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Inside: Intuit bought its popular Mint app and now it shutting down leaving users scrambling to find an alternative. This guide will help you understand Intuit’s decision to move Mint to Credit Karma and provide a list of alternatives for personal finance management.
In an era where personal finance apps are thriving more than ever, the shutdown news of Intuit’s Mint app comes as a shock for many.
When I heard the news, I couldn’t believe my ears… moving Mint’s feature to Credit Karma – a credit repair app?!?!
Once I got over the shock, I knew you wanted the best information out there to decide on what to do next.
Our guide here is dedicated to helping Mint users navigate the ongoing changes and prepare for what’s next in their personal finance journey.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
The Downfall: Intuit’s Decision to Shut Down Mint
Mint has always been a beacon in the realm of top budgeting apps; mostly due to the fact it was free.
However, Intuit’s decision to close Mint marks the end of an era. Yet, there is a teaser… Mint is propelling people to Credit Karma.
Here is a statement in the Mint App News:
“Credit Karma is thrilled to invite all Minters to continue their financial journey on Credit Karma, where they will have access to Credit Karma’s suite of features, products, tools and services, including some of Mint’s most popular features.”
Mint App News1
Mint’s commendable service, free albeit with ads, which has been helping many people manage their finances effectively, will be missed by Minters—time to understand why this happened.
Why is Mint Shutting Down?
A surprising fact is that a free personal finance app like Mint isn’t a sustainable business. Most free apps have marginal direct costs associated with their services, unlike personal finance apps. They heavily rely on expensive data aggregators to gather the necessary financial data, causing a steady revenue loss for Mint per free user.
Intuit’s model has never been able to cover these costs leading to a revenue crisis. That was a key reason why I believe Intuit decided to shut down Mint. While Intuit denied Mint’s expenses being material in their quarterly earnings calls in 2023, they did note however they are looking to grow their consumer base across all of their products. 2
The Controversy Surrounding Mint’s Shutdown
While the financial reason behind Mint’s closure is understandable, this decision has provoked a wave of consternation among the users. Massive user outcry on Reddit underscores the integral role Mint played in their lives, and some even accuse Intuit of abandoning its commitment to free financial management resources.3
Given the fairly recent acquisition of Mint into Intuit, this may be surprising for many including these Twitter users.10
Not totally surprised to see this move to kill @Mint by @Intuit. @CreditKarma had plans to compete directly with Mint while independent & it makes sense to have a single consumer portal.
Very worried about the execution. 😬 https://t.co/pki8J3R2lg
— Adam Nash (@adamnash) November 1, 2023
Intuit is shutting down budgeting app Mint and is trying to get people to instead use Credit Karma, an app without any budgeting functionality https://t.co/j2AXvLtd6F
— bart (@bart_smith) November 2, 2023
Pt 1/2 Opened my @mint app today to find that they had moved the platform over to Credit Karma! What the hell!? And worst of all, they got rid of all of the features that I liked about Mint! I loved Mint, it helped me take my personal finances seriously!!
— Trevbotplaya (@trevbotplaya) October 25, 2023
When is Mint shutting down?
Yes, Mint is being shut down. Mint’s curtains will be drawn on January 1, 2024.
From this date, users will no longer be able to access their accounts or use any Mint services as we know them today.
So, don’t be caught off-guard; stay prepared and choose the right alternative before Mint bids adieu. We have other options below to help you guide this transition.
Mint User’s Guide: Next Steps to Credit Karma
Okay, one piece of advice I always give at Money Bliss is to plan and carve your own money journey. So, let’s move from panic to planning:
What should Mint users do now?
It’s natural to feel perturbed by Mint’s shutdown. Yet, the smart step is to immediately switch to planning mode.
Some crucial actions include exporting your transactions from Mint for future use and deleting your account once you have secured all necessary information.
In this interim period, also make sure to explore personal finance app alternatives, considering their features and support services, to find one that fits your needs perfectly.
Starting Afresh: Alternatives to Mint App
In light of recent events, here are the best apps available for Minters.
Switching to a new personal finance app might feel daunting initially, but there’s no need to worry. This era offers a wide array of options, many of which employ advanced technology and provide a user-friendly experience.
Look for apps that offer seamless data importation from Mint with a CSV file, comprehensive financial overview, dependable security features, and preferably, competitive pricing as well.
Diving into Details: A Comparison of Mint Alternatives
When comparing Mint alternatives, consider factors such as user interface, functions, cost, and customer feedback. Each app has its unique strengths.
For instance, YNAB stands out for budgeting, and Quicken shines in terms of portfolio management, while Simplifi offers a user-friendly interface. You may pick a budget app based on your budgeting preference, such as budget by paycheck or zero based budgeting.
Research thoroughly to find the app that delivers your personal financial needs the best.
YNAB
YNAB, or You Need a Budget, stands out for its award-winning budgeting system. It’s not a clone of Mint, but rather, it takes a unique approach to helping people proactively track spending and work towards financial goals.
YNAB stands out in personal finance management since it allows for utmost user control with its four simple pillars:
Give Every Dollar a Job
Embrace Your True Expenses
Roll with the Punches
Age Your Money
Additionally, YNAB presents flexible customization options for category names, a feature that enhances user experience, along with an open-source toolkit for extensive reporting while maintaining supreme user data privacy.
Learning Curve: YNAB requires diligence and customization in its early stages, but offers a robust set of personalized budgeting tools once users cross the learning curve.
Import Existing Mint Transactions: Yes 4
Price: Free 34 day trial and then a subscription-based model of $14.99 monthly or $99 annually.
Most people struggle with YNAB because of the steeper learning curve as well as getting one month ahead on their money. This is YNAB’s rule #4 to age your money, which is a smart money move and one we do personally.
No need to compare YNAB vs Mint anymore.
YNAB
Enjoy guilt-free spending and effortless saving with a friendly, flexible method for managing your finances.
Pros:
Comprehensive approach to budgeting, helping you plan monthly budgets based on your income.
Offers expert advice, making it suitable for those who require an in-depth, forward-thinking budgeting strategy.
Superior synchronization skills make it the winner in this area.
YNAB has extra features like goal setting for budgeting, shared budgeting tools for partners.
Option to manually add and upload transactions from accounts each month.
YNAB prioritizes user privacy.
Start 34 Day Free Trial
YNAB vs Mint
Simplifi
Simplifi by Quicken is a budgeting app that strikes a fine balance between complexity and simplicity.
Cheaper than a gallon of gas per month, Simplifi by Quicken a great bargain that offers a clean, intuitive, and clutter-free interface. It allows users to effortlessly track their spending, monitor savings goals, capture bills, and more.
