The Most Wonderful Break Up You Need to Experience

break upI have a wonderful, fashionably aware friend, whom we will refer to as Melissa. Melissa is aware of all the latest trends in beauty and fashion.  She seems to know a little bit about a lot, and I adore her style sense.  Unfortunately, my friend is not money aware.  Actually, let’s put it like this, she does not seem to be money aware until the money is almost gone.  Melissa was laid off from a well-paying contract job as a project manager.  Within the one year of her contract, Melissa earned close to six figures.  However, and I think you know where this is leading, Melissa was not saving at her maximum potential.

So what is this maximum potential? For a single woman, with no kids, no rent/mortgage to pay (the parents were accommodating), Melissa should have been saving at least half of her income and living off the rest.  Notice I said at least.  If Melissa could have factored in her bills (i.e. student loan, car note) and lived off a budget, she probably could have saved more than half her earnings.  Wouldn’t it be awesome to have an emergency fund built with HALF your income?  Here’s where I get really real and sisterly with my good friend when I say…It’s time to break up.

Breaking up should not be hard to do when you’re broke or when you are trying to reach goals (no matter what your income level). Break up with the monthly beauty box, which ranges from $10-25 or more a month.  This equates to approximately $120-300 in savings for the year.  That $30/month gym membership, which truly is super modest, it is costing you $360/year.  Calculate just those two yearly totals and you get approximately $460 saved for the year.  How about putting that on the student loan, credit card and/or car payment?  Break Up…

If you are financially stuck, I strongly suggest you break up with some of your “stuff” you think you cannot live without. Break up with that gym membership, grab a resistance band from your local sporting goods store (usually about $5) and go online to find awesome workout plans.  Break up with that beauty box for a moment and apply those monthly payment as extra towards your debts.  Break up with that car if you must –downsizing may result in an upsize to your bank account!  I broke up with cable and opted for high-speed internet and streaming services.  This break up has allowed for an increase to debt reduction, as well as paid for the little ones extra curricular activities -without adding a strain on the budget.

I am not saying totally go cold turkey and have nothing, but I am saying begin investing in your financial future; invest in your debt freedom; invest in your financial legacy that will be passed to your kids.  Experience the Best Break Up Ever!

debt (money management international)

Picture: Money Management International

What are you willing to break up with? Share, share, share…let’s break up together!

Respectfully,

Your Restyled Mom…who is encouraging this break up