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Tips For Buying Your First House

Buying your first house is a huge deal! And the worst thing you can do is rush into that process without having the proper knowledge (or enough money).

It’s been a year since we bought our first house and let me tell you it’s been a huge responsibility.

Thankfully we haven’t major problems but our thermostat stopped working and our shower door did break which were expenses we never had to budget for as renters.

If you’re here, you’re probably thinking about buying a house for the first time.

Chances are you’re at least a little nervous about the first-time home-buying process itself, picking the right house, whether you’re financially ready, or all the above.

No worries.

This guide will help you make solid choices throughout the first-time home-buying process.

Debt Snowball or Debt Avalanche. Which is Better?

 

If you’re trying to pay off your debt fast, you may have come across two different gangs.

One believes in the debt snowball and the other believes in the debt avalanche.

Personally, I think anything that gets you to pay off debt fast is a win.

It doesn’t matter if you’re paying off credit cards, cars, student loans, payday loans, or a loan from grandma. As long as you’re getting it done at a pace that’s quicker than making minimum payments you’ll be good with me.

3 Rules That Keep Us From Doing Dumb Stuff With Money

Every day, we are faced with making financial decisions that will either help us reach our goals or push us away from our goals.

These decisions are sometimes small ones that add up over time like “Should I bring my lunch or go out with co-workers today?” or “Should I hire someone for yard work or do it myself?”.

Other times, these decisions are major, life-altering decisions that can keep us awake in agony night after night.

Financial questions like “Should I accept this job with a higher salary in another state” or “Which house should we buy” or “Can we afford to have more children or not” are big, important, and have the potential to be intimidating.

As you’re navigating your financial journey, I have no doubt you’ll find yourself at a financial crossroads.

That’s why it’s important to have a list of financial principles for your household that can help you make these large decisions quickly and confidently.

Each major financial decision for us has to be in alignment with the following 3 principles or the answer is a very easy no for us.

Save Money On These Hidden Costs When Leaving A Job

Job changes are practically inevitable for the majority of folks looking to land a substantial raise.

In 2018, I made a job change that led to a 45% salary increase for me after only getting a 3% raise from my employer earlier in the year.

And I’m not alone. Data from the Atlanta Fed Wage Growth Tracker shows that the average employee who switches jobs will have more potential for wage growth than the employee who stays with an employer long-term.

However, changing jobs at the wrong time without doing your due diligence could cause you to lose a substantial amount of money that offsets any salary increase. You have to be wise and look at a potential change from all angles. (Unless the situation you’re in is toxic and affecting your mental health. Just get out at that point.)

Here are some potential costs you need to be aware of if you’re considering a job change:

Our 2018 Financial Recap

Coming into 2018 we knew it would be a big year for us. I mean, Taylor was pregnant so there was that, but it just had this feel like something big was gonna happen.

Like all of the work we’ve been putting in over the last few years was about to pay off. And while we fell short on a few of our goals, we hit the key ones which was exciting.

I’m pretty sure we’re both in agreement that it was the best year of our life together as a married couple.

Why We Don’t Use Cash Envelopes

So if you’ve been on a few other personal finance blogs, you may have noticed that a lot of folks use cash envelopes to track their spending and stay on course with their budget.

For those who don’t know, the cash envelope system is when you allocate a certain amount to spend for a particular category, pull that amount out in cash, stuff it in an envelope, and only use the cash for purchases.

The purpose of the cash envelope system is to help you get your spending under control by limiting how much you can spend in certain areas.

For example, you create a spending plan and determine that you’ll only spend $100 at restaurants this month. You then go withdraw $100 from the bank and only use that money when you’re out to eat.

Once the cash is gone, you’re done spending.

Let’s be clear, I don’t have a problem with the system. I actually think it’s a fantastic system, and, if it works for you then great. It’s just not for us. Here’s why:

13 Items People Buy That Are A Waste of Money

It can be so easy to get caught in the moment and buy a bunch of stuff you don’t need.

These purchases can be fueled by a struggle to tell ourselves and others no or even a struggle to keep up a false image of success.

At the end of the day, we’re still responsible for the choices we make.

We’ve all made purchases we aren’t proud of no matter how big or small, however, there are just some purchases that tend to sting a little more that others.

Here are a few of the worst buys you can make.

13 Personal Finance Rules You Need To Start Following

These rules of personal finance will take you from living paycheck to paycheck to saving money. Learn the basics of personal finance with these 13 rules. Debt | Investing | Budgeting | Budget Hacks | Dave Ramsey | Baby Steps | Personal Finance | Money hacks
These rules of personal finance will take you from living paycheck to paycheck to saving money. Learn the basics of personal finance with these 13 rules. Debt | Investing | Budgeting | Budget Hacks | Dave Ramsey | Baby Steps | Personal Finance | Money hacks

I’ll be honest: my skills in the area of personal finance were terrible until I was about 25 years old.

I’m not ashamed to admit that I learned best practices by failing and then learning from my mistakes.

But see that’s the beauty of personal finance: it’s never too late to start turning things around.

Just over the last 4 years, we’ve gone from living paycheck to paycheck to having a 6 figure net worth.

How? By learning as much as I possibly could about how to handle money… and now it’s my turn to share some of my most valuable lessons with you.

How To Get Your Spouse On Board With Your Financial Plan

How To Get Your Husband On Board With paying off debt | create a budget | living on a budget | get out of debt | pay off debt | save for retirement | zero-based budget | dave ramsey

If you’re reading this, that means something has already clicked for you.

Maybe it was a debt collector calling, or a growing frustration over a lack of money, or even just fear of the future. I dont know what it is for you, but what I do know is you’re tired of not winning with money.

And that’s a great place to be. That’s one of the first steps we teach in the Winning To Wealth Course.

But then there’s your spouse. To you it makes perfect sense to get on a budget, pay off debt, and begin to build wealth, but, for whatever reason, they just haven’t bought in.

I’ve been there.