goddamnit, i’m finally leaving
I’m leaving folks! I’ve fantasized about living in different cities since I was a teen. I’ve lived/worked in LA and Orange counties all my life. I’m 32 years old, after a huge dose of mortality, I realized time stops for no one and it’s important to pursue your passions. I really enjoyed travel in my early college years and I’m at a point where I don’t have any major attachments or responsibilities. I’m single, healthy, and my work is primarily digital.
I will be gone for 5 months, joining my friend Hannah around the world. When I committed to this adventure I had two feelings; excitement and stress. I’m single so I didn’t have anyone to ask for permission to travel, (and why would I?). I needed to get little things in order like; consolidating my credit cards, picking the right cell phone plan, plan my car loan, and cancel my digital subscriptions.
I need money to travel and money to pay my bills when I’m gone. My first step was to consolidate all my credit card balances into one card with a low APR (annual percentage rate). This is how credit card companies get paid for lending you the “credit”.
How do you get a low APR? Always try to negotiate with your credit card company first. APRs can be negotiated- these card companies want your business. I have good credit, and not too many credit cards, so I decided to open new accounts with 0% APR promotional offers. There’s a ton to choose from- but I’ll talk about the two that I’ve had experience with. Something to think about- because of my good credit I knew I would qualify for the promotional rate and the appropriate credit limits to consolidate all my balances. If you have no credit- you may not qualify for a decent credit line. (So I guess if you have good credit, you can keep reading.)
I did a balance transfer to US Bank Visa Platinum card that offered me 0% APR for 20 months. I was able to successfully transfer 3 different balances. Heads up, there is a balance transfer fee, which is 3%. See details here: https://goo.gl/uMDyAb
Another option was the Citibank Diamond Preferred, also at 0% APR for 21 months. The balance transfer fee is also 3%. See details here: https://goo.gl/MwcZQb
So, I’ve consolidated all my balances into one card. While I’m traveling, I can schedule minimal auto-payments from my checking account to one bill. You could also set your cell phone to auto-pay with the one card. I’ll cover the cellphone in a different blog post.
When I have freelance work during my travels I have the option of paying down more. At the end of 5 months, assuming I’m “home”, I’ll have another 15+ to pay off my consolidated balance without any interest. Maintaining a balance and paying down credit cards will boost your credit score.
Consolidating the balances also allows you to save more cash before your trip. I have four weeks left before I board a flight to Argentina. I leave to Portland for a week to visit my cousin and her new baby. So, really I have about two weeks to generate any income. More about saving the pennies in the next blog…