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A New Hope For Our Future And Income

Dealing With Our Debt Through Automation

Hello, Everyone!

I can't believe it has been over 2 months since I last wrote on this site but things have been BUSY!

First, let me address my last post in February. I'm going to leave that post up even though it's a bit blunt and negative and not really the atmosphere I want to set here but it is real.

Talking about money, examining debt, and dealing with financial hardships is and can be an emotional rollercoaster. So many ups, plenty of downs, and occasionally a few free rides.

In February I still worked for a place I had been at for almost 4 years. Try as I might to try and change things for the better with this company my hands remained tied due to the free reign of nepotism that took place.

I won't go into major details that happened but will say when things go unchecked and the company suffers then I the employee began to suffer. In February that was what was happening once again which led me to make a major leap of faith and jump into a new world and a new industry.

No longer do I have to look at QuickBooks, No longer do I have to explain accounting issues on the spot or why we I had to allocate funds to one section of the business to another.

I was stressed out, burnt out, tired, angry, and as best as I could put it – unresolved.

Today,

I work in a position that is more labor intensive but offers growth opportunities, benefits, and a commute time of precisely 3 minutes from my house.

My paychecks are steady and I get paid weekly and I'm earning more in a month than I ever did at my last place.

While I'll certainly miss the camaraderie and freedom I had at my last job as well as my boss I won't miss the above the aspects.

So with all that out of the way if my last post had you feeling like I did and felt like I pissed in your Cheerios – Sorry!

Dealing With Our Debt Through Automation

To deal with our debt I've decided to take a more automated approach and in doing so we don't suffer the consequences of late fees and hiked interests rates.

Currently, our Ally savings account withdrawals $25 dollars every week. I chose this amount because by the end of the year assuming we don't have to access it we'll have around $1200 dollars in our emergency fund which will keep growing at 1% interest.

I'm also using Acorns (Affiliate link) which I absolutely love!

Acorns is a free app that lets you invest or save change on purchases by rounding up the nearest number.

So, if I buy something for $9.99 once that transaction hits Acorns it will automatically invest .01 cent into my investment/savings account. If you buy something for $0.60 cents it will invest $0.40 cents into the account and so on.

It's called Micro-investing but it's your money and you have full control over where it goes.

I love it because it's set and forget it.

I haven't checked it in over two months and to this date, I have$314.96 dollars that just came from purchases that were rounded up.

It's free to try and check out. If you like it great and if not then there's no loss.

Last but not least those student loans…..the bane of all my debts.

I gave in and set the repayments on automatic. Although, Navient has been under some pretty heavy scrutiny as well as facing lawsuits but that's beyond me. I'm just a “customer” that owes them money.

Their auto repayment system deducts $144.75 monthly from my account automatically.

Come to think of it I think at this point I only have 1 account that has to be done manually.

The automation makes it nice because I know when it happens, roughly how much is going to be deducted and when to expect the deductions.

Increasing Our Income

One of my favorite bloggers to read is Michelle's blog from MakingSenseofCents.com.

Something about her blog, her approach, and demeanor come off less sales pitch-y and more genuine. Michelle started with debt and $0 dollars of income other than her job and has made amazing feats in documenting and achieving her goals and continues to push forward.

Whether it's the way she writes or the way she connects gives me hope that maybe some day I can achieve that same level of accomplishment that will free my wife and I from the struggles of our own debts.

To do this we've been actively increasing our incomes in various ways.

For me it was finding a new job that paid more and offered more opportunities. My wife has been actively and successfully promoting her massage therapy business and marketing her business and the results are finally showing. After a year and half her business is close to replacing her full time employment at another massage studio.

Hopefully by the end of this year she'll be working for herself and I have nothing but faith in her.

My Amazon business continues to have its up and downs but working for my new employer I no longer have the freedom to build it the way I was before which means I need to look into more passive income opportunities.

Affiliate marketing is one venue I'm looking into and combining my knowledge of website building with a hobby I enjoy and seeing if I can potentially earn money passively that way but it's been a while since I use to actively build websites so it will be a trial and error kind of game.

The other areas I've dabbled in and had some pretty good success making money was:

UserTesting.com where I've been paid up to $20 dollars to answer survey questions or give my real responses and thoughts to questions I'm asked about involving websites or mobile applications. I have also found work freelancing on Upwork.com as a writer and photo editor.

Wow…this post ended up lengthier than I thought!

I think I'll end it here for now but once I get everything in proper working order I'd like to share my income projects with you as case studies and hopefully if you're facing a similar situation as we are maybe it'll help give you the steps needed to start chipping away at the debt that's holding you back.

Until next time!

 

About the Author Adam

I'm just a guy looking to build a better life for my family by cleaning up some of our past financial mistakes.

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