Learning Curve: Simplifi is smooth due to its user-friendly interface and detailed instructions
Import Existing Mint Transactions: Yes 6
Price: Starting at $2.39/ month for new users
Simplifi has been rated as a preferred choice for people who want a fuss-free app to manage finances.
simplifi
Manage your money less in 5 minutes each week.
Reach your money goals with confidence!
“The easiest, most comprehensive way to both see where your money is going and plan for future expenses.”
Start FREE Trial
Quicken
This is the personal finance software I have been using for over 25 years.
Quicken offers robust personal finance management tools that make it easier to track expenses, income, and investments. Many people complain their budgeting feature isn’t up to par, but their cash flow reporting overcomes this as you can see your spending and plan accordingly.
Quicken Classic Deluxe: Robust & feature-rich | Best for power users
Quicken Classic Premier: Robust & feature-rich including investment| Best for serious users
Quicken Classic Business & Personal: Best-in-class business features integrated with our flagship personal finance product
Quicken might be the most suitable option for current Mint users due to its compatibility and ease of use. Unlike Mint, Quicken is not free, but its expansive features such as detailed expense tracking, report generation, and robust investment tracking arguably justify the cost. Plus you can add attachments of receipts into the transactions.
Learning Curve: Quicken may present a significant learning curve for beginners.
Import Existing Mint Transactions: Yes 5
Price: Starts at $4.19/ month for Quicken classic for new users. All plans have a 30 day money back guarantee.
It’s a perfect match for anyone requiring a comprehensive personal finance tool. You can sync between multiple devices as I covered in my Quicken review.
Quicken
Personal finance and money management software allows you to manage spending, create monthly budgets, track investments, retirement and more.
I have used this platform for over 20 years now.
Pros:
Birds-eye view of your complete financial picture.
Conveniently download your spending activities, and automatically categorize them (Quicken connects to over 14,000 financial institutions).
Track investments with it’s features like portfolio analytics, retirement goals, and market comparison.
Cons:
Little complex to use at first, the learning curve is moderate.
Yearly subscription-based model to use the platform.
Save 40% on New Memberships
Our Review
Monarch Money
Monarch Money’s unique selling point is its robust data connectivity. Armed with state-of-art financial transaction infrastructure that integrates with various data aggregators, Monarch promises effective budgeting and financial planning. It’s not free but offers a 7-day free trial to test its features.
Its subscription charges are $14.99 per month or $99.99 per year, a fair trade for its impressive service.
This is the latest top budget app to surface as true competition.
Learning Curve: Monarch Money boasts an intuitive and user-friendly interface, making the learning curve minimal and easy for new users.
Import Existing Mint Transactions: Yes 7
Price: Try Monarch Premium for free for 7 days. Then choose between the $14.99/month or annual $99/year plan.
Monarch Money facilitates financial planning with goal setting and forecasts, allows Mint transactions importation for history preservation, has customer-driven rapid development, provides a multi-user platform for collaborative financial management, is available across multiple platforms, and provides efficient customer service.
Tiller Money
Tiller Money might be the perfect solution for spreadsheet enthusiasts. This unique budgeting tool uses spreadsheets to manage finances and daily transaction updates. It is highly customizable with categories and reports to help you stay on top of your spending.
Tiller Money is a definite contender in the personal finance app scene.
Learning Curve: While Tiller Money requires a basic understanding of spreadsheets, users can easily customize it to suit their personal budget needs.
Import Existing Mint Transactions: Yes 8
Price: Starts with a free trial for 30 days and then charges a reasonable annual fee of $79.
A notable feature is its ability to pull and categorize credit card transactions, providing an in-depth view of spending habits.
Tiller Money
Your financial life in a spreadsheet, automatically updated each day.
Tiller is the fastest, easiest way to manage your money with the unlimited flexibility of a spreadsheet.
Update your finances in one place, so you can take control of spending, optimize cash flow, and confidently plan your financial future.
Pros:
Tiller automatically updates Google Sheets and Microsoft Excel with your latest spending, balances, and transactions each day.
No more tedious data entry, CSV files, or logging into multiple accounts.
You can customize everything and finally track your money, your way.
Try Tiller Free
Empower
Empower, formerly known as Personal Capital, is a comprehensive personal finance app that provides tools for managing income, expenses, assets, and liabilities.
With its intuitive interface, Empower users can seamlessly track their spending, create custom budgets, and even get insights into their net worth which can be updated on a monthly basis, thereby aiding in effective financial management. Additionally, their retirement planner is one of the best available – plus for free.
Learning Curve: Empower has a relatively intuitive interface, making the learning curve fairly manageable for new users.
Import Existing Mint Transactions: No 9
Price: Free to use
The downfall is Empower provides wealth management services, so there is a heavy sales pitch to bring assets under management.
Empower
Empower offers powerful tools to help you plan your investment strategy along with basic budgeting features and a great net worth tool.
As a free app, Empower can help you to save money, save time, and even make more money.
Get Started
Empower Personal Wealth, LLC (“EPW”) compensates Money Bliss for new leads. Money Bliss is not an investment client of Personal Capital Advisors Corporation or Empower Advisory Group, LLC.
How to Move From Mint to Credit Karma?
Yep, I gave you the alternatives to Mint first.
Yet, the goal for Intuit is to move to Credit Karma. The core issue right now is while we do know which features will be transferred from Mint to Credit Karma. We are not sure as Minters if we will like the new layout and features offered with Credit Karma.
Right now, the budgeting feature will not be offered at Credit Karma, which I know for many Money Bliss readers is a big feature lost.
Learn more on how to move from Mint to Credit Karma.
Intuit’s Current Portfolio of Products
Intuit buying out Mint in 2020, you may be wondering about the current products offered by Intuit. 10
Intuit offers a range of financial and tax preparation products, including
Most notable is the success of TurboTax and Credit Karma.
Frequently Asked Questions
Once Mint shuts down, it’s crucial to know that Intuit will no longer have access to your financial data. All account and transaction information associated with your Mint profile will be deleted permanently from Mint’s databases.
To prevent any loss of important financial information, make sure to export all your transactions from Mint before the shutdown date arrives.
This highlights the importance of regularly backing up financial data as you may not know the next steps a company has for their product.
Yes, you can migrate your Mint data to a different personal finance app before Mint shuts down.
After you export your transactions from Mint, you can then import them to your new finance management app, ensuring you seamlessly carry over all essential financial information and continue managing your finances smoothly. However, bear in mind that the steps to do this may vary depending on the app you choose as your next financial companion.
