Our experts answer readers’ home-buying questions and write unbiased product reviews (here’s how we assess mortgages). In some cases, we receive a commission from our partners; however, our opinions are our own.
Mortgage rates increased last week and remain high today. High rates have strained affordability for those who are trying to purchase a home during the peak homebuying season. But some relief may be on the way for those who wait to buy later in the season.
In its latest mortgage forecast, the Mortgage Bankers Association predicted that 30-year mortgage rates will finally drop below 6% by the end of 2023. Looking further ahead, the MBA thinks rates could reach 4.8% by the end of 2024 and 4.5% by the end of 2025.
Today’s Mortgage Rates
Mortgage type
Average rate today
This information has been provided by
Zillow. See more
mortgage rates on Zillow
Real Estate on Zillow
Today’s Refinance Rates
Mortgage type
Average rate today
This information has been provided by
Zillow. See more
mortgage rates on Zillow
Real Estate on Zillow
Mortgage Calculator
Use our free mortgage calculator to see how today’s mortgage rates will affect your monthly and long-term payments.
Mortgage Calculator
$1,161 Your estimated monthly payment
Total paid$418,177
Principal paid$275,520
Interest paid$42,657
Paying a 25% higher down payment would save you $8,916.08 on interest charges
Lowering the interest rate by 1% would save you $51,562.03
Paying an additional $500 each month would reduce the loan length by 146 months
By plugging in different term lengths and interest rates, you’ll see how your monthly payment could change.
Mortgage Rate Projection for 2023
Mortgage rates started ticking up from historic lows in the second half of 2021 and increased over three percentage points in 2022.
But many forecasts expect rates to fall later this year. In their latest forecast, Fannie Mae researchers predicted that 30-year fixed rates will trend down throughout 2023 and 2024.
But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control.
In the last 12 months, the Consumer Price Index rose by 4.9%. Inflation has continued to slow for several months now, which is a sign that the Fed’s efforts are working.
For homeowners looking to leverage their home’s value to cover a big purchase — such as a home renovation — a home equity line of credit (HELOC) may be a good option while we wait for mortgage rates to ease. Check out some of our best HELOC lenders to start your search for the right loan for you.
A HELOC is a line of credit that lets you borrow against the equity in your home. It works similarly to a credit card in that you borrow what you need rather than getting the full amount you’re borrowing in a lump sum. It also lets you tap into the money you have in your home without replacing your entire mortgage, like you’d do with a cash-out refinance.
Current HELOC rates are relatively low compared to other loan options, including credit cards and personal loans.
When Will House Prices Come Down?
Home prices declined a bit on a monthly basis late last year, but we aren’t likely to see huge drops this year, even if there’s a recession.
Fannie Mae researchers expect prices to decline 1.2% in 2023, while the Mortgage Bankers Association expects a 0.6% decrease in 2023 and a 1.4% decrease in 2024.
Sky high mortgage rates have pushed many hopeful buyers out of the market, slowing homebuying demand and putting downward pressure on home prices. But rates may start to drop this year, which would remove some of that pressure. The current supply of homes is also historically low, which will likely keep prices from dropping too far.
What Happens to House Prices in a Recession?
House prices usually drop during a recession, but not always. When it does happen, it’s generally because fewer people can afford to purchase homes, and the low demand forces sellers to lower their prices.
How Much Mortgage Can I Afford?
A mortgage calculator can help you determine how much you can afford to borrow. Play around with different home prices and down payment amounts to see how much your monthly payment could be, and think about how that fits in with your overall budget.
Typically, experts recommend spending no more than 28% of your gross monthly income on housing expenses. This means your entire monthly mortgage payment, including taxes and insurance, shouldn’t exceed 28% of your pre-tax monthly income.
The lower your rate, the more you’ll be able to borrow, so shop around and get preapproved with multiple mortgage lenders to see who can offer you the best rate. But remember not to borrow more than what your budget can comfortably handle.
A credit union is a nonprofit institution that’s owned by its members. Compared to a traditional bank, a credit union tends to offer more personalized service.
You can turn to a credit union for a variety of financial products, like checking and savings accounts, credit cards, car loans, and mortgages. Some regional and federal credit unions also offer wealth management services and other extras.
A typical credit union only accepts members who live in a specific region or work for an eligible employer. For example, they may require that you’re a resident of Atlanta, Georgia or work as a teacher.
The good news is some credit unions require less and make it easy for just about anyone to join. If you’d like to join a credit union but don’t want to worry about the strict membership requirements at most institutions, you’ve come to the right place.
38 Best Credit Unions Anyone Can Join
There are hundreds of credit unions that anyone can join, but we’ve done the heavy lifting and found the best ones for you. The credit unions below, which are overseen by the National Credit Union Administration (NCUA) may be an option for you, regardless of what you do for a living or where you’re located.
Just keep in mind that you may have to make a donation, join an organization, live in a certain state, or meet some other eligibility requirement. We encourage you to explore this lengthy to list of credit unions anyone can join so you can hone in on the ideal credit union for your unique situation.
1. Alliant Credit Union
Alliant Credit Union made its debut in 1935 to serve the employees of United Airlines. It stands out for it high-interest savings and checking accounts with low minimum opening deposits as well as excellent customer service.
You’ll also receive access to more than 80,000 free ATMs across the U.S. and get reimbursed up to $20 in out-of-network ATM charges per month. Since it only has two brick-and-mortar locations, you should feel comfortable with online banking. If you’d like to join Alliant Credit Union, make a $5 donation to Foster Care to Success.
2. Connexus Credit Union
Connexus Credit Union was founded in 1935 and has a widespread presence in Wisconsin as well as more than 54,000 ATMs across the country. It couldn’t be easier to join the credit union as all you have to do is pay a one-time $5 fee to the Connexus Association, which supports financial education through college scholarships.
As a member, you can open one of its three checking options with high APYs and a traditional savings account or one that’s specifically designed for the holidays.
3. Pentagon Federal Credit Union
Pentagon Federal Credit Union, or PenFed, was founded in 1935 as a credit union for military and civilian government. Today, this Virginia-based credit union has opened it doors to anyone as long as they open a savings account and deposit a minimum of $5. It offers two savings accounts, including the Regular Savings and Premium Online Savings.
In addition, you can find checking accounts, CDs, and money market accounts. Other products include Coverdell Education Savings Certificates, IRAs, credit cards, mortgages, home equity loans, and student loans. Plus, you can enjoy modern perks like mobile check deposits, online bill pay, and instant transfers.
4. First Tech Federal Credit Union
First Tech Federal Credit Union is headquartered in California. The credit union offers many benefits, such as excellent customer service, many branches throughout the U.S. and Puerto Rico, online banking, and mobile banking.
It also has the Dividend Rewards Checking Account, which gives you 1.00% APY on balances below $1,000. You don’t have to live in California to join as long as you donate to a nonprofit called the Financial Fitness Association.
5. Consumers Credit Union
Consumers Credit Union was established in 1951 as a local credit union. Based in Illinois, it’s one of the largest credit unions in the state with over 100,000 members and more than $1.2 billion in assets.
You can join it, even if you don’t live in Illinois. All you have to do is donate the $5 membership free to an affiliated nonprofit. You can open almost all of its accounts online, except for the checking accounts and IRAs. The credit union also offers a high-yield checking account that offers high interest if you meet certain criteria.
6. Langley Federal Credit Union
Langley Federal Credit Union is based in Virginia and made its inception in 1936. At that time, members of the National Advisory Committee for Aeronautics, the predecessor to NASA, chartered the credit union.
Today, Langley offers membership to anyone who pays a fee to support an important cause in Virginia and deposits at least $5 into a savings account. You can choose from a checking account without a monthly fee, a variety of no-fee savings accounts with competitive interest compounds monthly, and Visa Cards with cash back rewards.
7. Lake Michigan Credit Union
Lake Michigan Credit Union made its debut in 1933 by a group of teachers. Headquartered in Grand Rapids, Michigan, it has 51 branches in Michigan and southwest Florida. Since it’s part of the Allpoint ATM network, members can enjoy free access to more than 55,000 free ATM.
To join, donate $5 to the ALS Foundation and deposit $5 into a Member Savings account. Once you do, you can earn perks through the MORE rewards program and redeem them for complimentary checks and free out-of-network ATM transactions.
You may also open the free, no frills Max Checking account. Note that the Member Savings account, which you must open to become a member, requires a minimum daily balance of $300 or you’ll be charged a $5 monthly fee.
8. Lafayette Federal Credit Union
Lafayette Federal Credit Union was founded in 1935 as an alternative to traditional banks. It offers numerous perks, like no minimum balance requirement or monthly maintenance fees, online banking, mobile deposits, free direct deposit, and special discounts.
You can join it if you live, work, worship, or attend school in Washington D.C. If you live outside the D.C. area, you may still become a member as long as you invest in a lifetime Home Ownership Financial Literacy Council (HOFLC) membership for only $10. This nonprofit focuses on helping consumers navigate the path to homeownership.
9. Affinity Plus Federal Credit Union
Affinity Plus Federal Credit Union has 26 branch locations across Minnesota. APFCU offers MyPlus Rewards that gives you points if you keep a certain amount of money in your bank account or use its debit or credit card.
To be eligible to join, all you have to do is donate $25 to the Affinity Plus Foundation and open a basic savings account. If you live and work in Minnesota or have a family member in the state, there are other ways to become a member.
10. Chevron Credit Union
Chevron Credit Union has been around since 1935 and has 19 branches that span six states, including California, Louisiana, Mississippi, Texas, Utah and Virginia. It operates under two brands: Chevron Federal Credit Union and Spectrum Credit Union.
To become a member, join one of its nonprofit partner organizations, such as the Contra Costa County Historical Society. You’ll also need to deposit $25 into a primary savings account and maintain a $25 minimum balance.
Chevron also offers a second chance checking account called New Solutions for those who need help rebuilding their banking history.
11. Ascend Credit Union
Since its inception in 1951, Ascend Credit Union has offered a variety of products, like checking and savings accounts, a money market account, Christmas Club account, youth accounts, credit cards, and loans.
If you’re interested in these services, join The Nature Conservancy, Tennessee Chapter and you’ll be eligible automatically. Note that there is a one-time fee of $25.
12. Hope Credit Union
Hope Credit Union is a black-owned credit union that was organized in 1995 by the Anderson United Methodist Church in Mississippi. You can join if you pay a $10 membership fee and show a foreign passport, permanent resident card, or Matricula Consular. Plus, you may use an ITIN number instead of a Social Security number.
Hope Credit Union provides a number of personal bank accounts, business banking accounts, and transformational deposits. With its transformational deposits, you can participate in socially responsible investing.
13. Boeing Employees Credit Union
Boeing Employees Credit Union, or BECU, was established in 1935 for Boeing employees and currently caters to more than 1 million members. But despite its name, you don’t have to work at Boeing to join.
Its products and services are available to you if you become a member or donor to the KEXP, which is a nonprofit art organization or the Sea Hawkers Central Council. The most noteworthy benefit of joining is the first-time homebuyer grant in which you can receive $7,500 toward your down payment and closing costs.
14. Hiway Credit Union
Hiway Credit Union made its debut in 1931 to serve employees of the Minnesota Department of Transportation. It offers a free checking account with no monthly fee or minimum balance requirements, a free money market account with a $500 minimum deposit, credit cards, and loans.
You can qualify for a Hiway Federal Credit Union membership if you donate to the Minnesota Recreation and Park Foundation for $10 per year or the Association of the U.S. Army, which costs $40 for two years.
15. GreenState Credit Union
GreenState Credit Union was founded in 1938. It provides its members with personal accounts, business accounts, credit cards, loans insurance, wealth management services, and more.
GreenState was named one of the fastest growing credit unions in 2021. As long as you live or work in the state of Iowa, you can become a member and take advantage of its services without any issues.
16. Cascade Credit Union
Cascade Credit Union made its debut in 1952 to serve employees of the Cascade Division of the Great Northern Railway. Today, it’s open to many people and offers great perks like members-only sweepstakes, competitive rates, online banking tools, financial counseling, and group insurance benefits.
If you’d like to join, simply become a member of the Great Northern & Cascade Railway Association (GNCR) and pay an annual membership cost of $40. The credit union can help you fill out your application online or in-person at a local branch.
