Tips & Advice: General Life – Personal Finance (Guest Post by Miriam Hurdle)
I’m so excited to be a guest on James J. Cudney‘s blog today. I invite you to head over to read this post about Personal Finance. I love to hear your kind comment.
It’s the next installment of the General Life segment in the Tips & Advice feature on the This Is My Truth Now blog. If you’re new to this segment, scroll toward the bottom to learn more about it and me. Today’s topic continues our guest posts with Miriam Hurdle who will talk about personal finances.
Miriam and I met a couple of years ago through our blogs. After chatting about books, life, and poetry, we began following one another and became friends. I thoroughly loved her book, as you’ll see in an author spotlight I published earlier this year. Today, I’m thrilled turn the floor over to her as she tells us all about personal finance – a topic that is dear to my heart and should be to yours too… especially with the rough economy we have right now. Let’s spend a few minutes listening to her advice…
Guest Post by Miriam Hurdle – Personal Finance
When it comes to money, I’m not a big spender. I never was and never will be. Yet I couldn’t save big money from years of working, let’s say, several thousand dollars. I had no control over the financial situation in my former marriage. After the divorce, my night gradually turned into dawn. Regardless of the huge amount of attorney fees and other expenses from the unpleasant stage of life, I slowly but steadily recovered, marching on to set goals for personal financial freedom.
One budgeting rule is the 50/30/20 rule.
- 50% on needs (groceries, housing/rent, bills & utilities, health insurance, car payment/transportation)
- 30% on wants (shopping, dining out, hobbies, entertainment, travel)
- 20% on savings (savings, emergency fund, loan payment)
The other one is the 70/20/10 rule.
- 70% for living expenses (rent, house payment, food, clothing, gasoline)
- 20% for savings
- 10% for retirement (IRA, 401(k), company pension)
- 5% for emergencies (car repairs, medical expenses, unemployment)
- 5% for specific goals (vacation, car, school tuition, a new computer)
- 10% for debt (student loans, car payments, credit cards)
I didn’t follow any rules from the start. Once I regained control of the finance, my focus was on meeting basic needs and paying off any debts. It was a blessing to work in the public school when the health insurance was part of the benefit, and 8% deduction of salary toward retirement was mandatory with 8% matching fund from the school district. Any part of the wants was not in consideration for years. But I started saving as soon as I could.
The Showers of Blessings 
Yes, that was my intention but I understand that you have your rules Miriam. I appreciate the honesty!
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Thank you for your understanding, Nahas. You may want to follow many blogs so you can have many followers also!
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I am! I am trying to engage with a lot of different bloggers (follow, like, and comment) to get my name out thereso I figured I can collaborate with a blogger that has many more followers than I do, I would be able to exponentially grow.
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I spent two years to establish my followers. It’s like moving into a new neighborhood.
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Thank you so much! I was thinking side hustles. I have something written already, it just needs a little bit of tweaking before it’s fully ready to go. Would you mind posting it on your blog once it is complete please?
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I’m not quite sure… you said you had something written already and that you wanted me to post it on my blog when it’s complete?
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I only post blogger’s posts by my invitation or I reblog the posts I sponsor, not by other people’ request to post on my blog. Sorry that I can’t make an exception.
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Love the post! Being financially literate is an important part of life and I believe that everyone should be!
I have a quick question. I have a personal finance blog and was wondering if I may do a guest post about personal finance? Thank you!!
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Hi, Nahas, selcome to the blogging community. I visited your blog and looked at the topics you covered. They are interesting. Sure, I would be interested to do a guest post. Do you have anything in mind what you want me to cover?
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That’s a great article Mariam indeed! inspired by thoughts.
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Good Post.All the points are well written.Worth Reading.Thank you so much for bringing this valuable information up.All the best.
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Thank you so much, Andrew. I appreciate the comment from a financial advisor. I learned what was practical to me.
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I follow him already.
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That’s good, Susie!
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Thank you so much, Miriam for your awesome tips and advice on how to take control of our finances for the month. I too do a similar kind of budget and then things work out. In the beginning I too had lots of problems bringing up two small children, going to work and with changing times and money sky rocketing. But with budgeting things have now improved.
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I’m glad to hear that, Kamal. I know first hand how hard it was to make end meet. For a long time, I tried hard to save little bit and watched the monthly balance of the account.
If there is a will there’s a way to do it.
M glad it turned out well, Kamal.
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Yes Miriam same here and as you rightly said where there is a will there is always a way to do it and see that our family is safe and our house runs on the budget we have. Even in the olden days no one had money like how today people have money to spend. We never had the luxuries but were yet happy and made ends meet. Same to you too Miriam good everything turned out for you too.
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It’s wonderful to look back and see how far we’ve gone, for both you and me, Kamal.
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Yes dear Miriam God has been kind on both of us. Let us be thankful to him and our family. Much love and light to you. Stay safe 🙏🙏❤️💔🙏
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That’s right, Kamal. We have a lot to be thankful for. 🙂 ❤
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Yes Miriam I totally agree with you.
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That’s wonderful, Kamal.
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Thank you, Miriam.
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You’re welcome, Kamal.
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❤️❤️❤️😊😊😊😊
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🙂 🙂 ❤
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Tips & Advice: General Life
It’s the next installment
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I read this earlier today on Jay’s blog. I employed many of your practices when I was working. I think, like anything, learning to save is a skill that can become a good habit. My wife and I were able to retire at a young age because we’ve been disciplined with our money.
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I’m glad to hear that, Pete. It’s a habit worth forming. I did volunteer counseling and one client was 68 and was still working. Probably she couldn’t even live on the Social Security. I had a late start of saving due to my circumstances. I did well considering had only 15 years to save before retirement. We are comfortable and can keep our life style and travel. As you said, it takes discipline to do that. Some ladies go to beauty salon every week, have the hair done and manicure and pedicure. That’s more than a hundred a week. Imagine I save one hundred a week for thirty years!!!
I appreciate my daughter and her friends sharing the baby clothes especially for the first two years of the baby’s life. They grow so fast. They enjoy life in a good way but also save in many other ways.
Saving is a good skill to teach our next generations! I’m happy for you, Pete!
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good advice — having enough income is essential for this plan
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Yes, Michael. I took several years to pay off the debt first before the major savings.
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Thank you for sharing!!!
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You’re welcome, Jay!!
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