Coping with the Closure: Dealing with the Loss of Mint
For long-time Minters, Mint’s shutdown can feel like losing a trusted companion. It’s natural to feel a sense of loss and uncertainty. I completely understand. That is why I haven’t switched from Quicken because of the long-term history.
However, remember that technology promises continual growth and evolution. There are numerous other personal finance apps out there, likely even better ones suited to your needs.
So, take a deep breath, do your research, and move on to the next chapter of your financial journey with confidence.
Source
Intuit MintLife. “Intuit Credit Karma welcomes all Minters!” https://mint.intuit.com/blog/mint-app-news/intuit-credit-karma-welcomes-minters/. Accessed November 1, 2023.
Intuit. “Event Details – Intuit Investor Day 2023.” https://investors.intuit.com/events-and-presentations/event-details/2023/Intuit-Investor-Day-2023/default.aspx. Accessed November 1, 2023.
Reddit. “Thoughts on the Mint shutdown from Monarch CEO (and first Mint product manager.” https://www.reddit.com/r/mintuit/comments/17llnbu/thoughts_on_the_mint_shutdown_from_monarch_ceo/. Accessed November 1, 2023.
YNAB. “File-Based Import: A Guide.” https://support.ynab.com/en_us/file-based-import-a-guide-Bkj4Sszyo. Accessed November 1, 2023.
Quicken. “Quicken for Windows: Importing Address Book Records From Another Program.” https://www.quicken.com/support/quicken-windows-importing-address-book-records-another-program. Accessed November 1, 2023.
Quicken Simplifi. “How to Manually Import Transactions.” https://help.simplifimoney.com/en/articles/4413430-how-to-manually-import-transactions. Accessed November 1, 2023.
Monarch. “Move data over from Mint to Monarch.” https://help.monarchmoney.com/hc/en-us/articles/4411877901972-Move-data-over-from-Mint-to-Monarch. Accessed November 1, 2023.
Tiller. “How to Easily Export Mint Transactions to a Spreadsheet.” https://www.tillerhq.com/exporting-mint-transaction-data-into-a-google-sheet-spreadsheet/. Accessed November 1, 2023.
Empower. “Am I able to see more than 3 months of data in Empower Personal Dashboard after I first link my account?” https://support-personalwealth.empower.com/hc/en-us/articles/201170160-Am-I-able-to-see-more-than-3-months-of-data-in-Empower-Personal-Dashboard-after-I-first-link-my-account-. Accessed November 1, 2023.
Intuit MintLife. “Intuit to Acquire Mint.com.” https://mint.intuit.com/blog/press/intuit-to-acquire-mint-com/. Accessed November 1, 2023.
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Motivation is important because it can help you keep your eye on the goal even when you want to quit.
Motivation will help you continue to work hard towards your goal, even when it seems impossible.
Motivation is what keeps you going so that you do not quit.
Without motivation, most people would give up on a goal very easily. This is why it’s so important to learn how to stay motivated.
Whether your goal is finance-related, career-related, family-related, lifestyle-related, or something else, there are many ways to help you stay motivated so that you can reach it.
Below are eight ways to get motivated so that you can reach your goals and become successful.
Related: How To Set And Reach Goals In The New Year
1. Write down your goal.
Writing out your goal is a very important part of the process. I know it helps keep me motivated whenever I do this, and I believe this is a big reason for why we are doing better with our food budget.
Writing down your goal helps keep it in your mind. Whenever I don’t write something down or have it in front of me on a regular basis, I usually forget about it.
If you can’t remember your goal, it would be very hard to reach it. I suggest creating a blog, creating a vision board, and so on.
2. Remember the reasons for why you want to reach your goal.
A big factor in staying motivated is to remember why you are wanting to reach your goal. If there is no reason, then it would be very hard to stay motivated.
You should envision what your life will be like once you reach your goal, why you are trying so hard to reach it, and so on. A little daydreaming can go a long way every now and then.
If your goal is debt payoff, then your reason is probably so that you can stop living a stressful paycheck to paycheck life. Just keep dreaming about what a debt free life would be like!
3. Create a plan to reach your goal.
If you want to learn how to stay motivated with your goals, then one of the first things you do after you create your goal is to create a plan. Without a plan, it would be difficult to reach a goal as you would just be all over the place.
You should create a plan that details the steps you need in order to reach your goal, what will happen as you reach each step, when and how you will track your progress, and more. Being detailed with your plan will help you reach your goal and become successful.
Related:Setting Goals – How To Set Personal Goals
4. Set smaller goals in between so that you can become successful.
When you’re creating your plan, you might want to think about setting smaller goals in between. This can help you learn how to stay motivated because it will help you keep your eye on your goal and fresh in your mind.
One way to do this is by setting smaller goals that directly relate to your overall goal.
So, if your overall goal is to pay off $24,000 in debt in two years, then you might want to aim for $1,000 in debt payoff each month. This seems much more attainable than the $24,000 number, and this can help you stay motivated.
5. Keep track of your progress.
To stay motivated with your goals and become successful with them, you should review your progress every now and then. You might want to check in daily, weekly, or monthly, depending on what type of goal you have and what personally works for you.
Keeping track of your progress is a good idea because it can tell you what you need to do in order to each your goal, if you are behind, or if you need to make a change.
I highly recommend that you check out Personal Capital (a free service) if you are interested in gaining control of your financial situation. Personal Capital is very similar to Mint.com, but 100 times better as it allows you to gain control of your investment and retirement accounts, whereas Mint.com does not. Personal Capital allows you to aggregate your financial accounts so that you can easily see your financial situation, your cash flow, detailed graphs, and more.
6. Make changes when needed.
After you check in on your progress, you might find that you need to make changes in order to reach your goal. You might decide to change your timeline, your goal entirely, or you might set different smaller goals in between your time frame.
You should always make sure your goal is what you want and that it is realistic, so doing this step is important.
7. Be nice to yourself when learning how to stay motivated.
Every now and then, you might fall off track or come short of your goal. If this happens, do not be too mean to yourself. This is a very important step when learning how to stay motivated with your goals, as many people drag themselves down when they are not on track with their goals.
Things happen, but instead of being negative you should analyze what happened and see what needs to be changed so that it doesn’t happen again.
8. Reward yourself when you do become successful.
Whenever you reach one of your smaller goals, you might want to try rewarding yourself so that you can stay motivated.
A reward doesn’t mean that you are cheating your goal progress or that you need to fall off the wagon. You can reward yourself in many ways – you just need to find what works for you while also staying on track.
What are your current goals? How do you stay motivated with your goals?
