Archive for January 2019

How Much House Can I Afford?

Are you looking to purchase a home in 2019? Many people buy a house outside of their price range and end up in a huge financial mess. This doesn’t have to be you! Before you get ready to purchase a house, you should check out our Mortgage Payment Calculator to help you decide how much house you can really afford.

Before you purchase a house, you should consider a couple of things:

  • How much should you spend on housing? Generally speaking, you should spend about 25% of your take home pay on housing. This amount can change depending on the amount of debt you carry. If you have no debt, you can likely accommodate up to 33% of your take home pay on housing. If you have a high amount of debt, you should probably only spend about 18-20% of your take home pay on housing.
  • How much of a down payment should you have? You should put down AT LEAST 5% down on a house.
  • How much should you borrow to buy a house? Generally, you could spend between two to three times your annual income on a home. This means if you make $75,000 a year, your mortgage should range from $150,000 to $225,000.

Once you have this calculator pulled up, all you have to do is enter the expected interest rate, the number of months of the mortgage period and the amount of the expected loan. You can use estimates to calculate potential mortgage payments. You can then use this number to help you decide how large of a mortgage payment your budget can really accommodate.

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MONDAY MONEY TIP PODCAST: Top Money Questions

We’ve made it to the last Monday of January! That means that this week on the Monday Money Tip Podcast, we will be answering the top money questions from our listeners. Questions this week will range from payday loans to how credit scores really work. I’ll share the importance of having a clear financial vision for your future. Lastly, you’ll hear a success story from a woman who previously relied on bank overdrafts to make it from month to month.

It’s our goal at the end of each episode that you gain hope and encouragement in your financial journey, you’re equipped to take a next step, and that you’ve had FUN with us!

Find the Monday Money Tip Podcast HERE. Please let us know what you think by leaving us a rating!

Email info@iwbnin.com to ask questions or share success stories.

NOW AVAILABLE TO DOWNLOAD:
iTunes
Stitcher
Spotify
Website

Show Notes

About the Episode:

  • I’ll share the importance of having a clear financial vision for your future.
  • Hear a success story from a woman who previously relied on bank overdrafts to make it from month to month.
  • I’ll answer rapid fire questions asked by you! These questions range from payday loans to how credit scores work.

Resources:
IWBNIN Free Tools
Mortgage Payment Calculator

 

February Budget Challenge

Did you miss our first budget challenge that we launched last fall? We got GREAT feedback from our first participants and we’ve decided we want to have another challenge! If you want to make February the month where you take control of your finances, sign up for the budget challenge HERE.

We know that the majority of people do not follow a budget for a multitude of reasons and we are here to help!  Our goal is to help you to master your finances and get one step closer to accomplishing your plans, hopes and dreams.

During this 40 day challenge, you will receive daily budgeting tips and teachings as we help you prepare and follow a working budget.  We will hold live calls once a week and you will get direct access to the I Was Broke. Now I’m Not. team.

Now, I am sure you will make the right decision and join us during this challenge.  But if you need a little more convincing, here are a couple of things that you will walk away with upon completion:

  • You will have taken the first step in taking control of your money
  • A reduction in your financial stress level
  • Progress towards your plans, hopes and dreams
  • Tips on how to work with your spouse on your financial goals
  • How to deal with your financial anxiety
  • Learn to manage adjustments to your budget throughout the month

These are just a few of the things that this budget challenge will help you do.  Our goal with this challenge is to help you stop feeling stuck and gain control of your money, once and for all.  

This challenge will kick off TONIGHT with a live event so there is still time for you to make this commitment to yourself.  Give your budget one more shot. You can join the 40-Day Budget Challenge by registering HERE.  

 

MONDAY MONEY TIP PODCAST: All About Budgeting

Are you ready to get your budget under control? In Episode 29 of the Monday Money Tip Podcast, you can do just that! We’re here to share with you how they make budgeting EZ each and every month. We will also share some statistics about the average car payment that may shock you! Our success story this week comes from a participant of our last budget challenge and you’ll hear how it changed her life!

It’s our goal at the end of each episode that you gain hope and encouragement in your financial journey, you’re equipped to take a next step, and that you’ve had FUN with us!

Find the Monday Money Tip Podcast HERE. Please let us know what you think by leaving us a rating!

Email info@iwbnin.com to ask questions or share success stories.

NOW AVAILABLE TO DOWNLOAD:
iTunes
Stitcher
Spotify
Website

Show Notes

About the Episode:

  • Hear some alarming statistics about the average car payment.
  • Megan shares an exciting story from one of our last Budget Challenge participants.
  • I share how you can become good at budgeting.
  • Learn the key to budgeting with irregular income.

Resources:
IWBNIN Next Steps – Insurance
Average Car Payment Article
Budget Tools
Budget Challenge

Quote of the Day: “The plans of the diligent lead to profit, as surely as haste leads to poverty.” – Proverbs 21:5

 

Debt Freedom Date Calculator

Are you ready to pay off some serious debt in 2019? To say “goodbye” to the car payment, Sallie Mae and credit cards? If you said yes, the Debt Freedom Date Calculator found HERE on our website can really help you. This tool combined with the Debt Snowball Technique is how I became debt free and you can too!

Step One: Identify All Debts Owed (Lender, Amount Owed, Monthly Payment)

Make sure you list out all of the debts that you owe and how much each one is. You can check your credit report just to double check that you have no outstanding debts that you may have forgotten about.

Step Two: Sort Debts By Amount Owed (Smallest to Largest)

List your debts out by sorting the debts from smallest to largest by the amount owed. Make sure you have sorted by the amount owed and not the payment amount.

Step Three: Pay Minimum Payments on All Debts, Except The Smallest Debt

Make the minimum payment on all of the debts except the smallest one. It can be very tempting to start to attack your credit card bills or car payment but if that is not the smallest amount you owe, make minimum payments for now.

Step Four: Apply Any Extra Money to Smallest Debt

If you have leftover money in your budget, apply that to the smallest debt that you owe. The quicker you can see a victory, the more effective this technique will be!

Step Five: When Smallest Debt is Eliminated, Add Its Monthly Payment to Next Smallest Debt

Once you have paid off the smallest debt, take the payment you were allocating towards it, and apply it to your next smallest debt. That way, as you pay off more and more debts, you’re creating a debt snowball!

If you would like more information on this topic, check out this quick YouTube video HERE where I explain the technique and give visual examples.

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Want more tips like this one?  Subscribe to the Monday Money Tip Podcast HERE.