5 Reasons Why You Need to Have a Common Financial Goal in Your Relationship

If you are working towards a debt free lifestyle and you are in a relationship then you will need to consider these 5 steps on your journey to becoming debt free and not stressing your relationship. 

First of all, I’m not attempting to give relationship advice here, you can get that here. This will continue as a blog about Financial Freedom. I believe we can be successful if everyone is involved and on the same page. 
We’re going to discuss these 5 topics

  1. Communication 
  2. Focus
  3. Time
  4. Greed
  5. Celebrate 

Communication

There comes a time we look at our financial situation and think “I have to do something about this NOW”!!!
You put restrictions in place like “no spending money ever again, unless I approve everything” 

That doesn’t work when you’re in a relationship. 

It’s ok to be frustrated, heck if you weren’t frustrated you probably wouldn’t change anything financially. 

Talk to your partner, be respectful, share your frustrations and discuss solutions. You will probably discover they are feeling the same way. 

Agreeing to set up a budget to get out of debt and how you will do it as a team will increase the chances for success. 

 Focus

When creating your route to financial freedom set milestones to know you are on the right track. 

Reward yourselves with something special when you reach your ultimate goal. Of course you will pay cash for that couples cruise, right?

Continue talking to each other about obstacles and set backs. Make a plan and get back on track. 

Encouraging each other often because this next one is what will set you back. 

Time

When you work out the map to financial freedom it’s important to understand that you didn’t get in debt overnight, so you probably won’t get out of debt overnight. It’s going to take time. 

“Nothing in the world can take the place of Persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent.” -Calvin Coolidge 

Set aside time to talk about the progress and struggles you and your partner are experiencing. Make sure your relationship is on track mentally to continue on the journey. 

Sure, anyone can save for a minute and pay off a couple of bills, don’t quit too early. 

Greed

These 3 steps mentioned above can start to look like GREED. 

You’re hoarding money, it’s stuffed in jars, envelopes and mattress in the master bedroom. Your not buying anything, everyone is hungry all the time, you’re working as many jobs and hours as the boss will let you work. All you talk about is money, money, money. 

Don’t lose the human touch. Spend time talking about the common interests you had when you first met. You’ve got it in you, just be intentional about it. 
Go places and see things. I bet there are lots of interesting sights nearby that are free or cost very little. 

Commit to having courageous conversations with each other if you feel greed is creeping into your life. 
Greed can really hinder a relationship and turn you into someone you didn’t set out to be. 

Celebrate

One way to bring all the steps together is to celebrate milestones along the way. They can be big or small. 

Milestone examples:
Paying off a credit card 
Paying off your car loan
Paying off a student loan

Don’t give up once you reach a milestone or two. Let that win be the encouragement to go after the next one and so on. 

By celebrating your successes along the journey, you’re purposely taking time to show how much you appreciate each other’s contribution to the goal. 

Again it doesn’t have to be a grand display, but it can’t go unnoticed. 

Without this step everyone involved will lose interest after a while. 

In Conclusion

Don’t put more stress on your relationship over money. Money is very emotional in a relationship. One person handling all the finances may feel like they failed or it’s all their fault. You’re a team and you’re doing the damage together. 

Now come together and get out of debt by following the steps. 

  1. Communication 
  2. Focus
  3. Time
  4. Greed
  5. Celebrate 

If you have had success in coming together with your partner and beating your debt leave a comment. 

If you believe that if you would have started with steps like these and maybe things would have been different in your journey, leave us a comment. 

Living Debt Free is a Journey NOT a Destination

When I hear the phrases “financial freedom” or “debt free” I used to think “that person made it, now it’s smooth sailing for them”.

Not too long ago I learned that’s not exactly how it works.

You still have to live your life, and believe me, “life” happens everyday.

Cars break down, unexpected home repairs, medical bills, helping extended family during hard times.

Life is going to happen and we have to respond without being prepared.

Being debt free or having a comfortable level of financial freedom puts you in a better financial position to face the situation without panic.

There have been times in my life where I was debt free. I lost focus and discipline and putting myself back into debt. Maybe I got comfortable thinking I got out of debt before and I can do it again.

That’s why I call it a journey and not a destination.

Don’t get me wrong, I believe you can get there and I hope you can stay there and with discipline and focus you live that life for a long while.

So I encourage everyone to strive for financial freedom and a debt free life. Don’t get discouraged if you have to work for that goal more than once.

Now that you know that it can be a journey how will you handle your finances when you do pay off that last bill?

Don’t Forget About Yourself

You’re working hard to get out of debt and get your finances in order for your life run a little smoother.

You created your budget, gotten rid of some of those pesky subscriptions you didn’t need, locked in your side hustle to speed up your timeline. You have long term investments in the stock market or in real estate.

What else is there to do?

OH Yea!!! What about yourself?

You have to take care of yourself and your family too. You deserve it! You work hard day and night hustling and making it happen. I’m not suggesting going back into debt but….

