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How I Went From Being Broke to Being Cheap

My financial life: Oh boy has it changed

Good morning Yes, I am Cheap friends. My name is Kristina and I’m the daily blogger over at Dinks Finance. Today Sandy has graciously invited me over here to share the story of how I went from being broke to being cheap.  I turned my financial life around in three years and this is how I did it.

My out of control spending ended in $50k of debt

From my mid to late twenties I was living the high life, or at least I thought I was. I had a wallet full of credit cards and I spent money whenever I wanted something.  I would spare no expense and I didn’t care how much anything cost. Why? Because I was making a six figure income from my personal finance job and I thought I could control my finances. Thought was the operative word.

Then the market crashed. One day I woke up and realized my excessive spending landed me over $50,000 in debt.  I hit rock bottom and knew my income could no longer support my spending. So I had to make changes in my financial life to decrease my spending, lower my expenses and increase my monthly debt payments. That’s exactly what I did.

This is how my life changed from being broke to being cheap:

I only keep one credit card. Right now I only keep one credit card in my wallet. It is a no fee credit card with a $2,500 limit. I no longer have several credit cards with $5,000 or $10,000 limits.  […]

Some Things Are Worth The Money

Some Things Are Worth The Money

The following is a guest post from Marissa at Thirty Six Months, where she talks about paying off her student debt, learning to invest, and tips to save money.

I’m all about saving money and finding deals these days. You have to be when you have student debt that you are trying to pay off. There is a certain thrill that I get when I know that I saved money by smart shopping. I also look for deals on everything, and if I feel like a generic item will serve the purpose as the name brand, then I will certainly go for the generic. There are certain generic items that had turned out to be bad investments, and those are mistakes that I will never make again.