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Or Goren (Cord Buster) Shares his Money failures (Don’t Make his Mistakes)

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This week we share some money mistakes made by Or Goren in the hope that we avoid making those mistakes ourselves. His story is really interesting and we are glad we got the chance to interview him. See his answers to our questions below.
Or Goren
Writer and editor based in London. He’s been debt-free and living frugally for about 6 years. He also runs Cord Busters, a blog for people who want to stop paying expensive cable/satellite TV bills, and prefer to use the modern streaming services.
It's easy to make money mistakes. We learn from Or Goren who has learned after his money failures. He shares exactly what he did wrong and how he's doing so much better now. It means budgeting, planning finances, making frugal living choices, and sticking to them. Read his feel-good about money factor too! click & read

Would you say you have been thrifty since childhood?

I thought I was. I was very knowledgeable on how much money, exactly, I had – even as a little kid, and I would make detailed plans on what to do with that money. The problem? I was never able to save any money back then, as I would spend it almost as fast as I would get it.

Have you had lessons on money management in Secondary school?

No.

What would you say are 2 or 3 epic money fails you have had since becoming an adult?

The biggest contributor to my debts, when I was younger, was the dreaded “minimum payment credit card.” It’s so easy to buy, and buy, and buy – and the monthly payment is so small, you feel (at first) as if you’re buying things for free. Then, one day, you wake up (hopefully), and find out you’re now thousands and thousands in rolling debt, with the interest charges alone higher than the minimum payment.
Another epic fail was… owning a car. It was an old wreck, and over the years I spent its worth several times over in car repair costs (not to mention the endless search for parking space.) When I finally figured out I don’t really NEED a car and can do well enough with public transport, I sold it – and never looked back.

Did you have a frugal epiphany? What caused it, or how did you decide to develop the frugal habit?

I was already deep in debt BEFORE my wedding – but as is often the case, the wedding took us even deeper down that rabbit hole. That’s when we both said ENOUGH – and part of it was thanks to listening to an audiobook version of Dave Ramsey’s “Total Money Makeover” book (he’s an American personal finance writer/radio host).
Following that decision, we created our first monthly budget, followed it to a t, and ever since I’ve been searching high and low for ways to save money and live frugally.

What are some of the things you practice now as part of a frugal lifestyle?

The monthly budget is the most important thing – giving EVERY pound a job before the month begins – it’s the basis of my financial existence.
We also try to plan our meals a week in advance – it’s actually a bit similar to doing a budget – and that way, we know exactly what we need to get at the supermarket, without needlessly filling the fridge.

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Other than that, I LOVE finding coupons, cash-backs and special deals. When I manage to get a cashback on top of a coupon on top of a sale, for the same product, I smile for a whole day.

What is the biggest saving you have made as a result of being frugal?

When I first moved to London, the online supermarkets kept giving me coupons for free deliveries AND money-off the actual purchase. For about  6 months, I never paid a full price on my grocery shopping (plus the deliveries were free), alternating between the various online stores.
If you live with a partner, you can then start the cycle all over again, under their name.

Now that you are more money savvy, what 3 pieces of advice would you give to others about handling money?

1. A monthly budget – I can’t stress that enough. It’s the difference between planning what to do with your money, and just letting it slip through your fingers without noticing. Joleisa advises that once you create
2. Allocate a part of your budget for “Fun” – money you can use for WHATEVER you want. If you’re still in debt and times are difficult, it can be a low amount – but even £20 that you can spend without thinking, can improve your mood and give you a positive look ahead.
3. Build an emergency fund – even when I was working my debt snowball, I made sure I had a small emergency fund of £1,000 for unexpected expenses – that way, you’re not tempted to use a credit card or take a loan when something bad happens. Then, once you’re debt free, you can grow that into a bigger emergency fund of 3-6 months of expenses.

What about frugal fails? We’d love to hear a few of those too.

Sometimes I join free trials, and always make a point of cancelling before I get charged (when I’m not interested in keeping the service). But a couple of times, I forgot to cancel – and even though it was just a one-month payment, I beat myself over the head with it…
Similarly, yearly subscriptions (where you pay ahead for the full year) sometimes do a lousy job of reminding you after 12 months that your next bill is coming up. That way, I once found myself paying for another full year of a gaming service I no longer needed – and they simply refused to cancel the charge.
Wow! Great tips from Or which I’m so grateful for. My biggest take from Or’s wise words are these:

 The biggest contributor to my debts, when I was younger, was the dreaded “minimum payment credit card.” It’s so easy to buy, and buy, and buy – and the monthly payment is so small, you feel (at first) as if you’re buying things for free. Then, one day, you wake up (hopefully), and find out you’re now thousands and thousands in rolling debt, with the interest charges alone higher than the minimum payment.

 

What’s your favourite take from Or today? Are you still using credit cards and thinking that it’s free money to spend? Let us know your ideas in the comment section below. And watch out for another UK money blogger next week just as Lady Janey did, sharing how they made serious money mistakes and what they did to come out on the other end.

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Hey guys and gals!

Hi, we're Jo and Leisa, twin sisters and authors of Joleisa.com. Originally from the sandy beaches of Jamaica we now reside in England where we followed our calling to teach. But sometimes that call changes and our new passion is writing. We're here to give the ups and downs of it all with our lifestyle tips and tricks to help you avoid the sour lemons that can get in our way of frugal budgeting, intentional living and happiness. Join us and learn more about how we found the simplest ways to achieve easy living. Read More…

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