17. Wildfire Credit Union
Wildfire Credit Union began in 1937 as Saginaw Telephone Employees Credit Union, its original credit union name. Its first location was in the basement of the home of Hank Kosk, the credit union’s treasurer.
After some office upgrades, the credit union opened the doors to its current location on Bay Road in Saginaw and merged with Flint Telephone Employees Credit Union that same year. Today, Wildfire Credit Union offers several deposit accounts as well as personal banking and business banking services. You can join if you live, work, worship, or attend school in Michigan.
18. Nextmark Credit Union
Nextmark Credit Union made its debut in 1958. Its offerings include personal and business checking, home equity loans, personal loans, credit cards, gift cards, and more.
To join, you must live in a qualifying county in Virginia or make a donation to Herndon Elementary PTA, a Title I school.
19. Technology Credit Union
Technology Credit Union, or Tech CU, was established in 1960. It’s based in Silicon Valley and provides its members with no shortage of benefits. These include competitive rates, online banking, access to fee-free ATMs, free credit score monitoring, conference room space, and easy online appointment booking. To become a member, join Financial Fitness Association for only $8.
20. Veridian Credit Union
Veridian Credit Union was established in 1934. Most of its members are those who live or work in Iowa or certain counties of Nebraska. However, it’s open to anyone who is a registered user of Dwolla, a financial technology company. This means you can join as long as you sign up for a personal account at Dwolla.
You’ll also need to open a savings account and deposit at least $5. If you’re already a member of a credit union or bank but would like to switch to Veridian Credit Union, the switch kit may be helpful.
21. Harborstone Credit Union
Harborstone Credit Union’s roots date back to 1955, when it was known as McChord Federal Credit Union and served airmen on the McChord Air Force Base. In 1996, the credit union expanded its membership to anyone in the state of Washington and changed its name as a result.
As long as you live, work, or worship in Washington, you may join Harborstone Credit Union and enjoy a variety of financial products and digital tools.
22. NASA Federal Credit Union
NASA Federal Credit Union began in 1949 to serve NASA employees. Since then, it’s grown to more than 177,000 members. While the credit union is headquartered in Upper Marlboro, Massachusetts, there are 12 branches in Maryland, Virginia, and Washington, DC.
Its product lineup includes a simple checking account with no minimum opening deposit, a savings account with a great rate, and several CDs. You can also monitor your credit score and make deposits with the mobile app. If you don’t work for NASA, you can still join. Simply sign up for a one-year membership at the National Space Society (NSS).
Hanscom Federal Credit Union opened in 1953. The credit union has over 20 branches in and around Boston as well as one in McLean, Virginia. It offers fee-free checking accounts, savings accounts with rewards, credit cards, and loans.
To join, you’ll need to support one of its partner organizations, such as the Burlington Players, a volunteer theater group. In addition, you’ll be required to deposit $25 into a free primary savings account.
24. Pen Air Federal Credit Union
Pen Air Federal Credit Union was founded in 1936 to support civil service employees of Naval Air Station Pensacola. It has 16 locations in northwest Florida and southeast Alabama. You may be surprised to learn that you don’t have to be an active duty or retired military member to join.
You’ll be able to take advantage of Pen Air Federal Credit Union if you become a member of the Friends of the Navy-Marine Corps Relief Society and deposit a minimum of $25 into a savings account. As a member, you can enjoy the Pen Air Platinum Mastercard, Share Savings account with the Round It program, and more.
25. State Department Federal Credit Union
State Department Federal Credit Union was founded in 1935. To join, you can become a member of the American Consumer Council for $8. This is a non-profit organization with a focus on consumer education and financial literacy.
The State Department Credit Union offers a long list of products and services, including basic, advantage, and privilege checking, a money market account, share certificate accounts, individual retirement accounts (IRAs), credit cards, and loans.
26. United Nations Federal Credit Union
United Nations Credit Union made its debut in 1947. As long as you join the United Nations Association of the United States of America, you can become a member.
UNFCU has a vast product lineup that includes a checking account, membership savings account, credit cards, debit cards, and loans, like car loans and debt consolidation loans.
Other membership perks include loyalty rewards, credit card rewards, and the member referral program.
27. Premier Members Credit Union
Premier Members Credit Union was established in 1959 for members of the Boulder Valley School District. You’re eligible to join if you make a donation to Impact on Education, a charity in the Boulder Valley School District, and open an online savings account or youth savings account.
As a member, you can expect perks, such as high interest rates on checking accounts, no monthly service fee, no overdraft fees, and free overdraft protection. The credit union also offers an extensive network of branches and ATMs for your convenience.
28. SRI Federal Credit Union
SRI Federal Credit Union is headquartered in Menlo Park, California. It was founded in 1957 and offers membership to anyone who joins the Financial Fitness Association for $8 per year.
The credit union’s account offerings include a checking and savings account, money market account, IRA, health savings account, and youth, teen, and gradate accounts.
29. United States Senate Federal Credit Union
United States Senate Federal Credit Union has been around since 1935. Its mission is to “improve the financial wellness of members throughout all stages and circumstances of life.” Its products are similar to what most credit unions offer.
As a member, you can enjoy access to a number of checking and credit union savings accounts, mortgage loans, personal loans, auto loans, Visa debit cards, and business advisory services. To join, you’ll need to become a member of the U.S. Capitol Historical Society for $65.
30. Wings Financial Credit Union
Wings Financial Credit Union was founded in 1938 by seven employees from Northwest Airlines. To date, it serves more than 320,000 members with more than $7.5 billion in assets. You can join if you donate $5 to the Wings Financial Foundation, even if you don’t work in the aviation industry.
There are no fees on its basic banking accounts, including its checking and savings accounts, a money market account, and CDs. Its high yield savings and checking accounts offer competitive rates to help you grow your money.
31. Skyward Credit Union
Skyward Credit Union was chartered in 1941. It offers a share savings account with competitive rates, an aim higher checking account with no monthly fees or minimum balance requirements, affordable mortgage and home equity loans.
It also offers online banking, a variety of insurance products, and access to over 30,000 surcharge-free ATMs. Like most credit unions require membership, so does this one. To become a member, join the Kansas Aviation Museum.
32. San Diego County Credit Union
San Diego County Credit Union has been around since 1938 and has over 430,000 credit union members. It’s considered the largest locally owned financial intuition in San Diego.
As a member, you can enjoy a free checking account, secured and unsecured credit cards, a wide range of account options with no service fees, and access to over 30,000 ATMs without ATM fees. To join San Diego County Credit Union, become a member of the Financial Fitness Association.
33. Bellco Credit Union
Bellco Credit Union is a Denver-based credit union that opened its doors in 1936. You can join it even if you don’t live in Colorado as long as you donate at least $10 to the Bellco Foundation, pay a one-time $5 membership fee, and deposit at least $25 in a savings account.
Once you do, you’ll have access to several noteworthy products, like the Boost Interest Checking account, which offers a competitive interest rate, the Premier Money Market Account, and two, no-fee credit cards.
34. Bethpage Federal Credit Union
Bethpage Federal Credit Union was founded in 1941 and currently has over 30 branches across Long Island and New York City. It has a reputation for competitive rates on it money market accounts and certificates of deposit (CDs).
The credit union also offers three checking accounts, a few savings accounts, retirement planning services, IRAs, insurance, and more. You don’t have to live in New York to join if you open a $5 savings account. As a member, you may meet with credit union staff virtually and bank on the go with a handy mobile app.
35. First South Financial Credit Union
First South Financial Credit Union opened its doors in 1957 to serve those on the Millington base. Since then, it has become of the safest financial institutions in the U.S., as stated by independent rating agencies. While the credit union has locations throughout Tennessee and Mississippi, its online banking services make it a suitable option if you live elsewhere.
Like other credit unions, it offers a full suite of checking, savings, CDs, and IRA accounts. To join, become a member of the Courage Thru Cancer Association, which supports St. Jude Children’s Research Hospital.
36. Dow Credit Union
Dow Credit Union was founded in 1937 in Midland, Michigan. It provides numerous products, including checking and savings accounts, certificates of deposit (CDs), HSAs, deposit trust accounts, and loans.
Fortunately, you don’t have to work at Dow Chemical to take advantage of them. To join, make a $10 donation to the Dow Chemical Employees’ Credit Union Endowed Scholarship Fund.
37. Blue Federal Credit Union
Blue Federal Credit Union was chartered in 1951 as Warren Federal Credit Union. If you’re looking for a high-yield checking account, you’ll appreciate its Blue Extreme Checking Account with no minimum opening deposit or monthly service fees.
Other perks include a tiered membership rewards program and round-the-clock customer service. The easiest way to become a member is to donate $5 to the Blue Foundation and open a Membership Share Savings Account with $5.
38. Digital Federal Credit Union
Digital Federal Credit Union (DCU), based in Marlborough, Massachusetts, was established in 1979. Today, it is known for its comprehensive range of financial products that includes checking and savings accounts, auto loans, mortgages, personal loans, credit cards, and wealth management services.
Perhaps one of DCU’s standout features is its commitment to digital banking, offering robust online and mobile platforms that compete with larger, nationwide banks. This makes DCU a fitting choice for those who prefer online banking, no matter where they live.
Membership is open to those who are a part of participating organizations or live, work, worship, or attend school in eligible communities. If you don’t fit those criteria, you can still join by becoming a member of a participating nonprofit organization, such as Reach Out for Schools, which requires a nominal donation.
See also: Best Nationwide Credit Unions of 2023
Bottom Line
Not all credit unions are created equal. Some have strict membership criteria, while others are more flexible. Before you join a credit union (or several credit unions) on this list, be sure to consider numerous factors.
You’ll want to look at eligibility requirements, branch location, monthly maintenance fees, accounts offered, interest rates, mobile banking, digital banking, reputation, and customer service. Best of luck as you explore the best credit unions and search for the perfect credit union.
Frequently Asked Questions
Can civilians join Navy Federal Credit Union?
Yes, civilians can join the Navy Federal Credit Union (NFCU), the largest credit union in the U.S. However, this is limited to immediate family members of service members in all branches of the armed forces. This broad eligibility criteria is one of the reasons why NFCU has grown to be the largest credit union in the country.
Can anyone join American Airlines Credit Union?
No, not anyone can join the American Airlines Credit Union. Membership is limited to those who work in the air transportation industry, including airlines, airports, and related businesses, as well as their family members. While this broadens the scope beyond just American Airlines employees, it still doesn’t include everyone.
My monthly Extraordinary Lives series has been a lot of fun, and I’m back with another inspiring interview. First up was JP Livingston, who retired with a net worth over $2,000,000 at the age of 28. Today’s interview is with Amanda, who is now living debt free after paying off $133,000 in three years and seven months.
I’ve been following Amanda – @debtfreeinsunnyca – on Instagram for quite some time, and I’m so happy that I was finally able to interview her!
In this interview, you’ll learn:
How Amanda got into debt.
Why she decided to get out of debt fast.
The expenses she cut so that she could pay off her debt quickly.
What she thinks about the cash envelope method.
The sacrifices she made to reach her goal.
What she did to stay motivated.
And more! This interview is packed full of valuable information!
I asked you, my readers, what questions I should ask her, so below are your questions (and some of mine) about Amanda’s story and how she has accomplished so much. Make sure you’re following me on Facebook so you have the opportunity to submit your own questions for the next interview.
Related content:
Tell me your story.
Hey Michelle! Thank you for the opportunity. Here is my story.
I was 22 years old and working as a massage therapist on a cruise ship when I was diagnosed with carpal tunnel and cubital (elbow) tunnel. The career that I had trained for was no longer an option. I had to start over and pick a new career. Tired of working commission jobs where your paycheck depends on how good of a salesperson you are, I sought out an in demand, well-paying career in cyber security.
Like any normal person would do, I took out student loans to cover my tuition. I didn’t pay any attention to how much I was borrowing or the interest rate. I figured I would be making the big bucks when I graduated and could afford the payments. To make that happen, I worked hard to get into my field and landed an internship during my first year in school. By the time I graduated, I had already been in the IT field for several years.
