This is week three of our month-long Four Principles of a Debt Free Life Series! Throughout the month of January 2016, we’ll cover each of the four principles we wrote about in 4: The Four Principles of a Debt Free Life. Today’s Queer Money covers the third principle of living a debt free life, cash is king.
This week we’re promoting the Mvelopes, as a tool to help you master the cash is king principle. When we paid of $51,000 in credit card debt we used actual envelopes to manage our money from pay check to pay check. Mvelopes put a modern, technological twist on this tried and true strategy.
Mvelopes is a Debt Free Guys’ affiliate. We make money when you use our affiliates. However, Mvelopes’ basic package is free to you. Regardless of which package you chose, this link will take you to Mvelopes’ free Debt Analysis application that we know you need. From there you can choose Mvelopes’ Basic Plan (free to you), Premium without Coaching Plan or Premium with Coaching Plan. We only recommend companies, products, and services we trust. Our affiliate relationships let us continue to serve our readers and listeners.
Principle Three: Cash is King
On this Queer Money, we talk about the benefit of switching to a cash-only lifestyle and how doing so essentially gives you a 20 percent raise. The cash is king principle provides practical benefits. Studies show that people who use only cash typically spend less money in addition to paying less in interest fees.
Cash Gave Us a $10,000 Raise
When we had $51,000 in credit card debt, we were paying $10,000 annually in interest payments. That’s the cost of a few nice vacations or a contribution to a down payment on a home. When we paid off our $51,000 in credit card debt, we gave ourselves a $10,000 raise. This dramatically improved our quality of life.
Don’t forget to try this week’s tool, Mvelopes. Mvelopes is a modern twist on an often-recommended money strategy. Mvelopes’ basic package is free to you.
Other articles for you:
- 3 Things You Should Know about Cash and Cash Equivalents
- Using Cash Can Limit Risk of Identity Theft
- 4 Debt Lessons We Learned To Save You Time & Money