Do you have a Spending Identity? You do, whether you know it or not. It’s as real as the data on your driver’s license, but if you’re like most people, you’ve probably never given it much thought. Your Spending Identity dictates who you are as a consumer:
Are you frugal or extravagant?
Do you impulse shop?
Do you clip coupons?
These are all part of your profile.
A budget, by any other name… I’m currently reading The Money Book for Freelancers, which I’ll review here soon. It’s a great book with a lot of juicy info, including the concept of the Spending Identity. The authors ask you to write out a Spending Identity for yourself to get a picture of who you are and what you can spend. It’s a step between learning to track your income & expenses and developing a fully realized spending plan to manage your money.
The authors fully acknowledge that their Spending Identity concept is a sneaky way to start readers budgeting. It’s just a less scary word. But it also contains an important concept.
The Spending Identity is a lot less specific than a budget. Its goal isn’t to get you to commit to spending $170 a week on groceries; its goal is to turn you into a person who knows about how much money you can reasonably spend when you walk out the door each day. Not your bank balance to the penny, just the overall reality of your cash flow. Are you in the Gucci tax bracket or the Gap one? Being realistic about this can save you a lot of financial headaches.
This feels like an essential skill to develop, and one I’m still shaky on. I’ve learned to track my spending, and I’m pretty good about sticking to my spending plan. If I’m not sure whether or not I can afford $40 for hair dye or $90 for cat flea treatments (two unusual expenses that cropped up this week), I can check the Mint app on my cell phone and get the answer in seconds.
But my core sense of what I can afford is all over the map. Sometimes I’m incredibly frugal, and other times I’m prone to impulse shopping. One week, I’ll meticulously pare down our grocery list to keep it under $100; the next, I’ll drop that much cash on thermal curtains or bike parts without a second thought.
Outsmarting myself My Spending Identity hasn’t changed much since college: I always live right at the edge of my means, spending everything in my checking account — and a little more. I often hit the end of the month juggling grocery expenses against a financial surprise like a parking ticket or an invitation to a kid’s to which I’m expected to bring a gift.
As I’ve grown more financially savvy, I’ve learned ways to fool that Spending Identity into doing the right thing. Most of my money gets swept into an ING account where I put it into automatic savings plans and pay bills. In those accounts, my savings are piling up and I’m paying off debt. In my local checking account, I’m still juggling my cash flow problems like I always have.
I learned to work around my innate personality as a spender, but I didn’t really change it.
Now, I’m kind of inspired to do so. I’d like to be the kind of person who has a consistent, accurate sense of what I can spend money on, how much I can afford, and how it relates to my priorities. Not just the sense that comes from meticulous record-keeping &mdsah; what I’m looking for is better instincts.
I know about how far I can run, how often I need to eat, and how much I can write in a day. I keep records of my diet, exercise, and writing habits, but I don’t need to consult them for a broad sense. I just use them to track details. Sometimes those details show me shifting trends that surprise me, but I don’t look at my running log when I’m mid-run to find out if I’m tired. I just know.
I’d like to have a similar built-in sense for what I can spend, and what I’d like to spend it on. I can use the data I’ve collected over two years of tracking my spending to help with that. A few minutes spent journaling can also help me understand myself better:
What do I like to spend money on?
Where are the weak spots in my budget?
What are my strengths as a frugal shopper?
After answering questions like these, I should be able to have a pretty clear profile for myself, with stats to reflect my superpowers and my flaws. (What’s my financial kryptonite?) For the geeks out there, this might be like a character sheet for financial planning.
A license to spend I think it’s time I not only explored my Spending Identity, but created a Spending License. I love little visual reminders of my goals. I’m imagining a small card in my wallet that says, “Sierra Black, licensed to spend about $20 this week on personal fun, $150 on groceries, and up to $100 on other household expenses.” Or whatever those ballpark numbers turn out to really be.
My spending records will tell me what numbers to put on my license. Having that license should help me with the vague middle step between knowing exactly what I spend and reconciling it exactly with what I do spend. That vague step that has for me been the hardest: just knowing what I can afford, without doing all of the math while standing in line at the drugstore.
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43k salary is a solid hourly wage when you think about it.
When you get your first job and you are making just above minimum wage making over $43,000 a year seems like it would provide amazing opportunities for you. Right?
The median household income is $68,703 in 2019 and increased by 6.8% from the previous year (source). Think of it as a bell curve with $68K at the top; the median means half of the population makes less than that and half makes more money.
The average income in the U.S. is $48,672 for a 40-hour workweek; that is an increase of 4% from the previous year (source). That means if you take everyone’s income and divided the money out evenly between all of the people.
But, the question remains can you truly live off 43,000 per year in today’s society since it is below both the average and median household incomes. The question you want to ask all of your friends is $43000 per year a good salary.
In this post, we are going to dive into everything that you need to know about a $43000 salary including hourly pay and a sample budget on how to spend and save your money.
These key facts will help you with money management and learn how much per hour $43k is as well as what you make per month, weekly, and biweekly.
Just like with any paycheck, it seems like money quickly goes out of your account to cover all of your bills and expenses, and you are left with a very small amount remaining. You may be disappointed that you were not able to reach your financial goals and you are left wondering…
Can I make a living on this salary?
$43000 a year is How Much an Hour?
When jumping from an hourly job to a salary for the first time, it is helpful to know how much is 43k a year hourly. That way you can decide whether or not the job is worthwhile for you.
$43000 a year is $20.67 per hour
Breakdown Of How Much Is 43k A Year Hourly
Let’s breakdown, how that 43000 salary to hourly number is calculated.
For our calculations to figure out how much is 43K salary hourly, we used the average five working days of 40 hours a week.
Typically, the average workweek is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, divide the yearly salary of $43000 by 2,080 working hours and the result is $20.67 per hour.
43000 salary / 2080 hours = $20.67 per hour
Just above $20 an hour.
Key Points….
That number is the gross hourly income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.
You must check with your employer on how they plan to pay you. For those on salary, typically companies pay on a monthly, semi-monthly, biweekly, or weekly basis.
Just an interesting note… if you were to increase your annual salary by $5K to $48k per year, it would increase your hourly wage to over $23 an hour – a difference of $2.41 per hour.
To break it down – 48000 salary / 2080 hours = $23.08 per hour
That difference will help you fund your savings account; just remember every dollar adds up.
How Much is $43K salary Per Month?
On average, the monthly amount would be $3,583.
Annual Salary of $43,000 ÷ 12 months = $3,583 per month
This is how much you make a month if you get paid 43000 a year.
$43k a year is how much a week?
This is a great number to know! How much do I make each week? When I roll out of bed and do my job of $43k salary a year, how much can I expect to make at the end of the week for my effort?
Once again, the assumption is 40 hours worked.
Annual Salary of$43000/52 weeks = $827 per week.
$43000 a year is how much biweekly?
For this calculation, take the average weekly pay of $827 and double it.
This depends on how many hours you work in a day. For this example, we are going to use an eight-hour workday.
