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Tuesday, February 23, 2010

No More "I Can't Afford That"

Get EmpoweredIf there's one phrase I hate more than douchebag (although it's a close call) it would have to be - "I can't afford that." It drives me bonkers! Most people CAN afford "that," they just choose not to (right Evan?). It's a big difference if you think about it.

Saying you can't afford something gives all the power to a magical object out there looking to tease you. It knows you want it, but guess what - You can't have it! "Hah!" it laughs to itself. Little do they know how wrong they are. Sure, some things really are off limits (mansions, private jets, playboy bunnies) but the majority of stuff IS attainable - we just don't desire 'em enough to trade our money for the other things we could do with it. We've got houses to save for and debt to pay off, ya know?

We are the ones who decide where our money goes and how to prioritize it, not some $50 tee or 60" flat screen. So tell those jackals to back off. They're not in control of us, WE are. We may secretly lust after them, but we're not about to wreck our financial goals for the quick high... at least not today ;) And even if we did that would still be okay because it would be OUR choice - not theirs. We're the empowered ones here, it's important to remember that.

But before you nix it from your vocabulary (because I know you will now, right? RIGHT?), let's get these objects out in the open for everyone to see! We're not afraid of them - we just prioritize our money! We like money, and we like having options. So pray tell, what is something YOU can afford but choose not to? Here are some of the answers my V.I.P. Crew holler'd with:
  • New cars, mountain bikes, Louboutins, flat screens, computers, $300 jeans, soda makers (what the?), canoes, golf clubs, fishing boats, blenders, sewing machines, furniture, Wiis, hair cuts, and on and on and on...
There's nothing wrong with prioritizing our money guys. It's time to empower ourselves and acknowledge we hold a lot more buying power than we let on! We're rock stars, and we're proud to spend intelligently ;)

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Tuesday, February 9, 2010

Need debt motivation? Calculate your daily costs.

Motivate.Paying for debt blows, but finding new ways to keep motivated doesn't :) And this morning I came across a BRILLIANT way to help put things in perspective! (Or perhaps give you a heart attack, I'm not sure which)

It comes from a good blogging friend of mine, Matt Jabs, and what he does is simple - he calculates just how much interest he's paying on his debt EVERY SINGLE DAY! All his mortgage interest, credit cards, loans, everything. And want to know what it's costing him? A whopping $40.13! And he gets squat from it in return. How's that for motivation? Knowing you're giving up $XX every single day until you pay it all off? Freakin' crazy mang - puts a whole new realization of what debt's doing to ya. (and yeah I know, I typed "mang" instead of "man" - I can be ghetto like that)

Now since I'm projecting Matt's debt all over, it would only be fair that I do the same ;) We don't have credit card debt or any loanage (thank God), but we certainly have mortgages up the posterior! And they come in at a pricey $350k at that.

So if we extract the total monthly interest we're paying ($1,800), and then divide it by 30 days, we're paying......drum roll please....$60 every day for our debt! WOW. That's seriously incredible to see it laid out like that, and it's not even including principal! I honestly thought we'd hover around $30-$40 a day just like Senor Jabs, but this REALLY puts things into perspective. $60 every day evaporating into thin air - unbelievable.

I highly recommend breaking it down yourself and seeing how it affects you. And if you're in the mood, dropping it in the comments and letting it out for all to see. Perhaps it would feel good? ;) Either way I think knowing this # could really help step up your get-rid-of-debt gameplan.

And if this interests you as much as it does me, check out Matt's "How much your debt costs" spreadsheet! I'm going now to add it to my best of templates/spreadsheets because I think this is some really really good stuff. You know I love me some tracking!

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Friday, January 1, 2010

It's a New Year to Pimp Your Finances!

New Year's Resolutions!Welcome to 2010 my friends! It's a new year full of new goals, new ideas, and more importantly new adventures :) We'll have some downs here and there as well, but for now we concentrate on the positives. That means more financial awesomeness, and even more so freedom!

And we do that by taking advantage of what this new year offers us:
  • A chance to save more save money!
  • A new year to get rid of all that crap laying around.
  • A new year to get rid of all that crap DEBT laying around!
  • A fresh clean start to get our finances in order.
  • A chance to pump up our 401(k) and Roth IRAs! (my personal favorites)
  • And a whole other year to work on the things we didn't complete LAST year ;)
I started this post in hopes of creating my own New Year's resolutions (click for last year's), but quite frankly I just can't think of any. I don't know if it's because I'm being lazy right now, or if I'm perfectly content (or maybe a nice mixture of both?), but I will say I'm excited to see what 2010 brings. There's something about fresh starts that really get me motivated and ready to take on the world. Kinda like how it was back in school - a new year to reinvent yourself and do your best to impress the ladies ;)

But enough about me. What are YOU gonna do this year to pimp your finances?! Any #1 goals or things that you just *have to* complete in 2010? Share it around my friends! The more you let it loose in this world, the better chance of it coming true!

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Okay, so I lied - I just thought of a few ;)
- To max out my 401(k)s AND Roth IRA again.
- To help Mrs. Budgetsaresexy max out HER Roth too.
- To reach a Net Worth of $200k.
- And lastly, to better manage my time! (Why is that always so hard?)

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*Time to poke through the Archives*


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    Budgets Are Sexy is a personal finance blog of a 20 something soon-to-be millionaire - J. Money (me). We cover retirement, credit cards, 401k, templates, budget planning & more. I've also put together a great list of the best personal finance calculators - check it out! And thanks for dropping by my money blog, holler anytime :)

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