So, was I making the big bucks now? Nope, not even close. There was no big, fat pay raise when I graduated. Reality slapped me hard in the face when I realized I wasn’t going to be able to afford my student loan and car payments with my small salary in California.
I knew I had to do something to clean up my mess. Years before I had tried to get out of debt by following Dave Ramsey’s plan, but reverted to my old ways after going through some personal things. Wanting to give it another try, I enrolled in Financial Peace University. I also went back to school for my master’s degree. This allowed me to defer my loans while cleaning up my mess. The best part was the company I now worked for reimbursed tuition for degrees that are related to your field.
My debt was over $80,000 and consisted of student loans, a car, and a small credit card. Once I committed to doing a zero-based budget, I started to see some great progress. I was sharing all my progress with my then boyfriend, now husband. I tried to get him on board, but he wasn’t interested at the time. After a few months of hitting it hard, I started to get mad that my balance wasn’t going down as fast as I wanted it to. It was going to take me forever to get out of debt!
That’s when I had my second “I’ve had it” moment where I was now ready to take action. The Prius I was upside down on had to go. It was a drastic, but necessary move. I quickly saved up $5,000 for a used Honda Civic and sold my car. With one transaction I got rid of $17,000 worth of debt. It felt like I was getting somewhere now! Because of my past, dumb mistakes, I had to take out a $7,000 loan to cover the difference I was upside down on. Owing $7,000 is WAY better than owing $24,000. I consider this to be the best financial decision I’ve ever made. It catapulted my debt snowball and provided the motivation I needed to continue.
After seeing my progress and going through FPU, Josh got on board and started paying off his debt. He cash flowed my engagement ring and proposed several months later! We paused our debt free journey and cash flowed $14,000 in six months for our wedding and honeymoon.
With the wedding behind us, it was time to get to business. Together we had a total $133,763 in debt. Josh added a truck and multiple credit cards to the pile of debt. We combined our accounts, started doing a zero-based budget, and utilized cash envelopes to stay on track. We both worked to increase our income while keeping the same lifestyle. After three years and seven months of hard work, we became debt free on July 5th, 2018!
How much debt did you have and what was your debt from?
Our debt totaled $133,763 and consisted of 16 student loans, 8 credit cards, 2 vehicles, and 1 personal loan. Nearly half of our debt was my student loans from my associate’s and bachelor’s degrees.
Why did you want to get out of debt fast?
It’s an awful feeling not having enough money to pay your bills or having to tell your friends/family you can’t go out because you’re broke. I wanted to get out of debt fast so I could afford my bill and have money to do the things I enjoy.
My why evolved over time when Josh and I started talking about our future together. He almost bought a sailboat when he got out of the Army years ago. Josh ended up moving back to San Diego instead, and then we met. He shared his dream with me, and I was immediately on board. I had been obsessed with tiny house living, and having worked on cruise ships, I loved the water. Getting a sailboat and one day quitting our jobs to travel became our new why.
How long did it take you to pay off your debt and reach debt freedom?
We spent three years and seven months working on paying off all our debt. The first year I was on my own. We weren’t married yet, and it took some time to convince Josh to get on board. After getting engaged, we paused our debt payments for six months to cash flow our wedding. We finished up the remainder of our debt a year and a half after we were married.
How did you manage to get out of debt so fast?
Getting out of debt can be broken down into two areas: increasing your income and cutting your expenses. We did both during our journey.
Our income increased by $75,000 during our debt free journey. This was from raises, overtime, and on-call pay. How did we do this? I attribute a lot of my success to working while I was going to school. I landed a part-time internship when I was in my first year of school. It allowed me to work my way up the ladder faster and increase my income. While in my master’s program, I managed to get into the IT Security department at my company. It came with a significant pay increase and each yearly raise has been a generous amount.
Josh also works in IT. He doesn’t have a degree, but his eight years of experience in the Army and his drive more than make up for it. Josh manages critical applications and is one of the go-to people in the IT department. He’s on-call and often working overtime. His skills and work ethic have earned him well deserved pay increases over the years.
Cutting expenses also helped us reach debt freedom faster:
Housing
For most of our journey, we lived in a small 550 sq. ft house to keep rent low. This saved around $400 a month for the 2.5 years we lived there. That’s $12,000 saved!
Vacations
Other than a honeymoon, we didn’t go on a vacation during our whole debt free journey. We had a few small trips: graduation, a wedding, Christmas in Tennessee with my family, which my mom paid for because she wanted to see us while supporting our journey.
Instead of traveling, we found free things to do in San Diego. Going hiking with the dogs was one of our favorite things to do. We also hung out with friends at their house instead of going out. We would cook dinner and watch a movie or TV series.
Hobbies and fun
Josh has a lot of expensive hobbies that he put on hold during our debt free journey: spear fishing, fishing, tech stuff, etc. I didn’t have any hobbies since my life was consumed by work and school. We cut out restaurants, date nights, movies, and excessive clothing. If we wanted to go out to eat or buy booze, it would come out of our budgeted spending money. There were a lot of Netflix and chill nights! Our date nights consisted of grilling out in our yard and sitting by the fire pit. We did budget for date nights whenever we hit a big milestone.
Work perks
Josh and I work at the same company, which allowed us to carpool to save money. Additionally, our company has amazing benefits. Our health and dental insurance are extremely affordable, both of our cell phones are paid for because we’re on call, and we’re able to make up missed hours instead of taking PTO if we need to leave work for some reason.
Can you tell me about cash envelopes? How does it work and why do they help?
Cash envelopes are a budgeting method where you take out cash for specific categories instead of using your debit/credit card for purchases. Each payday we take out money for groceries, gas, spending money, and any sinking funds we’re saving for. For that two-week period, all groceries come out of the grocery envelope. Same with gas and spending money. Once it’s gone, it’s gone! There’s no money left in our accounts because it’s all been paid to debt, so you better spend the money wisely! We had our emergency fund in case anything happened, but spending too much on groceries is not an emergency.
This method really helps curb your spending because you feel it more when you use cash. It’s also easy to look in your wallet and see how much money you have for each category to stay on track. Josh is a spender and he’s had great success with cash envelopes. I had a wallet with several dividers made for him to make it easy.
A lot of people are scared to carry around cash. I think the benefits of using cash outweigh the risk of losing it or it being stolen. I suggest only carrying around the amount that you need and leaving the rest at home in a safe until you need it. If anything were to happen, you always have your emergency fund to fall back on.
What is your response to people that say, “You should invest that money instead of paying off the debt, you’ll earn more in the long run…” etc.?
Ahhh the age-old argument! My response is do what works best for YOU! Everyone’s situation and priorities are different.
When I started, I didn’t have a choice because I wasn’t going to be able to afford the minimum payments on my debt! As we got further into our journey, sure we could have invested, but paying off debt was more important to us. Becoming debt free is a sure thing and will force you to change your spending habits for the better. I never want to get in a bind and have to pull out investments early because of debt or bad spending habits.
What sacrifices did you have to make in order to become debt free?
The biggest sacrifice I made to become debt free was selling my beloved Prius for a 2005 Honda Civic. At first, I didn’t want to sell it. I was going to try and get out of debt while keeping the car. After eight months of paying down my car loan and not making a lot of progress, I realized I had to make some bigger sacrifices, otherwise I would fall back into my old spending habits and go further into debt. I still miss the ability to get into my car without taking the keys out of my purse and the convenience of Bluetooth! My used Honda is old and janky, but it’s paid off!
Often people paying off loads of debt feel they have to choose between “living life” and making payments. Were there any times during the journey that you chose to “splurge”?
There were a few times we splurged! We got sick and tired of living in a small house, so we moved into a bigger rental with office space and a yard for the dogs. Before moving we did a cost analysis on the expenses to determine if it was worth it to us to push back our debt free date by a few months or stick it out and continue living the same way.
Our new place was so empty when we moved in. Imagine going from 550 sq. ft to over 1,300! We didn’t even have a table. We spent a few weeks buying furniture and things that we needed for the house before getting back into the swing of things.
Another big splurge was a complete surprise to me! I had been eyeballing this nice Canon DSLR camera and planned on getting it as a debt free gift to myself. Right before I graduated with my master’s degree, my mom was in California on a travel nursing assignment. She knew we were on a strict budget and would say no to most things that cost money. My mom told me she won $150 gift card and wanted to use it to take us out to eat.
I agreed because who passes up free!? During dinner, I kept making comments about us going all out because we have to use up the gift card. Avocado eggrolls, pizza, and several beers later, Josh said he forgot his wallet out in the truck and went to grab it. He came in the door behind me and set a big present on my lap! I immediately knew it was the camera!
So, how did Josh get this big purchase by me? He’s a veteran and was in school at the time. Veterans get a housing allowance each month while in school per the Post-911 GI Bill. The money was deposited into his personal checking account, and then he moved it to our joint checking every month. He told me that the allowance was delayed that month because of paperwork! I completely bought it. Josh used the money to go in on my graduation gift with my mom.
And the gift card? There was no gift card! They knew the only way to get me to a restaurant during our debt free journey was to lie to me and say she had a gift card. The total with tip came out to just over $150.
What did you do to stay motivated?
It’s so important to find ways to stay motivated when you have years of work ahead of yourself. Because I had fallen off track once before, I knew I had to find better ways to stay motivated and focused.
Visuals were by far my favorite way to stay motivated. I had multiple charts, spreadsheets, and countdowns going at home and work. Every time we made a payment towards debt, I would get to color in charts, change Excel spreadsheets, and update the whiteboard at work. Having reminders where you’ll see them every day is extremely motivating.
I also sought to find other people on the same journey. Back in 2014, there weren’t a lot of people on Instagram sharing their progress and journey. I found a small group of people from searching #debtfree and #daveramsey, and started following them. The hashtags started to get polluted by people selling those skinny teas and weight loss wraps. I put out a call to the small community, and we decided to vote on our own hashtag. That’s how the #debtfreecommunity was born!
It’s so motivating to talk to people who are going through the same thing. In real life, none of my friends or coworkers were trying to get out of debt. Their eyes would gloss over when talking about budgets or paying off a debt. Every time I opened Instagram, I would immediately be motivated by another person’s journey or the lovely comments left on my posts.
If you were starting back at ground zero, what would you do differently?
There are so many things I would do differently! First off, instead of getting a $12,000 car when I was 16, I would save up a few thousand and buy a used, reliable car. That one decision would set my life on a much better path! I’d be able to save up money and pay for school upfront, which is my next point. I would spend more time figuring out what I want to do in life and researching schools. I’d make sure to pick a career that is not commission based and makes a great salary. I would start investing early in life, even if it was only $100 a month. I would continue to pay cash for purchases, save money, and invest.
What is your very best tip (or two) that you have for someone who wants to reach the same success as you?
Hands down the best tip I can give is to create a zero-based budget and stick to it. A budget doesn’t sound sexy or fun, but it gives you freedom to spend money on the things that matter to you. Budgeting doesn’t mean you have to cut out all your fun! Put it in the budget. The point is to know where your money is going and to spend it intentionally. Don’t resist the budget!
The second tip I can give is to find your people! It’s hard to stay motivated to pay off debt or save when all your friends are spending money left and right. Having a supportive group of people that get you is priceless.
What’s your next financial goal?
Our next financial goal is to save $25,000 for our 6-month emergency fund. We want to be prepared for anything that comes at us!
We keep $2,000 in a local savings account and the rest will be in a high interest savings account. Transferring money from our large emergency fund to our checking account takes a few days, which is great because it helps prevent us from dipping into it for non-emergencies.
The emergency fund will cover all of our expenses for six months with minimal cuts to the budget. It’s going to be a huge relief to have money set aside just in case. No more money fights when something unexpected happens!
Where can my readers go to learn more about you?
You can learn more about us by following along on Instagram.
Do you have any other questions for Amanda? Are you trying to pay off debt?
The average person probably wants to learn how to get rich.
While many think figuring how to get rich may be impossible, I’m here to tell you that it isn’t. And no, you don’t need to win the lottery or become a professional athlete.
The meaning of wealth and being rich means something different to everyone. For some, it means having lots of money, for others it may mean having a positive net worth, and for others it may be to retire one day.
Whatever your definition of “rich” is, everyone has the potential to build and improve their financial situation.
