Customer Reviews

Become Debt Free One Paycheck At a Time

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Almost all personal finance books tell you to eliminate your credit card debt . . . and to start by paying off the amount with the largest interest rate. Then, they almost all tell you to switch balances to take advantage of 6 month low, "teaser" rates from new card companies. Others go on to encourage you to save money in other ways, such as by refinancing your house, cutting up your credit cards, holding yard sales and carrying your lunch. One Paycheck at a Time has all of that advice, too. What makes this book different is that the advice is structured around a process for measuring, tracking and reducing your expenses. The center point of this material is a form that is applied to each paycheck that the reader receives each year.

In the beginning, you have to do a lot of work to get started. But if you hired a financial advisor, you would have to do the same work (or pay a lot of money to have the financial advisor do it for you). So the work is necessary. You set up a budget for each item you have to regularly spend money on, and then keep the remainder of each paycheck in cash to meet other routine expenses and to generate savings for rainy day items.

The system is one remarkably like the one that my parents used successfully for many years. For most of those years, they did not have a checking account. They would go to the supermarket to cash Dad's paycheck, buy some groceries, and keep the rest in cash which they allocated to different envelopes for different purposes. They kept track of what occasional expenses were likely to be (such as the annual car insurance premium) and saved the amounts needed in advance, one paycheck at a time. If you keep that concept in mind, you'll have the essence of this book.

The book assumes that you get paid twice a month (although you can calculate the amounts easily for a monthly paycheck), and takes you through 24 pay periods. In each pay period, there are extra little lessons on how to save or earn more.

Unlike most of these books where the author is a multimillionaire financial planner who has an accountant to do all of this nitty-gritty for them, Ms. Griffiths is a woman whose divorce left her at age 22 with $25,000 in credit card debt piled up by a gambling husband. It took her 15 years to eliminate that debt . . . and she has created this system to help you get faster results than she did. So she's been there . . . and done that. Despite that experience she doesn't personalize the story very much. This is a personal finance book rather than an autobiography.

If you are terrible with numbers, you will probably have to get someone to help you. Be sure to get a calculator to help you add up lots of numbers and later divide them.

After you've been using this system for 3 or 4 months, it shouldn't take long to apply it. One of the strengths of the approach is that it encourages you to see what you are spending. Seeing the details will probably help you identify lots of ways to save.

If you are looking for advanced tips on saving money, I didn't find any here that I didn't know about already (and I already use many of them). So I think the tips (beyond the system) will be new mostly to young people and to those who have not read other personal finance books . . . or simply haven't thought much about money management.

The book is thin and a quick read. If you actually apply it, you will be only reading a few pages during each pay period. So if you like to keep it simple . . . and want to system to provide some discipline, I think One Paycheck at a Time is a winner for you.

If you decide to read and use the book, I do recommend that you supplement it for investment advice as your debt drops and you have money to invest in areas other than company pension plans.

ONE PAYCHECK AT A TIME covers all the usual culprits: lack of organization; impulse buying; too costly gift giving; out-of-control wardrobe.

It teaches about getting & paying for insurance; education; banking; investments; smart shopping; maintaining your automobile; making more money, & much, much more.

Rebeccasreads recommends ONE PAYCHECK AT A TIME for anyone in debt, especially those new to the workforce or parents whose youngsters are heading into the workforce.

Get a copy & start learning how to handle your hard-earned money, & check out Rebecca's interview with this author.

Fearless Book Review
http://www.fearlessbooks.com

"In spite of the cost of living, it's still popular." - Kathleen Norris

Kimberly Griffiths truly knows our pain. She's been there herself - riddled with overwhelming debt and struggling to scrape by, paycheck by paycheck. In this book she shares her hard-earned knowledge and her handy system of paying bills, including the reduction of credit card balances paycheck by paycheck instead of monthly, as most of us are used to doing. Her theory is this: By concentrating precious financial resources to pay off our "target" debt (while simultaneously budgeting for ongoing bills like utilities and rent) we will get out of debt that much faster and grow that much wiser about money use in general.

