Updated: Apr 20, 2020
Another week, Another Money Moment. This week we speak to new account Savvy Savings Squad all about Living in New York, Balancing having no debt and enjoying life and why you should follow Savvy Savings Squad. Think you would do a great job at answering our Money Moment questions? We’re always looking for people to take part, email email@example.com your interest!
What does financial freedom mean to you?
Financial freedom to me means living the life I choose with no worries about finances. To be able to continue my career (I’m a passionate high school science teacher) and maximise my income potential. It’s also about ensuring my family is taken care of and we can live life on OUR TERMS!
What is the piece of money advice you wish you knew 2 years ago?
It would be related to taxes. Due to a couple of W2’s and a 1099-MISC for a phenomenal teacher fellowship I’m part of, I didn’t realize that even with pre-paid taxes (for the 1099) there are still factors that can affect me breaking even or still owing a little something!
If you are wondering what a W2 and 1099-MISC are, then..
A W2 is a US tax form showing the wages paid to employees and the amount of taxes withheld from a pay check.
A 1099-MISC is another US form taxpayers use to report non-employee business compensation i.e. awards, healthcare payments.
What’s the biggest money challenge/issue or learning you currently face?
The extremely pricey home values in my neighbourhood in Brooklyn, New York. My husband and I truly love our neighbourhood, aspire to raise a family here and potentially purchase a multi-family home. We have an aggressive savings plan but homes in a Brooklyn are notorious for high prices.
FYI, The median house price in Brooklyn is $672,500
What’s your first money memory?
My first money memory was my uncle giving me a dollar. I’m photographed sitting on my dad as a toddler holding the dollar and I remember doing everything I could to “take care of it”. Ha-ha.
What money habits did your parents practice? How did you feel about those habits?
My parents were really really really big on saving. If anything they instilled that bug in me. However, they didn’t have a joint account and each had separate responsibilities. I never liked that or agreed with it which is why when I got married, my husband and I decided that a joint account was the best option for us.
What drives your financial decision?
My financial decisions centre around maintaining no debt. I wouldn’t call myself hyper frugal. I travel the world, own nice things, and enjoy NYC outings. It’s all about balance. We have both made decisions and strict guidelines to enter a marriage with no debt and ensure that was maintained.
What area of money management do you wish you knew more about?
I wish I knew more about investments. I am highly well versed in retirement accounts, most especially within the Department of Education, as I am a teacher. I aspire to learn more about investments, index funds, etc in the future.
What is your favourite money tip?
My favourite money tip is related to my savings. I plan a goal for the year. I determine how much would need to be saved each month. Then based on how often I get my checks, divide again based on that. It ensures consistency in reaching that yearly goal!
What is the mission of Savvy Saving Squad?
The mission of Savvy Savings Squad is to provide a community where people of all ages, genders, backgrounds, and socio-economic statuses can apply techniques that can work for them related to smart saving decisions. This can be related to money, materials, space, etc! Applicable for all professions, all people, all the time. It’s a space to grow and develop for the long term.