DIY Rewards Cards: Pay Yourself Back Without Going Into Debt | Guest Post

Today I’m publishing a guest post by Jason Jacobs. Jason Jacobs is a missionary in a web programmer's body. In addition to working on financial fitness, he also spends a lot of time writing about his journey towards physical fitness. You can follow his progress at Finding My Fitness. Many of us are probably trying to get out of credit card debt quickly. We’ve also seen the ads telling us the … [Read more...]

Hyperbolic Discounting: Why Paying Your Credit Cards Off Is Like Going To The Gym

This guest post is by Tim Chen the founder and CEO of NerdWallet.com, a website that helps consumers to compare low apr credit card offers. Tim also educates consumers about credit cards and personal finance at the Christian Science Monitor, Forbes Moneybuilder Blog, and the Huffington Post.  If you would like to write you own guest post click here. Have you ever wondered why most of us have … [Read more...]

Debt and the Opportunity Costs of Not Paying it Off

When you make a decision to get into debt, you're also making a decision not to do many other things. Here are the three biggest opportunity costs of not paying it off. Opportunity Cost #1 - Your Future Retirement This cost will affect the day-to-day existence of possibly a third of your whole life. Some people may think that since retirement is so far away, they don't have to be concerned about … [Read more...]

4 Tips to Pay Off Your Debt ASAP

I don't think I know of anyone who likes being in debt. Do you? If you, or someone you know are trying to get out of debt, here are some ideas that will help. Prioritize The first thing you should do is figure out all the debts you have. Which debts have the highest interest rates? If it's from a credit card, call your creditors and work on getting the rate reduced. If they won't do it, tell … [Read more...]

Debt Snowball Explained | How To Pay Off Debt Using the Debt Snowball

I thought we’d better sneak this post in before it gets too warm – a snowball is always easier to visualize in the winter. Editor’s Note: What a great line, eh?  Unfortunately, I wrote this post months ago, but since it was such a good line, I decide to keep it in this post even though it is now the hottest time of the year. What is the Debt Snowball? The debt snowball is a common approach or … [Read more...]

Expensive Shopping is Good | How To Shop For Value, Not Price

For a long time I’ve been on the frugal or cheap fence.  One day I think frugal accurately describes me, and then the next day I jump ship and find myself firmly planted in the cheap camp. Here’s another question we can ask to help differentiate between frugal and cheap. Do you buy things based on what they cost, or do you buy things based on what you get? I think that cheap people buy based … [Read more...]

How To Pay Off A Mortgage Early

Once you’ve asked if you should pay off your mortgage early, it is time to ask, how can I pay off the mortgage early? This is the fun part. Let me start off by saying that you shouldn’t need to pay someone or buy a product to help you pay off the house early. Instead, simply send the bank extra payments to add to your principal whenever you have money to pay towards the debt. [pullquote]Make … [Read more...]

Pay Off Mortgage Sooner, Invest, Or Save? The Math Analysis

I’ve previously written about this topic – should you pay off the mortgage early or invest – but I realize that post was sorely lacking the math.  Today, I want to take a deeper look at the discussion to give a more thorough answer to the question – should you pay off the mortgage or invest? Watch out! I’m about to unleash the geek inside and let him run some math with the calculator. This post … [Read more...]

Should You Consolidate Student Loans Or Pay Them Off?

Second only to the mortgage, the student loan is the American debt of choice.  Only a few loans are righteous enough to carry the title – good.  A student loan is typically one such loan.  As a result, people often like consolidating mortgages and consolidating student loans.  The negative result is that the student loan becomes not just a part of life, but a part of who we are.  Quite … [Read more...]

Avoid Bank Fees: Money Saving Monday

Being in PNG has given me some wonderful exposure to ‘creative bank fees’. Last week Friday, I had a Term Deposit (TD) that matured (a TD is just like a CD).  The TD was actually matured 6 months ago, but against my written instructions it was reinvested for another six months.  I did my best to fix the problem, but let’s just say things work differently here in the South Pacific.  I … [Read more...]