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    Cheapskate Monthly Money Makeover: Break Free of Money Worries Forever
    Cheapskate Monthly Money Makeover: Break Free of Money Worries Forever
    Cheapskate Monthly Money Makeover: Break Free of Money Worries Forever
    Ebook193 pages3 hours

    Cheapskate Monthly Money Makeover: Break Free of Money Worries Forever

    By Mary Hunt

    3.5/5

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    About this ebook

    You don't need another budget. You need a money makeover that works.

    Reformed spendthrift and cred-card junkie Mary Hunt successfully turned her finances around. Now, she shares her own techniques, sound financial principles who went from being in the red to having more money, assets, and financial security than they ever dreamed possible.

    It's all here in this upbeat, user-friendly guide including:
    A self-diagnosis quiz to help you become lean, mean, and in control
    The amazing single step that will transform your financial situation
    A customized rapid-repay plan for debts
    Practical, nearly, pain-free daily spending controls
    Best tips from The Cheapskate Monthly newsletter for getting the most out of every dollar
    Special help for self-employment, bankruptcy, credit report problems..and more!

    With Mary Hunt's phenomenal tips, you can get into great financial shape!

    LanguageEnglish
    PublisherMacmillan Publishers
    Release dateMar 15, 1995
    ISBN9781429926058
    Cheapskate Monthly Money Makeover: Break Free of Money Worries Forever
    Author

    Mary Hunt

    Mary Hunt is founder and publisher of Debt-Proof Living (formerly Cheapskate Monthly), which has 35,000 print subscribers and an average of 800,000 website hits per month. Her books have sold more than a million copies, she is the financial columnist for Woman's Day magazine, and her daily newspaper column is syndicated through United Features. Hunt speaks on personal finance and has appeared on shows such as Oprah, Good Morning America, Dr. Phil, and Focus on the Family. She and her husband live in Orange County, California.

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    Reviews for Cheapskate Monthly Money Makeover

    3.5/5

    7 ratings2 reviews

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    • 2/5
      I'm not a credit card junkie - so nothing for me.
    • 5/5
      Advice on digging out of debt that is practical and detailed. Her suggestions of the Freedom Account was helpful to continue to live debt free on the money you are currently making. This book was very reaffirming to read as the author has used these techiniques to dig herself out of a six figure debt.

    Book preview

    Cheapskate Monthly Money Makeover - Mary Hunt

    INTRODUCTION

    A terrible thing happened to me several years ago. I got into awful financial trouble. Now when I say awful I don’t mean just uncomfortable or that I turned up a few bucks short now and then. I mean awful, embarrassing, bigger-than-life kind of terrible.

    It took me a mere 12 years to run up enough consumer debt to bankrupt a small country. How that all happened, how we were able to reverse the process, and how we repaid the debt became the subject matter which prompted me to write and publish a subscription newsletter, Cheapskate Monthly. From that endeavor came my first book, The Best of Cheapskate Monthly, (St. Martin’s Paperbacks, 1993), which launched a new and wonderful career. Often I am humbled by the irony that the very topic which nearly ruined us now brings me such joy and fulfillment.

    Since giving birth to Cheapskate Monthly I have read piles of books, written hundreds of articles, and received thousands of letters. I have shown up on dozens of radio and television talk shows, have been interviewed by scores of reporters, and spent more time than I like to remember on the phone. And I’ve reached one brilliant conclusion after another—not the least of which is this:

    THE BIGGEST REASON PEOPLE FALL INTO FINANCIAL DIFFICULTY IS THEY DON’T KNOW HOW TO CONTROL THEIR SPENDING.

    Simple as that. People who do not control their spending find themselves in a variety of financial difficulties, from just slightly out of balance to contemplating suicide. They are convinced that more money would cure their financial ills. The truth is that their problem has nothing to do with having too little money. The problem is they don’t know how to manage what they already have!

    Regardless of the level of financial difficulty in which you find yourself, the terror you are feeling right now is very much the same felt by those who are in much less difficulty, or far more. It’s like being stranded in the middle of the ocean. It doesn’t matter if you are in over your head by two feet or by two thousand feet. Unless you reach for the life preserver you are going down.

    Well, have I got a life preserver for you! It’s called a Money Makeover. It’s not a scam, it won’t require that you buy anything and it is not too good to be true. It is the result of analyzing my own situation, looking at hundreds of others’ financial plights, talking to thousands of people, figuring out the common problems, and then finding reasonable and logical solutions.

    Let me make sure you understand something: I am not a financial planner, an accountant, attorney, or a certified anything. I am a wife and a mother who got into terrible financial trouble. I limped along, learning a lot along the way. Now I help others who find themselves in similar situations to avoid the things I did wrong while pointing them toward things I did right.

    You are going to be ecstatic to discover that in a few relatively painless steps, you could have your finances back in control by next month at this time. (Okay, for some of you that might be stretching it a bit.) One month is enough time to make significant progress. It is more than enough time to make a few major decisions which will determine the entire course of your life from this day on. You won’t need to buy any fancy computers, invest in any easy-payment video tape series, or show up at group meetings.

