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

Broke, Busted and Disgusted

Those who know me, know that I am a single parent, working off one income and making it work with the rocks that were thrown at me.  Okay, maybe it wasn’t rocks; but some days, it sure felt like it.  Though I am blessed with an awesome family and great friends, I must admit that my pride gets in the way some times.  I guess I think to myself everyone has his/her own set of issues.  There is no need in me being an added issue –especially where money is concerned.  Though some may not want to admit it, money has a way of driving a wedge between people.  Be it a family member or a friend, when money gets involve2c8bae4311f19b8b27efaa7a6f9c2253d, it can sometimes get tricky, awkward or just downright ugly.

I think my breaking point came when I looked at my bank account and thought to myself “if I lost my job tomorrow, we would ONLY make it one month.”  I assure you within that same month I would have to  my home and reluctantly move in with my parents.  This was when I knew I had to get serious about my finances.  Now, I have never been one to just spend money for the sake of spending it.  On the contrary, I was always looking at ways to make my money grow.  However, it was not growing, and my savings account looked like a high school student’s first bank account.  This alone brought me to tears.  My thoughts quickly turned to taking care of my daughter, as well as questioning what type of money habits were I passing down to her.  What financial legacy was I creating?

Unfortunately, my parents never really sat down and discussed money matters with me.  I guess they figured there was not a need since I wasn’t a big spender.  On the other hand, I also was not a big saver.  It was time to start telling my money how it needed to work for me; instead of me constantly working for my money.  It was also time for me to get my kiddo on the early path to financial success.

Within 8 months and with dedication, I finished paying my student loan debt AND paid off my credit card!  Talk about beginning to walk in debt freedom.  Yes, I still have other debts to demolish, but I am working the plan!  Every dollar has a home.  No more getting to the grocery store counter and praying the debit card is accepted because I forgot to check my balance before leaving home (and of course I left my phone at home, so no conveniently checking the balance).  Now, I am armed with my grocery list AND have my cash in my envelope.  I already know, THIS IS IT –all the cash I have for this shopping trip.  I will post a sample budget later that you can use as a starting point.

If you are a single mom like myself, or simply have reached your point of BROKE, BUSTED & DISGUSTED, then know from one Restyled Mom to another, you are not alone and you can do it! Don’t just have a plan, but work the plan, and most importantly –GIVE THE PLAN TO GOD.

Let the Restyled Mom community know what your breaking point was when you realized it was time to break the chains of debt.  We all need encouragement and welcome opportunities to grow in knowledge and grow together.

Sincerely,

Your Restyled Mom…who is working towards a better financial future