A woman on a $100k-a-year salary says she's had to "downgrade" her lifestyle due to the cost-of-living crisis - by giving up the gym and forgoing meals out.
Natalie Fischer, 25, and her husband, Keldon, 30, both worked in the tech industry and each earn six-figure salaries - with a combined $200k between them.
As the pair started to earn more money Natalie says they experienced "lifestyle creep" - where they would increase their spending in line with their increased salaries.
Natalie Fischer, 25, and her husband, Keldon, 30, both worked in the tech industry and each earn six-figure salaries - with a combined $200k between them.
As the pair started to earn more money Natalie says they experienced "lifestyle creep" - where they would increase their spending in line with their increased salaries.
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FunTranscript
00:00 Recently came across a video of someone talking about how they downgraded their lifestyle in order to save money
00:06 and I'm gonna be doing my take for 2024.
00:08 First, my husband and I cancelled our Orange 30 membership which was costing us $208 each month.
00:15 Instead, we agreed we'll be running and walking outside a lot more.
00:19 Second, I no longer get mani/pedis unless there's a special occasion.
00:23 Where I'm at in Washington State, every time I went to get a mani/pedi, it cost me about $90-$100.
00:29 Third, we're gonna be eating out a lot less.
00:32 Last year, we would eat out 2-3 times a week and that is just too much.
00:36 Instead, we're gonna try to limit ourselves to going out at a maximum once a week,
00:40 excluding when we're on travel or vacation.
00:43 But actually, we're doing no spend January so we're not even gonna be going out this month.
00:48 And to give you context, going out for two people in Seattle averages about $50 for us.
00:54 And fourth, we will be downgrading a lot of our credit cards with annual fees.
00:58 Last year, since we were getting married, we opened up several credit cards to put our wedding expenses on there
01:03 so we can access the welcome bonus points.
01:06 Now that we use a lot of the welcome bonus points for travel, we just won't be traveling as much next year.
01:11 And after the bonus points, some of these credit cards are just not worth it.
01:15 Some of the credit cards we have right now is the Chase Sapphire Preferred,
01:19 the Capital One Venture X card, and the Amex Platinum card.
01:24 After one year is up, which would be in the summertime,
01:27 I will most likely be downgrading everything except for the Venture X card.
01:33 The reason why I'm gonna stick with the Capital One Venture X card is
01:36 although it has an annual fee of $395, you get $300 in travel credit annually
01:42 and you still get access to priority pass as well as access to the Capital One lounges.
01:47 So for me, it seems worth it.
01:49 So we're probably gonna save $700 to $800 on credit card annual fees this year.
01:54 If you're trying to improve your finances in 2024, follow for more money-saving tips.