If you want to be rich one day, then you’ll have to form good financial habits now, work hard, and reach outside of the norm.
Learning how to get rich won’t be easy – but what good things come easy anyways?
For many people, learning how to get rich may seem impossible and completely unattainable, but that’s simply not true.
Building wealth and learning how to get rich is about your mindset, and figuring out how to get rich now is better than waiting any longer.
Related posts about how to get rich:
Here’s how to get rich– for anyone and at any age.
Don’t wait until tomorrow to learn how to get rich.
Instead of thinking that you’re invincible and that you have all the time in the world to improve your finances, you should stop procrastinating and learn how to build your wealth now.
Many people push things off and/or spend their money carelessly because they think they can start tomorrow, start next month, and so on. However, for everyday that you push off improving your finances the further away and harder you’ll have to work towards your goal.
Stop wasting time and take control of your financial situation now.
Related tip: I recommend looking into Digit if you want to trick yourself into saving more money. Digit is a service that looks at your spending and transfers money to a savings account for you. Digit makes everything easy so that you can start saving money with very little effort.
Be better than average if you want to learn how to get rich.
If you want to build your wealth, whatever that might mean to you, then you’re going to have to go outside the norm, be better than the average, and do new things.
When learning how to get rich, you should always strive to do your best as sometimes “average” is not good enough for you to build wealth. Keep in mind that the average person is not the greatest with money, and many are wrecked with stress and hardship due to their unfortunate financial situation.
68% of people live paycheck to paycheck.
26% have no emergency savings.
The median amount saved for retirement is less than $60,000.
The average household has $7,283 in credit card debt.
The average student loan debt is $32,264.
To be better than average, you’ll have to work hard, learn how to manage your money better, and perhaps take some risks (such as starting a business or applying for your dream job) as well.
Give yourself great goals.
Those who set goals are much more likely to be successful than those who do not. Due to that, if you want to be rich, you’ll want to start setting goals for yourself.
Setting goals is important because without a goal, how do you know where you’re heading? Goals can keep you motivated and striving for your best.
When building your wealth, you should always make sure that any goal you set is SMART.
A SMART goal is:
Specific – What is your goal? Is it specific enough or is it too broad? What needs to be done for you to achieve your goal? Why do you want to reach your goal?
Measurable – How can you measure your progress? How will you know if you’re on track?
Attainable – Is this a goal that can be achieved?
Realistic/relevant – Can you achieve your goal? Is the goal worth it?
Time – What’s your time frame for reaching your goal?
To reach your financial goals and learn how to get rich, you’ll want to:
Write down your goals and objectives.
Create a plan to reach your life goals.
Break your goal apart into smaller goals.
Keep track of your goal setting progress and make changes (if needed).
Find small ways to stick to your goal.
Find ways to motivate yourself when setting goals.
Make reaching your goal a friendly competition.
Read further at The Best Way To Set Goals And Reach Success in 2017.
Create a realistic budget.
To learn how to get rich, you’ll want to create a budget. Yes, even the rich have budgets!
The average person has a lot of financial stress and may be dealing with student loans, credit card debt, a mortgage, car loans, and sometimes even other forms of debt.
However, not many people have a budget. In fact, more than 60% of households in the U.S. do not have a budget.
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.
Remember, even those with high incomes have a budget. The rich stay rich because they have learned how to manage their money better than the average person, which includes being aware of your spending and saving.
When creating your budget, be sure to include all of your income and expenses.
Here are some expenses you may want to include when creating a budget, but don’t forget any expenses you have that aren’t listed:
Home – House payment, rent, maintenance, utilities, insurance, property taxes, etc.
Car – Monthly car payment, gas, maintenance, insurance, license plate fees, and so on.
Television, cable, Netflix, Hulu, etc.
Cell phone.
Internet.
Food – Groceries, restaurant spending, snacks, etc.
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 may consist of a large part of your budget.
Health insurance.
Miscellaneous – Pet expenses, fees, childcare, school, gifts, etc.
You can get a free budget printable by signing up below.
Realize that a good life can be affordable.
As you all know, I really dislike the myth that people who save money are boring. That’s not true at all.
I believe that you can balance living a good life along with saving a comfortable amount of money.
There are plenty of ways to live an awesome life while saving money. Yes, you can still see your friends, have fun with your loved ones, go on vacations, and more, all while staying on a realistic budget.
Here’s a list of some great early retirees who are leading great lives. I definitely recommend reading about them:
If you want to learn how to get rich, then learning how to be happy with yourself and figuring out affordable ways to enjoy life are key.
Related: How To Become Rich – It’s More Than Millions In The Bank
Pay off your debt if you want to learn how to get rich.
If you want to learn how to get rich, then you’ll most likely want to figure out how to eliminate any debt that is preventing you from reaching your financial goals. For the average person, this probably means any high interest debt, any debt that’s causing you stress, and so on.
Paying off your debt can lessen your stress levels, allow you to have more money to put towards something else (such as retirement), stop paying interest fees, and more.
The first step to eliminating debt is to realize why you have debt in the first place. I believe that if you don’t understand where your problem with debt stems from, then it would be hard to make a positive change.
Yes, it is great to just start attacking your debt, but you also don’t want to fall into the same cycle of going into debt over and over again.
After you realize why you are in debt (or why you keep going back into debt), the next step is to figure out how you will eliminate it. There are many different ways to attack your debt, and I prefer a mixture of everything.
To pay off your debt and learn how to get rich, you should:
Quit adding more debt to your life. You may want to cancel or freeze your credit card, think harder before your next purchase, and avoid spending temptations like the mall.
Be realistic with your income and spending. If you have debt, then you either have an income or spending problem. You may need to start earning more money and/or start spending less if you want to learn how to become wealthy.
Decrease your spending and expenses. Depending on how quickly you want to get rid of your debt, there are different things that you may want to cut out. You could cut out Starbucks (I know, I know), lower your restaurant spending, find a cheaper way to workout, sell your car for something cheaper/more affordable, cook from scratch, and so on.
Make more money. The extra money that you earn can be put towards your debt to help you pay it off more quickly.
Pay more than the minimum. If you have debt, you should always be paying more than the minimum so that you can lower the amount you are paying towards interest.
Put little amounts toward your debt. For example, whenever you get an extra $25 (such as by selling something), then you should just throw that extra money (that you won’t even miss!) towards your debt.
Related: How To Take A 10 Day Trip To Hawaii For $22.40 – Flights & Accommodations Included
Start investing as one of the ways to get rich.
One of the best ways to figure out how to get rich is to start investing. After all, you need to have your money work for you!
The sooner you start saving, the more it becomes a habit and the easier it becomes. By investing money now, you will learn good investing habits that will help you well into the future.
I always say that the first thing you need to do if you want to start investing is to just jump in. However, what if you don’t even know how to start investing?
If you are like many out there, you may not know how to start investing your money.
Investing your money can be a scary, stressful, and overwhelming topic to tackle. You want to invest so that you can:
Retire one day.
Prepare for unexpected events in the future.
Allow your money to grow over time.
Learn how to get rich.
Remember, time is on your side, and due to the powerful impact of compound interest it can change your life. This means the sooner you invest, the more you will earn.
Compound interest is when your interest is earning interest. This can turn the amount of money you have saved into a much larger amount years later.
This is important to note because $100 today will not be worth $100 in the future if you just let it sit under a mattress or in a checking account. However, if you invest, then you can actually turn your $100 into something more. When you invest, your money is working for you and hopefully earning you income.
For example: If you put $1,000 into a retirement account that has an annual 8% return, 40 years later that would turn into $21,724. If you started with that same $1,000 and put an extra $1,000 in it for the next 40 years at an annual 8% return, that would then turn into $301,505. If you started with $10,000 and put an extra $10,000 in it for the next 40 years at an annual 8% return, that would then turn into $3,015,055.
A great article that explains the power of compound interest is Mr. Money Mustache’s The Shockingly Simple Math Behind Early Retirement.
Here are the easy steps to take so that you can start investing your money:
Start saving your money. In order to invest your money, you need to start setting aside money specifically for it. The amount of money you save for investing is entirely up to you, but in general, the more the better.
Do your research. Before you start dumping your money into the stock market and other investments, it’s a good idea to know what you’re putting your money towards. Reading about various investment-related tips and research will help you become more informed about your investing decisions, which will then help you make better decisions well into the future.
Find an online brokerage or someone to manage your investments. There are two main ways to invest your money. You can either invest your money yourself through a brokerage or you can find someone to manage your investment portfolio for you. You will need to take part in one of these options to actually start investing your money. Personally, I like to do everything myself through Vanguard.
Decide how you will invest. Now that you’ve opened an investment account, you will want to decide where you will put your investments. How you invest depends on your risk tolerance, the time period for which you are investing (when will you retire?), and more. Generally, the sooner you need your funds the less risk you will take on, whereas the longer your time period is, then the more risk you may be willing to take on.
Track your investment portfolio. The next step when learning how to get rich by investing is to regularly track the things you have invested in. This is important because you may eventually have to change what you are invested in, put more money towards your investments, and so on.
Continue the steps above over and over again. To invest for years and years to come, you will want to continue the steps above over and over again. Now that you know the steps it takes to invest your money, it only gets easier.
Related tip: I recommend using Motif Investing if you are looking to invest your money. Motif Investing allows individuals to invest affordably. This approachable investing platform makes it easy to buy a portfolio of up to 30 stocks, bonds or ETFs for just $9.95 total commission.
Start making more money.
Figuring out how to get rich usually means that you’ll have to find ways to make more money than you currently do.
On Making Sense of Cents, I talk a lot about how to make extra income because I believe that earning extra income can completely change your life. You can stop living paycheck to paycheck, you can pay off your debt, and more- all by learning about the many different ways to make money.
Trust me when I say that making more money is important. I was able to pay off $38,000 in student loans within 7 months, I was able to leave my day job in order to pursue my passion, travel full-time, and more!
The great thing about finding ways to make more money is that your income potential is unlimited. There’s no cap on how much money you can make- it all depends on what you decide to do and how much time you plan on devoting to it.
Making more money can change your life in great ways, such as:
You can pay off your debt.
Save for big purchases, such as a vacation.
Stop living paycheck to paycheck.
Reach retirement sooner.
Become more diversified with your income sources.
Whether you have just one free hour a day or if you are willing to work 40 to 50 hours a week on top of your full-time job, there are many options when it comes to earning more money. Finding ways to make more money will only help you as you learn how to become rich.
Some ways to make more money include:
Find a part-time job.
Make money online such as creating a blog, becoming a virtual assistant, etc.
Become an Uber or Lyft driver – Spending your spare time driving others around can be a great money maker. Read more about this in my post How To Become An Uber Or Lyft Driver. Click here to join Uber and start making money ASAP.
Maintain and clean yards. You can make money by mowing lawns, killing/removing weeds, cleaning gutters, raking leaves, and so on.
Answer surveys. Survey companies I recommend include Swagbucks, Survey Junkie, Clear Voice Surveys, VIP Voice, Pinecone Research, Opinion Outpost, Survey Spot, 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.
Move furniture and find jobs on Craigslist. Movers can earn a broad range when it comes to hourly pay, but it’s usually somewhere around $50 an hour if you run your own business.
If you love animals, then you may want to look into how to make extra money by walking dogs or pet sitting. With this side hustle, you may be going over to your client’s home to check in a few times a day, you may be staying at their house, or the animals may be staying with you. Rover is a great company to sign up with in order to become a dog walker and pet sitter. Learn more about this at Rover – A Great Way To Make Money And Play With Animals.
Babysit and/or nanny children.
Sell your stuff.
Rent a spare room in your home to someone else.
As you can see, the list is endless when it comes to making more money.
Related posts on how to make extra money:
Diversify your income streams to learn how to be rich.
One thing that separates the rich from those who aren’t is that the rich and successful tend to have many different forms of income streams.
They may have a day job, a business, rental properties, dividend income, and more. This allows them to bring in more money.
They also do this because the rich know that one source of income may not last forever, and they are also able to lessen their risk by having multiple income streams.
So, if you want to learn how to get rich, then you may want to add more income streams to your life.
If you ever feel too reliant on one source of income, then you know how important this is. Maybe you are afraid that one day you will lose your job or that something will happen to your main source of income.
