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By Sarah Li Cain 5 Comments

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7 Mindsets You Must Have When Paying Down Debt

Paying down debt is stressful, I get it. When I was broke, jobless and had $9,000 worth of credit card debt, all I could think about the mess that I was in.

It wasn’t until I got over my feelings buckled down and implemented a plan that things started to get better.

Don’t get me wrong. I’m certainly not saying that you completely ignore your feelings when you’re trying to better your situation. Paying down debt is so much more than just putting money aside. It’s about wrapping your head around a situation, and pushing yourself to achieve a goal. A pretty hard one might I add.

It doesn’t matter how much you need to pay back. Once you lay a good foundation for eliminating your debt, it’ll be much easier (though not easy). How do you lay a good foundation?

By mastering your mindset of course (if you’re a first time visitor, this is what this blog is all about).

I’ve outlined seven crucial mindset shifts you must have when paying down debt.

By Sarah Li Cain 4 Comments

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Your Friends Cause You to Overspend? Here’s What You Can Do About It

Note: This is an excerpt of my new book The Authentic Budget: Harness Your Personality to Manage Money Like a Pro On Your Own Terms.

You may be on the right track with your money, but things will get complicated when other people get in the mix. This is especially true if you have people around you who aren’t as savvy with money as you are. Sadly, the extra money in your bank account won’t guarantee you genuine relationships with people who will fully support your new way of looking at money. [Read more…] about Your Friends Cause You to Overspend? Here’s What You Can Do About It

By Sarah Li Cain 8 Comments

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How You Can Use Money Wisely to Make Your Life Happier

This is an ongoing series where you ask and I answer!

Here we go!

Thanks Michelle for asking today’s question:

Hi Sarah, I know you like to encourage people to use money wisely and you do something called values-based spending. can you elaborate on what it is and how I can do something like that?

Values-based spending is actually a pretty simple concept but people tend to make it more difficult than it is because there aren’t really any hard rules to it. It’s just more guidelines that you set for yourself.

In a nutshell, values-based spending is really determining what you find important in life. So you’re basically using your core values and beliefs as a guideline to figure out what to spend your money on. And that also goes for saving money as well. [Read more…] about How You Can Use Money Wisely to Make Your Life Happier

By Sarah Li Cain 15 Comments

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I Worked Hard to Declutter 90% of My Stuff – Here’s What Happened

A few months ago, I confessed to how emotional I was when attempting to get rid of 90% of my stuff. It wasn’t just a simple fact of not wanting to declutter and part with my things, it was much more than that.

I experienced so much hate, anger, confusion, and worst of all – shame. Selling items I held onto since high school (I’m in my mid-thirties) made me realize how much of my identity was tied to stuff. Just stuff.

In fact, I had nicknames dedicated to the things I collected and was proud of it. I was so proud to have large collections of Pez dispensers, and surrounded myself with shelves upon shelves of these cute little candy holders.

Before we move on with this story, let’s backtrack a bit so I can explain why I challenged myself to get rid of 90% of my stuff.

By Sarah Li Cain 13 Comments

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6 Best Personal Finance Books That Will Change Your Life

Books saved my life when I was at a really low point in my life, especially my bank account. It’s amazing how you can get years of advice within just a few days (depending on how fast you can read).

My love of reading didn’t develop as just a habit, it was necessary to get me on the path to financial freedom. What I didn’t know at the time was that it nursed me back to health, spiritually, physically, financially and emotionally.

I want so badly for it to be the same for you too. You deserve to be healthy. You deserve to have all the riches in the world. And most importantly, you deserve to lead a life that fills you with purpose and ultimately lead to unlimited happiness.

Here are a list of 6 best personal finance books I’ve personally read that will really help you change your mind about what’s possible with your money. [Read more…] about 6 Best Personal Finance Books That Will Change Your Life

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Simple Ways to Develop Better Money Habits

Thanks Lily for asking today’s question:

Hi Sarah, I’m really bad at developing better money habits and making them stick. I want results right away, then I just get so impatient and frustrated and I just want to give up. Do you have any suggestions for me?

