Why You Should Get into the Savings Habit from a Young Age

piggy bank

(Guest Post by Julian) When you’re a young person (and let’s define that as roughly between the ages of 16-24 for the purpose of this post) it’s common to have the idea of saving and, even more so, the intention of saving, firmly lodged at the back of your mind. It might be that you’re at an age where no one even talks about personal finance so you haven’t even considered saving any money, or, more likely, it might be that you think saving just isn’t necessary, nor sensible, as a 16, 21, or 24 year old. After all, you […] Read more »

Should you give your kids an allowance?

Allowance divided

As someone who has worked so hard to pay off $62,000 in debt in four years and is now living a debt free lifestyle, I sometimes worry about how I’ll pass on a debt free legacy to my children. How can I teach them about money so they don’t make the same mistakes as their parents? So far, I’ve spent a lot of time modeling good money management to them and talking openly with them about money. I’ve resisted giving my kids any kind of allowance because I didn’t want to send the message that they are entitled to anything. […] Read more »

To Mortgage or Not to Mortgage?

When some people say they are debt free they mean they have absolutely no debt. Other people mean that they are consumer debt free and have paid off all debt except their house loan. Recently I had a reader ask me if she should purchase a home with a loan or if she should save up and pay for the home in cash. Surprisingly, I said, “It depends”. This may be confusing to some readers as I’m known to say things like, “Debt is slavery” and “Avoid debt like the plague.” Here are some reasons you might actually want to […] Read more »

You Don’t Solve Money Problems with Money

Have you heard about someone with money problems who suddenly came into some amount of money, only to find themselves broke again later? I believe this occurs because of one simple financial truth: You don’t solve money problems with money. I’m telling you this as someone who paid off $30,000 of debt in 1 1/2 years.Yes, I had a lot of debt. I worked two jobs in order to pay it all off. However, it was not simply the money that eliminated the debt. It was a change in me. I changed my goals, my spending patterns, and my savings […] Read more »

Getting Through A Divorce Debt-Free

Going through divorce can be one of the most stressful financial ordeals a person can ever encounter. Over half of marriages that take place in America end in divorce and many of the parties involved end up paying off exorbitant debts because of legal bills and court costs. Here are the top four financial factors of a divorce and how to stay on top of them in order to avoid debt: Children Separate your children from the financial side of the equation. Their well-being during this ordeal should be you and your spouse’s number one priority and all efforts should […] Read more »

When Should You Give Up?

Photo from Flickr by Brian Carlson, Houston, Texas

I’ve been thinking a lot lately about difficult situations. When is enough enough? How do you know when you should just focus your energy elsewhere? Sometimes life can really make you feel like you are beating your head against a brick wall. A lot of the articles on Enemy of Debt talk about persevering. However, there may be times when it is a smarter financial move to just give up. Here are some financial examples of when you might want to say, “Enough!” Making payments on something that isn’t worth it This could be a house, car, or something else. […] Read more »

The Power of One Small Step

A wise man once made me a shirt that says, “Debt Sucks!” And you know what, it sure does. It sucks the energy out of your body. It sucks the fun out of your life. And it sucks the money right out of your budget. Finding the courage and will power to make a change with your finances usually comes at a moment of frustration and depression. My own moment came when I was at, what felt like, the lowest point in my life. I was unemployed, living with my mother, 2 years post divorce, broke, in debt and without […] Read more »

Home Mortgage Interest Tax Deduction

Everybody’s favorite season has arrived. It’s tax season and whether you dread it or not, if you live in The United States, own property or earn an income you are going to have to confront it. When you own property, the best way to reduce your taxable income is to take advantage of the home mortgage interest tax deduction. However many home owners are losing the advantage by not itemizing their taxes. There are a number of tax breaks for home owners and hopefully this post will clear up any confusion you may have with the home mortgage interest tax […] Read more »

Is Debt Really Slavery?

Hello! My name is Bobbie Bushman and I am the newest contributor to Enemy of Debt. I found Enemy of Debt a couple of weeks ago and I loved it right away because I felt they were doing something that not many other websites are doing. They are telling you the truth about debt, how it can trap you, and how becoming debt free can change your life for the better. Since I knew I was going to be writing for this site, I starting thinking about what I wanted to say. One thing I say a lot in my […] Read more »

The Best Discount Cards for your Budgeting Dollars

The wallets and key rings of consumers have been filling up with little pieces of plastic that promise deep savings. Whether it is a loyalty card that offers you discounts on products or a membership card that offers even greater discounts chances are the stores you shop have one to offer. The economy is forcing millions of us to find new ways to earn extra money as well as cut back on expenses. One of the easiest ways to do this is to find the right mix of discount, membership and loyalty cards to stretch your hard earned dollars farther. […] Read more »

The Absolute Best Way to Use Your Credit Cards Responsibly

Personal finance bloggers, writers, and TV personalities love to talk about credit cards. I hear and read them give advice about using cards in ways that will maximize your credit score, they tell you how to find the “Best” cards for you, and they give you info on how to get the most lucrative credit card perks like airline miles and cash back. Most of these gurus generally give good solid advice (for those that use credit cards), and most people need good advice when it comes to using credit cards in a responsible manner, because when it comes to […] Read more »

Exercising Your Way Out of Debt

This is a guest post. Several years ago, I found myself in a position I had never before envisioned: in debt. A combination of student loans, frivolous spending habits, and a general cost of living that was difficult on my income all coalesced to drive my bills higher and higher. Unable to pay, I consolidated them and resolved to crack down and pay them back. And, for a while, I did: I lived a far more frugal lifestyle and began chipping away, slowly, at my debt. I had turned the corner. But being in debt is just as much a […] 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 […] 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 […] Read more »