If you work towards building up multiple income streams and diversifying your income, then you won’t have to worry as much if something happens to one of your income streams.
By diversifying your income with multiple income streams you will have a backup plan, you may be able to retire easier, you will learn how to get rich, and so on.
Note: I 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. You can connect accounts such as your mortgage, bank accounts, credit card accounts, investment accounts, retirement accounts, and more, and it’s FREE.
Even the rich find ways to save money.
Finding ways to save more money may allow you to pay off your debt a little faster, improve your financial habits, help you reach your dream sooner, and more.
And yes, even the rich find ways to save money.
Sure, there are stories about rich people who spend their money like crazy and end up in bankruptcy. But surprisingly, the average millionaire is frugal, and they know how to manage their money well.
Don’t believe me? Here are some examples of millionaires and billionaires who still find ways to save money:
Warren Buffett lives in a house that he bought in 1958 for around $30,000.
Mark Zuckerberg drives an Acura.
John Caudwell (worth $2.7 billion) rides his bike 14 miles to work every day and even cuts his own hair.
Jim C. Walton (son of Walmart founder) drives an old truck with no air conditioning.
Another interesting statistic is that the average couponer is someone who earns over $100,000 a year. Surprisingly, those who earn less than $100,000 a year rarely use coupons compared to those with high incomes!
By finding ways to save money, you’ll be able to keep more of your money, learn how to get rich, add more to your investments, and so on. You worked hard for your money, so you may as well find ways to keep more of it!
Find ways to save money at 30+ Ways To Save Money Each Month.
Stop trying to impress others.
When was the last time you bought something that was mainly purchased to impress someone else?
Sadly, this is something that the average person does quite often.
If you want to start building wealth and understand how to get rich, then you’ll want to stop trying to impress others and start living your own life.
The rich tend to live below their means. Yes, many of them still spend money extravagantly, but many aren’t living paycheck to paycheck in order to do so. Many millionaires buy items used, they drive “normal” cars like Toyotas, and they aren’t buying things with the sole purpose of impressing others.
This is drastically different from those who aren’t rich.
Many people try to keep up with others and fall for lifestyle inflation, which can prevent a person from being a good money manager.
When trying to keep up with the Joneses, you might spend money you do not have. You might put expenses on credit cards so that you can (in a pretend world) “afford” things. You might buy things that you do not care about. The problems can go on and on.
Instead, you should focus on what you want and need. This will help you to save more money, be more realistic with your income and spending, and to build wealth.
Do you want to learn how to get rich? What does “rich” mean to you?
Editor’s note: This is a recurring post, regularly updated with new information.
Last year, an average of over one in five flights were delayed, and about 2% were canceled. While that means most flights went out on time, millions and millions of travelers still found themselves not flying when they hoped.
Another busy travel season is upon us. When flight delays and cancellations do happen, there may not be a ton of additional seats available to simply hop on the next flight in some situations.
Here are tips on how to decrease your chances of getting stuck and increase your chances of arriving at your destination as quickly as possible, even if you get the unwelcome news that you are facing a flight delay — or worse.
How to find out if your flight might be delayed
In the current era of full flights and easily available information, don’t wait for the airline to tell you there is a problem.
You can keep an eye on general flight trends across the country on FlightAware, which gives you a good overview of how a day in the sky looks.
This page focuses on delays. Manually check the status of your flight on your airline’s website in the 24 hours leading up to travel. Also, check where the plane is coming from, if possible.
UNITED.COM
Also, opt in to flight notifications with your airline and download the carrier’s app on your phone. Here are details on that process with American Airlines and United Airlines. You’ll likely have more up-to-date flight departure information from your airline’s mobile app than what’s reflected on the airport departure and arrival boards.
You can also get flight status updates sent directly from FlightAware.
Sign up for our daily newsletter
When to arrive at the airport if your flight is delayed
PEOPLE IMAGE STUDIO/SHUTTERSTOCK
This can be a tricky one. If your flight is still listed as “on time” when you check the app, leave for the airport according to the original schedule.
Even if your flight shows as delayed in the app, it can be subject to change. It’s best to be at the airport ready to go at the originally scheduled time in most cases. We’ve certainly heard stories where the flight is suddenly ready to go sooner than expected, leaving some passengers behind. Sometimes you’ll receive confirmation well in advance that the flight will be significantly delayed. However, it’s safer to be at the airport, just in case.
Bad weather will sometimes cause a temporary ground stop at the airport. As soon as the weather gets better, the stop is lifted, and airlines try to get their flights off the ground ASAP.
Related: 3 things to do if your flight is delayed
What to do if there is bad weather
Monitor weather patterns starting a few days before your flight to see if any major systems are anticipated. It’s then vital to check the forecast on the night before and the day of travel to see how any issues could affect your departure and arrival airports.
Again, be sure to opt in for updates on your flight’s status. If you know bad weather is coming later in the day, ask for an earlier flight if you can. Alternatively, if you leave the night before, that’s a good idea, too.
BYCHYKHIN OLEXANDR/GETTY IMAGES
More and more airlines are allowing travelers to change plans with no fare difference prior to severe weather problems, like impending blizzards, ice storms or even heavy thunderstorms. Some will even proactively change your flight for you.
If you know bad weather is on the horizon, either go to your airline’s website and look for an advisory notice or call the airline to talk about options. If an airline gets ahead of weather issues, you may be able to reschedule your flight by a few days in either direction with no fees. Additionally, you can try asking for a nonstop flight if the weather is putting your connecting flight in jeopardy.
However, if the airline hasn’t issued its own advisory, you could have to pay out of pocket for any fare differences if you really need to get where you are going.
Related: How the weather affects your flight — the atmosphere and winds
What to do if your flight is delayed or canceled
If a flight delay happens and you want an alternative to waiting it out, check the airline’s app or in-airport kiosk for rebooking options. You don’t have to stand in line to talk to a real person in many cases, as you can self-service the rebooking with most major airlines. In fact, it may be faster to do it online or at a kiosk in the airport — and speed matters. You may be able to rebook at a new flight time or even to a new “nearby” origin or destination city.
There are times when automated rebooking systems are not your best option, though. Sometimes, the only automated option is for a red-eye flight or a future flight heading to your destination more than two days later. That’s especially true with flights as full as they are right now.
If you can’t find what you need online, find an airline employee who knows how to work the ticketing desk. Look at their uniforms and name tags to ensure you get a ticket agent and not a baggage handler or similarly outsourced contractor.
If the U.S. call center has a long hold time (which happens during widespread issues), you can try dialing an international number for faster service. You might also find success reaching out to an airline on Twitter, via chat or other social media channels when customer service lines are busy.
For example, when the first leg of an American Airlines flight from New York City to Arkansas just before Christmas was delayed, TPG editor Madison Blancaflor missed her connection.
She reached out to American Airlines on Twitter to help ensure she was rebooked on the earliest possible flight. She still had to endure a long layover in Charlotte, but it was better (and less stressful) than rushing to the customer service desk to try and rebook upon arrival in Charlotte.
If there are no reasonable booking options left with your carrier, ask if there are options on another airline. If the delay is weather-related, and you are on a basic-economy ticket or are flying on a low-cost carrier, there might not be other airline options at your fingertips. Still, it’s worth asking and — if possible — presenting available options you have researched yourself.
Related: Top tips to get through to airline customer service faster
Retreat to a lounge
If you have airline club access at a United Club, Delta Sky Club or similar, you can head there for help from experienced agents with potentially shorter lines. Use it as a spot to gather your thoughts, charge your phone and make level-headed decisions. The agents there might be able to help you change or track your flight.
In third-party lounges, such as an American Express Centurion Lounge, you won’t be able to get that type of airline-specific assistance, but you’re still probably in a better spot to wait out the storm than in a crowded terminal.
Related: Best credit cards for airport lounge access
Rebook your flight
Sometimes, if you really need to get home, you may need to do the work and layout for the expenditure for a new flight yourself.
During a delay while traveling from Orlando to Houston when my original carrier couldn’t get me home for more than 24 hours after my initial flight was canceled, I found a nonstop Southwest Airlines flight with one last seat available for $463.
Even though rebooking yourself will not typically be covered by any insurance or carrier, I went for the Southwest option and got my original United ticket refunded, which at least offset some of the pain of a new ticket. In my case, it was worth controlling my own destiny and not being stuck.
Your credit card’s built-in trip delay or trip cancellation coverage can help with many unexpected expenses in the face of delays and cancellations, but a brand-new flight home isn’t likely to be one of them. Still, in some cases, it may be the only way home for a while, so you’ll have to weigh the pros and cons.
Related: When to buy travel insurance vs. when to rely on credit card protections
Check airport hotels
While thinking through what to do in case of a flight delay or cancellation, consider your options at airport hotels, which can fill up if there are major delays and cancellations. Sometimes, it is best to pull the plug on getting home that day, get some good rest and try again in the morning.
Airport hotels are generally pretty affordable on points, although cash rates can skyrocket when demand surges. Accommodations are typically covered by trip delay protection, offered by cards like the Chase Sapphire Reserve and The Platinum Card® from American Express.*
* Eligibility and benefit level vary by card. Terms, conditions and limitations apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.
The Hyatt Regency Orlando International Airport. SUMMER HULL/THE POINTS GUY
Show up early for standby flights
If you know in advance that your flight is canceled or delayed, heading to the airport early could score you a same-day standby flight that gets you to your destination early.
For example, a TPG staffer was able to use this strategy to avoid getting stuck overnight when a hiccup with his flight from Austin to New York City would have caused him to miss a connection in Dallas. Since he had A-List status with Southwest, he showed up at the airport a bit earlier and did a free same-day standby onto an earlier flight that connected to a different city. His A-List status bumped him to the top of the standby list and onto the flight.
Getting on the standby list isn’t a foolproof method, especially if the earlier flight is almost full. This is a case where having elite status can help since you’ll have priority over non-elite travelers. Additionally, some airlines charge a fee for non-elite travelers to get on the standby list for an earlier flight.
Related: Best credit cards for airline elite status
How to get a refund or flight compensation
If you decide not to fly your originally scheduled flight in light of major delays and cancellations, get your money or points back. Do not settle for an airline voucher that may be hard to use and eventually expire.
You may have a cancel-and-refund option available to you online or in the airline’s app. If not, you can ask an airline employee for assistance in person or over the phone. Just be sure to cancel your original flight before its eventual departure so you can get the money or miles (hopefully) returned.
Know your rights and take stock of your credit card protections. You’ll have to read some fine print, but you may be entitled to accommodations, credits or expense reimbursement by the airline or from your credit card (usually depending on the length of your delay and the reason for delay or cancellation).
Many travel credit cards offer trip delay insurance that can save you money when you’re stuck somewhere. While it won’t help you avoid cancellations or delays, it could help you cover expenses while you wait for your flight.
Related: You are entitled to a refund for your canceled flight — even if the airline says you aren’t
Cards that provide travel protection
WYATT SMITH/THE POINTS GUY
There are many rewards credit cards that help confer valuable travel protections when you do have a delayed or canceled flight (if you used them to book your flight). Below are just a few examples of cards that provide some built-in coverage:
Chase Sapphire Reserve: Provides a $300 annual travel credit, up to $20,000 in trip cancellation coverage, up to $75,000 in car rental coverage, trip delay benefits of up to $500 per person that kick in starting at a six-hour delay and more.
Chase Sapphire Preferred Card: The Chase Sapphire Preferred includes trip cancellation and interruption insurance, trip delay reimbursement, emergency assistance services and more.
American Express Platinum: In addition to the extensive lounge benefits and up to $200 in annual airline fee credits, the Platinum card also provides trip cancellation and interruption insurance for up to $20,000 of a covered trip and incident.
Make a decision
Last but not least, we don’t recommend being too indecisive in the face of delays and cancellations. If you are, expect your options to dwindle. Once you finally decide to wait it out or try and switch flights, you will be at the mercy of whatever options the airline has to offer … which may not be great.
As you wait, flight options are likely to disappear as hundreds (or thousands) of other passengers beat you to rebooking. Weigh your realistic options and make a quick decision if you want to keep some control of your schedule.
If you’re OK getting stuck somewhere for a bit or taking a creative route home, waiting for the airline to direct you is a feasible option. Just don’t stress about your decision once you make it.
