FRIENDS AND FINANCES FEATURING ROSE COLORED WATER
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Welcome back to friends and finances my featured blogger series that introduces you to some amazing bloggers. The biggest reason I decided to start this new series, is because I believe in getting different perspectives on handling your finances. I also believe that the bloggers featured here each week have a lot to offer the world and deserve recognition. Some of the blogs featured will be other personal finance related blogs and others will not be. The reason I chose to include some other blogs that are not related to finance is simple, we all have a financial story no matter who we are. I believe money is not the only focus we should have when traveling our road to financial freedom, and I think discovering some fun blogs that share something different can be a welcomed break from over focusing on money.
So today I welcome Liz from https://www.rosecoloredwater.com/
What is the goal of your blog?
The goal of Rose Colored Water is to empower anyone trying to join the military – particularly Air Force – and show people that no matter where you begin, you can always move forward and change your life. Rose Colored Water is a lifestyle blog that focuses on personal finance, relationships, dogs, and being in the United States Air Force.
1. How long have you been blogging?
I started Rose Colored Water in July 2014. Before that, I had several Wordpress.com blogs that I never really got off the ground.
2. What has been your biggest money mistake?
I have made so many mistakes in the past ten years, but I’ll tell you the one that eats at me the most. The most recent and financially impacting mistake I made was allowing my husband (now ex-husband) to become an authorized user on my credit cards and letting him charge pretty much anything he wanted. I also transferred the balance of his 9% truck loan onto my 4% credit card to help expedite our debt pay-off journey. I didn’t realize that five months later, I would decide to divorce him.Because I wanted to keep lawyers out of it (and the amounts he owed would have been eaten up by my legal fees and court costs), I took on the debt and he left the marriage free of all financial hardship, mostly because he refused to pay for his part of credit debt and truck loan. I chose to end the marriage and take on the debt, but I wish I had never transferred the truck to my credit card. The real kicker? He traded it in for a brand new Subaru about seven months later.
3. What is your best advice for recovering from or preventing this money mistake?
I try not to be jaded because of my divorce, but it has impacted how I feel about relationships and money. Please don’t buy anything with your spouse unless it is written out who will cover the costs in the event of separation/divorce. I understand there are exceptions, like stay-at-home parents, etc., but if you’re married with no kids, wait a few years before you completely combine finances. It will save you from so much stress if something does happen.If you have made mistakes like me and it’s impacting your ability to live a good life, take drastic measures to reduce your debt or increase your income. Swallow your pride, admit you screwed up, and tackle it head on.
4. Favorite quote or money advice and who was the author?
A lot of people don’t like big names like Dave Ramsey or Suze Orman, but both of them helped put me on the path to understanding money. I had no clue where to begin paying off debt until I learned of the “snowball method.” That pushed me to research investing, which propelled me to listen to every single Suze Orman show that ever aired.I think the best money advice you can give someone is to start learning about money. Who cares who it initially comes from? Very few people know where to start, and if reading The Total Money Makeover peaks their interest, great!
5. Favorite money or budgeting related book and author?
I cannot pick a favorite. There are so many great ones. I’ve read several finance books, but I think Suze Orman’s The Money Book for the Young, Fabulous & Broke was a great introduction to all things money in my 20’s. I like her approach because she doesn’t try to say you don’t need credit, etc. She explains terms I never understood in easy to read format and gives millennials a path to follow for money. It’s a great starter book!
6. Favorite money-saving website?
Mint.com is my all-time favorite website for most things money. I know it’s not an actual “money-saving” website, but it has made my life extremely easy when it comes to managing finances. I recommend everyone create an account and download the app. I’ve had my Mint account for at least six years, and it’s never stopped being my favorite.
7. Favorite money-making app or website?
I’m not sure if these qualify, but I love Digit and Acorns. They have changed my life when it comes to saving and investing money that I would probably spend on foolishness.
8. Do you have an emergency fund or savings account?
I do have an emergency fund which also qualifies as my savings account through Capital One 360. It is rarely where it needs to be. I need to work on that!
9. What is your most successful strategy for saving money?
My most successful strategy for saving is automatically paying myself first. Every two weeks, I have a certain amount of my income go into my emergency fund. I automatically deduct it from what I have to spend during that period, and it never feels like I’m missing anything. Also, Digit. Digit has saved me hundreds over the past two years. It truly blows my mind. It is worth the small fee they charge, in my opinion.
Twitter https://twitter.com/rosecolordwater
Pinterest https://www.pinterest.com/lizroseblog/
Website URL https://www.rosecoloredwater.com/
I want to thank Liz for taking the time to be interviewed. Thank you for sharing your insight and financial advice with all of us today. Thank you everyone who took the time to read this post, please stop by her website when you have a chance and let her know Saving Joyfully sent you. See you next time here on friends and finances for another blogger Interview, and an introduction to another great blogger.
