130. Book Review: Living Well, Spending Less: 12 Secrets of the Good Life

I was given the book “Living Well Spending Less: 12 Secrets of the Good Life” by Ruth Soukup by a friend this year.  The book cover was cute and I thought "Great, another book that tries to tell people some hidden secrets to financial freedom." I honestly thought this would be yet just another good addition to a growing list of personal finance books I recommend.

However, I really believe this book is fantastic! It is one of the better, real, and life-changing books out there. For anyone thinking of reading this book full disclaimer: This is not a Christian book but yet it is full of Scripture references and points to Biblical truth.

Ruth Soukup is very transparent with the life challenges she faces. The book is warm, earnest, honest, and vulnerable. Ruth allows the reader a glimpse into her own struggles with clutter, generosity, contentment and overcoming those struggles.

While many books I have a hard time connecting with the author, Ruth quickly seems to become our new best friend. She is encouraging, real, and understands life’s struggles. 

Ruth provides strategies and encouragement for:
*Living with contentment in a materialistic world.
*Getting more done around the house and in life in less time.
*De-cluttering your life!

*Re-evaluating your spending habits and spending less than you thought you could.

*Cutting the grocery bill significantly.

*Cleaning the house more efficiently.

*Along with a whole lot more!

I was first introduced to Ruth’s blog www.livingwellspendingless.com at the end of last year through a personal finance group on Facebook. I was particularly interested in Ruth’s series on “31 Days of Living Well & Spending Zero”. In October of 2012 Ruth went on what is often called a “No Spend Challenge” or a “Pantry Challenge”. 

My family personally took the “No Spend Challenge” in October 2014. I realized these ideas needed to be shared with others. So in December 2014 I created The No Spend Challenge group on Facebook. 

Today, there are over 3500 members and while we primarily use Ruth’s blog for The No Spend Challenge we also do various challenges throughout the year. So far this year there’s been a physical fitness challenge and a minimalist challenge. People are paying off their debts, cutting their expenses, living frugally, funding their emergency funds, and so much more! 

What fantastic personal finance books have you discovered lately? Leave a comment!

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129. The Debt Snowball

If you have been reading Total Money Makoever by Dave Ramsey we recently started Chapter 7 in the Dave Ramsey - Total Money Makeover Facebook group. 

Okay time for the exciting part! Paying off your debt with The Debt Snowball!

So how does the debt snowball work? Once you have your baby step One $1000 in the bank you pay off the account with the lowest balance first:

1. Create a list of all of your debts: credit cards, car loans, student loans, mortgages, etc… (Note: You probably need to exclude your mortgage from the list until you have the other debts paid off)
2. Next to each one write down the total balance owed.
3. Re-order these from smallest to largest debts (use Excel to make this simpler.)
4. Pay the minimum payment on all of the debts – except the smallest one.
5. Put every extra dollar you can find towards paying off that smallest debt. (For an example let's say we have the following debt. We have $125 to put towards our first debt assuming we pay the minimum payments on all of our other debts. See below!)

6. Celebrate like crazy when you get that first debt paid off.
7. Take the amount you were paying towards the first debt and put towards the next smallest debt. Do this until this next one is paid off. (Now we have $175 to put towards our second debt assuming we pay the minimum payments on all of our other debts. $25 minimum payment plus the $150 from our original payment on Credit Card 1. See below!)

8. Celebrate again!
9. Continue this process until each one is paid off!

Of note if you ever use your $1000 fund you need to pause your debt snowball or debt reduction. Then get your emergency fund back up to $1000. Then continue with your snowball.

The reasoning for using this method is to get small wins. Money is emotional. A few small wins builds momentum and motivates people to keep going!

There are other ways out there such as paying the highest interest first (known as the debt Avalanche Method). We will be using and promoting the Debt Snowball (lowest balance first)in this group. Small wins build momentum! But whatever you decide knock out that debt!

Was this helpful? Which method works best for you and your family? Leave a comment!

Source I used.

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128. SAFE Goal Setting

You'll recognize the logical structure of SMART goal setting for its dependence on left-brain logical and analytical processes. But what if you're more right-brain, creatively oriented? That's where SAFE comes in. SAFE is an acronym for a creative goal setting process especially useful for right-brain-oriented people. But left-brain, analytical and logical thinkers will also benefit from using SAFE.

The right side of our brains furnish our big-picture processes, helping us grasp total situations, reach overall insights, and see creative, alternative solutions. The right side also houses our faith-based spiritual thinking. These strengths are very powerful, so it makes sense that we can use them to our goal achievement advantage.

SAFE stands for…

•See the end result

•Accept the end result

•Feel the end result

•Express the end result

See it, Accept it, Feel it, and Express it!

See it: Picture the future as it will be when your goal is achieved. See it in great detail and full color. If your goal is weight loss, see yourself standing in front of a mirror at your new weight. And looking good! See yourself being admired by others for your new appearance. Put yourself in clothing you might never wear now, but looks good on the new you.

Accept it: Accept means that you open yourself to attaining the goal AND you are 100% certain that it will occur. This is critical to goal attainment because it ensures that you have no doubts. You may not know exactly how you'll achieve your goal, but you have no doubt about achieving it; it will happen and you know it. There's some faith and magic at work here, so open yourself to the power of the Universe to bring you what you want.

Feel it: Goal attainment is more about attracting what we want than chasing what we want. Attraction is strengthened by combining the mental power of thinking about the goal (seeing and accepting) with the emotional power of the feelings you'll have when the goal is achieved. As you visualize yourself having achieved the goal, allow yourself to feel the accompanying emotions. The stronger the emotion the stronger the attraction to the goal.

Express it: Use your full powers of expression to cement your end result in place. Describe it verbally, telling yourself all about it. Write about it. Describe in vivid detail every aspect of how your life looks after the goal is achieved. Capture your feelings in words, too. Draw it, paint it, create a collage that describes and depicts it. Place your writing and pictures where you'll see them every day.

Using SAFE brings into play the full power of your brain, primarily building on right-brain strengths, but using left-brain functions too. Using SAFE in goal setting harnesses your full creative powers.

If you're naturally right-brain dominant, using SAFE will build on your strengths.

Are you more right-brain or left-brain dominant? Thoughts on this methodology?

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Follow me on Twitter! @JWKEagle

Check out my pins on Pinterest! http://www.pinterest.com/jonathanwkey/ 

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Also look for the blog's website online: #‎eaglesoaringhigher

Looking for a particular topic? Please check out the new Table of Contents to see posts listed by topic.