Title: My Money My Way: Taking Back Control of Your Financial Life
Author: Kumiko Love
Hardcover: 240 pages
Publishing date: Feb. 1, 2022
Who is this book for?
Single women looking for tips on managing finances on their own.
Anyone who’s ever battled feelings of guilt, shame, doubt and/or deprivation in relation to money.
Individuals looking to live a financially emancipated life.
What’s inside this book?
Kumiko’s story of how she went from a newly divorced mom pulling in just $24,000 a year and facing $77,000 in debt to living completely debt-free in a home she bought with cash.
Stories of moms, like Kumiko, who successfully navigated divorce and the financial challenge of making it alone.
Practical tools and tips for letting go of shame and deprivation for living a financially secure and fulfilling life.
4 lessons you’ll learn from this book:
How to harness your emotions to your financial benefit, instead of letting them control you and drive your money choices.
How to create a budget based on your actual life, not a life of self-deprivation.
How to create a debt payoff plan that can work.
How to build a positive relationship with money.
4 questions this book will answer for you:
How can I reverse negative thinking patterns that I’ve grown accustomed to?
How can I align my emotional health with my financial health?
Can I take control of my finances with a low income and high credit card debt?
Do I need to live with constant deprivation to have a financially secure life?
What people are saying about this book:
“It’s no surprise that millions of people flock to Kumiko Love for her financial advice. She’s able to do the impossible: teach others about money in a non-judgmental, down-to-earth way while also making concepts, like budgeting and debt-repayment, exciting and fun.” – Jessica Moorhouse
“No shame. No condescension. Just real, practical money talk from a woman who lives it. Kumiko reminds us that our money struggles and mistakes are not a reflection of who we are or what we can achieve. And her tools and strategies offer an easy-to-follow framework for using money to build a lifestyle you love.” – Stefanie O’Connell Rodriguez
“If you’re ready to break free from a dysfunctional relationship with money and build wealth from a place of strength, Kumiko’s book is a must-read.” – Marie Forleo
“It’s so wonderful to see more voices join the movement that money shouldn’t be rigid or restrictive. Kumiko Love and her money management style will help you feel seen and capable instead of shamed and distressed — no matter the money mistakes in your past.” – Erin Lowry
Your Turn: What did you think of My Money My Way? Share your opinion in the comments.
Title: Overcoming Deptostrofy: A Complete Guide to Debt and Loans Management for Free Life Forever and Ever Author: David Stokes Publisher: Self-published Date published: June 24, 2019 Paperback: 73 pages Average customer review: 5.0 out of 5 stars
Who is this book for? Anyone carrying outstanding debt
Readers seeking to gain control of their debt
People looking for a way to honestly assess their financial situation
4 things you’ll learn from this book:
How people get stuck carrying debt
How to tell good debt from bad debts
The benefits of money management
How to recognize bad financial advice
5 questions this book will answer for you:
Is there really a way out of deep debt?
What are the different types of debt?
What’s the first step I need to take to pull myself out of debt?
What’s the best way to handle my outstanding loans?
How can I ensure that a financial emergency does not send me back into debt?
What people are saying about this book:
“(It’s) really a complete guide to getting out of debt.”
“This book is a must-read for anyone who wants to know about loans management.”
“This book is so informative, and (it) has strategies I can use right away.”
Do you believe it is always possible to pull yourself out of debt? Why, or why not? Share your thoughts with us in the comments
Is your debt shrinking? Have you gotten rid of one of your outstanding loans or lines of credit? Well, then it’s time to celebrate!
Take the time, this month, to celebrate every small goal you’ve reached on your journey toward paying down debt. You don’t need to spend much to celebrate an achievement; find inexpensive or even cost-free ways to reward yourself.
Celebrate big. You deserve it!
How do you celebrate achievements without blowing your budget? Share your best ideas with us in the comments.
Now that you’re maximizing your payments toward the debt you’ve prioritized, make sure it happens by automating your payments. Set up an automatic transfer in your designated amount from your checking account or your savings account to that debt each month, and it will be well on its way to disappearing!
Your Turn: How much time can you save each month by making all of your payments automatic? Brag about it in the comments!
Choose the debt you’d like to pay down first. Financial expert Dave Ramsey suggests starting from the smallest debt and working your way up. You can also choose to start with the debt that carries the highest interest rate. Either way, once you’ve paid down the first loan or line of credit, you’ll move onto the next and continue to work your way through all remaining debt until you’re completely debt-free.
For now, paying off this debt will be your top priority. Be sure to pay the minimum payments on all other debts, but any extra money you have at the end of the month goes towards the first one. Start with the minimum payments you were making anyways, and add the money that was previously going towards setting up your savings account to create your debt snowball. Whenever possible, try to add money to your snowball to accelerate your progress.
Doesn’t this feel great? You’re on your way to a debt-free life!
Did you choose to start with your lowest debt or the one carrying the highest interest rate? Share your choice and your reasons with us in the comments.
This month, you’re going to organize your finances. Hold onto every receipt, bill, paystub and invoice you produce throughout the month. Sometime during the last week of May, sit down with all of your paperwork and start crunching the numbers.
When you’re through, you should have all of these questions answered:
How much is my net monthly income?
How much are my monthly fixed expenses?
How much are my monthly non-fixed expenses?
Now that you have the numbers in front of you, work on creating a budget. Designate the necessary funds for your fixed expenses. Then, with the remaining money, determine how much you will spend in each non-fixed expense category; like groceries, clothing, entertainment, etc.
Put your minimum debt payments in the fixed-expenses category, with another category for extra debt payments in your column of non-fixed expenses.
What was the most challenging part of creating your monthly budget?
You may be feeling impatient to start more aggressively paying down debt, but it’s important to first create an emergency fund. If you don’t have money socked away for unexpected expenses, you’ll be tempted to use the money that’s already earmarked for your debt payments to fund this expense.
Experts recommend keeping three months’ worth of living expenses in an emergency fund, but you can start with a modest $1,000. Set up an automatic monthly or weekly transfer from your [credit union] Checking Account to your Savings Account until you have a fully padded emergency fund. This may take several months, but no worries, you can continue following the next few steps towards a debt-free life as your emergency fund grows.
Your Turn: Why do you think it’s so important to have an emergency fund? Share your thoughts with us in the comments.
If the majority of your outstanding debt is credit card debt, you may be spending hundreds of dollars just on interest alone. Aside from wasting money, this keeps you from moving forward and paying down your debt.
Most people don’t know you can call up a credit card company and negotiate for a lower APR. Take the time this month to do that. Explain that you are working on paying down your debt and that the interest payments are impeding your progress. You can even research competing cards and cite their interest rates in a bid for a lower APR from your current credit card company.
Lowering your interest rates will allow you to make another real step toward getting rid of debt.
Your Turn: Have you ever negotiated for a lower APR on your credit cards? Share your success stories with us in the comments!