Your credit card’s built-in travel protections may cover unexpected expenses not covered by the airline (such as a hotel for an overnight weather delay, though not a new flight) if you get stuck during your journey.
In my Orlando example, my original flight was stuck in Denver with a five-hour weather delay, so the odds of that flight getting me where I needed to be that day didn’t seem great. When I didn’t clear standby on the other United flight to Houston from Orlando that night, I made a decision and stuck with it.
I left the terminal and headed to my new Southwest flight in another terminal (Clear and PreCheck helped with that quick transition). Yes, that choice cost me a new flight home, but I had to make that call right then or roll the dice on my United flight making it out that day.
I wasn’t in a gambling mood when it came to getting home, and I understood the out-of-pocket implications.
SUMMER HULL/THE POINTS GUY
Bottom line
Most of the time, your flight will get you where you need to be close to when you want to be there. Still, flight delays and cancellations happen.
If your flight is delayed by an hour or two, there’s not usually much to do other than be patient. However, when facing a long delay or cancellation, it’s good to have a plan to reduce the odds of getting stuck.
Given the common theme of full passenger loads on flights these days, acting quickly, researching options and making a speedy decision will put you ahead of the pack.
Related: Best credit cards that offer trip delay reimbursement
Additional reporting by Melissa Klurman, Kristy Tolley, Victoria Walker, Madison Blancaflor, Benji Stawski and Benét J. Wilson.
Credit card pre-approval makes signing up for your first credit card a lot easier.
The credit card marketplace is crowded, and every issuer is advertising to get your attention. But they may not tell you (or only tell you in the fine print) which cards you’re actually likely to get approved for, or which will score you the best interest rates.
A little research into good credit cards can help you cut through the noise, and the pre-approval process helps you narrow down which cards are the best fit for your (cloth or virtual) wallet. It’s a low-risk opportunity to pick the credit card with the features you want — and to make sure you qualify.
What’s Ahead:
What is pre-approval?
Credit card companies are always on the lookout for new customers. One way they find potential cardholders is by pre-screening credit reports from the major credit bureaus.
They identify consumers whose credit scores and reports are in the ballpark of what the company looks for — like no bankruptcies, no delinquencies for several months, and a score below the company’s minimum cutoff.
Then they’ll send a pre-approval card offer to these consumers.
It’s important to remember that pre-approval doesn’t mean you’re automatically qualified for the card. But it does mean you’ve made the “first cut” by fitting the credit card issuer’s most basic requirements.
What’s the difference between pre-qualification and pre-approval?
Some issuers use the term “pre-qualified” instead of “pre-approved.” Though these terms are sometimes used interchangeably, they describe different types of offers based on who initiates the process.
Pre-qualification for a card means the customer (you) makes the first request.
If you’re interested in a specific card, you can go to the company’s website and fill out some basic info. The company responds by showing you the cards and offers you might qualify for if you made a formal application. At that point, you’re “pre-qualified” and can decide whether or not to apply.
Or a lender may invite you to find out if you pre-qualify for their card (through an advertisement, for instance). This isn’t pre-approval, since the lender hasn’t screened your credit yet to see if you’ve made the first cut.
Pre-qualification may be the route to take if you’re brand new to credit — without a credit score, you’re probably not getting on pre-approval mailing lists.
Pre-approval means the credit card company reaches out to you first because you meet their basic requirements. Once they’ve scanned consumers’ credit scores, they let certain consumers know they’ve been “pre-approved.”
Lenders often tap into their existing customer base to find people to pre-approve, as well. If your current bank is rolling out a new credit card, for example, they might send you a pre-approval offer.
Which is better, pre-approval or pre-qualification?
Neither of these processes is better than the other, or more likely to get you final approval. They’re just different ways to review your credit card options.
For both pre-approval and pre-qualification, you’ll go through a soft credit check — a check that doesn’t impact your credit score. This means both processes are relatively risk-free.
The hard credit check, the one that knocks a few points off your score, doesn’t happen until you fill out the longer application for the card.
Read more: Soft pull vs. hard pull – how each affects your credit
How do I get pre-approved for a credit card?
Respond to an offer from a credit card company
If you have time to pick a card and don’t have a lender you prefer, you can wait for the credit card company to come to you.
Companies do still send offers by snail mail, though not as much as they once did. So it’s worth taking a look at any mail offers before dropping them in the recycling bin.
Pre-screened offers are different from the general mailings that companies send to everyone on their marketing list. Look for the words “pre-approved,” “pre-qualified,” or “pre-screened.” The offer may include an invitation code you’ll need to apply for the card online.
One advantage to applying for a pre-approval offer is that they’ll sometimes give you an introductory deal associated with the offer, like a sign-up bonus or a few extra months of 0% interest.
These deals aren’t always advertised to the general public, so they’re a nice pre-approval perk.
Request pre-qualification on a credit card company’s website
Inquiring about a pre-qualification offer may be the best way to get credit card pre-approval if:
You’re new to credit and opening your first credit card.
You’re rebuilding a low credit score.
You want to go through a certain bank or apply for a specific card, and you haven’t received an offer.
You want to check out a wider range of card options.
Most major card issuers that offer pre-qualification have an online link to a simple form. Usually, you won’t enter more than your:
Name.
Address.
Date of birth.
Social security number.
Why is it important to get pre-approved or pre-qualify?
If you’re shopping around and considering lots of different cards, pre-qualification is a risk-free way to compare initial offers before you fill out any applications.
The pre-approval stage allows you to:
Rule out any cards or issuers that you don’t qualify for, so you don’t waste time applying.
Figure out the interest rate range you’re likely to get.
Compare potential sign-on bonuses, loyalty rewards, and other credit card features.
Double-check the card company’s requirements for cardholders, which are more detailed than their pre-approval requirements.
When you take the next step of a formal application, you’re officially applying for new credit. This means the company is required to run a hard credit check. They’ll ask your permission first.
Hard credit checks do show up on your credit score, usually knocking it down only 10 or 20 points. That’s not a huge deal if it happens once in a while.
But if you apply for credit pretty frequently — more than two or three times in six months — your credit score takes a bigger drop.
With pre-approval, you can make sure you’re only committing to the hard credit check if you’re likely to be approved for new credit.
Picking the right credit card to apply for
As a savvy MoneyUnder30 reader, you probably know this already, but I’ll remind you just in case: pre-approval or pre-qualification doesn’t mean the card is the best fit for your needs and lifestyle.
First, spend some time figuring out what you want in a credit card. I suggest asking yourself questions like:
Are you likely to use it for big expenses like travel, or everyday costs like groceries?
Do you want a card where the rewards category matches up with the way you spend?
Is your main goal to start building credit?
Once you know what’s important to you, you can use the pre-approval process to find cards that are a good match.
This is especially helpful if your credit card pre-approval offer suggests multiple cards from the same company. These cards will all have slightly different terms, so take the time to do your research about their differences.
Read more: Best credit cards for young adults & first-timers
How do you apply for a credit card after you’re pre-approved?
The pre-approval or pre-qualification process doesn’t require much info.
You’ll usually enter your name, birth date, address, and your social security number (either the last four digits or the whole number) to confirm your identity.
The official application is a lot more thorough. At a minimum, be prepared with:
Income information. You may or may not need to submit proof of income, depending on the issuer. But you’ll at least have to estimate how much you earn every year.
Housing payment information. This should include how much you’re paying in rent or mortgage a month.
Employment status.
Income details for a co-signer, if someone is co-signing for the card with you.
Read more: How to apply for a credit card (and approval requirements)
What credit score do you need?
It depends. There’s no minimum score that applies to all issuers, so if you have any credit at all, it may be possible to pre-qualify for a card. Of course, the better your credit is, the more offers will be available.
If you don’t have a credit history, it’s a little trickier. Some card issuers consider alternative credit data, like income and work history, to determine financial responsibility.
Read more: What credit score do you need to get approved for a credit card?
After you get approved
If you make the final cut and get approved, not just pre-approved, it’s time to double-check your card terms.
Credit card companies are required to provide the same terms listed in the initial pre-approval offer if they accept you. This means you should get the same interest rate, fee, or bonus that was stated in the offer. Many pre-approvals show a range of interest rates, so they’re required to give you a rate somewhere within that range.
Read more: The best credit cards – MU30’s top picks
Are you guaranteed approval when pre-approved for a credit card?
Not necessarily. A pre-approval or pre-qualification is an invitation to apply, not a guarantee of acceptance. It means there’s a strong chance you’ll meet the standards for cardholders, but the lender needs to know more before actually extending you credit.
Can you get denied after pre-approval?
Remember, pre-approval is just the first step in the process. You can get denied after submitting a formal application, even if you were pre-qualified or were pre-approved.
According to a 2019 report, only around 40% of credit card applicants made the final cut and got approved for a card.
When you officially apply, you’re giving credit card issuers a lot more information about your financial status than you did in the pre-screening stages. This means they’ll judge you a little more strictly.
Here are some of the most common reasons pre-approved candidates get their applications declined:
Your monthly or annual income doesn’t meet the issuer’s minimum cutoff.
Your reported payments are too high relative to your income.
Your credit data has changed significantly since the pre-approval offer.
You’ve taken on debt or missed several payments since the pre-approval offer.
Your income has dropped since the pre-approval offer.
The lender should send you a letter telling you why they made the decision, so it won’t be a mystery.
What if I can’t get pre-approved for a credit card?
If you don’t get any card pre-approvals or pre-qualifications, don’t sweat it. Credit lenders may be looking for cardholders who fit a particular financial profile, and that doesn’t reflect on your general creditworthiness. You still have a number of options.
Try pre-qualifying with another credit card company. Their terms may be more generous or suited to what you need.
Apply anyway. This is a risk because the issuer will run a hard credit check. But if you have stable employment, good income stats, or a co-signer with strong credit, these factors may make up for a less-than-perfect credit score.
Work on improving your credit. Make rent, bill, and loan payments on time. If you’re brand new to credit, you can take out a credit builder loan (as long as you’re able to pay it back on schedule!). Or ask a trusted family member or partner if you can be an authorized user on their account.
Read more: How to build credit the right way
Apply for a secured credit card
For credit newbies, secured credit cards are a nice bridge into the world of credit, and a lot of major card issuers offer them.
You’ll “secure” the card with a deposit — this amount can vary, but think around $200 — which gives you access to a credit line up to that amount. Then you spend just as you would on any other card.
After several months of responsible use, you’ll usually be eligible to transition to an unsecured credit card from the same company.
Read more: Best secured credit cards
Credit card companies that offer pre-approval
Most of the bigger credit card names have pre-approval or pre-qualification forms that are easy and quick to fill out online.
Keep in mind you may not be able to seek pre-approval for every card in the lender’s collection, but they’ll offer a decent range of cards to choose from.
Summary
Whether you’re getting your first credit card or adding one to your collection, it’s worth going through the pre-approval process first. You’ll save time, preserve your credit, and hopefully end up with a great card that will help you achieve financial stability.
New Zealand has long been on my bucket list, so when the opportunity to spend a night in Auckland presented itself, I jumped on it.
Although I would have liked to stay longer than 24 hours, I thoroughly enjoyed my time at the Park Hyatt Auckland. Given the property’s modern feel and its relatively cheap cost in points, I’ll absolutely be returning.
Booking
There aren’t that many Park Hyatts in the world; fewer than 50 are either open or being built. The Park Hyatt Auckland is a great deal when it comes to these top luxury properties.
As a World of Hyatt Category 5 hotel, a night here can cost as few as 17,000 Hyatt points at off-peak times. I spent 20,000 points for a standard night. The room I booked would have cost just over $400 in cash.
If you have Globalist elite status with Hyatt, you might get upgraded when you visit, as I did. Although the hotel was almost fully booked, I was able to score an upgrade to the best-available room, which featured a harbor view and a balcony.
🤓Nerdy Tip
The Park Hyatt Auckland levies additional charges on payments made with credit or debit cards. In this case, I would have paid a 2% surcharge if I hadn’t used points to book.
Location
(Photo courtesy of Carissa Rawson)
The Park Hyatt Auckland is centrally located on the city’s famous harbor. Several shops, boats, cafes and more are within walking distance, making it a great option for those without a car.
