|
Updated: 1:24 PM Jan 19, 2009
Financial Fitness Can Raise Quality of Life
To piggy-back off Oprah, you can't live your best life free of unnecessary worry if you're swimming in financial turmoil. Posted: 6:27 PM Jan 8, 2009Reporter: Carrie Cline Email Address: carrie.cline@wsaz.com |
|
HUNTINGTON, W.Va. (WSAZ) -- To piggy-back off Oprah, you can't live your best life free of unnecessary worry if you're swimming in financial turmoil.
No one knows that better than Renee Cotton. She's a local single mother of two who went from deep debt to debt-free with some hard work and discipline. It was a liberating lesson we can all learn from.
“I was in debt by $28,000. My annual income was $14,000,” said Renee.
Renee Cotton was drowning in debt.
“I got in debt by being greedy, charging things and going to expensive stores,” said Renee.
It was an exhausting lifestyle from which she wanted out. She wanted more for herself and her children. So, she got involved in a program through her church that forced her to put her money mess on paper.
“I added everything up and the second page showed if you had a surplus or were overdrawn. Oh my gosh! It was crazy! I was so overdrawn and didn't know where the money was coming from, didn't know where the money was going. So, then I realized we need to adjust some of these luxury items. I cut the cable, I cut the eating out and ordering clothes was my biggest downfall. I cut that out completely,” said Renee.
Along her walk to financial freedom, Renee says God blessed her in unexpected ways.
“God blessed me with a car so I had no car payment,” said Renee.
She already owned her own home, but she's motivated to stay on track so she can someday buy a newer one with a little more space. And staying on track means consistency.
“Regardless of what the market and the economy are doing, it's always good to keep a firm hold on your finances and to have a monthly budget to work from and to work towards your long-term goals,” said John Hall.
Hall is a financial adviser with Edward Jones in Huntington. He offers a few practical tips everyone can use for better finances in 2009, starting with how to set up a budget.
“Sit down and write all of your monthly income and then expenses, then work with it until you get a number you're comfortable with you,” said Hall.
How do I shrink my debt?
“There’s healthy debt like a mortgage and unhealthy debt like credit cards. So, look at the unhealthy debt first like your credit cards. Pay off the highest interest or lowest balance card first. Some people don’t realize on their mortgage that if you pay a little more each month, you can pay it off a lot more quickly. 97% of people don’t pay anything extra on their mortgage and if they did they could generate a lot more income down the road,” said Hall.
Finally, what about that emergency fund?
“An emergency fund is very important. You want to save 3-6 months of income. Life can be unpredictable, so it’s helpful to have money there,” said Hall.
Back to Renee: she paid off that $28,000 in debt in just two years. Now, she's looking to bigger and better in 2009.
“This is a long lifetime thing,” said Renee.
John Hall says he can't stress enough the importance of a budget. It's like a map and makes it much easier to get where you want to go.
WSAZ.com has been offering tips on how to live your best life now. If achieving better health is one of your goals, don't forget we are now accepting applications for Healthy Tri-State's ‘Biggest Loser’ show.
You'll have access to free consultations with doctors, dietitians and fitness experts to lose weight and eat right. Click here to visit our ‘Healthy Tri-State’ section.
[ Copyright 2009 – WSAZ.com. All Rights Reserved. ]
This material may not be published, broadcast, rewritten or redistributed.
Severe Weather and Breaking News Coverage
To send a news tip or submit a story idea, e-mail news@wsaz.com
Latest Comments
this is fine if you make a decent living to begin with. i make 985.00 per month on va dis. my bills come to 980.00. my home needs new floors and toilet. so how do someone in this financial problem achieve a better living?
[ Report Abuse ]
I am a Pastor who teaches and preaches from God's word on the wisdom of financial management. But, I also have a Business Degree from Marshall (go herd). So, application is both something I do and something I teach. If you need some help with this, there is an excellent book by Dave Ramsey called Total Money Makeover. A workbook is also offered.
