Should you give your kids an allowance?

Written by on · 4 Comments
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 »

Father’s Day Scavenger Hunt

Written by on · 6 Comments

My wife knows better than to ask me what I want for Father’s Day, or for that matter any other occasion that involves gift giving. My answer is always the same, “The best present you could give me is to not spend any money on me.” She never listens to me. She has to get me something, even if it’s under the disguise of “from the kids.” She understands, though, that it’s not necessary, or in our best interest financially, to purchase an extravagant gift. Quite frankly, Vonnie has taken gift giving on a budget as a personal challenge. I […] Read more »

Psychology and Money – If You Know Something Isn’t Good For You, Why Do You Still Do It?

Written by on · 18 Comments

I’ve long been a fan of dealing with the psychological and behavioral issues related to how we manage money. It’s the things we do with money that take us to where we ultimately end up. One of my favorite websites is The Psychology of Money. I also like Psyblog – Understand Your Mind. 😀 Having recently stepped up my efforts to lose weight and become healthy, I’ve been facing my own behaviors when it comes to my eating habits. I have a history of binge-eating which has ultimately led to this vicious cycle most people know as the “yo-yo diet” […] Read more »

Ashamed of your debt? Me, too. Here’s why.

Written by on · 10 Comments

A few days ago, fellow EOD writer Travis talked about being ashamed of his debt. I could totally relate to his post because when I was in debt, I felt exactly the same way. But as I read and reread Travis’s post, I started asking myself “why was I ashamed?” Although I couldn’t really come up with one good specific reason, I was able to come up with a few possibilities: Debt meant I couldn’t control myself. I am completely guilty of making impulse purchase after impulse purchase. I had a good friend who I used to hang out with […] Read more »

Dealing With Student Loan Debt

Written by on · 9 Comments
student loans

  If you have student loans from attending college (Let’s hope you don’t) and you’re a recent graduate, you might be a little concerned about how you’re going to get that student loan debt paid back. As college tuitions have risen over the years and starting salaries have remained flat or even gone down, it has become much more difficult for many people to meet those huge student loan obligations and get them paid off in a timely manner. Total student loan debt is now over $1 Trillion and even exceeds total credit card debt according to Allie Johnson at […] Read more »

What My Friends and Family Don’t Know….Only Hurts Me

Written by on · 22 Comments

At mile 19 of the Twin Cities Marathon in 2003, I found my family, as well as my brother-in-law and his family cheering me on. Seeing their familiar faces provided me the instant mental “pick me up” that I so desperately needed to keep going.  When you’re being challenged in life, having people there to support you can make all the difference. However, as I work to achieve the very difficult task of getting out of debt, I am missing the support of many of the important people in my day to day life. Because they have no idea what […] Read more »

The Other 99% Slogan

Written by on · 7 Comments

Several months ago I drove passed a home that had a large sign out in front that said, "We are the 99%." It was a curious sign, and I was tempted to ask what they meant by it. A month or so later I heard about occupy Wall Street and their 99% slogan, so I eventually figured out what that large sign was trying to convey. Great concept. After I started thinking about it, I remembered another 99% sign that I saw in a doctor's office. It read, "1% are misfortunate, the other 99% are misbehaving." Please excuse the misspelling in the slogan, but the point of the sign was to remind folks that whether they're trying to quit smoking, lose weight or make better choices in diet, there are roughly 1% who fail because of misfortune - the misfortunate - while the other 99% fail because they don't apply themselves in a deliberate manner - the misbehaving. Another great concept. Read more »

2012 Meets the 1950’s

Written by on · Leave a Comment

Today’s stage is set for the I Love Lucy show. A devoted wife and mother Lucy didn’t work but depended on Ricky, her star performer husband to bring home the bacon. Lucy longed for the chance to be a star and if she were here today maybe even a credit card. The sad truth is that she wouldn’t be able to get one. Why? Well because of the Credit CARD Act of 2009. The act which was meant to protect people has put stay at home mom’s at arm’s length from applying for credit. In an effort to help students […] Read more »

Budget Friendly Gifts for Teachers

Written by on · 2 Comments

The end of the school year can be a very expensive time. Yearbooks, costumes for school musicals and plays, field trip costs, end of the year parties, prom, graduations and gifts for teachers can all add up to a lot of money. In the month of May, I had to shell out money for two kids to be in musicals (I was able to pull costumes together for less than $20 thanks to the thrift store.), one field trip that included me (admission combined was $10), Teacher Appreciation Gifts and food for an end of the year party. I know […] Read more »

Baseball Season is Here, New Rules, and How Much Did You Pay For That Bat?

Written by on · 6 Comments

I asked Tristan to bring me his baseball bag so we could check the condition of his equipment and see what needed to be replaced for the upcoming season. After all, tryouts started the next day. “Parent fail” for waiting until the last minute. Inspecting the equipment, we found he would need new baseball pants, cleats, batting gloves, and all sorts of other equipment. Not unexpected, as kids tend to outgrow these sort of things from year to year. Surprisingly, however, he’s used the same baseball helmet for years now. Why his melon doesn’t get any bigger is beyond my […] Read more »

I’m In Debt, But I Party Like a Rock Star

Written by on · 18 Comments

It all started in 1997 as a housewarming party at Vonnie and I’s first home. We hosted both our parents, and a few select close relatives. We decided to make it a tradition, and this year we hosted our 16th annual Memorial Weekend Party. It’s grown over the years, and quite frankly, it’s achieved almost legendary status. Friends and family come from out of town and stay not only at our home, but also the homes of our neighbors. A great time is certainly had by all that attend, however with all it’s fanfare comes a lot of work, and […] Read more »

If at First You Don’t Succeed, Try, Try AGAIN!

Written by on · 14 Comments

Are you a debt-hating maniac like I am? Are you successfully working your way out of debt so that you can live a less stressful and more financially productive life? If you’ve been reading this blog for any time at all then you probably know I believe more than anything in your ability to eliminate the debt from your life. Keep chopping away at your debt and one day you will reap the rewarding benefits of that freedom. Unfortunately, some people never find their stride. They’ve tried everything they possibly could, yet getting out of debt seems so unreachable to […] Read more »

Survive Wedding Season Debt Free

Written by on · 10 Comments

I have surpassed the threshold of having multiple friends I grew up, or went to school with (making us all about the same age) getting married in what seemed like—all at once. There was a span of about three years where I attended, or was in fifteen weddings—the expenses crushed my finances. I never calculated the actual amount I spent, the shock may have given me a heart attack, but I would venture to guess I spent an average of $750 for each of the 5 weddings I was in and roughly $200 for those I attended, making the total over […] Read more »

Lessons Learned in Financial Literacy

Written by on · 4 Comments
financial literacy

My financial education has come at a very slow pace. I have not been a fast learner. I have failed tests, repeated classes and expressed a general sense of apathy. It wasn’t that I didn’t want to learn. Initially I never even knew I was supposed to be looking for financial education. No one told me about it. I wasn’t given the tools I needed early on in life. And therefore, in my adult years I simply learned as I went. The problem with this method is that I learned a large number of lessons incorrectly. This caused me to […] Read more »