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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 |
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3 Comments 
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.
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Latest Comments
Well.....duh.
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?
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.
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