[ Report Abuse ]
|
Popular Searches Powered by Local.com |
- Pope to meet with Anglican leader amid rising tension
- Rape victim's parents arrested, charged
- Hospital hearing set for Hasan
- Prosecutor: Knox resented roommate
- H1N1 cases down; vaccine access up
- Plea deal reached in Wal-Mart trial
- Fans mourn end of 'Oprah' show
- Dozens missing after China mine blast
- Senate vote next step on health bill road
- 'New Moon' sets midnight record
- Students hold buildings in protest
- CDC: H1N1 cases down, vaccine availability up
- Charge against Blackwater guard dropped
- Oprah ending talk show in 2011
- 'Summers were the worst,' says woman in sex abuse case
- Senate vote next step on what could be a long road for health care
- Attorney: Fort Hood suspect to be held in hospital
- Burned Florida teen having skin graft surgery
- New cervical cancer screening guidelines released
- Ex-U.S. official, wife to plead guilty in Cuba spy case
- Prosecutor: Knox taunted, killed victim
- Pope to meet Anglican leader amid tensions
- Scores missing after China mine blast
- Bacteria prompts nasal spray recall in U.S., Europe
- Blind students sing upon school supplies' arrival
- Peru: Arrests made in ring that sold human fat
- Right-wing activists storm TV station over 'bias'
- Football fever turns nasty in Cairo
- Man who killed wife while dreaming is released
- Police find body, 3 rifles after Saipan shooting spree
- Prosecutor: Knox tortured roommate
- Parents of 8-year-old rape victim charged with abuse
- Florida men sentenced for plotting terror attacks
- Wal-Mart line jumper to plead guilty to resisting arrest
- 'Summers were the worst,' Mohler family accuser says
- Burned Florida teen having skin graft surgery
- Hospital hearing sought for Fort Hood suspect
- Man faces murder charge in Shaniya Davis case
- Suspects sold fat harvested from corpses, authorities say
- Police: Suspect in Arkansas slayings killed in shootout
- Scrutiny for cancer screenings
- Can your doctor spot H1N1?
- Purpose found after loved ones' suicides
- CDC: H1N1 cases down, vaccine availability grows
- 'I want my mammograms!'
- What to expect in Saturday health care vote
- New cervical cancer screening guidelines released
- Vicks nasal spray recalled over bacteria
- Two men reflect national divide over health reform
- HIV+ soccer team scores against stigma
- Michigan-Ohio State and more Saturday Storylines
- Predictions for Michigan-Ohio St. and more
- Seth Davis: Syracuse will go as far as the once-reluctant Johnson carries it
- Hawks soar to league-best 11-2 on Smith's tip-in
- No. 6 Boise St. rips Utah St. to stay in BCS chase
- LeBron drops 40 as Cavs pull away from Pacers
- Death of Brees' mother ruled a suicide
- Carter's big 4th quarter carries Magic past Celtics
- Giants LB Pierce out indefinitely with neck injury
- Knicks decide against signing free-agent Iverson
- Hundreds Greet Miles Ferguson on Return Home to Portsmouth
- South Charleston Police Seek 2 Teens in Connection with 'Gruesome' Murder
- Miley Cyrus Tour Bus Overturns in Va., Killing 1
- Name Released: Man Shot in South Charleston, Found Near Mound
- Man Shot Five Times at a Home in Kanawha County, Name Released
- Ambulance Crashes while En Route to Accident, 3 Hurt
- Jimmy John's Delivery Guy Robbed After Making Delivery
- Racial Profiling Allegations in Huntington; HPD Chief Said He Was Barred from News Conference
- One Dead in Boyd County Crash, Name Released
- Child Hit By Bus in Front of School
- Hundreds Greet Miles Ferguson on Return Home to Portsmouth
591 Comments - One Dead in Boyd County Crash, Name Released
54 Comments - Huntington City Council Members Discuss Violence in Downtown Bars
30 Comments - Ambulance Crashes while En Route to Accident, 3 Hurt
21 Comments - MCTC Picks New Name, Initials Remain the Same
20 Comments - UPDATE: Two Arrested in Double Carter County Murder
17 Comments
![]() |
| PHONE IN YOUR YELLS TO: 1-866-616-5354 |
![]() |
Full 2010 Olympic coverage from the WSAZ Olympic Zone. Coverage begins Friday, Feb. 12, at 7:30p with the Opening Ceremony on WSAZ |
![]() |
A glittering holiday show full of fun and surprises for the whole family! Children thrill as Santa takes them on a magical ride to his workshop. |
![]() |
Healthy Connections Find a local health professional |
![]() |
A collection of resources here to help Moms weather the daily storms that come along with parenting. |
| SOMC Very good things are happening here |
|
| WV Lottery Nightly drawings and numbers |
|
| Big Sandy For all your furniture and appliance needs |
|
| Healthy Tri-State Tips to live a healthier lifestyle |