Accommodation
(Photo courtesy of Carissa Rawson)
My room was ready when I arrived at the hotel just after noon, a few hours before standard check-in time. It looked to be among the first they’d cleaned, and I was thrilled not to have to wait around in the lobby, even though it looked very sleek.
The room included state-of-the-art features such as automated window shades and external screens on the balcony. And the view was incredible.
(Photo courtesy of Carissa Rawson)
The room featured one large king bed, a separate table with a chair, and a seating area.
(Photo courtesy of Carissa Rawson)
There was also a paid minibar at the entrance, though I didn’t partake.
The large balcony had a nice table with a couple of chairs, though the low height meant staring through the fencing, which was awkward.
(Photo courtesy of Carissa Rawson)
Inside the walk-in closet were a pair of robes and slippers, which I used while in the room.
(Photo courtesy of Carissa Rawson)
However, the most remarkable feature was the bathroom, which was separated into two distinct areas.
(Photo courtesy of Carissa Rawson)
The first area was a stand-alone powder room with its own sink and a toilet, while the main bathroom featured a huge soaking tub, two marble sinks and a shower.
(Photo courtesy of Carissa Rawson)
Toiletries in the bathroom were by Citron and Vetiver. I don’t often use hotel toiletries, as I find the quality pretty low (even at really nice hotels), but these smelled nice and were good enough to detangle my hair.
(Photo courtesy of Carissa Rawson)
I spent the majority of my time in Auckland in the room, catching up on work, so I deeply appreciated the chocolate bar left on the bed.
(Photo courtesy of Carissa Rawson)
A few minutes after I arrived, I was also surprised with a welcome amenity of Pavlovas with cream and lemon curd. It also included two additional bottles of water.
I’m not ashamed to say these freebies constituted my dinner for the evening, especially since the Park Hyatt Auckland doesn’t have its own executive lounge.
Food and beverage
Globalist members and their guests receive complimentary breakfast at Hyatt hotels, either in the club lounge or the hotel’s restaurant. As there was no club lounge, instead I enjoyed breakfast at Onemata, the hotel’s signature restaurant.
Globalist members are entitled to both the breakfast buffet and an entree from the menu, as well as hot drinks.
Breakfast hours vary based on the day:
Monday to Friday: 6:30 a.m. to 10:30 a.m.
Saturday, Sunday and public holidays: 7 a.m. to 11 a.m.
I’ll admit, I went a little wild.
(Photo courtesy of Carissa Rawson)
The buffet wasn’t huge, but it included high-quality items such as:
Smashed avocados.
Burrata with tomatoes.
Cold cuts.
Fresh fruits.
Chocolate milk.
(Photo courtesy of Carissa Rawson)
When was the last time your local breakfast buffet came with kiwifruit, a caprese salad, avocado toast and locally produced chocolate milk? I rate this one a 10 out of 10.
I also ordered eggs Benedict from the main menu, but didn’t end up eating much of it. I blame the chocolate milk.
The hotel also has a few other dining options, including a lobby bar and a quick-service spot:
The Living Room: Open 8 a.m. to 9 p.m.
The Pantry: Open 7 a.m. to 2 p.m., or 8 a.m. to 3 p.m., depending on the day of the week.
Captain’s Bar: Open 4 p.m. to 11 p.m. or midnight, depending on the day of the week.
The Living Room, which is essentially a lobby bar, looked like a great place to take in the view over drinks.
Otherwise, Onemata is also open for lunch and dinner.
Amenities
Pool
(Photo courtesy of Park Hyatt New Zealand)
The pool area isn’t huge, as you’d see at a resort hotel, but that’s expected given that you’re in the middle of a city. What it lacks in size, it makes up for with its great view.
The pool area is open from 6:30 a.m. to 9:30 p.m.
Gym
(Photo courtesy of Park Hyatt New Zealand)
For those looking to get in a workout, the hotel gym is open 24 hours and has a wide range of equipment, including treadmills, free weights and resistance machines.
How to get to the Park Hyatt Auckland
New Zealand is an interesting beast when it comes to flights. It’s decently connected to the U.S. with nonstop flights operated by Air New Zealand, United Airlines, Hawaiian Airlines and more.
If you’re looking to travel with points or miles, one solid option is using Virgin Atlantic points to fly on Air New Zealand. A one-way business class flight from the U.S. to Auckland costs 62,500 Virgin points. Although these seats can be hard to find, Virgin Atlantic points are easy to earn compared with other airline award currencies. They’re transfer partners with the following points programs at a 1:1 ratio:
The Park Hyatt Auckland is located about 13 miles from Auckland’s airport. Trains from the airport into the city stop a little over a half-mile from the hotel, but I opted to take a rideshare since I had luggage with me. The ride took about half an hour and cost around $35.
If you’re looking to stay at the Park Hyatt Auckland
I spent just over 24 hours at the Park Hyatt Auckland, and I was very impressed overall. Although I didn’t manage to snag a suite upgrade, the modern amenities and generous breakfast made it well worth my while.
Coupled with the incredible location and reasonable cost in points, this is one property I’ll be happy to revisit.
(Top photo courtesy of Hyatt)
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:
Is love enough for a healthy and happy relationship, especially when it comes to financial troubles? What if your partner was hiding a secret account or was lying about their spending? Are those issues you could work past?
Unfortunately, negative issues with money and relationships are incredibly common. I actually receive lots and lots of emails from readers who are struggling with some of these exact issues. Hardly a day goes by when I don’t get a question or comment from a reader who has concerns about the bad spending or savings habits of their partner.
Here are a few of the situations I’ve been asked about:
My partner earns $50,000 a year and wants to buy a $900,000 house, and we have NO savings. How do I explain why this won’t work?
My partner has the mistaken idea that if he has a coupon for Best Buy, Bed Bath and Beyond, etc. that he must absolutely buy something because he’s “losing money if I don’t use the coupon.” He is a hoarder and spends all of his money on stuff that he will never use. How do I help him work past his issues before it’s too late for us?
My partner spends over $1,000 a month on entertainment but we have a lot of debt. How should I approach them about it?
My partner is hiding her spending from me and I know it’s happening. How do we work through this?
My partner isn’t trying to find a job but we desperately need the money. What should we do?
If these situations sound familiar, you’re not alone. In fact, 35% of Americans named money as the number one thing causing friction in their marriage. CNBC reported on a money and relationships study done by SunTrust Bank, and here are a few more findings:
In 2 out of every 5 couples, someone lies about money.
31% said that they have a secret credit card or bank account.
75% said that financial deception has hurt their marriage.
It’s no surprise that money issues are one of the leading causes of divorce.
And, according to a recent story on NPR, even couples who managed their money well together in the beginning can still struggle with financial infidelity. This is especially true if one partner earns significantly more than the other, if one spouse is laid off, etc.
Related content to money and relationships:
Now, if you’re in a relationship with someone whose financial beliefs and practices oppose your own, does that mean you’re doomed and should end it all?
Not necessarily.
There are ways you can work towards resolving your financial differences and improving the behaviors that affect your money and relationships. Before calling it quits due to financial stress, you should:
Be honest and stop keeping money secrets from your partner.
Stop ignoring the problem.
Make a budget and start following it.
Make money conversations a priority, even if they have been difficult in the past.
Me and my husband have been together for over 12 years, and we are always trying to work at our financial situation as a team. We’ve had a lot of major changes in the past few years, like selling our house and moving onto an RV and now sailboat, and because each of these changes had a lot to do with money, we’ve had to share a lot of our feelings with one another.
And, every couple is going to handle money and relationships a little differently. We all have different spending habits, and in a marriage it’s important to come together to see how your behaviors affect your shared life.
Working together is key for a happy relationship, especially when you want to meet your financial goals.
If your relationship is struggling because of financial differences, here are some steps that you may want to take.
Here is my advice for handling money and relationships
Have regular money check ins.
A relationship that has regular money talks and budget meetings is more likely to be financially successful and happier than a relationship that doesn’t. That’s because regularly communicating about money is an important step for healthy relationships.
Being open about your money situation can help prevent any surprises, it will ensure that both people in the relationship are aware of what’s going on, and so on.
Here are some of the ways for these check ins to help you with your marriage and finances:
You can work together and succeed.If you are both putting effort towards your financial goals, you can tackle them as a team and are much more likely to have a positive outcome. You can motivate one another, troubleshoot together, and brainstorm for ways to work towards your goals.
Knowing your financial situation will help you keep a budget. Understanding your financial situation means you can create and keep a budget that works for the both of you. You will know more about the amount of money you are spending, whether you are living paycheck to paycheck, and more.
Being aware may prevent everything from falling on one person. Both you and your partner should be aware of your financial situation. It’s not fair for one person to manage it all, and you would be in for a rude awakening if something were to happen to that person. You both should know how much money you make, how much debt you have, when bills need to be paid, etc.
Being involved can help you with your family’s goals.It would be quite difficult for a person to work towards their family’s financial goals if they weren’t aware of their financial situation. Being involved will keep everyone motivated and working in the same direction.
Regular money talks can lead to less fighting. When you are open about money in your relationship, you are less likely to have financial surprises and money fights. This is because conducting regular money talks and budget meetings means you will both be aware of what’s going on.
Recommended reading: Family Budget Meetings – Yes, You Need To Have Them
Be open about money.
Talking about money is seen as taboo, even among married couples. But, according to money and relationship studies reported by Policy Genius, nearly 30% of couples don’t know each other’s salaries.
I have personally met spouses who had no idea what their monthly mortgage payment was, how much student loan debt they had, and so on and so on. For some reason, it is the “norm” for one spouse to be completely clueless about their financial situation, while the other spouse handles the finances. However, this is definitely something that should change.
To become better with this money and relationships issues, you and your partner should sit down on a regular basis, like once and week or once a month, and be honest about where you are currently at. You could even use this time to pay your bills together, discuss future purchases, and more.
But, to make the most out of these money meetings you will have to go in with an open mind and be willing to share where you are at. You money meetings should include:
Your financial goals, money values, and more.
How the two of you are doing financially.
What changes may need to be made.
Any financial problems, and so on.
The key here is that both of you are up-to-date on what is going on with your marriage and finances so that everyone can work together on your family’s financial goals.
Always be honest about money in relationships.
In a money and relationships article on CNBC, it was reported that only 52% of people in relationships believe their partner is being completely honest about money. And, only 61% of people say that they are totally honest with their partner about money.
What I see there is that in many, many relationships, there are some serious trust issues when it comes to talking about money.
The problem with financial infidelity is that it can lead to even bigger financial problems (like debt piling up beyond what’s imaginable), stress, unhappiness, it may start impacting other areas of a your life (such as work), and it may even lead to divorce.
Unfortunately, it’s possible that you may already be a victim of financial infidelity without even knowing it. Here’s how to recognize the signs of financial infidelity:
You haven’t noticed any bills in the mail. This could be a sign that someone is hiding the bills.
You are getting calls from debt collectors. These may actually be legitimate calls!
Your credit cards are being declined. This could be a sign that someone is overspending without your knowledge.
Your partner no longer wants to talk about money. This could be a sign that your partner is too afraid to talk about money with you because they fear that you will uncover the truth.
Lying about money and relationships is very serious, but it’s important to realize that it’s an issue that both partners should work towards improving. While being honest with your partner is important, you should also make sure that your partner feels comfortable telling you when they are struggling.
Set spending limits for each other.
Spending limits shouldn’t be looked as limitations or rules – think about them as guidelines that help you work towards larger goals. That’s because spending limits are really just there to help you stay on track with your budget.
You can set limits however you would like, and some couples tell each other about every single purchase they make, whether they buy something for $1 or if they buy something for $1,000.
Others only tell their spouse if they reach a certain amount, such as $100.
Whatever you decide, it’s a good idea to sit down with your spouse and determine what kind of limits you should set for your specific situation.
Doing this can help keep the communication lines open with your marriage and finances so there are fewer arguments about money.
Learn how to improve your financial situation.
For anyone needing help with money and relationships, one of the best things you can do is learn how to improve your financial situation. It can be an empowering thing for you to work towards with your partner and it can bring you both closer together.