    In the following pages through their stories and letters you are going to have the opportunity to meet many people just like yourself. I have chosen to use first names only in order to protect their privacy. Many of these people looked at their situations and instead of sitting around wallowing in self-pity decided to do something to take control of their lives by getting a grip on how they spend their money. I hope through their examples you will find the courage you need to do the same. Some letters will express their frustrations and struggles. Everyone you will meet on the following pages is in process. We are seeking progress, not perfection!

    Hopefully by sharing their experiences, strength, successes, and struggles, you will be encouraged to join these courageous individuals on the road to fiscal freedom and financial ease.

    Your financial plight may seem so overwhelming to you right now that you find yourself paralyzed. Perhaps the very idea of dealing with your finances is so complicated you don’t even know where to start. The purpose of a money makeover is to take a jumbo-sized situation and break it down into manageable parts.

    No matter how many times you’ve tried- to conform to a rigid budget, no matter how many times you’ve failed, now is the time to learn new behaviors which will lead to lifelong change. In the time it takes you to read this book and follow the simple instructions you will be enjoying your new look, —your Money Makeover!

    Mary Hunt

    California, 1994

    I wrote to you after reading your book, The Best of Cheapskate Monthly. At that time I was in serious financial trouble struggling to climb out of a dark pit. I say ‘dark’ because my situation had thrown me into a major depression robbing me of any feelings of worth I once had. I felt quite entitled to charge clothes, make-up, manicures, and massages on my credit cards to make myself feel better.

    I was under the load of a car loan, a student loan, two personal lines of credit, MasterCard and Visa card debts along with several credit cards from department stores. I had phone bills, calling card bills, medical bills, rent, and on and on. I could see no way out and I was, quite literally, a complete mess!

    After reading your book I knew you were someone who could identify with me and from whom I could take advice. I want to confirm your strong belief that no matter what the circumstances, NO situation is hopeless. I am living proof. Here are some of the steps I took to empower myself to take control and turn things around.

    I called Consumer Credit Counseling Services and set up an appointment. I was afraid to admit I was in a serious predicament and needed help. After all, I am an intelligent individual with a college degree; I should be able to figure this out for myself.

    When I finally forced myself to go I was amazed to see other people just like me—intelligent people who’d gone too far with credit. It was not the humiliating experience I expected. CCCS contracted my credit card creditors and in some instances were able to lower the interest rate I was paying. They set up a budget for me and I now pay one low monthly payment to CCCS. I was amazed how much respect I received from my creditors after agreeing to this plan.

    I made a visit to my credit union and refinanced my car loan. I have a lower interest rate and now the payment is deducted directly from my paycheck and it’s never late. I never see the money so I don’t miss it.

    I followed your advice and began to save ten percent of my earnings as well as give away 10 percent. These two actions have to be the best anecdote for a rotten self-image. Not only am I helping others I’m helping myself. Eventually as the bills began to decrease I was able to save even more. I can’t begin to tell you what a thrill it is to watch my savings grow. It works!

    I began to pay off my remaining debts in small increments. Instead of ignoring my obligations like I used to I make small monthly payments and my bills have been reduced significantly.

    I started doing things for myself. When I began to save I really became a bona fide cheapskate. I knew that a manicure every week would result in $12 out of my savings. I could be saving $48 a month just by taking the time to give myself a manicure. And since my debt reduction and savings plans were giving me enough satisfaction I no longer needed or desired so many luxuries. I organized all of the luxuries I’ve been buying over the years. I discovered I have enough make-up to last for a long, long time.

    Again I took your advice and joined my company’s 401K plan. Even though my employer doesn’t match my contribution the funds are taken directly from my paycheck before taxes are taken out. Thus, I never see this money and my taxes at the end of the year are lower! There are benefits to a 401K even if the company doesn’t match the contribution.

    I live on a cash basis. Giving up the credit cards was not as difficult as I thought it would be. I now pay cash for everything. I have one credit card to use for making hotel reservations or renting a car but it is tied to my checking account so that if I ever use it to make a purchase it will be paid off automatically from my account.

    Mary, I know that I don’t have far to go until I am debt-free, and I can’t wait! Please stress to your readers there is hope. Taking responsibility and doing something about it is so empowering. I feel better about myself and my future than I ever have, and it really shows in my attitude. Patience and perseverance have really paid off for me.

    Sarah

    CHAPTER 1

    I’ve Been Where You Are

    There’s a very good chance I’ve been where you are now, financially speaking. I’ve experienced just about every situation imaginable. I’ve been slightly uncomfortable. I’ve been in huge jams. I’ve gone through minor dilemmas, moments of unbelievable abundance, and seasons of interminable financial drought. I’ve been on the mountaintop of plenty, in the valley of desperation and every point between. I’ve made most of life’s worst financial decisions. I know the secret terror of wondering not if, but when, to call the bankruptcy attorney. On more than one occasion I’ve thrown myself into a heap wailing; This is it, there’s absolutely no way out this time.

    From time to time I experienced the delight of having what I considered large sums money come my way. But time and time again to my utter astonishment instead of more money solving the problems and fixing everything, I would be left in an even worse situation when the money seemed to disappear into thin

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