While I no longer have debt after paying off my student loans, I am always striving to save more money, to save for retirement, to find financial motivation, and more.
Even with how much I love saving money, every now and then it can be easy to get unmotivated and want to SPEND ALL THE MONEY!
I’m sure I’m not alone either.
While many do choose to live a frugal life, it’s not always easy. Some have large amounts of debt to pay off, others find it hard to understand how to stick to a budget, and more.
Finding financial motivators will help you continue to work hard towards your goal, even when it seems impossible.
Without motivation, one might give up on a financial goal quite easily. This is why it’s so important to learn how to stay motivated.
Whatever your financial goal may be, there are many ways to stay motivated so that you can reach it. Here are my tips on how to stick to a budget and find financial motivation.
Make your financial goal visual.
Making your goal visual is a great way to find motivation. Having your financial goal displayed in front of you can make it that much realer, plus it’s nice to have a constant reminder of what you’re working towards.
Various ways to make your financial goal visual include:
Create a graphic that demonstrates your financial goal. An example of this would be if you are trying to pay off your house. You could have a picture of a house and section it into 100 pieces. Then, each time you reach a small payoff goal, you can color a piece in. I did some research and found a blog post about many other creative ways to do this on A Cultivated Nest.
Keep a picture of your goal on hand. Whether your goal is a vacation, an item you want, or something else, having a picture can help keep you reminded of it.
Start a blog. Blogging greatly helped me with my financial goals. I could easily look back to see how I was doing. Plus, I felt like I had to keep myself accountable and keep improving due to the fact that everything was public. If interested, you can start a blog for cheap with my easy tutorial.
Hang out with others who share the same financial goals as you.
Learning how to stick to a budget can be a hard task but spending time with others who share the same financial mindset as you can help.
I’m not saying you should unfriend anyone who is in a different financial spot than you, but I do think spending time with someone who you aren’t trying to Keep Up With The Joneses with can go a long way.
Related article: How To Live On One Income
Read and watch financial media.
Finance is all around you and it’s really not as boring as you may think. I read something related to personal finance every day and it’s not because I have a personal finance blog – it’s because I want to!
There are different ways to stay on top of financial media. You can watch the news, listen to financial podcasts, read personal finance blogs, read financial books, and more.
Set smaller goals in between.
Setting smaller goals in between can help a person stay motivated because it will help you keep your mind on your goal. Also, smaller goals can be a nice way to challenge yourself. Making it more of a game and a competition with yourself instead of a chore can go a long way.
For example: If your overall goal is to pay off $24,000 in debt in two years, then you might want to aim for $1,000 in debt payoff each month. This seems much more attainable than the $24,000 number, and this can help you stay motivated while still challenging yourself at the same time.
Keep track of your progress.
To stay motivated with your financial goals, you should review your progress every now and then. You might want to check in daily, weekly, or monthly, depending on what type of goal you have and what personally works for you.
Keeping track of your progress is a good idea because it can tell you what you need to do in order to reach your goal, if you are behind, or if you need to make a change.
I highly recommend you check out Personal Capital (a free service) if you are interested in gaining control of your financial situation. Personal Capital is very similar to Mint.com, but 100 times better as it allows you to gain control of your investment and retirement accounts, whereas Mint.com does not. Personal Capital allows you to aggregate your financial accounts so that you can easily see your financial situation, your cash flow, detailed graphs, and more.
Think about how you will feel in the end.
It can be hard to visualize the end when you’re just starting to learn how to stick to a budget.
One great way to stay motivated is to think about how you will feel later on and/or even when you’ve reached your financial goal.
How will you feel once you pay off your debt, save a certain amount of money, or reach whatever financial goal it is that you have? You should envision what your life will be like once you reach your goal, why you are trying so hard to reach it, and so on. A little daydreaming can go a long way every now and then.
For example: If your goal is debt payoff, then you may want to dream about what a debt free life would be like!
Still have fun.
Having financial goals doesn’t mean you have to be boring. You can still enjoy life, do many of the same things you usually do, and so on.
Remember to still have fun and enjoy life!
Related post: How To Be Frugal And Fun (And Not Boring)
What tips do you have on how to stick to a budget? How do you find financial motivation and what are your financial motivators? What financial goals are you working towards?
We have been analyzing many of our expenses over the past several months. We experienced a little bit (okay, a lot) of lifestyle inflation as our income has increased.
There were many things we were wasting money on that we realized we didn’t need. We were being lazy, not saving as much as we should, paying for items that were a waste of money, and so on.
I don’t think I’m alone either. There are probably things you’re wasting your money on too.
Instead of wasting money, you could be putting your hard earned dollars towards your next vacation, a retirement fund, a college fund, or something else.
With this post I hope to help you analyze your expenses and see where you may be possibly wasting your money. I understand that there are plenty of reasons for why a person may spend money on some of the things below, however, the point is to see if YOU should be. Everyone is different and there is no right or wrong answer. I am a firm believer that money should be enjoyed and everyone enjoys spending their money on different things. However, that doesn’t mean you may not be wasting your money.
Below are seven things you may be spending too much money on.
1. Bottled water.
There’s a lot of waste that comes with purchasing bottled water. You are wasting money by buying water and the plastic that the water is in is a huge waste as well.
Yes, I understand there are times that come up where you may want water when you’re on the go. I also understand that some areas do not provide the cleanest water either. However, buying huge cases of small bottles of water is most likely not needed.
What you can do: You could buy refillable water containers and fill them up if the water you have access to is not the cleanest. In towns where the city water is no good, I have seen water fill up stations so that no plastic is wasted. You could also buy a water filter (this is the one we have) and clean your own water that way.
Related articles:
2. Expensive cell phones.
The average person spends a few hundred dollars on their cell phone bill each month and that adds up to a few thousand dollars each year. Is your cell phone really worth that much extra money or is it just a waste of money?
What you can do: There are many cheaper cell phone options out there such as Republic Wireless (plans start at just $5 a month), Ting, and so on. You could also not upgrade to the latest cell phone every time one comes out, downgrade your current plan, and more.
3. Food.
Okay, so food is a need, but what I’m talking about here is that you are probably spending too much money on it.
I’ve talked about our food spending a lot here on Making Sense of Cents. It’s an area where we’ve had a lot of problems. However, since traveling in the RV we have noticed a dramatic change in our food spending. We are eating in more than ever, eating even healthier, and more.
This is something we will probably have to actively work on for decades and probably even the rest of our lives.
I know there are many others who are experiencing the same food spending problems as well. It can be so easy to let your food spending get out of control, but I recommend you look at your food spending and see if you can cut down even further.
