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Why an Emergency Fund Needs to be More Than $1,000

This post may contain affiliate links. Check out my Disclosure Policy for more information. I know this is going to ruffle some feathers out there. The reality is that $1,000 in an emergency fund just isn’t enough. Cost of living in most places in the US, is just so much higher than this amount. Realistically, you don’t touch your emergency fund much. I know for myself, I don’t really ever touch mine because I have sinking funds for most of the unexpected expenses that pop up. My emergency fund is truly there for job loss or serious health issues. In both of these situations, $1,000 wouldn’t even come close to cutting it. My minimums just for my student loans are $1,100!!! I couldn’t even afford my debt minimums in the event that I lost my job. Of course, this is why I encourage multiple income streams, but that’s not the point of this post. My point is that $1,000 isn’t going to support you in the event that you lost your job. Everyone’s situation is vastly different, which is one of the biggest reasons that I don’t agree with a one number fits all dollar amount. Just depending on where you live, […]

Debt Free Update: $133,718 Student Loans Paid Off!

This post may contain affiliate links. Check out my Disclosure Policy for more information. I’m super proud of this number. Honestly, it still surprises me when I see it and think about only having $67k in student loans now. And yes, I use the word only before that because this feels like pennies in comparison to where I was. It truly amazes me how much more in control I am of my life now that I have paid off a significant amount of my debt. My student loans defined me when I first graduated. They dictated my life. They decided my fate, not me. I had no choice but to do the things I did after college. When your minimum payments are $2,000/month and you’re a first year teacher, you have no choice but to do what gets that paid every month and still allows you to eat. It’s why I moved back to my parent’s house. I needed the low cost of living expenses in a high cost of living area. My salary was way higher than it would have been in other parts of the country as a teacher. I took advantage of it. Between the higher salary and working […]

Paying Off My Student Loans Is Saving Me $12k A Year

This post may contain affiliate links. Check out my Disclosure Policy for more information. Everyone considers student loans to be a good debt. And for some people, it absolutely is a great way to get the career you love. But, for others, it may not be the best move. I know for myself, I didn’t even know what student loans were when I was signing the checks for 5 figures of student loans. Naively, I didn’t even know how they worked and I definitely didn’t know what interest was. Personally, I was in the fortunate position of never having any other debt than student loans. Unfortunately, this meant that I truly had no idea how debt worked. I signed myself up for $201k in student loan debt and had absolutely no idea that it meant I’d pay SO much more in interest. And I had no idea that it would completely dictate my life post grad. But, that’s a whole other topic. Student loans are crazy because they allow young adults to take out mortgage sized debt with high interest rates and little to no education. I was taking out loans for 5 figures, totaling $201k, some with 8% interest, and no […]

How to Prevent Over Spending

This post may contain affiliate links. Check out my Disclosure Policy for more information. Having a budget is great. You are telling your money where you want it to go and you’re being mindful of your spending. But, how do you stop yourself from over spending? If you’re like I was, I would make my budget at the beginning of the month. I had some great intentions for my spending that month. My student loans stood no chance with how well my budget was made. But, then it sat in my Drive for the month until the end when I zeroed out my budget. I was fortunate that I made a lot more than I spent because I lived at my parent’s house and worked a lot of side jobs. I’d reconcile my budget at the end of the month and whatever was leftover I sent to my student loans. Extra payments were being made, so who cares if I overspend in my eating out budget? The problem is that this creates a terrible habit of spending whatever I want, as long as it’s within reason. I had the privilege of having extra money, but what happens when I don’t have this? […]