8 hours x 52 weeks = 260 working days
Annual Salary of$43000 / 260 working days = $165 per day
If you work a 10 hour day on 208 days throughout the year, you make $206 per day.
$43000 Salary is…
$43000 – Full Time
Total Income
Yearly Salary (52 weeks)
$43,000
Monthly Wage
$3,583
Weekly Pay (40 Hours)
$827
Bi-Weekly Pay (80 Hours)
$1,654
Daily Wage (8 Hours)
$165
Daily Wage (10 Hours)
$206
Hourly Wage
$20.67
Net Estimated Monthly Income
$2,735
Net Estimated Hourly Income
$15.78
**These are assumptions based on simple scenarios.
43k a year is how much an hour after taxes
Income taxes is one of the biggest culprits of reducing your take-home pay as well as FICA and Social Security. This is a true fact across the board with an all salary range up to $142,800.
When you make below the average household income, the amount of taxes taken out hurts your hourly wage.
Every single tax situation is different.
On the basic level, let’s assume a 12% federal tax rate and 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
So, how much an hour is 43000 a year after taxes?
Gross Annual Salary: $43,000
Federal Taxes of 12%: $5,160
State Taxes of 4%: $1,720
Social Security and Medicare of 7.65%: $3,290
$43k Per Year After Taxes is $32,830
This would be your net annual salary after taxes.
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$32830 ÷ 2,080 hours = $15.78 per hour
After estimated taxes and FICA, you are netting $32,830 per year, which is $10,170 per year less than what you expect.
***This is a very high-level example and can vary greatly depending on your personal situation and potential deductions. Therefore, here is a great tool to help you figure out how much your net paycheck would be.***
In addition, if you live in a heavily taxed state like California or New York, then you have to pay way more money than somebody that lives in a no tax state like Texas or Florida. This is the debate of HCOL vs LCOL.
Thus, your yearly gross $43000 income can range from $29390 to $34550 depending on your state income taxes.
That is why it is important to realize the impact income taxes can have on your take home pay. It is one of those things that you should acknowledge and obviously you need to pay taxes. But, it can also put a huge dent in your ability to live the lifestyle you want on a $43,000 income.
43k salary lifestyle
Every person reading this post has a different upbringing and a different belief system about money. Therefore, what would be a lavish lifestyle to one person, maybe a frugal lifestyle to another person. And there’s no wrong or right, it is what works best for you.
One of the biggest factors to consider is your cost of living.
In another post, we detailed the differences of living in an HCOL vs LCOL vs MCOL area. When you live in big cities, trying to maintain your lifestyle of $43,000 a year is going to be much more difficult because your basic expenses, housing, transportation, food, and clothing are going to be much more expensive than you would find in a lower cost area.
To stretch your dollar further in the high cost of living area, you would have to probably live cheap and prioritize where you want to spend money and where you do not. Whereas, if you live in a low cost of living area, you can live a much more lavish lifestyle because the cost of living is less. Thus, you have more fun spending left in your account each month.
As we noted earlier in the post, $43,000 a year is below the average income that you would find in the United States. Thus, you have to be wise with how you spend your money.
What a $43,000 lifestyle will buy you:
If you are debt free and utilize smart money management skills, then you are able to enjoy the lifestyle you want.
You are able to rent in a decent neighborhood in LCOL and maybe a MCOL city.
You should be able to meet your expenses each and every month.
Participate in the 200 envelope challenge.
Ability to make sure that saving money is a priority, and very possibly save $3000 in 52 weeks.
When A $43,000 Salary Will Hold you Back:
However, if you are riddled with debt or unable to break the paycheck to paycheck cycle, then living off of 40k a year is going to be pretty darn difficult.
There are two factors that will keep holding you back:
You must pay off debt and cut all fun spending and extra expenses.
Break the paycheck to paycheck cycle.
It is possible to get ahead with money!
It just comes with proper money management skills and a desire to have less stress around money. That is a winning combination regardless of your income level.
$43k Salary to Hourly
We calculated how much $43,000 a year is how much an hour with 40 hours a week. But, more than likely, you work more or fewer hours per week.
So, here is a handy calculator to figure out your exact hourly salary wage.
$43K a year Budget – Example
As always, here at Money Bliss, we focus on covering our basic expenses plus saving and giving first, and then our goal is to eliminate debt. The rest of the money leftover is left for fun spending.
If you want to know how to manage 40k salary the best, then this is a prime example for you to compare your spending.
You can compare your budget to the ideal household budget percentages.
recommended budget percentages based on $43000 a year salary:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$251
Savings
15-25%
$645
Housing
20-30%
$932
Utilities
4-7%
$143
Groceries
5-12%
$287
Clothing
1-4%
$22
Transportation
4-10%
$143
Medical
5-12%
$179
Life Insurance
1%
$11
Education
1-4%
$11
Personal
2-7%
$32
Recreation / Entertainment
3-8%
$81
Debts
0% – Goal
$0
Government Tax (including Income Tatumx, Social Security & Medicare)
15-25%
$847
Total Gross Monthly Income
$3583
**In this budget, prioritization was given to basic expenses and no debt.
Is $43,000 a year a Good Salary?
As we stated earlier if you are able to make $43,000 a year, that is a decent salary. You are making more money than the minimum wage and close to double in many cities.
While 43000 is a good salary starting out in your working years. It is a salary that you want to increase before your expenses go up or the people you provide for increase.
However, too many times people get stuck in the lifestyle trap of trying to keep up with the Joneses, and their lifestyle desires get out of hand compared to their salary. It is okay to be driving around a beater car while you work on increasing your salary.
This $43k salary would be considered a lower middle class salary. This salary is something that you can live on if you are wise with money.
Check: Are you in the middle class?
In fact, this income level in the United States has enough buying power to put you in the top 95 percentile globally for per person income (source).
The question you need to ask yourself with your 43k salary is:
Am I maxed at the top of my career?
Is there more income potential?
What obstacles do I face if I want to try to increase my income?
In the future years and with possible inflation, many modest cities a 43,000 a year will not a good salary because the cost of living is so high, whereas these are some of the cities that you can make a comfortable living at 43,000 per year.
If you are looking for a career change, you want to find jobs paying at least $65000 a year.
Is 43k a good salary for a Single Person?
Simply put, yes.
You can stretch your salary much further because you are only worried about your own expenses. A single person will spend much less than if you need to provide for someone else.
Learn exactly what is a good salary for a single person today.
Your living expenses and ideal budget are much less. Thus, you can live extremely comfortably on $43000 per year.
And… most of us probably regret how much money wasted when we were single. Oh well, lesson learned.
Is 43k a good salary for a family?
Many of the same principles apply above on whether $43000 is a good salary. The main difference with a family, you have more people to provide for than when you are single or have just one other person in your household.
The costs of raising children are high and will steeply cut into your income. As you can tell this is a huge dent in your income, specifically $12,980 annually per child.
That means that amount of money is coming out of the income that you earned.
So, the question really remains is can you provide a good life for your family making $43,000 a year? This is the hardest part because each family has different choices, priorities, and values.
More or less, it comes down to two things:
The location where you live in.
