Opportunities Abroad

Working abroad is a great way to see more of the world while also making money. Daniel and I applied for and landed positions teaching at an International School in the United Arab Emirates.

There are a lot of countries where you can teach abroad without a teaching degree and some of the most popular are South Korea, Japan, Hong Kong, Thailand, Spain, and the countries in the Arab Gulf. Each school and package is different, so vet them carefully.

Although teachers make more money in places like Hong Kong and South Korea, they often only have a couple weeks of paid vacation. I wanted to travel more, so we crossed these off the list.

Although places like Thailand and Spain are fun and exotic, the salaries usually aren’t high enough to save much money. I needed to pay off my student loans, so we crossed these off the list as well.

Finally, we decided on the Arab Gulf. Why? During our two years of teaching in Abu Dhabi, we got 7 months of paid vacation to travel the world and had a high enough salary with bonuses, free flights, a free apartment, and even a tax-free income to make it possible to pay our loans aggressively.

I found the job listing in the career portal at Boston College, but a simple Google search will also turn up a lot of websites where you can find open positions.

My husband and I applied in the fall for the following school year. We had phone interviews and I even traveled from Boston to New York for an optional in-person interview as well. We found out we received the job and signed our contract in March.

Afterward, there was a scramble to get all the paperwork completed that they needed, but a representative at our school walked us through the process. Finally, we told them our preferred airport to fly out of, and they bought the flight tickets for us. In mid-August, we boarded a plane to Abu Dhabi to start our adventure!

If you’re interested in getting a job teaching in Abu Dhabi or Dubai, you can find more details about the process, finances, and lifestyle here.

 

Step 2: Create a Budget and Stick to It

The first thing we did when we arrived at our new apartments in the UAE was create a strict budget. This meant that even though Abu Dhabi and Dubai are filled with flashy shops, luxury resorts, and fine dining we had to implement some serious self-control.

Every time we got a paycheck, we immediately paid half of it to our student loans. We saved one-quarter of it for our vacation budget and kept one quarter to spend on food and fun for the month. Sometimes this meant money was tight and we had to spend a weekend in, but it was worth it to create a comfortable budget for our vacations and watch our student loan balance go down.

Some ways we saved money was by cooking in instead of eating out, scouring Groupon regularly for good deals, and visiting Ladies Nights, where women drink for free, to save a few bucks.

 

Step 3: Look for Sources of Extra Income

Another way we were able to visit eight new countries while also paying off 58k in student debt was by searching for extra sources of income. When you’re a teacher, what better way to make money than through tutoring?

In the UAE, tutors are in high demand and Daniel and I were both able to make around $50 per hour working with students outside of the classroom. Even though cracking the books was usually the last thing I wanted to do after a long day at work, going once or twice a week helped us add some serious money to our budget. During exams, hours would increase and it was a great money-making opportunity.

 

Step 4: Prioritize Travel

The biggest way we were able to visit eight new countries while also paying our student loans was by prioritizing travel. This meant skipping out when our friends were going to the $145 brunch at Atlantis on The Palm in Dubai, budget shopping for our clothes instead of splashing out at the brand name stores that filled the malls, keeping older generation phones instead of upgrading, and just generally watching our money and sticking to our budget every single weekend, no matter what.

Because of this, we were able to pay off our debt while also exploring the UAE, going camping in Oman, getting SCUBA ba certified in Thailand, visiting the ruins of Sri Lanka, experiencing the Christmas Markets in Germany, spending New Years Eve in Spain, seeing the UNESCO sites in Portugal and hiking in the Himalayas to see Mount Everest in Nepal.

Many people in the US dream of traveling the world but what they don’t realize is that it’s actually possible with less money than they may think. Prioritizing travel meant making a shift in budget and lifestyle but once we started saving money towards the goal of our next vacation, it was easy to say no to a new TV or a nice watch that caught my eye.

Prioritizing travel and keeping and keeping an open mind about our next destination meant that I could snap up good flight deals right when I saw them and we explored much of Asia and Europe during our two-year teaching stint in the Middle East.

Related content: Here’s How To Save Thousands For Your Next Vacation

 

Step 5: Complete Your Student Loan Payments (and Keep Traveling!)

Daniel and I were able to see eight new countries: the UAE, Nepal, Thailand, Sri Lanka, Germany, Portugal, Spain, and Oman by following these steps. It sounds pretty simple and to be honest, it is. The hard part comes in the daily little decisions that make it easy to derail you from your goals. But actively choosing every day to make small but smart financial choices, like cooking instead of eating out, definitely adds up in the long run.