If you want to improve your financial situation, here are some of the things you may want to do:
Read financial blogs. Reading financial blogs can help you see what other people like yourself may be doing to improve their financial habits. While it may not always be perfect and/or applicable, it can be helpful to see real life examples.
Listen to financial podcasts. You can learn a lot about money and relationships by listening to others talk about their own situations and topics relevant to your life. And, there are so many amazing financial podcasts out there ‒ take your pick!
Read financial books. 17 Personal Finance Books That Will Change Your Life is a great read if you are looking for financial books to help you with money and relationships. That list shows books that will help you to pay off debt, find side hustles, manage your money better, figure out retirement, and more.
Attend money workshops. There are in-person workshops on the topic of personal finance, huge conferences, money meet-ups, and more.
Join money-related Facebook groups. I have a free Facebook community that you can find here, and another favorite of mine is ChooseFI.
The key here with this and any other money and relationships advice is to do it together. I think learning more about money can usually help get a person more motivated about improving their financial situation, so if your spouse is having a hard time managing money, this can be a good way to get them more involved.
Reevaluate your situation.
Should money break a relationship?
Some will say no, and others will say yes.
For me, I do believe that money can break a relationship. However, that doesn’t mean that divorce or separation should be the first place you go when you are struggling with financial infidelity or other issues affecting money and relationships. You will need to work on your issues together before deciding that it’s time to call it quits.
Being on the same page is so very important, and if your partner is the complete opposite of you, you may be fighting constantly, you may both be unhappy, and more. If that’s where you are at, then reevaluating your relationship may be an important next step.
Only you can determine what goes on in this step, as it’s a very personal decision and no one knows the exact issues you’ve been through and how they’ve affected your relationship.
What money and relationships advice do you have to share? What would you do with a partner who was bad with money?
You may have shook your head when you first read this title. However, hear me out and continue reading to learn more about the habits of millionaires! The rich are rich for a reason- most of them know how to manage their money correctly.
Sure, there are stories about rich people who spend their money like crazy and end up in bankruptcy.
But, surprisingly, the average millionaire is frugal, and they know how to manage their money well.
Related posts:
Here are some examples of millionaires and billionaires who are frugal:
Warren Buffett lives in a house that he bought in 1958 for around $30,000.
Mark Zuckerberg drives an Acura.
John Caudwell (worth $2.7 billion) rides his bike 14 miles to work every day and even cuts his own hair.
Jim C. Walton (son of Walmart founder) drives an old truck with no air conditioning.
I have personally met several retirees who have millions and live in an RV. RVing is a ton of fun, but a lot of people just assume that RVers have no money. If only they actually knew! We made one friend while RVing who actually has a nice house and millions in the bank, but he lives in an RV that is worth less than $20,000. You never would have guessed!
If you want to learn how to become rich (whatever amount of money or lifestyle that means to you), continue reading in order to learn more about the money management habits of millionaires.
They wear the same outfits.
President Barack Obama once said, “You’ll see I wear only gray or blue suits. I’m trying to pare down decisions. I don’t want to make decisions about what I’m eating or wearing. Because I have too many other decisions to make.”
Many other successful people feel the same way, including Mark Zuckerberg, the late Steve Jobs, Albert Einstein, and many others.
The average family spends $1,700 a year on clothing, which is a lot of money. Plus, the average person wastes anywhere from 10 to 30 minutes a day when deciding what to wear!
Having multiple outfits can lead to wasting time deciding what to wear, as well as wasting money.
They have more than one source of income.
A lot of millionaires have many sources of income, and this is one of the many great habits of millionaires.
They may have a day job, a business, rental properties, dividend income, and more. This allows them to bring in more money.
They also do this because millionaires know that one source of income may not last forever, and they are also able to lessen their risk by having multiple income streams.
Read about some of the many ways to make money at 75+ Ways To Make Extra Money.
They have long-term goals.
Successful people and millionaires are known to set goals, especially long-term ones. They are extremely determined and without goals it would be hard to be successful.
Setting goals is important because without a goal, how do you know where you’re heading? Goals can help keep you motivated and striving for your best.
Please keep this quote from Statistic Brain in mind:
People who explicitly make resolutions are 10 times more likely to attain their goals than people who don’t explicitly make resolutions.
And, it’s true!
They have a budget.
Yes, even millionaires have budgets! Not all of them have a traditional budget, but trust me, they know where their money is going and they are watching their cash flow closely.
Tracking your money and knowing where it is going can help you see where you’re wasting money and what spending habits need to be changed.
They educate themselves on financial matters.
When millionaires are unsure of a financial decision or implication, they either seek out financial advice from an expert and/or they seek out the knowledge they need to know by educating themselves.
Millionaires are always learning.
They read numerous books, attend classes, read the newspaper, and more.
They know the value of experts.
Continuing from the previous habit, the rich are interested in educating themselves, but they also know when to hire help.
Knowing when to get help from accountants, lawyers, experts, and more can help them take advantage of confusing laws, areas where they aren’t experts, etc. This can prevent wasteful spending, bad investments, and unnecessary legal issues.
This helps them save time as well as money!
They don’t fall for lifestyle inflation.
Millionaires tend to live below their means. Yes, many of them still spend money extravagantly, but many aren’t living paycheck to paycheck in order to do so.
Many millionaires buy items used, they drive “normal” cars like Toyotas, and they aren’t trying to keep up with the Joneses.
This is drastically different from those who aren’t millionaires.
Here are some money statistics that may scare you:
68% of people live paycheck to paycheck.
26% have no emergency savings.
The average household has $7,283 in credit card debt.
The average monthly new car payment is around $480.
Many people try to keep up with others and fall for lifestyle inflation, which can prevent you from being good with money.
When trying to keep up with the Joneses, you might spend money you do not have. You might put expenses on credit cards so that you can (in a pretend world) “afford” things. You might buy things that you do not care about. The problems can go on and on.
They pay themselves first.
Millionaires pay themselves first.
Sure, they have more money to work with, but they always make sure to save money before spending it.
Paying yourself first is when you put money into savings as soon as you receive your paycheck. Doing this may allow you to save more money and cut back on unneeded spending, and it can help you prepare for the future.
They invest.
Millionaires make their money work for them, and that is how they stay rich.
Investing is important because it means you are making your money work for you. If you aren’t investing, your money is just sitting there.
This is important to note because $100 today will not be worth $100 in the future if you just let it sit under a mattress or in a checking account. However, if you invest, then you can actually turn your $100 into something more. When you invest, your money is working for you and hopefully earning you income.
For example: If you put $1,000 into a retirement account that has an annual 8% return, 40 years later that would turn into $21,724. If you started with that same $1,000 and put an extra $1,000 in it for the next 40 years at an annual 8% return, that would then turn into $301,505. If you started with $10,000 and put an extra $10,000 in it for the next 40 years at an annual 8% return, that would then turn into $3,015,055.
Learn more at The 6 Steps To Take To Invest Your First Dollar – Yes, It’s Really This Easy!
They still use coupons and haggle.
Yes, one of the many habits of millionaires is that they tend to still use coupons and even negotiate in order to get the best pricing!
What other habits of millionaires am I missing? Share in the comments below!
Paying off debt is hard work. If it weren’t so hard, then it would be no problem for people to do. But, that isn’t the case at all.
Once you decide to pay off your debt, there will challenges along the way. There will be times that you feel tired and even defeated. Paying off debt takes making sacrifices, it takes time, and you may feeling like you are the only one working towards being debt free.
There are many things that may weigh you down as you pay off your debt, and the ones I bring up are all going to feel very negative. But, I want to talk about them because they are all things that I have felt while paying off my nearly $40,000 of student loan debt. By knowing that these feelings are common, my hope is that today’s post can help you overcome difficulties that you may experience along the way.
Instead of letting these feelings or challenges completely stop you from moving forward as you pay off your debt, you should know that many of the obstacles you come across are things that you can push past and move on from.
I hate seeing people stop their debt payoff journey because they feel too overwhelmed, and it’s important to remember that you aren’t the only one trying to pay off your debt. Just like anything else you are working towards, keep trying because you won’t get any closer to your goal if you stop now!
Plus, paying off debt is all worth it.
Remember this as you go, choosing to face your finances and pay off your debt is one of the best things you can do for yourself. And, even though it’s hard, you will be so proud of yourself once you realize what all of those struggles and hard work were for.
It may take a long time, but try to remember why you are doing it.
To help you deal with how difficult it may feel to pay off your debt, here are some of the struggles and feelings you may face and what you can do to change your mindset.
You may feel tired.
Learning to pay off your debt means you may need to find another job, cut your spending, and even downsize your house. All of those things are stressful and stress can leave you feeling exhausted.
But, you need to remember that you won’t always feel this way. This feeling is a temporary thing and what’s at the end, being debt free, will let you live a better life.
You will eventually be able to cut back on working so much and you will be able to sleep better knowing that you won’t have debt hanging over your life.
I remember how much extra work it took to pay off my debt. I worked so much and was so tired, but I wouldn’t change a thing because paying off my debt has led to living an amazing life.
You may have to make sacrifices.
Paying off your debt is all about making sacrifices, and we all know how hard that can be. You may have to change your spending behaviors, avoid places like the mall, cut your expenses, and more.
While it may seem tough to adjust to a new lifestyle, especially in the beginning, it will get easier over time. If bad spending habits were what led you into debt, then these sacrifices may feel even harder due to the fact that you may be used to spending more than you have.
But, you can break those bad habits and create new ones that will help you pay off your debt and then stay debt free. Habits like budgeting, family money meetings, and not overspending are all things that will help you for years to come.
If you are struggling with making sacrifices, I recommend bookmarking your favorite debt blogs and podcasts,
going on a no spend challenge, redoing your budget, looking for ways to extra money, and more.
Related:
You may be bored.
When you are trying to pay off your debt, you may have to start saying no to some of the activities and things you were spending money on. This could mean saying no to vacations, happy hours, dinner with friends, going to the movies, and more.
While you may feel bored in the beginning, it’s probably just because you haven’t realized that there are so many ways to have fun while you pay off your debt. When you actually start looking for frugal options to having fun, you will probably be surprised that there are so many possibilities.
You can take part in free events and festivals around your area, go to your local library, use coupons, and more. Plus, the outdoors are always a great place to have fun for cheap. You can go for a walk, ride your bike, hike, jog, or just explore. Find more ideas at How To Have Frugal Fun.
There really is no reason to be bored while paying off your debt. You’ve probably heard the saying that only boring people are bored – so don’t be boring!
Related posts:
You may feel like you should be keeping up with the Joneses.
One thing that many people find hard about paying off debt is that it feels like everyone else around them is still spending a lot of money. There are social media posts about amazing vacations, your friends might be talking about the new car they just bought, and friends who are wearing trendy new clothes and shoes, etc.
But, none of those things are needs. That negative feeling you might be experiencing when thinking about those things is just the feeling that you need to keep up with others. This is often something we try to do in order to feel better about what’s going on in our own life.
Unfortunately, it can be very tempting to stop your debt payoff journey to try to keep up with others around you, this is because you may feel jealous and wonder why others can spend money when you cannot.
But, 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! They may be maxing out their credit cards to go on vacations and buy expensive new clothes. They may have taken a second mortgage out on their home, and more!
There is no need to spend just to spend. You should only make purchases that you actually want to make and ones you need to make.
The next time you feel like you should spend money on things you don’t really need, 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.
So, if you are wanting to do some emotional spending to deal with your feelings of debt pay off or to keep up with others, try to think about how amazing you will feel if you just keep working on your debt.
Paying off debt is all worth it.
While all the things listed above were negative feelings, there is one thing to keep in mind:
Paying off your debt can have so 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. I knew that I wanted a different life and knew that paying off my debt would be 100% worth it in the end.
And, while you may feel like it’s awful right now, here are some positives that will come along the way:
Happiness. No longer having debt means that you’ll have more money in your pocket. You can save for retirement, finally take a vacation, and those things can lead to happiness and security.
No longer living paycheck to paycheck. By eliminating your debt, you will hopefully have learned better money management skills 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 have completely lost control of their life. By getting rid of your debt, you will feel much more in control of your life and your financial situation.
How does, or did, paying off your debt make you feel? What do you do to remain positive? What do you think debt free life will be like?