Welcome to Money Talks! New approaches to money have exploded. Yet, money remains taboo. Less than half of you share personal finance information with your friends and family.
But that’s all changing. Now more and more of you are talking about money because it leads to better outcomes.
In an effort to provide personal finance insights through transparency (and have a bit of fun), I’ve created a series titled Money Talks that showcases how real people in Charlotte approach money.
It’s an anonymous way for you to share your money experiences and insights with our city. Answers are lightly edited for clarity and privacy (ex, exact age). Want to participate? Take the Money Talks survey.
Here’s a look into the personal finances of a 40 year old project manager.
Living situation:
Own. I bought in early 2008 and refinanced at the beginning of 2022, right as interest rates started going up again. My credit wasn’t spectacular, so I’m paying private mortgage insurance, but it’s worth it for the lower interest rate.
My best money decision was refinancing my home when the rates dropped below 2%. I got to take money out to do some minor remodeling and paid off a lot of my debt.
If you ever find yourself unable to pay your mortgage, call the mortgage lender. They want to help you, I promise. I spent several years in and out of pre-foreclosure before restructuring my old mortgage. It was one of the most humbling experiences, to beg someone else to let me keep my home. Having kids has made me much more responsible with money.
Children:
Yes. I was shocked when I was unable to breastfeed and had to buy formula for my first child. It wasn’t anything I had ever considered or budgeted for and it almost broke us.
Job:
I’m a marketing project manager.
Salary:
About $60K per year. I’m asking for a raise this year. We do get an annual bonus at the end of the year based on company performance.
We used to have unlimited PTO, but that’s been changed recently. Kind of a bummer.
Salary journey:
I spent many years working retail management. Long hours, hard work, not a huge income. Barely able to pay my bills.
I finally got out and into marketing. I truly enjoy my job, I just wish I had a little more financial freedom.
My advice is to ask for more than you need to make. If you need $50K to survive, ask for $75K. Don’t underestimate your worth. If you value yourself, your employer will too.
Work/life balance:
Pretty good. I have a lot of flexibility and can come and go as I need to for my family obligations.
There’s always more work that I can do if I can’t sleep, and sometimes there’s a project that needs extra hours, but for the most part, I log on around 9am and log off by 5:30pm.
Debt:
Ugh. Yes. Not nearly what I’ve had, but I’ve got about $5K in credit card debt, $90K in mortgage, and about $14K in car loans.
The credit cards are all variable rates and the interest is killing me. I’m looking to consolidate and pay them off quickly.
Credit cards:
I have one Bank of America card and two Capital One cards. I bank with both institutions, which makes it easier to pay them, but otherwise, no real reason behind the card choice.
Worst money decision:
Getting a credit card at 18 years old. By 22 I had $25K in debt.
Budgeting:
Kinda. I like the idea of a budget and I’ve tried to budget, but I never seem to have enough money for what I need.
I keep a running list of my monthly expenses and make sure I pay them, but that’s about it.
Splurge:
Food. I love good food and it makes me feel good. Otherwise, I splurge on my hair care. When I look good, I feel good, and feeling good is important.
Charlotte money hack:
Charlotte on the cheap is a great website to find cool things to do that don’t break the bank.
Total savings:
I try to save $250/mo. That’s been tough with the new baby and paying for formula, diapers, and daycare. I’ve stopped putting money into a 401(k). I need it more in my day-to-day life.
Savings goal:
I’m trying to save to remodel my kitchen and take my kids to Universal Studios. If money was no object, I’d love to have a Birkin bag and a housekeeper.
Retirement:
I honestly haven’t thought that far into the future. I would love to retire, and move somewhere warm and with a beach, but I don’t know if that’s a realistic goal for me ever.
I will probably work until I absolutely can’t work anymore and after that, I’d like to rescue dogs.
Personal financial freedom:
If I could make about $85K a year, that would be enough for me. It would be enough to pay our monthly bills and enough to pay off our debt, with enough left over to have some fun money without getting outrageous.
What do you consider “rich” in Charlotte and why?
Those people in SouthPark with their shiny cars, fancy purses, designer jeans, and stupidly expensive sneakers.
I’m sure most of it is just for show, but I’m a little bit jealous of it.
I do believe that most people aren’t as financially stable as they project to the world.
Financial goals:
Be able to buy groceries without concern for how much something costs.
On your mind:
The cost of groceries is seriously stressing me out. I have some picky eaters in my house and the cost of proteins and eggs and basic stuff has gone up so much that it’s a struggle every week.
Where did you learn how to manage your money?
My mom. I remember her sitting down every month to pay bills and balance her checkbook. I tried that for a while but it didn’t work for me. I have to pay out of each paycheck or the money isn’t there when I need to pay the bills.
I learned a lot of it through trial and error and finding out what works and what doesn’t work for me.
Money Talks is a weekly series showcasing how real people in Charlotte approach money. Participate.
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