Splurges and fun, what is that exactly? Growing up in a single mother household we didn’t really get to experience that. It wasn’t until I became an adult that I realized that my own mother had never taken a vacation until I took her on one in 2020, just before coronavirus came in and changed all of our lives.
I have never passed judgement on my mother because unlike some, she made every effort to do the best in raising four children on her own. I remember my first family vacation experience was with my elementary school best friend and her family. The family had planned a trip to Carowinds Amusement Park and invited me to go with them. And although I was scared of heights and didn’t ride much, I remember it being quite an experience. It was this experience that impacted me the most still to this day.
As a child, you hear about kids who know exactly what they want to be when they grow up. That was not me. I had no idea what I wanted to be when I grew up. I just knew that I wanted more, so I focused on graduating high school and working various jobs after that. I felt that it was a pretty okay life since I was able to buy whatever I wanted.
It wasn’t until after I had my sons and experienced a near death situation that I got laser focused. I realized I had ended up in a similar situation as my mother, raising my sons without either of their fathers in the home. I say similar because although I was doing it alone I had managed to take my boys on trips here and there, but nothing to the extent that I felt that they truly deserved. It was during this rebuilding process that I realized that the best way to provide them the best life possible was by first taking back control of my financial situation.
Did You Know That You Could Possibly Be Overpaying In Taxes Each Pay Period?
What most of us don’t realize is that taxes are an employee’s single largest expense each month.
You heard me correctly. This may come as a shock to some, but not everyone pays taxes.
The wealthy make more money but pay less in taxes simply because they understand the tax laws and instead of operating out of the E (employee) quadrant like so many families, they operate out of the B (Business Owner) & I (Investor) quadrants. This is how people like Donald Trump have been reported to not pay taxes for stretches of up to ten years.
I remember when I first started working, someone told me that you should claim nine for six months then claim zero for the next six months. Not understanding this, I simply did as I was told because truth be told I had no idea what I was supposed to enter or even how to figure out what I should have entered.
By not fully understanding what the form was asking, I would enter in nine to offset the amount of taxes that the government would take out of each pay check, then claim zero to receive the amount I believed I owed before the end of the year, thinking that the form was asking for the number of dependents I had to claim.
In actuality, what the form was asking for was the amount of exemptions allowed based on my current situation. By not being aware of the exact amount of exemptions you could claim legally, most people end up overpaying in taxes, giving the government a tax free loan and receiving a tax refund as their repayment to them and their family.
What if you were able to stop overpaying in taxes and could invest that money into investments, building a business, or even bills that we all have, but in a way that then allotted you a way to have some family fun?
Luckily for the next generation they have replaced this form, which has been updated for any new employees. I would suggest, if you haven’t updated your W4 form within the last two years that you do so because you could still very well be overpaying your taxes.
How can you check if you’re overpaying? By visiting irs.gov. They have a calculator available which is simply a series of questions based on your current situation that tallies the amount of taxes you would owe for the year.
After you have determined where you stand and updated your information with your HR department, if it applies, then you want to figure out how to improve your family’s standard of living by implementing splurges and fun into the mix.
I recently had the pleasure of interviewing this stay at home mom that earns miles and points from her family’s credit card purchases and uses those to take her family on extravagant vacations for months at a time.
I know it sounds insane, right? Exactly my first thoughts.
They are taking advantage of the rewards that their credit cards offer earning miles and points and then applying those to cover the family’s airfare and hotel accommodations.
They are simply using their credit cards like anyone else that has a credit card, but to cover their monthly expenses, so that they meet certain requirements to earn those miles and points and just before they are hit with any interest from those purchases they pay their balances off in full.
Now, I’m not suggesting that you go rack up credit cards and go on shopping sprees and put yourself in debt because debt is another obstacle that the majority of American families face when attempting to attain financial freedom.
Just know that having a family no longer means that you are confined to stay home, no longer able to enjoy life. In order to qualify for a majority of the cards that offer the amazing deals that this mom and her family are taking advantage of you have to have at least a 700 or above credit score.
But if you feel that you are ready to discover the secrets to traveling more for less and explore the world with your family visit katiestraveltricks.com or simply insert your name and email in the pop-up on this page and I will get her information sent right over to you.
My goal is to spend as much time offline as humanly possible. I have two little guys that demand my attention outside of work and am aware that you have little ones that are just as demanding as mine are. If we're not connected on Facebook, Instagram, YouTube or Twitter, be sure to find me there. I'm always down to connect and answer any questions, feel free to reach out to me and my team at firstname.lastname@example.org!
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Hi! I'm Asha.
Born and raised in South Carolina, I’m a country girl who’s passionate about making a difference in the world. I’m an obsessive learner who spends time reading, creating, and selling online educational programs for mothers.