What you can do: To lower your food spending you could meal plan, shop sales, use coupons, cook from scratch, eat out less, prep your meals, and more.
I recommend you check out Personal Capital (a free service) if you are interested in gaining control of your financial situation. Personal Capital is very similar to Mint.com, but 100 times better as it allows you to gain control of your investment and retirement accounts, whereas Mint.com does not. Personal Capital allows you to aggregate your financial accounts so that you can easily see your financial situation, your cash flow, detailed graphs, and more. You can connect accounts such as your mortgage, bank accounts, credit card accounts, investment accounts, retirement accounts, and more, plus it’s FREE.
4. Cable.
Several months ago, we made the decision to eliminate our cable bill. We weren’t spending an outrageous amount on cable, but it did add up to several hundred dollars a year that we did not need to be wasting money on.
Plus, we haven’t missed cable one bit. I wish we would have eliminated it sooner! We now have Netflix and a digital antenna, however, we are thinking about eliminating Netflix and just having the digital antenna for free TV.
Sadly, the average person who has cable spends a lot more money than what we used to. I know many who spend anywhere from $100 to $300 a month on their cable bill and that is a significant expense in a person’s budget!
Related: 16 Alternatives To Cable TV That WILL Save You Money
What you can do: There are two main things you could do – either eliminate your cable or satellite bill completely or downgrade your package. You most likely do not need all of those extra channels anyways.
Related article: How To Live On One (Or 50% Of Your) Income
5. Extra warranties.
Everyone has been hit with warranties when they purchase a particular item. Sometimes they are useful, but I have come to realize that for the most part they are not and they are just a waste of money.
Personally, I have bought numerous extra warranties that were not honored because of one ridiculous excuse after another.
What you can do: Before you purchase your next warranty, you should analyze the agreement and see if it is worthwhile. In many cases, a warranty is not worth it because of strict rules, expensive deductibles, and more. Also, check to see what kind of free warranty already comes with the product. In many cases, it is enough.
6. Bank accounts with fees.
Sadly, I know a few who still pay monthly fees for their bank accounts and this is what I believe to be a huge waste of money. This is something I’ll never understand though as there are plenty of free bank accounts out there. You should never have to pay for ATM fees either.
What you can do: Shop around and see what banks and/or credit unions can offer you and your situation free banking. Trust me, they are out there!
7. Debt.
You are wasting your money if you have high-interest rate debt. This is due to interest charges you are paying that will just keep building up until you are able to pay it off.
If you have never done so, I want you to add up how much in interest you are paying each day and each month towards all of your debt. I bet you will be shocked!
What you can do: Yes, there are strategic reasons to keep debt, but if you do not have a strategic reason, then paying it off is most likely your best bet as interest charges can be a waste of money.
Do you spend money on any of the above? Why or why not? What do you think people are wasting money on?
If you are looking for other ways to save and/or make money, below are some things I recommend:
Start a blog. Blogging is how I make a living and just a few years ago I never thought it would be possible. I made over $150,000 last year by blogging and will make more than that in 2015. You can create your own blog here with my easy-to-use tutorial. You can start your blog for as low as $3.49 per month plus you get a free domain if you sign-up through my tutorial.
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 gift card bonus to Macys, Walmart, Target, or Kohls!
Pay bills on time. This way you can avoid late fees.
Shop around for insurance. This includes health insurance, car insurance, life insurance, home insurance and so on. Insurance pricing can vary significantly from one company to the next.
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 (the first four weeks are free too) and you get meal plans sent straight to you along with the exact shopping list you need in order to create the meals. This allows you to save time because you won’t have to meal plan anymore and it will save you money as well!
Fuel savings. Combine your car trips, drive more efficiently, get a fuel efficient car, etc.
Learn to have more frugal fun. We don’t spend anywhere near the same amount of money on entertainment as we used to. There are plenty of ways to have frugal fun.
Rent an extra room in your home. If you have extra space in your home, then you may want to rent it out. Read A Complete Guide To Renting A Room For Extra Money.
Answer surveys. One survey company I recommend is American Consumer Opinion. It’s free to join and free to use! You get paid to answer surveys and to test products. Pinecone Research is another company I use to complete surveys. They pay you for each survey you complete and they also occasionally send free products to review!
Learn how to avoid a Craigslist rental scam.
Use Swagbucks for your online searches. Swagbucks is something I don’t use as much, but I do occasionally earn Amazon gift cards with very little work. Swagbucks is just like using Google to do your online searches, except you get rewarded points called SB for the things you do through their website. Then, when you have enough points called SB, you can redeem them for cash, gift cards, and more. You’ll receive a free $5 bonus just for signing up today!
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 for free!
The average family carries a lot of financial stress. Most people have student loans, credit card debt, a mortgage, car loans, and sometimes even other forms of debt.
However, not many people have a budget.
According to a survey done by Gallup, 68% of households in the U.S. do not prepare a budget.
I believe budgets are extremely important and nearly everyone should have one. Rich, poor, middle-class, whatever you are, a budget will likely help improve your financial situation.
Some people think budgets are only for people living paycheck to paycheck, or those with no money.
WRONG!
Budgets are for everyone.
Yes, that means no matter how much money you make, you should probably have a budget. I recently read something that said couples who make $50,000 a month, on average, only save 4% of their income. FOUR PERCENT on a $50,000 monthly income? The majority of that monthly income went towards clothing, food, cars, and homes. I can’t even imagine how someone could blow through so much money each month.
This just proves my point, more people need a budget.
Budgeting may not be the most fun thing in the world, but it needs to be done. Budgeting can help you take control of your financial life, which can help reduce stress and let you reach your dreams.
Other budgeting-related articles you need to read:
Below are my tips on how to make a budget and creating a budget.
The positives of creating a budget.
Budgets help people manage their money better. It’s that simple.
Budgets are great, because they keep you mindful of your income and expenses. With a monthly budget, you will know exactly how much you can spend in a category each month, how much you have to work with, what spending areas need to be evaluated, among other things.
Budgets have helped people reach their goals, pay off debt, make more money, retire, and more.
Should a budget be electronic or on a piece of paper?
Everyone has a preference, so this depends on what will work best for you.
Pencil and paper can be great, but an electronic version (such as a spreadsheet, Mint, or Personal Capital) can help you easily make changes.
I suggest choosing whatever you are most comfortable with. It doesn’t matter how you keep your budget; it’s just important that you stick to it.
Side note: I recommend you check out Personal Capital. Personal Capital is similar to Mint.com, but much better. Personal Capital allows you to aggregate your financial accounts to easily see your financial situation. You can connect accounts; such as, your mortgage, bank accounts, credit card accounts, investment accounts, retirement accounts, and more. And it’s FREE.