1. Plan a date night

2. Take the family out to dinner and a movie

3. Plan a day to get away from house and go to an amusement park or the beach.

4. Get together with friends and family and catch up.

Remember it doesn’t have to be expensive, but it does have to be sincere, quality time spent away from the money and the hustle.

Financial Opportunities in a Crisis

Whenever there is a crisis in the world, however unfortunate, there is an opportunity for financial gain

There are three recent examples I can think of:

  1. Tsunami in Japan (March 2011): As I watched the catastrophic event on the news I noticed the cars were being sucked into the ocean. I said to myself, “All of these cars have to be replaced…”
  2. Hurricane Katrina (August 2005): Totaled over $125 billion in damages. Construction materials and contractors to rebuild were in high demand…
  3. Coronavirus (present): There are multiple companies gaining in the stock market for their work to test and formulate a vaccine for the Coronavirus. Their work will help stop a pandemic that could take millions of lives across the world. Stocks like Co-Diagnostics (CODX), Moderna (MRNA), Allied Healthcare Products (AHPI) have seen recent gains of up to 1400%.

When there is a crisis in the world, where will the need be? 

Where will the opportunities present themselves? 

Will you actively look to the specific sector that is working to solve the crisis?

Will you be in a position to invest in the solution?

The Extended Car Warranty

Recently I purchased a used Toyota Prius with only 166,000 for driving Uber/Lyft. I drove the car 3,000 miles the engine already needs a rebuild.

I didn’t get an extended warranty right away. I thought I would drive for a month or so and make some money before I purchased a warranty. I drove 3 days and the check engine light came on. The result is that the repairs will cost me $3,000. 

Well THAT wasn’t in the budget!

What is an extended auto warranty? An extended auto warranty is like an insurance policy on your vehicle. It provides some peace of mind against expensive, unforeseen repairs. The warranty will cover your car for a certain amount of time and miles. Plans come with a $0 deductible up to $200 or more. Read the fine print on the proposal before deciding. 

Extended warranty for used vehicles; 

  1. They exist and they are affordable, here are a few:
    • Autopom!
    • Autowarranties.com
    • Endurance
    • Complete Car Warranty
    • AutoWarrantyOfAmerica.com
  2. Don’t Wait!! It could be too late. If you have mechanical issues you can’t purchase a warranty and then use the warranty right away.
  3. An example of the cost of a car warranty
    • $1248 for a 24 month/24,000 mile plan
    • Purchase in full or
    • $312 down and $93/month for 10 months
  4. After purchase there are timelines before they go into effect
    • After 30 days
    • After 1000 miles

I could have saved $1500 and peace of mind for the next 24,000 miles…

Grocery Shopping On A Budget


It sounds like a simple task to go grocery shopping daily, weekly or whenever you choose to do it. We would go grocery shopping and spend $300-$400 every week. That’s $1200 a month on groceries!!!!

Here are a few tips to try and avoid those high grocery bills. 

  • EAT before you go shopping
    • If I don’t eat before I go shopping then I load the cart with snack food that I don’t need. 
  • Make a list and stick to it as best as you can, I mean we all forget stuff until we see it on the shelf.
  • Stick to your grocery budget!!!!
  • Use coupons, even better go shopping when its double coupon day.
    • Use a freezer to store the meat, vegetables and frozen foods you got with those coupons
    • don’t use coupons on stuff you don’t need just because it’s a good price. If you don’t use the product then it’s still a waste of money, you only wasted less…
  • Shop around for the best prices on meat. That doesn’t mean you have to sacrifice quality…BUT if you’re on a budget then you may have to sacrifice on something, maybe quantity.
  • If you are making a quick trip to the grocery store opt for the basket instead of the cart. 
  • Buy what you know you’re going to eat.
  • Don’t over buy. 
    • When you over buy then the food spoils and you just end up having to dispose of it.
  • Buy the store brand instead of the name brand, especially on items that aren’t important to you, like canned foods.
  • Be aware of what your shopping online for pick-up. Stick to your list and don’t impulse buy. 

Creating a Grocery Budget

Everybody needs a grocery budget…but where do you start?

Every expense category needs budgeting. If you find yourself frequently over spending the grocery budget you allotted yourself, you may need to reconsider the amount and prioritize this category over other expenses. Necessities including food, shelter and transportation come first, but a Corolla can do the same job as a Bentley…for much less.

While you have a fixed amount to spend on groceries and food depending on your income and budget, you can reduce these expenses with the guidelines below. Customize the budget to fit your needs along the way.

Grocery Budget Guidelines:

  • How many are you buying for?
  • How often do you eat out or order delivery?
  • Do you take lunch to work/school or is money allotted for daily lunches?
  • If you receive a per diem, consider it part of your grocery budget. After all, it is designed to reimburse you for food purchases.
  • Consider your diet. Unfortunately healthy, fresh, or organic foods tend to cost more.
  • How much can you afford to spend weekly? Ensuring your weekly or daily grocery store trips fall within your budget is easier when you know your max weekly spend.

