Women’s Personal Finance Wednesdays – Week 29
1. From Putting 33¢ Pasta on Credit to $100k in Savings Poorer Than You
I shared when Stephonee hit that elusive $100,000 net worth milestone a while back, and I was so excited to read the “how” of it. While it seems like there are stories every time you turn around these days about how people made some really amazing things happen with their savings, those stories are often lacking the nitty gritty of how it actually happened.
And so many of those stories are about high income earners. While I absolutely will not knock someone for bringing in a high salary, reading about how someone just made “a few smarter choices” and suddenly started saving fifty thousand dollars a year or more can be pretty disheartening to those of us who couldn’t possibly save that much.
This first $100,000 took her a lot of years to achieve, and this gargantuan 4,000 word post dives into the journey in detail. Especially if you’re early on your debt payoff or savings journey, I find this post to be extremely encouraging and inspirational because it shows the power of compounding and of continuously finding ways to put money away even when there isn’t a lot to be had.
**ps. Stephonee is also the mastermind behind Money Middletons, a curation site focused on content for low and middle income earners. If this post resonated with you, I’d highly suggest checking them out as well.
2. How Much Being Unemployed Actually Cost Us My Life, I Guess…
Unemployment is a scary thing, and something that can sometimes feel easier to deal with by sticking your head in the sand and just getting on by until you finally get out of it. Obviously, unemployment means using what emergency funds you have and cutting back your budget when you realize you don’t have another choice.
But this post goes beyond simply talking about Amanda’s experience with a period of time without an income, but goes to explain how easy it is to fall deeply in debt. Especially when you expect a period of time to be temporary, expenses may not be fully cut to the bone. And then debt can so easily snowball out of control.
Until I’d experienced the awful feeling of realizing we needed to drain our emergency fund thanks to a couple of back to back months with unexpectedly high expenses, I had a hard time understanding just how easy it can be to dig a deep hole that isn’t so easy to dig back out of.
3. 7 Useless Things We Wasted Money On I Like To Dabble
I’ve personally dealt with three of these seven (I bet you can guess which three), and one is a constant struggle for me even now. And something I haven’t shared here before, but number six is one that my husband used to spend a ridiculous amount of money on as well.
Looking back, there has been a LOT of the little stuff that’s added up to a serious amount of money throughout our lives, and with very little – or nothing – to show for it. I’m very much a proponent for spending on what you value, even if other people may think it’s a waste of money, but spending mindlessly is an entirely different thing, especially when that money waste comes down to procrastination or laziness. Spend money on more than the basics, but spend it on things of real value.