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The Best and Worst Places to Save Money in the Budget When Getting Out of Debt

Lets assume that you’ve finally decided to get out of debt and are looking to save money in the monthly budget by cutting expenses. Where do you start?

scissors cutting a one dollar bill

The Headache Factor Equation will help you determine which spending categories to cut first.

Not all categories are created equal. In some you can find money savings quickly. Others are going to take a little more time and effort. Some budget cuts will be easy to endure while others might lead to some family frustration at the lack of spending for that category.

In order to better identify the best places to save money in the monthly budget I’ve created the “Headache Factor Equation.” This formula takes into consideration three factors that are each scored on a scale of 1-5, with 1 being positive and 5 being negative. The lower the total cumulative score of the three factors the better when determining where to start saving money first.

The three parts of the equation are:

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Why I No Longer Hate Making a Budget

Today I'm guest posting and commenting at personal finance blog Canadian Budget Binder. I'm talking about my journey from hating budgets to loving them. Click the link below to join me there. Fifteen years ago you could not have twisted my arm … [Continue reading]

I’m Sick But Still Writing Only Because I Set a Goal

words "sick day" written on sheet of paper

Hidden Nuggets Series #60 - “Therefore I run thus: not with uncertainty. Thus I fight: not as one who beats the air. But I discipline my body and bring it into subjection…”- I Corinthians 9:26-27 I feel awful today. From top to bottom and places … [Continue reading]

3 Sneaky Marketing Words Companies Use to Lure Consumers

The words "I miss you" written in sand

It’s a beautiful, sunny October day here in the South. One where the temperature is just right and fall has knocked the humidity on its knees. The kids are playing in the front yard and I’m strolling to the mailbox to see what goodies the postman has … [Continue reading]

Debt Begins When You Swipe a Credit Card

credit cards

Today I'm guest posting and commenting at the Debt Free Guys. Join me there by following the link below. I'd love to hear your take on this topic. I often hear people justify their use of credit cards this way, “Well, I pay it off every month so … [Continue reading]

The Hands of the Diligent Make One Rich

hands forming clay

Hidden Nuggets Series #59 - “He who has a slack hand becomes poor, but the hand of the diligent makes rich.” -Proverbs 10:4 Take a look at your hands. What do you see? At first glance I see the obvious - the lines in the palm, the shape of … [Continue reading]

How to Make a Zero-Based Budget in 3 Easy Steps

grafitti of the word zero

One task that may not be apparent to first time budgeters is to create a budget that is zero-based. My wife and I had tried to make a monthly budget before but for one reason or another, our budgets never seemed to work. Putting this step in place … [Continue reading]

Give the Gift of Investing This Holiday Season

Christmas presents under the tree

I'm happy to welcome today the Debt Free Guys. Enjoy their guest post on how the gift of investing may be the best present a child could receive this holiday season. Americans are expected to spend between 4 and 4.5 percent more this coming … [Continue reading]

Proof It’s the Thought That Counts

two pennies

Hidden Nuggets Series #58 - “Then the disciples, each according to his ability, determined to send relief to the brethren dwelling in Judea.” - Acts 11:29  The reign of Claudius Caesar, the fifth Emperor of Rome, was marked by a series of famines. … [Continue reading]

Is Your Credit Score Simply a Measure of How Much You Love Debt?

gingerbread men hearts

Is a high credit score really just a measure of how much you love debt? Seems like a tough question especially when you put the words “love” and “debt” right next to one another. I’m sure you are cringing right now just reading that. The financial … [Continue reading]

My Parents Were Frugal but Sometimes I’m Not

thrift store sign

Today I'm guest posting and commenting at the personal finance site Club Thrifty. Click the link below to find out ways that my spending patterns differ from those of my parents. By every inch of the definition my parents were thrifty. They … [Continue reading]