Enemy of Debt: Where Behavior Meets Reality

An Open Letter to My Debt

Dear Debt, I’ve waited 5 years to say these words to you—good riddance. I know you’re thinking that this is some sort of joke and I’m really about to burst into a Green Day song, but I assure you I’m not. I’m legitimately, once and for all, saying good riddance. You have caused me enough grief, frustration and sadness for two lifetimes. And I couldn’t be happier that you’re gone. We started out as friends. You were a constant presence in my life. It was comforting to have you because it was a reminder of the good times we had. Vacations, drinks and dinners with friends, new clothes…all good things. And when I needed you most, you gave me a little more. I appreciated that because seriously, what 21 year old doesn’t need an $8000 credit limit? You allowed me to do things that I otherwise couldn’t have done. For that, I am grateful. Almost. You see, you took advantage of me. You knew that I didn’t know what I was doing and you allowed me to get out of control. What’s that? I need to take responsibility for my own actions? Fine. I’ll give you that. I did use you frivolously and with Read More

Money Problems Are All I Have

The caller ID showed an incoming call from the wife of a couple with which my wife and I are close friends. I answered the phone with a quickly forgotten  humorous remark as the voice on the other end was shaky, asking for a favor.  Our friend and her teenage daughter were having a huge argument and they needed a third party to step in and mediate the situation. Our friends are working through marital issues, and have recently separated as they attempt to work through them. Their teenage daughter has taken it especially hard, and is very angry.   The 90 minutes following our arrival at their home included voices surging into screams,  and used tissues being strewn across the kitchen table.  At times, our friend cried so hard that she could barely breathe. Watching a family being ripped apart at the seams was an indescribable event I never wanted to witness, and it made my heart hurt. In late 2009 my father was diagnosed with prostrate cancer, having his prostate removed the following February. His follow-up visits were encouraging as his PSA tests came back with the desired “undetectable” results. Unfortunately, recent tests have shown his PSA level again rising which Read More

3 Ways to Save Money on Family Vacations

We are getting ready for our annual family vacation. We've been taking one family vacation a year for the last 5 years. It's a fun tradition for which we save up all year. Here are some ways we keep costs down and fun up. Drive Rock it old school family vacation style and load up the station wagon, or minivan, as the case may be. Sure, gas isn't cheap but it's way cheaper than buying a family's worth of plane Read More

Why “Go Big or Go Home” is Destroying Your Budget

In the U.S., we like our space and we like big. We drive big cars, we like big houses, and one of our favorite phrases is even “go big or go home.” We are obsessed with size in every way, shape, and form, and it is destroying our budgets. The greatest offenders to our larger than life attitudes include: Your Home In other countries, even the industrialized ones, it isn't uncommon to see a family of 5 sharing a small apartment. In the U.S., however, we expect everyone to have their own large room and there to be adequate space for a large living room, dining room, great room, and kitchen – and it is costing us greatly. To save yourself some money, consider downsizing to a more appropriately sized home or even trying to search cheap apartments for something more affordable. You'll save money on your mortgage, your private mortgage insurance, maintenance, and homeowners insurance. Your Car We love our SUVs, but they aren't exactly cheap to upkeep or keep filled with gas. That gas-guzzler that can easy tow 8 people around may be beneficial if you do have a large family, but otherwise you are probably wasting nearly $300 in gas a Read More

3 Ways You Are Holding Yourself Back and Tips for Changing Them

Are your finances a mess and you know it? Do you know what you SHOULD be doing but haven't made any changes? Are you avoiding logging into your accounts to see what damage you are doing? If you are anything like I was and at times, still am, then you are setting yourself up for further failure. Something, or maybe more than one thing is holding you back, do you know what it is? Here's 3 potential ways you are roadblocking yourself from being in control of your finances. Fear Fear can be crippling. It can hold you back from everything you want to or need to do in life. Fear is an emotion we all feel from time to time whether it's due to speaking in front of a crowd, beginning a new job or tackling your finances. If fear is stopping you from doing that, you are not alone. But there are ways to overcome this fear: Start slow. You know the phrase: baby steps. That works for your finances. Dave Ramsey's entire program is based around baby steps. Find one thing you can do each day that will affect your finances. Maybe it's simply checking your mail because you've been afraid to open Read More

Credit Card Emergency Funds - An Alarming Trend in Society

The following is a guest post by Jacob from My Personal Finance Journey, a personal finance blog offering actionable personal finance advice with the goal of achieving long-term success. In particular, Jacob focuses on long term investing and asset allocation strategy analysis, deciding how to prioritize new funds as they come in to various spending requirement areas, and how to develop a lifestyle of frugality. Several months ago through the magic of LinkedIn, Brad and I were able to find out that we actually lived in the same city in Virginia. This was quite an awesome find, being as that the personal finance blogging community is relatively small, and most of the other bloggers I've met are scattered throughout the better part of the United States and Canada. Since finding out we lived in the same city, I've been eager to find ways to team up with Brad and Enemy of Debt, and I figured a guest post might be a good way to do this! However, being as that the name of the site is Enemy of Debt, I wanted to wait until I had an appropriate topic that might be well suited for his audience. Recently, while talking to a group about regularly saving Read More

Buyer Beware Hidden Charges May Be Affecting Your Bottom Line

You are one of those people that diligently budgets for every expense, cuts costs wherever possible--a sheer genius when it comes to personal finance. So why does it seem you just can’t get ahead as a middleclass American citizen doing all the right things when it comes to sticking to your budget? The economy has taken its toll on just about everyone, both consumers and business. In fact either you or someone close to you has likely fallen victim to a foreclosure, layoff, or downsizing. When you fill up at the pump you wonder when a gallon of gas and a gallon of milk began to cost the same amount. As you ponder the rising costs of just about everything you buy you also begin to see your so called financial future disappear right before your eyes as the big banks you trusted with your life savings slowly swindle your retirement savings right before your very eyes. Yes I am talking about those hidden fees and costs we just can’t avoid. Hidden fees and surcharges, pack their punch as the average American pays at least $942 each year in hidden fees according to research conducted by the Ponemon Institute. And that number continues to Read More