There are things that I use on a daily basis to reassess my habits all the time. It sounds to me like you know that having a really good solid foundation by having better money habits is really what’s going to get you on your way to a better financial future. Good for you!

I have three tips for you: [Read more…] about Simple Ways to Develop Better Money Habits

By Sarah Li Cain 4 Comments

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Rebecca Was Forced to Pay Her Parent’s Bills – Here’s Her Story

Sarah here. I was approached by this young yet totally mature lady about her experiences growing up and taking care of her family since she was a young child. I’m not talking about being a caregiver in the traditional sense, she was actually doing all the bills and such even though her parents worked and was physically fine!

The following was told in her own words which I transcribed.

When I was kid, I was the one who ran the household. In the strict Asian family I come from, usually the females end up taking care of everything. So that fell to me.

I wasn’t the oldest which made it weird. But by the time my mom remarried again and we moved, my siblings and half-brothers and half-sisters had moved out, so I was the oldest one in the house. It was a really weird transition and I remember helping out with my younger siblings and new ones too that were my stepfathers. [Read more…] about Rebecca Was Forced to Pay Her Parent’s Bills – Here’s Her Story

By Sarah Li Cain 3 Comments

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Getting Rid of Stuff: Why It’s So Surprisingly Emotional

Once you’ve figured out your finances, that’s it right?

Wrong.

As someone who has been knee-deep in learning to love my finances for a very long time, I still haven’t figured it all out yet.

If someone out there says they do, run far far away from them.

Let’s be honest here. Figuring out your personal finances is an ongoing process. Always. Just because a budget or a spending plan works for you now, doesn’t mean it’ll work for you down the line. Life happens.

Take me for example, I thought I had wrapped my head around the whole emotional side of spending. I have had no desire to purchase frivolous items and have said no to quite a few people because I knew I would end up spending obscene amounts of money around them.

Not the case at all.

When I moved back from living in China for the past 8 years, I had to face a whole new set of challenges. Adjusting to a career which involves staying at home with my son all day. Still being away from friends and family. The exhaustion that came with moving, including where to store, move and ship all those items.

And let’s talk about all that stuff shall we?

That was what got my emotions around finances in a tizzy. [Read more…] about Getting Rid of Stuff: Why It’s So Surprisingly Emotional

By Sarah Li Cain 22 Comments

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The Time I Quit My Job With No Backup Plan

I still remember the soulless cubicle the day I left it. All photos of friends and family were taken down, company documents were piled in a neat stack, and the push pins on the cork board were arranged into a star.

My name tag was off around my neck. I looked around and stuck it promptly under the pile of documents. I pushed in the chair and never walked back.

There was simply an email written to my supervisor that I quit my job and letting her know why I wasn’t coming back on Monday. I made sure to turn off my phone that weekend so none of my coworkers would call, asking what happened.

Oh, did I mention I had no job to go to the following week after I quit my job, or any plans on how I would earn a living?

By Sarah Li Cain 6 Comments

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Getting Rid of Stuff: Can It Make You Wealthy?

In about a month, my family and I will have about 5 suitcases to our name, three one way flights, and two new careers.

It both excites and terrifies the living bejezus out of me.

Maybe I should backtrack a bit here. Let me tell you about a brief story leading up to all this.

In a nutshell, my husband and I have been living on and off in China for the past 8 years. We fell in love, got married and had our son here. But we decided that we are moving on, because it wasn’t a place we want to raise our child, and our long term goal is to be back in the US (If you’re really interested in this story, let me know and I’ve got a ton of blog posts in my drafts folder).

When we told friends and family we were moving back, almost everyone talked about how tough it would be. All of this had to do with stuff. Physical stuff. Funnily enough, nobody talked about the emotional aspects of moving.