Your lifestyle choices.
You can live comfortably as a family on this salary, but you will not be able to afford everything.
Many times when raising a family, it is helpful to have a dual-income household. That way you are able to provide the necessary expenses if both parties were making 43000 per year, then the combined income for the household would be $86,000. Thus making your combined salary a very good income.
Learn how much money a family of 4 needs in each state.
Can you Live on $43000 Per Year?
As we outlined earlier in the post, $43,000 a year:
$20.67 Per Hour
$165-206 Per Day (depending on length of day worked)
$827 Per Week
$1654 Per Biweekly
$3583 Per Month
Next up is making $45000 a year.
Like anything else in life, you get to decide how to spend, save and give your money.
That is the difference for each person on whether or not you can live a middle-class lifestyle depends on many potential factors. If you live in California or New Jersey you are gonna have a tougher time than Oklahoma or even Texas.
In addition, if you are early in your career, starting out around 34,000 a year, that is a great place to be getting your career. However, if you have been in your career for over 20 years and still making $43k, then you probably need to look at asking for pay increases, pick up a second job, or find a different career path.
Regardless of the wage that you make, if you are not able to live the lifestyle that you want, then you have to find ways to make it work for you. Everybody has choices to make.
But one of the things that can help you the most is to stick to our ideal household budget percentages to make sure you stay on track.
Learn exactly how much do I make per year…
One of the best ways to improve your personal finance situation is to increase your income. Here are a variety of side hustles that are very lucrative. With time and effort, you can start enjoying the lifestyle you want.
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According to a Better Money Habits Millennial Report, 41% of millennials are chronically stressed about money. 65% of millennials say that money stress impacts their well-being, 49% say it impacts relationships, 42% say it impacts their physical health, and 22% say that money impacts their work.
That’s a lot of stress!
No matter how young or old you are, I’m sure money-related stress impacts all age groups and not just millennials.
Also, don’t assume that money-related stress only impacts those who have a lower income. According to CNBC, those with a net worth of $1,000,000 or more still feel a significant amount of money stress. They fear that everything will be gone just like with a flip of a switch.
As you can see, money stress can impact all different types of people.
Money stress may:
Cause you to lose sleep;
Make you sick, nauseous, etc.;
Lead to high blood pressure;
Hurt your career;
Impact your family;
Make you angry or sad; and more.
However, you need to realize that money-related stress is something that you can have control of.
Below are several ways to fight money stress so that you can get your life back!
Figure out what’s causing your money stress.
There are many different reasons for why you may be experiencing money stress. You may be in debt, living paycheck to paycheck, spending more than you earn, and so on.
You won’t be able to eliminate your money stress unless you figure out what your problem is.
After you realize where your money stress is coming from, you can then create an action plan to fix whatever is wrong.
You may need to earn more money, pay off your debt, save more, learn how to deal with financial situations in a better way, and so on.
Related articles:
Talk about money with your loved ones.
If you are feeling money stress, there is a chance that you may be feeling like you are all alone. Instead, you should talk about money problems that you may be having with your partner so that you can find a solution together.
Regularly communicating about money is an important step for every relationship. Being open about your money situation can help prevent any surprises, it will ensure that both people in a relationship are aware of what’s going on, and so on.
You and your partner should sit down every so often such as once a week, once a month, or whatever timeframe works best for the two of you.
Realize that more money won’t always make you happier.
In 2010, a study came about money and it’s relation to happiness was published. According to the Wall Street Journal:
The magic income: $75,000 a year. As people earn more money, their day-to-day happiness rises. Until you hit $75,000. After that, it is just more stuff, with no gain in happiness.
Yes, more money may help you solve some problems, but if you don’t have a firm grasp on your finances then more money may just lead to more problems.
Source: BetterMoneyHabits.com
Understand that money and things don’t define you.
Too many equate their worth with how much money they make or what they are able to buy. In reality, though, how much money you make and spend doesn’t define who you are at all.
Remember that keeping up with the Joneses won’t help you.
Keeping up with the Joneses will make you broke and unhappy because:
You will never be happy no matter how much money you spend.
You will constantly compare yourself to EVERYONE.
You will go into debt because that’s the only way you feel like you can keep up.
You will have a loan payment for everything because that’s the only way you can “afford” everything.
You won’t have any money left over for retirement, an emergency fund, etc. because you’re spending it all on things you do not need.
Read more about how to avoid keeping up with the Joneses here.
Have fun.
No matter how bad your money stress may be bringing you down, you should still remember to have fun.
Having fun and enjoying life can improve your mood, help you be more healthy, clear your mind, and more.
There’s a myth out there that being frugal means you can’t have any fun. Many believe that frugal fun doesn’t even exist. There are plenty of ways to enjoy your life while staying on a realistic budget.
Related: How To Be Frugal And Fun (And Not Boring)
Stop living in the past.
When many are feeling financially stressed out, they start regretting everything they’ve done in the past that has ever cost money.
In fact, I recently overheard someone joking about how stressed out they get when they just think about their past money mistakes, such as even something as small as buying fast food.
While thinking about your past money mistakes may help you realize that you’ve made errors in the past so that you can change for the future, dwelling on them will only waste your time and ruin your mood.
This leads to my next point…
Be positive.
Yes, I realize that thinking positively can sometimes be tough when your money problems are getting you down. However, it’s important to remember that thinking negatively most likely will not help your situation at all.
Thinking positively may help you persevere, move on, and find a better solution to your problem.
Related: Why I Believe Being Positive Can Change Your Financial Situation And Your Life
Save more, spend smarter, and make your money go further
Ordering from the menu while dining out may not get you the best deal–or even the tastiest meal.
It’s not unusual for restaurants to have hidden menus (some of which, like In-N-Out Burger’s, are not really that secret) and special deals only accessible to those diners who are in the know.
You might even get early access to a popular item—last fall, Starbucks customers who told their barista “PSL 10” could get a pumpkin spice latte a week before the drink’s official addition to menus.
Ferreting out secrets is pretty easy.
Look for the code words on brands’ web sites, Facebook pages and Twitter feeds, and on message boards catering to foodies and deal hunters like Chowhound.com and HacktheMenu.com.
And when in doubt, ask your server if there’s anything they recommend that isn’t necessarily on the menu.
Don’t forget to pay attention to your local restaurants, too—they also have secrets.
At FIGat7th in Los Angeles, there’s “3 Little Piggies,” what a spokeswoman describes as “Kurobuta pork belly, slow-braised carnitas, and prime applewood smoked bacon with chili aioli, jalapeno relish, avocado puree, provolone, pickled red onions and shredded romaine, on panini grilled ciabatta.”
Time Out New York has tracked secret menu items at local outposts such as Momofuku Milk Bar (a milkshake with mint, cookies and espresso).
In-N-Out
The secret is definitely out when a brand posts its secret menu to its own web site. But that’s just the burgers.
Frugal Foodie is partial to the Neapolitan shake (a mix of strawberry, vanilla and chocolate) and well-done fries (extra crispy).
