Our Cash Confessional series, in partnership with Bank of America, takes a personal and anonymous look into how people of all ages and incomes spend their money. Answers have been lightly edited for clarity.
PARTICIPATE: Want to be featured? Go take this updated 29 question, anonymous survey. We’ve recently redone the survey to give participants more freedom to showcase their financial decisions. To see the other installments of Cash Confessional, click here.
Tell us about yourself.
I’m a college graduate and in my early 50s. I’m divorced and have two children. I own my house and don’t plan to move.
Industry and income?
Media sales. I was making $100,000, but I was laid off on Monday.
I believe I was paid fairly, but the company is having unexpected cash flow issues due to coronavirus. Our customers aren’t paying their bills in a timely manner.
How has the coronavirus pandemic changed your spending habits?
Only spending on necessities like food and bills.
How has coronavirus impacted your income/future earnings potential?
No current income.
I have not been able to register for unemployment due to website and phone line issues. Unable to reach them.
[Related Agenda story: Over 150,000 N.C. residents have filed for unemployment because of coronavirus]
Top 3 financial goals?
- Build up a safety net.
- Retire in 10 years.
- Don’t live paycheck to paycheck.
Best purchase you made this month?
I paid off some bills which left me cash-poor but glad to have them paid.
Best and worst financial decisions?
Worst: Refinancing an older model car.
Best: Deciding not to consume alcohol, which allows me to save money.
How much debt do you have?
Where did you learn to manage your money?
I don’t manage it well, but learned from my parents, ex-husband, and in-laws.
Are you motivated by money?
I’m motivated by a job well done and job security, in addition to money.
At what age do you hope to retire?
What do you consider “rich” in Charlotte?
Anyone who doesn’t finance all purchases and doesn’t spend everything they make.
No. 1 piece of financial advice?
Make purchases in cash. Don’t use credit.
Build your financial know-how with free tools and information to help you make more confident decisions. Visit the Bank of America Better Money Habits site today.
Need 1:1 guidance on getting your finances in order? Schedule an appointment with a Bank of America specialist today or stop in your local financial center.