Book Review: Get Out of Debt! Finding Money to Reduce Expenses

Book review of Get Out of Debt! Finding Money to Reduce Expenses by David and Marcia Rye.

This is the second book in the four-part series. The first book was Get Out of Debt! Dealing with the Challenges of Debt.

Book Review: Get Out of Debt! Dealing with the Challenges of Debt

This book takes off where the second book left off.  While the first book is all about debt,  this book is about saving money.  Whether it is saving money to pay off debt or to save for a big expense this book covers it.

There are a lot of ideas in this book that will help you gain momentum. I have written about many of them here.  I even found some that I will be looking into further.  I have no idea what my insurance deductibles are.  I could possibly save a good bit if they can be raised.  

For some reason I absolutely love books like this one.  As I read through these books, I write down all the things that I havent done yet.  I then go back and implement all these ideas.  It amazes me how many ways I can optimize my finances.

The habit of saving is itself an education; it fosters every virtue,  teaches self denial, cultivates the sense of order,  trains to forethought,  and so broadens the mind.  

T.T. Munger

One issue I had with this book, though, was the chapter on using home equity.  In my opinion this should not be in a book about getting out of debt.  Yes it may have a lower interest rate but attaching it to your home adds more complications. Also, they said you could borrow against home equity to finance a college education.  I don’t think parents should damage their own finances to pay for their kids education.  There are many more ways to do this than to take out this kind of loan (which are stated in the next chapter). What good is it to pay for their education just to move in with them when you can’t  afford to retire? Realistically you should have been saving for this earlier.

I do not agree that a home is an investment.  First, its only an investment if you sell it.  Second,  do you even own a home? They cost a lot in upkeep and a 30 year mortgage is math gone completely insane.  You end up paying tons in interest.  What about a tax deduction? Your getting a pittance back for all the interest you have been paying.  A home is a liability not an asset.

Never spend your money before you have it.  

Thomas Jefferson

Another issue would be that I don’t believe in using credit cards to buy things I can’t  afford.  I use a credit card and pay it off every month to get points.  In this book they touch on creating a healthy credit limit for credit cards.  I don’t bend on this issue. If you have to charge it you can’t  afford it. It is not a sustainable way to live.

How to Cash In with Credit Cards

I did find they covered these topics elsewhere in the book.  They gave better ways to approach these issues and I felt a lot better after reading them. The areas I disagree are few and far between and the rest of the book more than makes up for this.

I did like the section on taxes and different types of savings accounts.  These are areas that have a lot of impact. The right savings account will earn more interest.  That’s  free money.

Optimize Your Savings Account

Overall I did like the book a lot.  Just like the first book,  it was quick and easy to read.  It really does have a ton of useful information.

This book will help you find ways to cut spending,  find more money,  and put that money away.

Right now this book is free on Kindle Unlimited and $1.99 for the ebook.  See affiliate link below.

Get Out of Debt! Finding Money to Reduce Expenses

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