The Budget Mom workbook has changed my life. It's been 5 months since I started the TBM method and I have not created any new debt. My budget hasn't matched up perfectly, but I have had the money to cover all of my purchases. Prior to COVID-19, I was making pretty good money with my babysitting jobs. If I wanted to go out to dinner or buy someone a present, I just picked up an extra job. I haven't babysat since the beginning of March and so I knew I had to further curtail my spending. I cancelled a couple of subscriptions I didn't use and changed my Amazon Prime Student account to a one-time fee annual account. This is saving me some cash each month.
My goal is to cut or lower as many fees as possible. I have a paid off American Express Delta Skymiles card. I've had this platinum card since 2015 and the benefits made a lot of sense when I was in an airport every single week. The free checked bag benefit paid for the annual fee within a month. AMEX raised the annual fee to $250 this year and my card renews in July. I considered cancelling the card but I feared for my credit score. I have a $29,000 line of credit and it drives my credit utilization way down. I've been fretting about this for a couple of months, when I see that The Budget Mom had shared her blog post on cancelling credit cards. I commented and someone suggested switching to the no annual fee AMEX Blue Delta Skymiles card. I didn't even know this thing existed!
A quick call to AMEX customer service today and now my account has been switched to the blue card. I will receive a prorated credit for my last annual fee, keep my current credit limit, and keep my skymiles. I lose the member benefits of the platinum card but I was rarely in the airport to use them.
I'm glad that I am keeping a Delta Skymiles card because Brad and I have been talking about taking an amazing trip to Australia and New Zealand after I graduate. Turns out that this has been a dream trip for both of us. It's kind of nuts that we have so much in common and still surprise each other with these similarities. I am so excited to plan and save for this bucket list of an adventure.