You MUST track your income and spending.
What you want is to create a realistic budget. To show you where your money is coming from and where it is going, you need to gather all of your receipts, bank and credit card transactions, and so on.
Or, you could even take it a step further by tracking everything for the next month or two, this way you know you’re not missing any expenses. This means recording every single transaction with a note that tells you exactly what you bought (if a receipt is not itemized). Then, at the end of the month, you can evaluate your spending.
After one month of closely tracking your spending, I’m sure you’ll be shocked by your results. This is the best way to create a realistic budget, as you will truly see where your money is going, and this will help show you how much should be dedicated towards each category in your budget.
Plus, the shock from seeing exactly where your money is going will encourage you to be wiser with your spending.
Budget category: Income.
For the income part of your budget, it can be from varying sources. You can include income from your day job, rental properties, side jobs, passive income sources, and so on.
One common mistake is that many don’t realize their income can drastically fluctuate from month to month, even when you work the same hours every month or if you are paid salary. Due to this, you will want to be mindful of whether you are paid twice a month, every two weeks, once a week, etc. The difference of when you are paid can change the amount you make each month. Budgeting with a fluctuating income can be difficult, and in a future blog post I will go over it in more detail.
Also, I don’t think bonuses should be included in a person’s budget. Including them in your budget is not usually the best thing to do unless you are 100% certain you are receiving the bonus. I have heard of far too many people who have counted on bonuses only to be let down when it was less than anticipated. Your budget should be realistic, not a fairytale.
Related:
Budget category: Expenses.
Have you ever truly totaled your expenses?
When making a budget, many people only estimate their expenses. However, you actually should be taking your realistic expenses and putting them in your budget as your estimations may be way off.
Here are expenses you may include when creating a budget:
Home – House payment, rent, maintenance, utilities, insurance, property taxes, etc.
Car – This includes all car expenses such as your monthly car payment, gas, maintenance, insurance, license plate fees, and so on.
Television, cable, Netflix, Hulu, etc.
Cell phone.
Internet.
Food – This includes all groceries, eating out, snacks, etc. Seriously, sit down one day and add up your food expenses for the month before.
Clothing.
Entertainment – Entertainment can include many things, such as going to the movies, going out for drinks, concert tickets, sports, and so on.
Charity – If you regularly donate to charity, then this should be an area you budget for.
Savings funds – This can be for your retirement fund, wedding, travel, etc.
Taxes – If you are self-employed, then taxes will make up a large part of your budget.
Health insurance.
Miscellaneous – Pet expenses, fees, childcare, school, gifts, etc.
Related posts on creating a budget:
Keep your loved ones involved when creating a budget.
Even if only one person manages the family’s finances, the other person in the relationship should, at least, have somewhat of a clue. Conducting regular family money meetings is crucial to having a successful budget and meeting financial goals.
A budget doesn’t work if the other person doesn’t even know it exists!
Make changes when/if needed when creating a budget.
I recommend going over your budget on a regular basis. This may mean once a week, once a month, or something else. Do what feels right for you and what you think your situation calls for.
Many things can change in your budget. Your income may change, your expenses may change, or your goals may change. When something changes, you should adjust your budget to reflect that.
You may have noticed a recurring theme in this budget post, that you should be realistic about everything. Be realistic about what you make, what you spend, and if things need to be changed.
Do you believe in the power of creating a budget? Why or why not?
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(*)Product details are accurate at the time of publishing and subject to change. Some of the offers on this page may no longer be available through our site
Are you in the credit rewards game?? We asked around and got some tips from savvy credit card gamers. Check out how users have paid for vacations, their wedding and more below! Have your own tips?? Share them in the comments!
Gaming for the Jet Set Lifestyle
My boyfriend and I love to travel internationally. We are able to do so through a strategic combination of saving, flight tracking, credit card points, and hotel points. A careful combination of these strategies, enable you to save tremendously on your future vacations.
We’ve included a couple of our recommendations below:
Saving
We use a combination of Mint.com and Qapital to track our spending habits and save for future trips.
Flight Tracking
The “Discover Destinations” feature of Google Flights: Allows you to view prices of upcoming flights world-wide! Once you find your desired flight, you are able to select “Track Prices” and Google will email you when prices go up or down.
Hopper (available on iOS or Android) is another must-have. Hopper uses an algorithm to accurately predict future flight prices. Letting you know whether you should buy now or wait.
Credit Card Points
AMEX Platinum Card ($695 Annual Fee) (*)
5X Points on Flight (up to $500,000 per calendar year) and Hotels booked with American Express Travel.
$200 in Uber Cash and Uber VIP status (available to Basic Card Member only).
Centurion Lounge and Priority Pass Lounge Network Access. Enrollment required.
Global Entry or TSA PreCheck Fee Credit.
American Express Concierge.
No foreign transaction fees.
See Rates and Fees
Terms apply.
Marriott Rewards Card ($85 Annual Fee)
5 points per dollar spent at Marriott Rewards or SPG hotels.
2 points per dollar spent on airline tickets, and on car rentals and restaurants.
1 point on all other purchases.
No foreign transaction fees.
Amazon Prime Rewards Visa Signature Card (Prime Membership Required)
5% Cashback at Amazon.com
2% Cashback at Restaurants, Gas Stations, and Drugstores
1% on all other purchases.
No foreign transaction fees.
Hotel Points
We typically stay at Marriott properties to accrue points. Now that Marriott has merged with Starwood, Marriott has a very large selection of hotels to choose from. Whether you’re visiting a small town or a world-class city.
Here’s more from the social networks!
I use Discover and Chase Freedom for rotating 5% CB, which can cover major stores like Walmart, Target, Amazon, or purchases like restaurants, movies, and groceries. I keep an eye out on what each quarter’s rewards are and only specifically use those cards on those stores during those times. I use my CapitalOne Savor card for 2% on groceries and 3% on dining throughout the year when my Discover and Chase Freedom cards aren’t covering those at the higher 5%. Finally, I use my CapitalOne Quicksilver card at 1.5% at all “others.” I use the CB straight to credit card statement each month and make sure to always pay the cards back always in full. Essentially I can say I have a permanent X% discount at any given store. The credit cards are paying me to use them since there is never interest from my full payments.
— Brandon B, Mesa AZ
I generally use my cash back rewards card with a consistent rate for most expenses and then sometimes switch to a card with 5% rotating rewards when the category is something I purchase a lot (gasoline, Amazon, etc.). I like the cash back better than miles/points because it’s easier to flat out see what I’ve earned and can be used on absolutely anything. To maximize rewards, I also take advantage of referral programs with cards when my friends are looking for a new card and I have one I really like – the ones I have used give $50-$100 per referral.