Griffiths' book is not only about "number-crunching" our way out of debt. It gives pointers on how to cut back on some of our more extravagant lifestyles choices, such as eating out frequently and buying overpriced clothing. Taking a simple measure like bringing a sack lunch to work three times a week or shopping sales can resolve many of our cash flow problems. Of course, with all this extra money in our pockets we'd be smart to continue paying down our target debts and start up a fund for a rainy day cost such as a major car repair bill. Better yet, once we have enough money saved up for contingencies we can start saving in good faith toward a once in a lifetime splurge such as a trip abroad. Who says money has to be saved for something dull?

Packed with numerous Internet resources and budgeting charts, One Paycheck at a Time is a slim volume fat with helpful information on how to pull yourself out of debt and, once there, continue to experience a debt-free existence.- C.APPEL * 12/03-2/04

Debt Steps Writes:
http://www.debtsteps.com/personal-finances.html

Practical Get Out Of Debt Workbook
Kimberly wrote this ebook to help others through the same thing she went through when she found herself saddled with $25,000 of debt from her ex-husband. This ebook is not a "what she did" book, but a step-by-step guide, set out on a paycheck-by-paycheck basis to help you understand your money, your debt, and how it affects your personal finances. Kimberly offers great tips to help stretch your budget, as well as practical advice to get you to your next paycheck. Featuring worksheets you can use to track your money and debts, and a simplified envelope system to help you get your debts paid off. I do recommend this personal finances ebook, and at only $9.95 [www.onepaycheckatatime.com] it is a good investment in your financial future.

While the world is stuck on paying bills by the month, "One Paycheck at a Time" is providing an effective alternative, managing your money paycheck to paycheck.

Kimberly Griffiths, the author, is challenging you to look at your money differently and not be sucked in to allowing your creditors to dictate the terms of how you pay your bills. She shows you in great detail how this method can and will provide you with a better understanding of your complete financial picture with debt reduction and eventual elimination as the goal.

What really caught my eye was the enormous amount of money saving strategies found in this book. Each section provides you with tips, tricks and ideas on how to make managing your money a lot simpler and much more organized.

"One Paycheck at a Time" is not just for those experiencing money problems. I would highly recommend it to anyone that is looking for a better way to reduce their debt and get a handle on their finances.

Terry Rigg
Budget Stretcher

I learned so much from this book - I was always "robbing Peter to pay Paul" and this book, step-by-step, helped me to stop my insanity!! It was helpful to know that someone really was in as much finanial trouble as I am/was and got out of it. It helped my husband and I see the light at the end of the tunnel!
The best tip I got from the book was to consolidate my debt - I started to feel like I was in control in Chapter 1.
If we can do it - anyone can do it! This book is a must read - it will give you the confidence to achieve freedom from debt. We called it the War on Debt. Good Luck!!!

Kimberly Griffiths' no-nonsense approach to debt management is truly remarkable. In her book, "One Paycheck at a Time", she guides the reader by the hand in an easy-to-follow step-by-step process to becoming debt-free. There is no sensation, no empty promises. She challenges the reader to apply the principles along with hardwork, discipline and perseverance. Without asking them to live an ascetic lifestyle, she asks the reader to assess his current situation with a master plan to beat the debt. While I have a debt-free lifestyle, I found myself rethinking how I approach spending money and immediately taking action to ensure I never "sink in the hole". Her book is useful not only for people who are currently in debt, but also for those who wish to maximize their cash flow by thinking smart about where their money goes.

Her non-judgemental tone takes the shame away from being in debt. She has been there herself, and after digging her way out of $25,000 in credit card charges accumulated by her gambling ex-husband, she applied her prolific financial knowledge to help others, too. Her sometimes hilarious suggestions such as literally soaking your credit card in water until it freezes in the freezer are so outrageous that they work! Reader beware. Credit card plastic melts in the microwave!