At the end of our two-year stay, our contracts came to a close with a bonus from both the UAE government and our school. Along with our final three months of pay (school ended in June but we still got paid for July and August as well), that check came out to around $16,000 each. We paid the last of our student loans and even had more to put into savings to start the next chapter of our lives on a strong financial footing.

 

So, what did we do to keep traveling?

For me, two years was more than enough teaching for one lifetime and I was ready to move on. The problem was that I had no idea where to go next! I knew I didn’t want a 9 to 5 office job in the US, but that was it.

Daniel and I moved in with our parents in Ohio for a few months while we put the finishing touches on our wedding and got married in November 2016. In January 2017, we set out on our next adventure.

Because we had savings from our two years of teaching and the stability of living at home for a few months, we were both able to jump into freelance work with little risk. I started with digital marketing and then eventually settled into freelance writing as a long-term position.

It was tough at first and our income was unstable, but with conservative budgeting and careful spending we were able to keep traveling.

In 2017 we spent 10.5 months traveling in Colombia and Peru, and in 2018 we set off for round two. First, we spent two months living in Mexico, and now we’re in the midst of a 7-month trip through the Balkans and Eastern Europe, including Romania, Bulgaria, Macedonia, Albania, Serbia, Croatia, and Hungary.

Again, it all comes down to prioritizing travel above all else to make it happen even on a budget. Daniel took a lower paying job that offered a 100% remote work opportunity, and we both gave up a comfortable home, a car, and the ability to have a dog. But for us, it’s worth it. We choose countries with low costs of living to help stretch the budget and after two years of freelance work, steady clients, and stellar reviews, life is comfortable.

 

Some Tips for Traveling on a Budget

Contrary to popular belief, traveling can actually be as cheap as or even cheaper than day to day life in the US. Long-term travel is much different from vacation and much more budget friendly as well.

I detailed some of the different ways we cut costs in my Long-Term Travel FAQ for Digital Nomads and I’ll share a few here as well. One good idea is to keep an open mind about your next destination and make plans based on cheap flight options that are available. We also live out of backpacks that are carry-on sized so we can avoid baggage fees.

Flights add up, so another money-saving measure we take is to plan a route that’s bus friendly, like working our way through the Balkans with international bus rides from one country to the next, instead of buying flights to hop between far-flung destinations.

Finally, staying long-term in Airbnbs helps us travel for less. Many offer discounts for booking one month or more, and with a full kitchen and comfortable place to chill we can cook at home and spend weeknights in instead of blowing money at bars and restaurants.

 

Looking Back…

None of this ever would have been possible without paying off our student loans. At the beginning of our freelance careers, money fluctuated a lot and it would have been impossible to reliably count on making a large loan payment every month.

Teaching abroad was a perfect first step for us for a number of reasons. First and foremost, it helped me learn what to expect when it comes to living abroad and taught me how to adjust to culture shock, manage homesickness, and more. This gave me the confidence to pursue a career that included full-time travel.

Second, the reliable monthly income was ideal for student loan payments. Unlike starting out with a freelance career, there was no guesswork or stress or scrambling for extra clients to make ends meet. We knew exactly how much money we would make every month, exactly how much we would pay to our loans, and exactly how long we had left before they were complete. This timeline motivated me and helped me feel in control of the challenge that loan repayment presented, rather than hopeless in the face of the large debt.

The third and final reason why teaching abroad was an ideal way to pay off our student loans was because I didn’t have to put my life on hold. Yes, I skipped out on some expensive events and purchases but I still was able to thoroughly enjoy those two years. I got to see Mount Everest in Nepal and the pristine beaches in Thailand and the wild elephants in Sri Lanka among so much more.

My husband and I got to explore eight new countries together and still pay off $58,000 in student loans. It was hard work at times but it also inspired an even greater love for traveling and gave us the financial freedom to pursue freelance careers. Now I move to a new city almost every month and that dream of full-time travel that I had as a child has become a reality.

Is it possible to travel the world while still paying off your student loans? Yes! Daniel and I tackled our debt in two years and laid the groundwork to build a life of full-time travel that we love. If this is your dream as well, it’s possible.

As countries become more and more interconnected and flight costs continue to drop there are many different ways to make money and travel the world. The two goals are no longer mutually exclusive so get out there and go see it all!

Dianne and Daniel share travel tips, destination inspiration, and step-by-step guides to making money abroad on their travel blog Slight North. You can also get the free ebook “A Guide to Remote Work” delivered straight to your inbox!

Are you interested in traveling more? Is your debt holding you back?