2016 Investment Challenge Update

Week 4 and 5

week 4 I didn't sell anything and I was really starting to loose steam. But After working 60 hours a week I still find time to work on my goals. Just when I was about to give up on making any money this week, Ga State Tax refund was deposited in my account. Perfect timing instead of paying a bill, or buying Chanel it will be invested. A gift that keeps on giving.Week 5 Add a few more items online and marked down a few items. This time I decided to style my items on a manaquin. 3 out of 5 sold in two days.Another 1000 to invest.

The no spending has me shopping in my closet instead of buy new, is really been fun. I keep finding items I forgot about.

Fishnet Body Stocking with arms and legs cut off.

 

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4 Steps to get out of debt

In the past my weakness has always been clothes and traveling. If I didn't have the cash I would charge it. Every paycheck went towards money already spent. I lived paycheck to paycheck spending ridiculous amount of money on Designer goods. Whatever I wanted I bought it, never saving a dime. Living a champagne lifestyle on a beer budget, quickly got me into $25,000 in debt.

4 Steps to get out of debt.

 

1. Living above my means.

Living above your means is the easiest way to get into debt. Not keeping track of what you you are spending and spending more than you make. Just because you make it, don't mean you have to spend it all.

Start a budget and stick to it. Learn how to say no to impulse buying. Just because it's on sale don't mean you need it. If you dont have the cash to buy it you can't afford it. Save up for big ticket items/ trips and buy pre love items.

2. Charging everything.

Is not a good idea unless you are paying the bill off in full every month. Only use charge cards for emergency. If you are already in debt, than post up what you owe so you can see it everyday. Stop shopping and any extra cash go toward your debt.

2. Not saving

When things happen you will not be prepared, car accident, car trouble, job lost. In life stuff happens everyday, so being prepare for those mishaps is priceless. Pay yourself first, least save 6 months of your expenses.

4. Not Having control over my money

Everyone should have their own account even if you are married. You should always know exactly where the money is going every month. No one person should control all the money.

10 years later and I am debt free and still using these 4 steps to stay out of Debt

 

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Recycling your Closet...

 

• Getting rid of unwanted items
• Useing old gift cards
• Getting new stuff
• Saving money
• Enjoying the whole process

All I spent out of pocket is $102.

This year I decided to spend my birthday differently, normally I spend a whole lot of money going away and buying myself gifts. But this year I decided to spend money that's already spent. Meaning find things to sell in my closet and useing that money to buy my gifts. After searching through my closet I found: cracked Ipad mini, Chanel Espadrilles, denim jacket, slip-ons, denim jump suit, and desert Boots. After a week these items sold....

To save even more I try to spend my money where I have shopping points from shopping for the show.

 

Stay tune for my next closet sale, making room for more fashionable stuff.

 

 

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OMG I saved $659 month....

 

 

I am off work for a few months, Now I have less money coming in and more time to pay attention to how It's being spent.

Which bills can get lower or eliminated?

Cell phone $130.

My cell phone contract ended so I decied to shop around. To my amazement I found a cheaper service with no contract. Changing cell phone companies, dropped my bill to $65.

Cable $138.

I don't watch to much t.v., so I decied to cut back on Cable channels. Basic Cable and internet is all I need. Doing that lower my cable bill to $112.

X's Car $233.

Finally I sold my X's car and now I'm down to 3 more payment and it's paid off. F.Y.I never, never, repeat never buy, cosign, or go half on a car for anyone. Because when they can't or won't pay for the car you have too. I was blessed to be able to afford the unwanted expense but now it's SOLD.... Lesson learned!

Student loan $332.

Since 2007 I have been paying extra on my Student Loan and I am happy to say I will be making my last payment in June. Paying it off early will save me $332. Thank God...

Just doing these four things lower my monthly expenses $659. What can you do to lower your expenses?

 

 

 

 

 

 

 

 

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