Pay It Down!

Pay It Down!
By Jean Chatzky

I think I was browsing on amazon when I came across this book. I was intrigued. Chatzky claims that you can be debt-free with $10 a day.  Really? My question was: "Where would that money come from, exactly?" I quickly got a copy at my local library (saved $10 right away! ).

It did not take me long to read the book. This is because the majority has to do with credit card debt and was really written for those who have that kind of debt. My husband and I currently have no credit card debt so that part of the book was not pertinent. I mainly scanned those sections. I did learn some new things about credit scores and keeping a credit card verses getting rid of all credit cards. And I am sure at least one or two of my readers could appreciate what Chatzky has to say about credit cards.

I then started on her chapters of where the $10 a day could be found. Much of it has to do with consolidating debt which we have already done. Then the chapter on reducing spending also had some great ideas but not for us -- we have already been living on a tight budget for the last two years.  In fact, many of the major ways to "find" $10 a day was not helpful for us as we have already done much of what she suggests. Some of the other ideas for finding cash could be a help. You may find this much more applicable to your own financial situation.

What I liked best about Chatzky's book is that it made me think. What are some ways to find $300 a month? Just by brainstorming a moment, I could name three things we could do that would get us pretty close to that amount. And if we could do it, surely others could too!

I also appreciated the fact that Chatzky is very goal oriented. Three years to be free of credit card debt. Five years to have $10,000 in emergency cash. Ten years to have a decent nest egg. Chatzky is determined to help you in the long term. Check out her website, just click on her name above for further information and other books she has written.

The one thing I highly disagreed with Chatzky is her idea that some "found money" can come from your religious obligations. This is what the book had to do with my faith. Someone in desperate financial straights should go speak to their pastor or religious leader about not being able to pay their tithe or pledge. As a pastor, I would advise someone in dire straights to get a handle on their debts but not to make it an excuse to avoid giving to God. In fact, I might say to pay off your debts, then begin tithing again or at least plan on a relief point where things some more manageable. There are also other ways to give besides money. In most cases, however, I believe that God should be paid first before even trying to pay down debt. Please hear me that there are exceptions to this! But I think too many people don't pay a tithe yet still go buy more than they can afford.  It really comes down to what your priorities are.

I highly recommend Pay It Down!

Happy reading!

Amelia