Starbucks
There’s an entire site—StarbucksSecretMenu.net—devoted to off-the-menu Starbucks drinks.
For example, a Chocolate Covered Raspberry Frappuccino, which adds raspberry syrup, mocha drizzle and java chips to a vanilla bean Frappuccino.
Jamba Juice
Some of the most notable secret combos taste like candy.
Among those Ranker.com lists include Pink Starburst (lemonade, soymilk, raspberry sherbet, frozen yogurt, sorbet and strawberries) and Sourpatch Kid (lemonade, blueberries, lime sherbet, pineapple sherbet, raspberry sherbet and orange sherbet).
Sonic
This chain already brags that its drinks menu allows for a whopping 1,063,953 combos, and menu listings do include a number of the ones you’re less likely to pair (like Purple Sprite, which mixes in cranberry juice, Powerade and a few other ingredients).
A secret food to try: the Frito Pie, which is Fritos topped with chili and nacho cheese.
Panera Bread
Another chain where the secret items are more advertised, Panera has sent out press releases about new additions.
One to try: the Power Chicken Hummus Bowl, a salad with chicken, hummus and a variety of veggies.
McDonalds
SecretMenuholic.com has a good rundown of the stealthy menu items, which include a McFlurry with an apple pie mix-in, and the Mc10:35, a breakfast-lunch crossover of a McMuffin and a McDouble.
Frugal Foodie is a journalist based in New York City who spends her days writing about personal finance and obsessing about what she’ll have for dinner. Chat with her on Twitter through @MintFoodie.
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Learn how to work your apartment community barbecue grill like a pro when you follow these rules of the roast!
Master your main course Whether you are a meat-eater or a veggie-lover, you can increase your BBQ clout by mastering a main course. Understanding how to grill different types of meat or how to barbecue veggies to perfection takes time. Start by picking one main dish to master. When you can make the most amazing hot dogs or pork chops, you’ll be a sizzling sensation at the community grill.
Choose your weapon Your apartment community may provide grills for residents to share and enjoy. If you want to invest in a personal grill, however, you have plenty of grilling options.
When you want to fire it up fast, a gas grill is right for you.
If you can wait patiently for chargrilled flavor, then a charcoal grill is your best bet.
If you are afraid of fire — but love cooking outdoors — try an electric grill.
Not all grills are created equal, but just about any grill can make a mean burger!
Know the rules of the grill The most important of all grilling tips is to always follow your community’s grilling guidelines. A good grillmaster takes risks with flavor combinations, but not with grilling safety. Check the Hearth, Patio and Barbecue Association’s list of safety rules.
Most apartments won’t let you have combustible materials within 10 feet of a building or decking, so discuss the details with your property manager before grilling out. Or use your community grill to play it safe (and make friends!)
Come equipped For the best results, assemble great grilling gear. There’s a cornucopia of grilling tools on the market ranging from frugal to fancy. No matter how much you spend, you’ll need the basics:
Spatula
Tongs
Meat fork
Marinade brush
Carving board
Meat-slicing knife
Meat thermometer
In addition to these essentials, you can spice things up with specialty grill gear like a monogrammed steak brand or a hot dog rack.
Season with style A list of barbecue tips and tricks wouldn’t be complete without a mention of sauces, rubs and marinades. These tasty additions add oomph to an ordinary piece of meat. You might try the sauces on your local grocer’s shelf, or get exotic and join a BBQ Sauce of the Month club.
Share your skills You’ve worked hard learning to barbecue like a pro, so don’t keep that rack of ribs all to yourself. Plan one night a week to grill out with your friends and show off your skills. Ask them to bring side dishes, drinks and desserts to help round out the menu. At least once a year, heat things up by hosting a grilling competition!
More Summer Apartment Living Links Summertime…. Apartment Living is Easy!How to Grow Strawberries on Your Apartment Porch Summer Pet Care Tips
American Express cards are the Mercedes of credit cards. They’re not cheap, nor are they easy to get – but boy are they nice…right?
Amex’s stand out as having some of the best perks and rewards in the industry, but they are offset by high annual fees, high credit requirements, and a slightly lower merchant acceptance rate.
That’s quite a list of drawbacks – especially the annual fee – but is it all worth it for the high rewards? Will the perks and points cover the cost of one of these cards, and then some? Or are you better off sticking with a Toyota than a Mercedes?
What’s Ahead:
What makes Amex cards stand out?
Generally speaking, Amex cards stand out from other credit cards in four ways. And like The Rock’s character in Fast Five, I like my dessert first – so let’s start with the good stuff.
Amex cards have industry-leading rewards
In a word, Amex rewards slap.
Not only will you earn crazy cash back with an Amex, but also some impressive sign-up bonuses, too.
Here are just a few examples:
The Blue Cash Preferred® Card
20% back on Amazon.com purchases within the first six months of card ownership.
$200 cash back after spending $3,000 in purchases within six months.
6% cash back at supermarkets and streaming services.
3% cash back on transit purchases.
American Express® Gold Card
75,000 Membership Rewards® Points for spending $4,000 within first six months of card ownership.
4x points at restaurants worldwide and U.S.-based supermarkets.
$120 Uber Cash.
The Platinum Card®
125,000 Membership Rewards® Points after spending $6,000 within first six months.
10x points on purchases at “Shop Small” (i.e. small businesses on this map) and restaurants worldwide.
5x points on flights.
5x points on prepaid hotels.
$200 Hotel Credit.
$200 Airline Fee Credit.
$200 Uber Cash.
$240 Digital Entertainment Credit.
$100 Global Entry or $85 TSA PreCheck®.
And more.
Even The Platinum Card®‘s eye-watering $695 annual fee starts to make sense when you consider it comes with $1,400 in credits for Uber, Netflix, and more.
Now that we’ve eaten dessert, it’s time for the cabbage, so to speak. What’s the bad news?
They have higher credit requirements
I’ll just come out and say it – you’ll need a 700+ credit score to have a good shot at getting approved for an Amex. That’s because Amex wants to attract “Lannister types” – those who spend big but always pay their debts.
Most Amex cards charge an annual fee
Amex currently offers 17 rewards cards, and 11 of them have an annual fee attached.
For reference, the six “freebies” are:
The Blue Cash Everyday® Card.
The Cash Magnet® Card.
The Hilton Honors Card.
Blue from American Express®.
The Delta SkyMiles® Blue American Express Card.
The Amex EveryDay® Credit Card.
These cards are OK. They compete with other no-fee cards on rewards, but lose ground on perks, merchant acceptance, and required credit.
Amex’s no-fee cards, then, are like a salad in a steakhouse; they’re perfectly fine, but they’re not why we’re here.
Instead, we’re here for the prime chops. Amex’s paid cards are highly compelling, but they’re definitely not cheap, with annual fees ranging from $95 to $695.
Regardless of how tasty the steak is, the eye-popping bill is an undeniable drawback.
The acceptance rate is better, but still lacking
Nothing deflates an Amex holder’s day faster than the following phrase:
“Sorry – Visa and Mastercard only.”
Poof. All those potential reward points, gone.