I transfer rewards right into my wedding savings account ❤️ It adds up faster than you’d expect!
— Rachel M, Cedarville OH
I earn cash points for purchases made with my credit card. The program allows me to select one category of purchase types to earn triple points on. I have it set up to earn triple points for purchases at grocery stores. My local grocery store has a separate “fuel perks” program where I can earn points toward free gasoline when I make purchases there. So, I use my credit card to buy all sorts of gift cards from other retailers and restaurants at my local grocery store, where I earn the triple cash points on my credit card because I made the purchase in the grocery category. At the same time, I earn the fuel perks with my local grocery store program because I made the purchases there.
I basically get triple cash points on more purchase types because I use my credit card to buy gift cards for other categories at the grocery store, AND I earn free tanks of gas for purchases outside the grocery store because I buy gift cards for those places in the grocery store.
— Bryan M, Columbus OH
I am a cashback freak, I always maximize my cashback by using right credit card for right category. I have different credit cards like chase freedom and discover which gives 5% cashback for rotating categories. I have Citi and amex for 3% caskback and for all other expenses i use the card with 1.5% cashback as my fallback. ‘TPG to Go’ app tells me which card to use depending upon my location which is very handy. At the end of the year take them out as a statemen credit. I categorize them in mint app so i know How much i earned in calendar year. Last year it was around $500+ in cashback which is a big help after expensive holiday month.
— Tejaswini L, San Jose CA
(*)Product details are accurate at the time of publishing and subject to change. Some of the offers on this page may no longer be available through our site
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Eating cheap is easy. Given $10 to buy ingredients for a meal for four, even the most hopeless home cook could whip up grilled cheese and tomato soup or a simple spaghetti-and-meatballs combo.
But putting together a gourmet dinner for under $10 is more challenging. So we asked food and finance bloggers, as well as home cooks, to send in their best suggestions. (We’ve shared them below with recipe details, or, where available, linked to their blogs.)
Now Frugal Foodie has a challenge you: what’s your best super-cheap yet gourmet meal? Post it in the comments, and don’t forget to “like” your favorite submissions.
(All cost estimates are based on non-sale New York City supermarket prices. If it’s a cheap meal inNYC, we figure cooks in most other places in the country will spend even less. Prices are also adjusted for quantity: if a recipe calls for half an onion, you’ll probably find something to do with the other half. Finally, estimates don’t take into account basic ingredients you likely already have, like flour, olive oil or dried spices.)
One Pan Chicken and Rice
by Hilary Allard of Sliced and Diced
Cost: $5.73, or $1.43 per serving.
Allard’s sauté uses one pot and is finished in the oven, minimizing dishes as well as cost. Even better, cooks can swap out Mexican flavors (black beans, cumin, scallions and tomatoes with green chilies) for Indian and Mediterranean variations without affecting their bottom line.
Caramelized Cauliflower Fritatta
by Michael Natkin of Herbivoracious
Cost: $7.08, or $1.77 per serving
Fresh herbs give Natkin’s frittata zing, but can make a big dent in the budget if you’re not already growing your own. (Those who are would pay just $5.59, or $1.40 per serving, and be able to include as many types of fresh herbs as Natkin suggests instead of using just a $1.49 bunch of parsley, as we calculated.)
Monday Spinach Rice Medley
by Katie Clark and Telly Kousakis of More Dough Than Dollars
Cost: $7.15, or $1.79 per serving
Inspired by a kitchen cleanout project, Clark’s meatless dish could easily be upgraded for a few dollars more by adding cooked, sliced sausage (her suggeston).
Strawberry Chicken Salad
by Frugal Foodie of Mint.com
Cost: $8.49, or $2.12 per serving
Marinate a pound of chicken in a little olive oil, lemon juice and ground black pepper. Grill until cooked through, slice and set aside to cool. Tear up a head of romaine, and top with the chicken, sliced strawberries and a slices avocado. For a dressing, puree some of the remaining strawberries with a splash of balsamic vinegar (or alternately, a splash of olive oil and lemon juice) and some black pepper.
Venetian Chicken
by Nina Hoffman of RecipeLion.com
Cost: $8.95, or $2.24 per serving
Go ahead and buy a bottle of wine to add the optional two tablespoons in this slow cooker meal. You’re saving enough cash to justify the splurge.
Classic Turkey Chili
Maris Callahan of In Good Taste
Cost: $8.96, or $2.24 per serving.
Another great one-pot meal, Callahan’s chili could also be prepared in a slow cooker for a super-easy weekday dinner. Prepare it to your taste with different veggies and spices.
Polenta Pie
by Julie Arnheim of Rubbing Nickels
Cost: $9.58, or $2.40 per serving.
Ground turkey, polenta and fresh herbs are the most expensive ingredients in this take on shepherd’s pie, but you can economize further by preparing your own polenta (saves $2).
Cuban Shredded Beef
by Art Ginsberg of MrFood.com
Cost: $9.60, or $2.40 per serving
Shred this slow-cooked beef dish before serving it over rice or on a roll. (Frugal Foodie’s mom makes a version of this that subs out the green bell pepper for a few sliced white mushrooms.)
The key to this kicky dish: a spicy Asian-style marinade. Substitute peanuts for the pine nuts, or eliminate the nuts altogether to cut $3 from the bill.
Taco Salad Bar
Jenetta Lea Penner of Frugal Freebies and Deals
Cost: $9.98, or $2.50 per serving
A family friendly taco bar can easily come in at less than $10, especially if you’re shopping the sales for ingredients, Penner says. Her picks for this version: ground beef (browned at home in your choice of spices), a tomato (chopped), cheddar (bought in block form and grated), a head of lettuce (torn), a can of black beans (drained and warmed) and a jar of salsa. It’s enough that you’ll probably have leftovers, too.
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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How to Use Grains for Hearty, Healthy & Cheap Meals
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“Elite status” sounds like what Aziz Ansari’s character Tom Haverford is always after on Parks and Recreation: the finest fabrics, fragrances, and gourmet foods.
To an airline and its frequent flyers, however, elite status has a specific meaning: you’ve shown the airline that you’re one of its best customers, and the airline rewards your loyalty with special perks.
These elite programs have been around for a long time, but the qualifications and perks change regularly.
Nearly all the programs require you to fly 25,000 miles in a year to qualify for the lowest level of elite status; most people don’t travel nearly enough to qualify.
