Before I share my own, totally boring, advice from over the years, I wanted to share my fav. quote from an article in this month’s Money Magazine (Aug). It comes from their “Smartest Advice I’ve Ever Got” article which covered 30+ smarty pants, and the one thing that stuck by them over the years.
My awesomest was from Elizabeth Gilbert, author of Eat, Pray, Love, on her father being the “most frugal human being” she’s ever met:
“Borrowing money is like wetting your bed in the middle of the night. At first all you feel is warmth and release. But very, very quickly comes the awful, cold discomfort of reality.”
How awesome is that? I seriously WISHED someone had told me that back in the day…i’m not sure if it would have changed anything, but it sure would have stuck :) I think i need to start hanging around some more clever people…
The smartest advice I ever got isn’t nearly exciting, but it IS helpful! While my mom and grandma have always been the most frugal of the group – creating my addiction to yard sales, thrift stores, and Ta Ta Ta TJ Maxx – it’s my dad who’s usually the go-to guy when it comes to the overall picture.
The one thing he’s always harped on, along w/ many others, is to “never put anything on a credit card that you can’t pay off”. Plain and simple, but oh so true! It may not be as sexy as Elizabeth’s quote, but it sure is smart. And while I may not pay the purchases off asap, I ALWAYS have some sort of plan and timeline in mind before swiping.
What about you guys? Do you recall any helpful advice over the years?
Here’s another post I wrote on the role money has played growing up.
Bonus tip: Find a good "balance transfer" offer to help pay off debt faster!
If you’ve been making payment after payment (on time) and still haven't been able to get your debt under control, snatching up a good balance transfer credit card offer may be the ticket to try. That’s where in order to gain your business - credit card companies will let you transfer your existing debt to a new card and let you pay ZERO PERCENT interest on it. Saving you tons every month!
What's the catch? Usually balance transfer cards charge a fee (around 3% of your debt balance) to let you transfer your balance to their 0% interest offer. But we've found a great credit card that will let you do a balance transfer absolutely free. Click here to learn more and see if you qualify!
PS: If you don't trust yourself with another credit card, ignore this! This strategy is to help you get out of debt quicker, not risk adding more to it.