Historically, merchants have refused Amex’s because of high merchant fees. In 2017, Visa and Mastercard charged an average of 2.12% compared to Amex’s 2.36%.
0.24% may not seem like much, but when you’re operating on razor-thin margins, it adds up. That’s why, until very recently, only 3.7 million out of 10.6 million U.S. merchants accepted Amex.
Since then the acceptance rate among U.S. merchants has gotten much better – from 35% to 99% in just a few years. However, Amex still struggles internationally. According to a 2020 Nilson report, while Visa and Mastercard are now accepted by over 70 million merchants globally, only 44.2 million of them accept Amex.
It’s ironic, then, that Amex cards offer the industry’s best travel rewards – but there’s a 37% chance you can’t use them when you land.
Are Amex rewards worth the annual fee?
It depends!
If there’s an Amex that clearly fits your existing spending habits and lifestyle, you’ll almost certainly end up using it enough to clear the annual fee and earn serious rewards.
Here’s a quick summary of who is (and isn’t) a fit for an Amex card:
Amex cards are a good fit for:
Big spenders.
Delta Frequent Fliers.
Hilton Honors or Marriott Rewards members.
Amex cards are not a good fit for:
Frugal spenders.
Credit-builders.
Balance transfers.
Which Amex is right for you?
As hinted above, the key to picking the right Amex, and rewards card in general, is to find the card that fits your existing lifestyle and spending habits.
I emphasize existing because you don’t want to make the same mistake I did – I got a card in my early 20s that fit my aspirational lifestyle – not the one I was already leading. This led to me losing $75 on the card in Year One, and worse, overspending in Year Two to justify having it.
Don’t be like me!
Don’t get a rewards card that encourages unplanned or out-of-budget spending – instead, get a rewards card that gives you 3x, 6x, even 10x points back on stuff you’re already spending money on.
The rewards card should fit the lifestyle, not the other way around.
Examine your existing budget and spending habits
As you probably surmised from my mini-lecture above, the first step in determining if an Amex is right for you is to get a clearer picture of your existing spending habits.
If you use a budgeting tool, take a look at your spending summary for the past few months. If you prefer to budget more manually, pull up your current credit card statement as a substitute.
Now, what common credit card rewards categories are you spending the most in?
Flights?
Hotels?
Groceries?
Amazon purchases?
Making a list of your top three spending categories will help you choose the right Amex card in the next step.
Find the right Amex for you
Next, take a look at Amex’s current stable of rewards cards and spend a good 15 seconds studying each one’s sign-up bonus and rewards.
The travel rewards cards will be the easiest to filter out
Do you fly Delta once a month? The Delta SkyMiles® Gold American Express Card might be a fit. Do you fly Delta every week? You’ll almost certainly get value out of the Delta SkyMiles® Platinum American Express Card.
The same applies to the Hilton and Marriott cards. If you already frequent those hotel chains, the points and perks will justify the annual fee almost immediately.
If the travel cards aren’t a fit, that leaves the more general rewards cards
Do you spend a lot on groceries and streaming services? The Blue Cash Preferred® Card might be a fit.
Do you take Ubers frequently and could you benefit from 0% APR for 12 months? Maybe the American Express® Gold Card may be your literal golden ticket.
…or you might prefer The Platinum Card®
Finally, you might be considering the “S-Class” of the Amex lineup – The Platinum Card®. Despite having the highest fee of any Amex card, The Platinum Card® may actually be the best value – if you’re already spending big money on flights, hotels, Uber, SiriusXM®, etc.
If you’re not sure if you’ll be able to justify this or any other Amex’s high annual fee, let’s move onto Step 3 and do some math.
Calculate what you’ll need to spend to cover the annual fee
Let’s say you’re considering the Blue Cash Preferred® Card, but you’re not sure if you’ll spend enough to justify the $95 annual fee.
Thanks to sign-up bonuses, you’ll have no trouble justifying your fee in Year One. It’s Year Two you have to think about.
So, to determine how much you’ll need to spend to cover the fee in Year Two, use this simple equation:
Annual fee / percentage cash back rewards
For example, the Blue Cash Preferred® Card has a $95 annual fee and 6% cash back on supermarkets and streaming – among others, but for simplicity’s sake, we’ll focus on the biggest rewards categories:
$95 / 0.06 = $1,650
You’ll have to spend $1,650 within the 6% cash back categories to cover your annual fee.
Mind you, this is just a break-even point – you’ll have to spend another $1,650, or $3,300 total, to catch up to what you would have earned with a no-fee, 3% cash back card. So if you spend less than $3,300 annually in these categories, a no-fee card is probably a safer bet.
Summary
Amex cards are the Mercedes of credit cards – expensive, but feature-rich. They’re not for everyone – many won’t use them enough to justify the high annual fees. But those whose lifestyle and spending habits already justify the addition of an Amex are in for a treat.
Today, I have an inspiring story from a blogger. Cassie paid off $10,000 in debt in 10 weeks and shows how you can make this a reality too. Enjoy!
In September of 2015, my wife and I officially tied the knot and, as perfect as it all was, when we returned to our home after our honeymoon we had to take a serious look at our finances. What we found shocked us.
We had known from the get-go that we both had student debt. We both attended a private, Christian college where we met and we both continued on to receive our master’s degrees. While we knew we had student debt, we had always assumed that we would simply pay the minimum until it was gone and that would be that.
What did we find when we did the math? It turns out that my wife and I owe a grand total of almost $200,000 in debt (OUCH!). Even worse? The minimum payments don’t even begin to cover the interest which means that no matter how many payments we make, we will never escape from this debt’s grasp.
Unless…
One of my favorite Dr. Seuss quotes comes from the Lorax, “Unless someone like you cares a whole awful lot, nothing is going to get better. It’s not.”
Related posts:
Now, I know that this quote is referring to saving the world, but I think it’s applicable to paying off debt too. Debt can be all-consuming and debilitating, but unless you care about fixing it, it’s not going to get any better.
The thing with debt is that unless you truly work toward eliminating the problem, the problem is not going to go away. It’s certainly not an easy-fix sort of thing. Unless you truly care about getting the weight of debt off your shoulders, you’ll be trapped.
My wife and I do care about paying off our debt because we realize how much it is holding us back – we are unable to afford a house, put money into retirement, or start a family.
That’s why we made the decision to begin aggressively paying off our debt. Do you know what happened when we made that decision? We began crushing the debt that had been, only recently, crushing us.
In our first ten weeks of debt repayment, we paid off a whopping total of almost $10,000! How did we do it? Well, it’s simple: create a budget and a plan, develop a side income, and learn how to live frugally.
Related tip: Check your credit score with Credit Sesame for free!
Creating a Budget & a Plan
Developing a budget was the first step. My wife and I spent an entire month simply monitoring our spending without changing our habits. Why did we do this? Well, we wanted to see where our money was going.
What we realized is that our money was going everywhere. We were spending outrageous amounts of money for things that we didn’t even realize we were getting! Sure, some of it was important (food, certain bills, etc.), but there was so much that was unnecessary. The couple of dollars here and there for snacks and beverages (when we have these at home), the fast food or restaurants in place of dinner at home, or the subscriptions that we had forgotten we had that were still charging us monthly.