Try to reduce your budget over time. Research different stores to find out when they have weekly or monthly specials and shop on those days. At my grocery store, Tuesdays are double coupon days and Thursdays have meat sales. A word of caution: just because there’s a coupon or sale for it doesn’t mean you should buy it – make sure it’s an item you truly need and it is within your budget.

Side Hustles

It is often challenging to rely on your “day job” as your sole source of income. It’s more of a challenge to find a reliable and consistent side hustle that won’t interfere with your day job.

Find an activity you are already skilled in and passionate about to reduce the amount of time or commitment needed to get your side hustle off the ground.

1) Start a blog or website and generate ad revenue via Google Admob, AdSense, or other method of advertising. Consistently add new content and promote traffic to your website via social media. Startup costs are minimal, but depending on your content and popularity it will take time to generate significant revenue on advertisements alone.

2) Become a digital freelancer. Upwork has an easy to use, secure platform for users of all experience in a variety of industries, from accounting, legal advice, customer service, to graphic design or web development. You can set your own rates and only schedule clients when you are available. Some clients may require constant communication which could be demanding if your day job is not flexible.

3) Rideshare service. Uber, Lyft, Doordash, or Postmates all give you the flexible option to deliver passengers or food during your free time. Revenue depends entirely on your location, eg. Uber compensates drivers based on the city they drive in. Maintenance, fuel, vehicle repairs, and insurance can eat into your profits. Taking advantage of surge pricing on nights and weekends, or driving near large concerts or popular events can boost your revenue.

4) Photography. Aside from professional wedding or portrait photography, you can opt to sell photos, prints, or originals on a variety of websites. Several web-based businesses sell merchandise customized by the user with their photos or designs, and pay a percent of the sale to the user when the product is purchased. This can generate a decent amount of passive revenue for an absolute minimum time commitment or involvement.

5) Wholesaling or dropshipping. Amazon and Shopify provide a perfect “storefront” for this, with the opportunity for massive revenue considering the RIGHT product is chosen to sell. Both of these side hustles require a relatively large time commitment and can be expensive to start. If you heavily research your product, market, and locate a trustworthy and inexpensive manufacturer, you can turn a mighty profit if your day job allows for the schedule flexibility. 

There are various web and smartphone applications available and free to the public that can help you jumpstart your side hustle adventure and keep you on track to #debtfreeliving !!!

WordPress

Google Suite

Tumblr

Instagram

Uber

Lyft

Doordash

Postmates

Zazzle

CafePress

Shutterfly

Amazon

Shopify

Upwork

Student Loans

I have two daughters in college and they are graduating soon. That’s when our payments start on the parent/student loans.

Do you know when your college student graduates and when your first payment will be due?

Now is the time to do the research for those dates and start budgeting for it. Maybe it’s this year, like me, or its 4 years from now, but be sure it’s gonna happen, and it’ll be here before you know it.

If you are the student here are some DO’s and DONT’s once you graduate:

DO:

  1. Get a job right away, or 2 jobs. Work that side hustle.
  2. Continue living a similar lifestyle and budget you have been accustomed to for the past several years as a student. 
  3. Minimize your transportation expenses.
  4. Try to take advantage of your college benefits for as long as you can, i.e. college I.D. bus pass, gym membership, or other local discounts.
  5. Pay as much on your student loan as possible, when possible. No need to wait for the due date, throw everything you can at that debt.
  6. Find a roommate to share living expenses.

DON’T:

  1. Take a break between graduation and getting a job.
  2. Buy/rent an expensive place to live.
  3. Incur more loans. if this is a must then shop around and get the best rates or deals.
  4. This is obvious, but don’t do anything to jeopardize your new job.
  5. Go out or order food in every night.
  6. Continue your college party lifestyle.

Pay Yo’ Debt

We all have debt to some degree. It’s what you do to get out of debt that is going to make the difference in your financial future.

The truth is we all wish we had an “Easy Button” to eliminate that debt. Do you think you would go the rest of your days debt free if you had access to the Big Red Button just once?

Unfortunately, I believe that if I had an easy way out of my debt I wouldn’t stay debt free for long. You see, if you don’t work hard to achieve your goals, then the value or meaning of that struggle isn’t going to be enough to motivate you to remain in that place, debt free.

Hard work, doing what sucks, climbing out of that abyss of debt is going to be an amazing feeling of accomplishment. I am going to remember what this is like for a long time and not get myself into this situation AGAIN!!!!!!

Here are some of the things I’m doing to get out of debt in 2020.

  1. Get a side hustle
    • Drive Uber/Lyft
  2. Work seven days a week
    • Volunteer any available overtime at my day job
  3. Pay off the smallest debt first
    • Credit cards, auto loans
  4. Cancel all my vacation plans for 2020.