Griffiths requires the reader to shift his thinking completely about paying back debt on a monthly basis. After all, she reasons, you are usually paid more often than that. "Stop thinking you have to pay creditors once a month - those are their terms, not yours, especially if you're paid more than once a month." Her suggestions simply make sense.

Her simple exercises motivate the reader with her take-charge attitude. "One Paycheck at a Time" is an inspirational example of how anything is possible with the right tools. Kimberly Griffiths offers them to us all for the taking. Her book is an incredible investment in your future. I highly recommend it for its clear language, solid ideas, and its ultimate effectiveness.

Christine Louise Hohlbaum, author of Diary of a Mother (2003) and SAHM I Am: Tales of a Stay-at-Home Mom in Europe (2005), lives near Munich, Germany, with her husband and two children. http://www.diaryofamother.com

Frugal-Folks-Life eList
www.frugalfolks.com WebZine

I recently was given the opportunity to review a book about getting your financial house in order. As the title of the book aptly states by repairing your ailing finances "ONE PAYCHECK AT A TIME".

The Introduction describes a money management disaster common in most homes in America today:

As a child growing up, who taught you about money? Who explained to you how to write a check to pay for a purchase or a bill? Was the money advice you received sound information? If you are like most people in North America, the extent of your personal money management knowledge came from your parents; how they saved it, spent it, gambled it. or wasted it, is where you learned your money management skills. As an adult, creditors and other financial instutions dicitate to you when bills are due and the terms of the loans. Choices you have made, and will make in the future, determine the success or failure of your financial destiny. Regardless of where you learned your money management habits. If you are living in debt paycheck after paycheck, let me help you reevaluate your fundamental understanding of money. Debt-Free. ONE PAYCHECK AT A TIME, will give you the tools needed to take charge of your financial life. It will redirect your course of action on your terms.
Debt is a fact of American life.

Ms. Griffiths continues in the introduction with some alarming statistics showing the thousands of ways we get enticed into debt and get trapped. Every person, today, is bombarded with suductive puffery enticing one to act on their emotions and buy without thought. Americans are media driven to buy often at all costs. She further states, "70% of households are living paycheck to paycheck (Source: Wall Street Journal)." Also, "The average American spends $1.22 for every dollar they earn (Myvesta.org, Inc.)."

The book is based on the terrible debts the author faced after a divorce at the age of 22 and the ways she learned to become debt-free. It is the compilation of the knowledge she obtained reading dozens of books and fighting in the pits to climb out of debt.

The first chapter is the basis of the book and sets up the system and is used as a reference throughout the rest of the program. The rest of the chapters are read one at a time at each pay period. The book is well structured with easy to follow good sense exercises. You begin with your first paycheck to understand the real value of your money. You can follow the steps that gain you control of your debts.

The book is very supportive and you feel the author understands your struggle. After just reading a few pages, you begin to feel you can really do it and your confidence grows with each chapter.

This book is one I wish I'd had years ago. It is still a must read for me and a reference I'll continue to use. After 58 years of struggle and experience I found tons of help in each chapter. I consider it a "must read" for anyone wanting to get their life in financial control and " Practice Frugality with Flare Without Feeling Deprived" (Frugal Folks Motto).

As someone reeling from both college graduation and divorce in the same month, this was just the book I needed to get my finances under control. The friendly step by step style offers both humor (if you have to- put your credit card in a bowl of water in the freezer!) and candor (now that Card #1 is paid off, cancel it!) while explaining how to be free of debt and create savings.

I've lived most of my adult life carrying credit card and loan balances. I've read many articles and 'quick-fix' guides to paying off debt. But, it wasn't until I read One Paycheck at a Time did I really feel I had found a practical plan. The book is a quick and easy read, and the concepts are very easy to understand and immediately put into practice. Most of all, however, this book made me realize that implications and costs of carrying debt, and really inspired me to do something about it! The author presents each new chapter in very down-to-earth ways. And, it's comforting to know that she has had times like I am experiencing, where she's had to practice self-discipline and do without certain things. Thank you!