Once we realized that our money was everywhere, we knew we needed to put it into place. We created an excel document to organize our income, budgets, and debts (I love organizing things). We determined what we needed to keep to survive, what the minimum payments for our debt were, and other costs we absolutely have to have.
We wrote it all down and made important decisions as to how much we would spend on food, how much we were willing to pay for gas, etc. This was our budget. If we followed our budget, we knew we could put a significant amount of extra cash toward our debt (which is exactly what we want to do).
The hardest part about developing a budget, though, is not actually the planning, but the sticking to it. The problem we have is that when we try to follow our budget with our debit cards, we somehow always end up off. This time, we knew that we had to do our budgeting right. We pulled out some business envelopes, withdrew some cash, and began using the cash envelope system for our budget.
Almost like magic we were able to stick to our budget – better than ever before. The reality is that plastic money is easy to overspend, but when you have cold, hard cash in your hands, it’s hard to not notice it leaving. When it’s gone, it’s gone.
Developing a Side Income
The second step we took toward aggressively paying off our student debt was to develop a source of income on the side. For me, that meant blogging. I worked as hard as I could to develop a blog that focused on my goals, that inspired people, and that helped people to reach their dreams of becoming financially free.
My wife and I both work with a caterer as we are able in order to earn a little extra money. Each event lasts around six-seven hours and pays us each $100, but we can only score around one to three events per month. Jobs such as dog walking, house / babysitting, and even renting out space are great ways to make a few extra bucks within your community.
We also have started freelancing and taking up positions in the virtual assistant world. My wife has started working longer hours and taking “on-call” shifts. We sell items from our home that we no longer need and we utilize companies that offer legitimate ways to make money online. I test them out and share them on my blog for my readers to see and utilize.
Basically, we are doing whatever it takes to earn an extra income and then ensuring that the entirety of that income goes straight toward our debt repayment goals.
Related tip: You can answer surveys and make extra money! The companies I recommend include: American Consumer Opinion, Swagbucks, Survey Junkie, Pinecone Research, Prize Rebel, and Harris Poll Online. They’re free to join and free to use! You get paid to answer surveys and to test products. It’s best to sign up for as many as you can as that way you can receive the most surveys and make the most money.
Learning How to Live Frugally
Earning an extra income can only get you so far if your spending is too high. Therefore, we also spent a lot of time learning how to live frugally and sharing it on the blog. We are learning new ways each and every day to reduce our spending and live our lives to the fullest on a frugal budget.
Some of our favorites in the kitchen include baking our own bread (which saves us over $250), making our own pasta (which saves us over $100), growing our own vegetables (which saves us hundreds), and learning how to can (which saves us tons)! While each of these individually may not seem like a lot, when added together the savings can be incredible.
The frugal living tips don’t have to end in the kitchen, though. My wife and I are learning great ways to save thousands per month by cutting the cord on cable and other subscriptions, reducing our cell phone bill, and even finding new ways to entertain ourselves that don’t cost money.
As Dave Ramsey so eloquently puts it: “Live like no one else, so later on you can live like no one else.”
Living a frugal lifestyle means making cleaning supplies and hygiene products instead of buying them, making food from scratch instead of eating out, and playing board games instead of going to the clubs. It’s a lot of cutting now, but by living like we are broke, we are putting money toward debt so that later we can live the way we want to live.
How We Paid Off Almost $10,000 in Debt in 10 Weeks
Ever since we started paying off our debt aggressively, we have been competing against ourselves. When we paid off $3,000 in one month, we knew that we could do better the next month and so we did.
It took ten weeks before we had paid off almost $10,000, but the next ten weeks will be even better, we can assure you of that. How? Because we are working as hard as we can to budget, to be frugal, and to earn extra money – no matter what it takes.
The ultimate goal here is to pay off our debt as quickly as possible and that’s exactly what we are doing. We are not putting a date on our debt repayment because we don’t want to limit ourselves to that date. We want to work to surpass any dates that could have been put down and by sticking to our budget, earning side incomes, and living frugally, we can do it.
Author bio: Cassie Jahn is the author of a DIY blog devoted to living life to the fullest on a frugal budget. DIY Jahn began to help Cassie to stick to her plan to aggressively pay off her student loans, in hopes to inspire others to do the same.
How much debt do you have? Are you trying to eliminate it?
If you are new to Making Sense of Cents, I am all about finding ways to make and save more money. Here are some of my favorite sites and products that may help you out:
Find ways to make extra money – Here are over 75 different ways to make extra money.
Cut your TV bill. Cut your cable, satellite, etc. Even go as far to go without Netflix or Hulu as well. Buy a digital antenna (this is the one we have) and enjoy free TV for life.
Start a blog. Blogging is how I make a living and just a few years ago I never thought it would be possible. I earn over $100,000 a month online through my blog and you can read more about this in my monthly online income reports. You can create your own blog here with my easy-to-use tutorial. You can start your blog for as low as $2.75 per month plus you get a free domain if you sign-up through my tutorial. Also, I have a free How To Start A Blog email course that I recommend signing up for.
You should know your credit score – Check your credit score with Credit Sesame for free!
Answer surveys. Survey companies I recommend include Swagbucks, Survey Junkie, American Consumer Opinion, Pinecone Research, Opinion Outpost, Prize Rebel, and Harris Poll Online. They’re free to join and free to use! You get paid to answer surveys and to test products. It’s best to sign up for as many as you can as that way you can receive the most surveys and make the most money.
You can save money and get cash back at the grocery store. Read my review and learn how to here.
Sign up for a website like Ebates where you can earn CASH BACK for just spending like how you normally would online. The service is free too! Plus, when you sign up through my link, you also receive a free $10 cash back too!
Save money on food. I recently joined $5 Meal Plan in order to help me eat at home more and cut my food spending. It’s only $5 a month and you get meal plans sent straight to you along with the exact shopping list you need in order to create the meals. Each meal costs around $2 per person or less. This allows you to save time because you won’t have to meal plan anymore, and it will save you money as well!
I highly recommend Credible for student loan refinancing. You can lower the interest rate on your student loans significantly by using Credible which may help you shave thousands off your student loan bill over time.
Try InboxDollars. InboxDollars is an online rewards website I recommend. You can earn cash by taking surveys, playing games, shopping online, searching the web, redeeming grocery coupons, and more. Also, by signing up through my link, you will receive $5.00 for free just for signing up!
Note: We’re not encouraging people to go out and sign up for credit cards, especially if you have debt or plan to carry a balance on a card. (The interest you pay will wipe out any rewards benefits.) But if you can control your spending and pay your bill on time and in full every month, Holly’s money hack may work for you. Also keep in mind that your credit score takes a hit each time you open a card, and whatever balance you have on your credit card as of the statement closing date will be reported to the credit bureaus. If you pay the balance in full before the statement closing date, your balance will be reported as $0.
