“A Week in Atlanta, GA on a $57,000 Salary”

I’ve been interested in personal finance blogs and money diaries for some time now, but I find what Refinery29 does particularly insightful and helpful.  On a consistent basis, their readership volunteers to send in what weekly expenses look like for living in their respective cities on a particular income level.  While some might think this is the epitome of “keeping up with the Jones’s”, I find it can actually help people in a few different ways.

Money is Taboo, so being transparent is a positive step

Like many other Americans, growing up it wasn’t polite to talk about religion, politics, or money with other people.  Strangely, when it comes to money, it is sometimes even more strange to talk about it with those closest to us.  For this reason, the money diaries that Refinery29 produces, create a transparent yet anonymous way for people to discuss what they are making and where they are spending their money.  Sometimes, this is convicting and challenging when you see others being more diligent with their savings and sometimes it is an ego boost if your personal situation appears to be in control compared to others.  Either way, I think the transparency and openness that it provides their audience is positive because the first step in getting control of something is being able to open up and share about it.

It Provides Real Time Cost of Living Information

Mobility and moving around the country (or the world) for work is becoming more and more common.  Despite the world becoming a smaller place, the cost of living differences from city to city are still enormous.  I personally can testify to the changes I saw from the Midwest of the United States, to Singapore, Australia, and now to the southern part of the U.S.  There are pros and cons that each city or region possesses but reading through these diaries and getting a sense of what things cost in different cities can be a valuable tool to someone considering a relocation.

Don’t Sweat the Small Stuff

This goes back to the “latte problem” post from a couple of weeks ago.  Reading through these diaries starts to highlight the power of getting control of your major financial decisions (house, car, insurance, education) and not getting so caught up in the little purchases (gym memberships, Netflix, spotify, coffee).  Making a housing choice of renting vs. buying or deciding to save up for a used car rather than leasing a brand new one can sometimes be the difference of hundreds of dollars each month.  Gaining control on these major decisions will be where people make up the most ground with their financial future; not in restricting themselves to 3 lattes per week instead of 5. 

If you, or someone you know, want to get control of their “money diary” then reach out for a free consultation with one of our advisors today!

August 16th, 2019