Debt & Money Matters

We are EXPERTS at what NOT TO DO with money. Join us on the journey to finally becoming debt-free.

Personal update from me…

We are SO CLOSE to being debt-free, and looking forward to finally doing that long awaited debt-free scream. We thought we would be completely debt-free in 2016 but then a couple of Murphy’s law emergencies happened and we ended up with some hospital bills and other accounts we didn’t expect, you know – such is life! So for now, if you found this blog by accident and you are really struggling with debt, start listening to Dave Ramsey’s podcast and…

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Loyalty Programmes for Cash Buyers

The only plastic you will ever find in my wallet these days: Loyalty Cards for Cash Purchases. South Africa lags behind the USA on worthwhile coupon or consumer rewards programmes that does not involve signing up for credit, but there have been some new developments in recent years. Although these programmes are designed to encourage customers to spend more at the specific store, I would never adjust my spending behaviour in order to gain points. However, we do sign up…

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Make some extra cash with M4JAM!

Have you heard of M4JAM? Make some easy extra cash with Money for Jam My husband and I have been having fun with this project over the past few weeks. Together we have been able to make a couple of hundred bucks in extra cash by completing various quick surveys and tasks in our area. A welcome budget stretcher for those daily odds and ends. How does it work? From their website: “M4JAM takes big jobs from reputable companies and breaks…

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Should I belong to a medical aid?

Should I belong to a Medical Aid?

If you are asking the question “Should I belong to a Medical Aid?” because you simply cannot fit the premium into your budget, let me tell you a couple of real-life stories: Story 1: A Tumble Down Some Stairs Someone I know fell down a flight of stairs at her home a while back. She did not have a medical aid at the the time. The fall left her with scull fractures and compound fractures to both wrists. Relatives stepped in and lent her the money needed.She…

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Build Wealth and Give

Build wealth and give

Baby Step 7: Build wealth and give! After completing the first 6 baby steps, you will now be debt-free, with a fully funded emergency fund, you are saving 15% of your income for retirement and have started an Education Savings Plan for your children, and you have a paid for house! Well done, you are killing it! From the Dave Ramsey website: It’s time to build wealth and give like never before. Leave an inheritance for future generations, and bless others now with your excess. It’s really the only…

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Pay off your house early

Pay Off Your House Early

Baby Step 6: Pay Off Your House Early After completing the first 5 baby steps, you will now be debt-free except for your home loan {if you have one} with a fully funded emergency fund, you are saving 15% of your income for retirement and have started an Education Savings Plan for your children. You are now ready to throw any extra money at your home loan and pay off your house early! As you attack this last debt, you will gain momentum much like you did back…

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Education Savings Plan

Step 5: Education Savings Plan for your children After completing the first 4 baby steps, you will now be debt-free except for your home loan {if you have one} with a fully funded emergency fund, and you are saving 15% of your income for retirement. Next up is saving for your children’s education. {We don’t have any kids yet, but we plan to be ready to start an education savings plan for them when they are born.} How much should we save for education?…

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Saving for Your Retirement

Baby Step 4: Saving for Your Retirement After completing the first 3 baby steps, you will now be debt-free except for your home loan {if you have one} with a fully funded emergency fund. Now it is time to get serious about building wealth, and the first thing to do is to start saving towards your retirement: This means you need to invest 15% of household income into tax-advantaged retirement accounts. While you are at Steps 4, 5 & 6,…

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The Full Emergency Fund

Baby Step 3: The Full Emergency Fund At this point you will be debt-free and have a small starter emergency fund. 3 to 6 months of expenses in savings Now to really blow your mind {and life-long misconceptions about personal finance}, Dave Ramsey suggests that we have a fully funded emergency fund of 3 to 6 months of expenses in savings. Before you start building investments, first save up this nest egg to protect you and your family from unplanned debt…

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The Debt Snowball

Baby Step 2: The Debt Snowball After completing Step 1 {The Starter Emergency Fund}, it is time to get gazelle intense to pay off all your unsecured debts, including your car but not your home loan {if you have one}. As a child of Sunny South Africa I have no idea what a snow ball looks like in person – I have heard that they can accumulate more snow and grow in size as they roll faster and faster downhill. This…

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