Almost two years ago, we began our journey out of debt. Like the average American family, we had car loans, student loans, and consumer debt. At one point, we were making minimum payments on several credit cards and a loan I took out to buy a Kirby vacuum. I’m serious.
However, getting pregnant with our second child made us realize that we needed to get our finances together quickly. Once we committed to new financial goals, we cut out nearly everything from our life that was “enjoyable.” We said goodbye to cable TV and dinners at restaurants. We quit shopping for fun and only went to the store to get groceries and absolute necessities. Our new budget was cut down to the bare bones…so much so that I hesitated to buy almost anything.
As the months flew by, we began making huge strides against the debt that we had burdened ourselves with. Once we became debt-free, we realized that we had become addicted to our new, frugal lifestyle. Having no consumer debt had freed up a lot of cash to save and invest, and we quickly got serious about building wealth. However, having a strict budget made it difficult to do anything spontaneous like see a movie or have a date night. I began to look for a way to supplement our income with some “fun money” without ruining our short- and long-term goals. It was around that time that I got my first credit card sign-up bonus offer in the mail.
Enter credit card rewards
I couldn’t believe my eyes when I read a direct mailer from a major issuer promoting their new credit card. “Spend $500 in 3 months and earn a $100 statement credit.” Could it really be that easy? Why would they give away $100 in free money? As I read through the disclosures carefully, I determined that there was no “catch.” Truthfully, the issuer was offering a $100 bonus just to get new customers to try their card. As long as I paid off the card in full and accrued no interest, this $100 would truly be free money. Since our grocery spending approaches $500 on a normal month, I knew that we could reach the spending requirement easily and I decided to give it a try. Within the first month, we put our regularly planned spending on the card. The bonus points, equal to a $100 statement credit, were quickly credited to my account. I was hooked.
Soon after that, my husband applied for the same card and earned the $100 bonus just for doing our regular shopping. We then moved on to new cards in order to earn a new sign-up bonus. Another card from that issuer, which had better perks, required that we spend $3,000 in three months in order to earn a $400 statement credit. Since we had some upcoming expenses that could be put on credit, we each signed up. We put two family vacations and our regular monthly spending for groceries and gas on each card and easily earned $800 in statement credits. Since we were going to spend the money anyway, these bonuses were truly “free.” We used the $1,000 that we had earned up to this point on some fun activities with our children. I was also able to surprise my husband with last-minute tickets to see his favorite musical, “Les Miserables,” and a new grill for Father’s Day.
Is this wrong?
Obviously there are some people who would say that we are gaming the system. Their argument may be that the credit card bonuses are meant to secure long-term customers, not to provide some extra cash to take my family to Applebee’s. Some may feel that we are just using the banks for our own gain.
I don’t see it that way at all. Actually, to a certain extent, some of their strategies have worked. For instance, I plan on keeping the perkier card because it has no foreign transaction fees. I have also found that this particular card comes with great customer service. Calling the 1-800 number on the card quickly connects me with a real, live person at any hour of the day or night. I would have never tried the card if not for the sign-up bonus. So, in that respect, I feel that the issuer did earn a long-term customer.
I also definitely do not feel bad that I never pay interest. For every person like me who pays their balance in full every month, there are far too many people making the minimum payment. Additionally, banks earn money from retailers just because they choose to take credit cards as payment. Simply put, when I spend $100 at the grocery store, they have to pay the credit card company a certain percentage of my order.
Moving forward
In the past two months, we have moved our spending from those cards to another issuer’s premium card. Their new offer of “Spend $2,000 in 3 months and earn $250 in gift cards” was just too good to pass up…especially with Christmas just around the corner. Since we will put our gas, groceries, and our entire Christmas shopping budget on the card, we will easily reach the spending requirement and, thus, reap the rewards.
Chasing reward deals certainly isn’t for everyone. However, it has definitely made a difference in our bottom line. It has provided us with some extra money that doesn’t have to be accounted for. I can spend our rewards on gifts or something fun and not feel like I have sacrificed what is important to us. And now that we are completely out of consumer debt, I am actually finding that using credit cards helps us stay on budget. Both of the issuers have websites that make it quick and easy to track what I have spent and where.
Is this strategy right for you?
Before entertaining any credit card sign-up bonuses, I would ask myself a few questions. Are you in debt? If you are in credit card debt, then it is a bad idea to pursue credit card rewards. In fact, you might consider cutting up your cards or putting them somewhere not easily accessible. Work on getting out of debt and staying out of debt instead.
Do you have trouble tracking your spending? If so, then pursuing rewards offers may not be for you. While I tend to use one card at a time, some people try to juggle multiple offers at once and end up getting confused. If you are worried about losing track of your spending, then please skip using credit cards altogether.
Are you worried about your credit score? Remember that applying for new credit too frequently can reduce your score and make it harder for you to get the best rate for a loan. Please take into consideration how applying for credit will affect your credit score and do what is in your best interest.
Do you try to earn credit card rewards? If so, what is your favorite credit card rewards program?
Last Updated: May 25, 2023 BY Michelle Schroeder-Gardner – 65 Comments
Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.
Paying off debt is hard work. If paying off debt wasn’t hard, then everyone would be doing it.
You may come across many challenges, you may feel tired, and at points you may even feel defeated.
There are many things that may weigh you down when paying off debt. While thinking about this may seem negative, I think that today’s post can help you overcome difficulties that you may experience.
Instead of letting challenges that you face completely stop you from moving forward, you should know that many of the obstacles you come across are things that you can push past and move on from.
Too many stop their debt payoff journey because they feel as though there are no other solutions, that they are the only ones going through the process, and so on. However, that’s not true. Keep trying because you won’t get any closer to your goals if you stop now!
Plus, paying off debt is all worth it.
It may take a long amount of time and a lot of hard work, but try to remember that you can still have fun on a lower budget.
Below are some of the feelings you may experience when paying off debt and what you can do to change it around.
You may feel tired.
While you may feel tired of paying off debt right now, you need to remember that you won’t always feel this way and that it will all be worth it later.
Eventually, you will be able to get more sleep and you will be able to sleep better knowing that you won’t have debt hanging over your life.
The articles below may help you so that you are more motivated about paying off debt:
You may have to make sacrifices.
Sacrifices may need to be made when paying off debt. You may have to change your spending behaviors, avoid places like the mall, cut your expenses, and more.
While it may seem tough, especially in the beginning, it will get easier over time. If you fell into debt in the first place because your spending was out of control, then it may be even harder due to the fact that you may be used to spending more than you have.
However, that doesn’t mean that cutting back is impossible.
I recommend bookmarking your favorite debt blogs and podcasts, going on a no spend challenge, redoing your budget, looking for ways to make more money, and more.
Related:
You may be bored.
This is a feeling that many end up experiencing, but don’t let this one get you! There are many ways to have a great time on a low budget – even if you have no budget for fun at all.
You can take part in free events and festivals around your area, head outside for a hike, walk, jog, etc., go to your local library, use coupons, and more. Find more ideas at How To Have Frugal Fun.
You may feel like keeping up with the Joneses.