Keep in mind that those are actual butt-in-seat miles. The miles you earn with your credit card or through other bonus programs don’t count toward elite status.
Once you’re within reach of elite status, though, you face a dilemma.
Do you stay loyal to one airline (or its alliance) to achieve or maintain elite status, or shop around for the best ticket prices and itineraries?
“Loyalty is exactly that: the willingness to pay more or endure less convenient schedules,” says Scott Mackenzie, a travel expert who blogs at HackMyTrip.com.
“However, the idea is that the benefits of loyalty in the form of elite status (upgrades, fee waivers, bonus miles, etc.) provide a net gain,” he adds.
So what are those elite status perks, and when are they worth spending an extra $200 for a ticket here and there—money that adds up quickly?
Or, worse, taking a brutal eight-hour layover in East Nowheresville airport?
What’s elite?
This is of particular interest to me because I, quite accidentally, qualified for elite status last year.
I write about food and travel, and I love to visit Asia.
Although cities like Tokyo and Hong Kong appear to be just on the other side of a big lake from Seattle, they’re actually pretty far away.
Two round trips from Seattle took me over 25,000 miles and onto United’s Premier Silver list.
I’ve flown a couple of times since then, and here’s what I got:
A free checked bag (I didn’t use it)
The right to board early (and therefore not have to fight for overhead space)
The fast security line
A silver luggage tag with my name printed on it
This is all very nice, but it didn’t actually save me any money, and like Mackenzie says, the point is not saving money: it’s getting nice perks for being a loyal (that is, valuable) customer.
Higher tiers of elite status get more interesting. You can compare them for all the major airlines at Mackenzie’s site.
At the top tier, which requires traveling 75,000 to 100,000 miles (plus other requirements), you’ll fly first or business class on most domestic flights, check three bags for free, and upgrade your friends, too.
You can also make last-minute changes to your flights at no charge.
(Also, I can’t let this go by: United’s top elite program is called Premier 1K. It’s for people who fly more than 100,000 miles a year. Why isn’t it called 100K? Thank you.)
It all sounds great, doesn’t it? Like being George Clooney in Up in the Air, minus the crushing loneliness?
Well, it’s probably not worth it.
Be elite without even trying
“The lowest tier of elite status is rarely worth the costs of loyalty,” says Mackenzie. “This is not because the benefits are meaningless but because they can more often be obtained through less expensive means.”
He’s talking about getting an airline-branded credit card, which offer most of the same benefits as Silver status.
Christopher Elliott, former MintLife columnist and author of the new book How to Be the World’s Smartest Traveler, agrees.
I asked Elliott whether I should be sure to book my next trip on United (or its Star Alliance partners) in order to maintain my elite status.
“The answer to your question is easy: If you have to ask, you probably shouldn’t spend the extra money,” says Elliott. “Only big-spending frequent fliers on an expense account can really benefit in a meaningful way from a loyalty program.”
How should I shop for my ticket, then?
“Instead, choose the least expensive flight with the most convenient routing,” says Elliott. “If you collect points, make them a byproduct of the purchase, not the reason for the booking.”
In other words, use common sense.
When to go elite
If you live in a hub city, it might make sense to make an occasional compromise to stick with your hub carrier if you’re close to making elite status.
That’s because you’re going to be flying with your hub carrier often, whether you like it or not.
Let me be the first to admit: this stuff works. I’ve received nothing of any monetary value from United beyond a ten-cent plastic luggage tag.
I haven’t reclined 180 degrees in a first class bed-seat or relaxed with a martini in an airport lounge.
Still, the thought of booking a flight on another carrier makes me feel like (a) I’m being disloyal, and (b) I might be missing out on some amazing benefits if I just spend a few more hours and dollars flying the Friendly Skies™.
And this is a warning, to me and everyone. Loyalty programs are everywhere.
They’re designed to make us change our spending habits to benefit the company offering the program, and often they don’t have to do much more than make us feel special.
If the company is really clever, they’ll make us pay to join the loyalty program.
Like I said, I love to travel. Maybe someday I’ll hit the big time and earn gold or platinum status.
If I do, it’ll be the same way I did last year: by blundering into it.
Matthew Amster-Burton is a personal finance columnist at Mint.com. Find him on Twitter @Mint_Mamster.
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As the credits rolled on Adam Baker’s I’m Fine, Thanks documentary, tears streamed down my face. I had watched his TED Talk earlier that day about getting rid of your crap, paying off your debt, and doing what you love. I yearned to have the “freedom” he talked about in both videos. That’s when I looked at my husband and said, “I don’t want to live like this anymore. I want to pay off your student loan debt!”
The first tool that came to mind was Mint.com. I had heard of the site from friends who mentioned using the app. I never realized where all of the money we earned was going. We were living in Austin, Texas and working through a tough economy making roughly $12/hour each. Luckily, we had two old cars that were paid off (including my first car from when I was 15), so we didn’t have the burden of car loans or credit card debt.
The student loans were weighing heavy on us. Fortunately, a family gift of $5,000 helped us lower the loan from $24,000 to $19,000, but it was still a huge burden. I immediately logged on to Mint.com that same night after we finished Adam Baker’s inspiring videos and pulled in three months of history from our bank accounts. As I began categorizing every transaction and budget, I began to see a pattern of bad habits.
Read: How to Pay Off Student Loan Debt
What was my husband buying at the convenience store every two days for $7.43? Did I really need to purchase those clothes from Goodwill last Tuesday night? Why were we eating out four times a week? OK, I’ll admit, my food budget is still being reworked two years later! As the transactions poured into our Mint.com account, they sparked a conversation between my husband and me. We committed to spend less on ‘wants’ and focus on the necessities and paying down the student debt.
We failed miserably the first months and still do in certain categories from time to time, but we adjusted the budget and aimed for more goals the next month. Our minimum payments for the student loans were $184 a month. There was no way we’d be able to make big progress by only paying the minimum, so we upped our payments little by little.
The first month, we paid $300 on the student loans. We didn’t feel too much of a pinch. At this point, I was watching our account with a microscope, and every single transaction was up for discussion. The next month, we paid $500. Still no pinch. I said, “Let’s be crazy and go for $1,000!” We met that goal and continued to pay upwards of $1,200 each month until the balance dwindled down to nothing. Even after moving cities and switching careers, we were able to pay off the student debt in full before my 27th birthday.
That feeling was amazing, and now we’re onto the next goals: saving for a house and preparing for our first baby due next year.
About the Author
Kelsey is the self-proclaimed financial guru of her household living in Houston, Texas, spreading the word about the benefits of paying down debt. She’s also a minimalist enthusiast, and founder of The Little Red Journal.
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