One thing that many find hard about paying off debt is that everyone around them is most likely still spending a lot of money.
It can be very tempting to stop your debt payoff journey and keep up with the Joneses around you. You may feel jealous and wonder why others can spend money when you cannot.
Well, looks can be deceiving. You don’t know what kind of financial situation that the other person is in. They may have more debt than you do!
There is no need to spend just to spend. You should make purchases that you actually want to make.
Next time you feel like you should spend money for no reason, you should stop and think about what’s actually bugging you and if you truly believe that spending money will cure whatever problem you are dealing with.
Paying off debt is all worth it.
Paying off debt can have many positives.
I paid off my student loan debt quickly and while it was extremely tiring, I wouldn’t change it for the world. There were many sleepless nights, 100 hour work weeks, and more, but I always reminded myself that this wouldn’t last forever and that it would be 100% worth it in the end.
There are many positives of paying off your debt. These include:
Happiness. No longer having debt means that you’ll have more money in your pocket. That makes everyone happy, right?!
No longer living paycheck to paycheck. By eliminating your debt, you will hopefully have learned better money management skill which will then allow you to start saving for other things in life such as retirement.
Feeling in control. Debt can make a person feel like they are controlled by lenders. By getting rid of debt, you will feel much more in control of your life and your financial situation.
How do you feel when you’re paying off debt? What do you do to remain positive? How do you think debt free life will be for you?
I’ve been traveling for more than a month now. While much of this travel has been for pleasure — I spent three weeks in Turkey with my cousin — there’s been plenty of work involved too. While I’ve been traveling, I’ve also been writing — and networking with other bloggers. Over the past month, I’ve attended two conferences, and spent three days meeting with folks in New York.
Note: Some of you have been craving more of my voice around Get Rich Slowly. That’s not going to happen. But if you’re really wanting to read what I write, check out More Than Money, where I’m writing about travel, blogging, and anything else that tickles my pickle.
FinCon 2012 In early September at FinCon 2012 (the financial blogger conference), I spoke about the future of financial blogging. While there, I reconnected with many of my colleagues, including Jim from Bargaineering, Flexo from Consumerism Commentary, Adam from Man vs. Debt, Ramit from I Will Teach You to Be Rich, Neal Frankle (the Wealth Pilgrim), and Kylie Ofiu (an Australian personal finance blogger).
At FinCon, I also met two new people who really impressed me.
First up was Pete, whom many of you know as Mr. Money Mustache. He has a hot early retirement blog, and for good reason. He offers solid advice in a strong personal voice. I loved his presentation at FinCon; his blogging philosophy and mine are closely aligned.
Second was Paula Pant, who writes at Afford Anything. Paula is remarkable for two reasons. First, she’s one of only a few female bloggers in a niche dominated by men. Second, Paula focuses almost exclusively on making money instead of saving it. Her blog is about building wealth, with a particular focus on rental properties. She’s sharp, and she now has me as a subscriber.
New York After FinCon, I flew to Turkey to spend three weeks touring the country with my cousin. On my way home, I stopped in New York for business. I met with several colleagues, a few GRS readers, and my editor at Moneyland.
Also in New York, I practiced what I preach regarding conscious spending. You see, I’m a huge fan of musical theater. But good tickets to good shows on Broadway can be expensive. Very expensive. In order to be able to indulge my passion, I cut back in other areas.
For instance, I rented a cheap ($70/night) apartment on Airbnb and then walked everywhere in Manhattan. This saved me about $200 a day, money that I put into theater tickets. On Sunday, I joined Flexo (from Consumerism Commentary) and Ramit (from I Will Teach You to Be Rich) for a performance of The Book of Mormon, which was hilarious. I also saw Chicago (completely disappointing) and the achingly beautiful Once.
Sure, I had to stay in a tiny, tiny room (with barely room for a bed), but who cares? All I did was sleep there. With the money I saved, I had a great time in one of my favorite cities.
Note: On my last night, I had a beer with my hostess, a precocious young (26?) woman who’s found a clever way to reduce her cost of living. Rose’s apartment has three rooms. She lives in one and rents the other two out on Airbnb. “Are you able to keep the rooms rented?” I asked. She smiled and said, “My rent here is $3,600/month. Airbnb pays the rent for me.” Rock on!
Savvy Blogging Summit 2012 FinCon was fun, but I have to admit: My favorite blogging conference is always the Savvy Blogging Summit. Mostly, it’s attended by a group of remarkable women: stay-at-home moms who, in their spare time, blog about coupons, shopping, and other domestic concerns. They call themselves “dealbloggers”.
This topic may sound mundane, but more than any group I know, these savvy bloggers live the ideals I espouse everyday at Get Rich Slowly. Meeting these women is like seeing the Get Rich Slowly philosophy in action.
They actively work to keep their household expenses low.
They’ve found creative ways to boost their income. Most make money — sometimes a lot of money — from blogging. But I also talked to folks who earn income as spokeswomen, radio broadcasters, brand representatives, graphic designers, mobile app creators, and more.
And they do this all while raising families. In some cases, large families. These are stay-at-home moms who do a whole lot more. They aren’t just savvy bloggers; they’re also savvy entrepreneurs. (They’re also a hell of a lot of fun. They taught me to dance Gangnam Style this year!)
Early in the conference, I met John Saddington, an Atlanta-based blogger and entrepreneur. I’d never heard of him before Savvy Blogging Summit, but he and I had a chance to chat about business and blogging. I was intrigued by his vision, so I recruited him to help me present the “Blogging Exit Strategies” panel, which worked out well. I think the attendees got some great advice about building and selling a business.
Some of the other people I spent time with during this conference included:
Amy Gross from Vinesleuth, who has a free ebook called Dinner and Wine for $20 or Less.
Amber Bustanoby from Coupon Connections. Amber’s not just a coupon blogger; she can also bust a move on the dance floor.
Jennie Sanford from Bargain Blessings. I’d seen Jennie at three previous conferences but never talked with her before now, which is a shame. I want to chat with her more in the future.
Kimberlee, The Peaceful Mom, who taught me about Pinterest. (Sometimes I’m slow on the uptake.)
And on the plane from Atlanta to San Francisco, I spent five hours talking with Melissa Earl from Living a Frugal Life.
As always, I learned a lot at Savvy Blogging Summit, and did my best to impart some of my knowledge to others. I’ve already committed to speaking at SBS IV, which will be held next June in Cincinnati. I wouldn’t miss it.
Note: While in Atlanta, I reconnected with Paula from Afford Anything. I’d met her at FinCon at the start of the trip, and she was generous enough to offer me a ride. After picking me up from the airport, she showed me around Piedmont Park and told me all about her adventures in real estate. As I say, she’s sharp. If you’re interested in rental properties, you should read her blog.
Now I’m in San Francisco. Today, I’ll meet with the owners of GRS, have lunch at Twitter HQ, and stop by to meet the folks at Lending Club. Tomorrow, I get to meet my girlfriend’s family and friends.
I’m nearing the end of this marathon month-long trip, and thank goodness. I’m too old for all this travel!