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welcome to our blog. we are sisters and best friends. kelda lives in the bay area and lauren lives in nyc. together, we share all things travel, money and more. our mission is to provide actionable tips that still let you live your life! thanks for visiting!

November Peer Profile: “Anything I could earn, I could keep, and I loved the challenge of that!”

November Peer Profile: “Anything I could earn, I could keep, and I loved the challenge of that!”

Last year, we started a feature on Hello HENRYs called Peer Profiles - a series in which we interviewed millennials about their approach to money + what has influenced the way they manage it. We think there is so much value in having conversations with friends about money! It shouldn’t be taboo + we guarantee that you can learn something new, even from your most financially clueless friends. We hope that our conversations inspire you to break the ice with your own peers! 

For this month’s Peer Profile, we met with Amber Neal, a 24-year old (23 at the time of profile) Account Manager living in Dallas, Texas. Amber recently paid off over $50,000 (!!) in student loans after months of smart choices and sacrifices that allowed her the financial freedom she was craving. We were excited to hear how Amber managed to accomplish such an impressive goal, while still living a typical life for a young twenty-something. We FaceTimed Amber for one of our favorite Peer Profiles to date! Seriously, we left our conversation feeling so inspired and that our student debt was manageable. Read on for a sneak peek into how Amber paid off her student debt! 

Hello HENRYs: Always our first question for any Peer Profile, what is your go-to drink? 

Amber Neal: Usually, if I’m going out, I’ll opt for a Moscow Mule. Being in Texas, however, you can never go wrong with a margarita. If you’re in the Dallas area, you have to go to Katy’s Trail Ice House. Oh my god, it’s so strong. And of course, you have to get chips and queso. 

HH: Love! One of the things I miss most about living in Texas is having good queso everywhere, and of course, a good, strong margarita. We always feel that for better or worse, our parents or families have a strong influence on how we handle and deal with money. Do you feel that your parents influenced your financial decisions a lot? 

AN: My parents aren’t actually the best with money. I saw that growing up, so now I want to set up a strong financial future for myself. They’ve both gone through bankruptcies, so while I wouldn’t say their financial decisions are ones that I inherited, I’ve certainly learned from them on what to do or what not to do. 

HH: We totally get learning from our parents’ mistakes! We always appreciated that our parents were open about finances when we were growing up because even if it was something that was a mistake, we still learned more about our finances and how we wanted to handle our money in the future. Do you remember your parents talking a lot about money or how to handle it when you were growing up? 

AN: Both my parents are salespeople, and always taught me that I was in charge of making my own money. When I was little, we would camp inside the track at Nascar races, and my parents would give me a box of glow sticks to sell. Our agreement was that anything I could earn, I could keep, and I always loved the challenge of that! Of course, almost no one would say no to a little girl selling glow sticks, but it still taught me the important lesson of earning your own money!

HH: How cute! Isn’t it so funny how you have those specific memories of money from a young age? Do you think your sister has a similar financial mindset to you because of your parents? 

AN: My sister is only a freshman at Alabama right now, but I think I’m pretty unique in my financial mindset. Because of the timing when I went to college and my family’s bankruptcy, I got a lot of financial aid from Baylor, whereas my sister is taking out a lot of loans. Maybe when she graduates and gets older her financial mindset will change. I’m hopeful she’ll take my advice in paying off student loans! 

HH: Hopefully! You are serious goals in already paying off your student loans so early. We love that! You graduated from Baylor in May 2017, and in September of 2019 had already paid off over $50,000 in student loans. How did you pull that off!? 

AN: When I first graduated from Baylor in May of 2017, I moved back home to San Diego and lived with my dad. I was unemployed for about four months after I graduated, which was really hard for me to accept and honestly defeating. In the fall of 2017 I started working in the healthcare industry. I would commute 60 miles each way, it was crazy. But, I was super fortunate that my dad let me live rent free. I was able to save a ton of money by not paying for utilities or anything. Then in November of 2018 I decided to move back to Dallas. I was really nervous when I moved to have to start paying for rent and no longer have the luxury of all of these free things. At the same time, I felt almost uncomfortable living at home, it seemed like everyone else had moved out on their own. 

HH: Yes! I lived at home for about a year after graduation as well, and because of that saved up a lot of money, however, it did feel like I was missing out at times because all my other friends were living on their own. Looking back though, I wouldn’t change it at all. It helped set me up so well to be financially ready to live on my own! It’s certainly a privilege to be able to do so. Other than living at home, how did you save money to be able to pay off your student loans? 

AN: My student loan payment was around $550/month. I was always trying to find a deal wherever I could. A lot of little things add up. When I moved from California to Texas, I no longer had a state income tax which increased my salary. Then, because I work remotely, I was no longer paying a ton in gas or car insurance, like I was when I was working and commuting in California. Those were things that made a big difference, but I also love ebates and Target Cartwheel is my best friend. I was already spending the money, so I might as well save while doing it! I’d say I’ve saved about $400 just by downloading those apps. I also got a part time job at Lululemon to help me pay off my loans. For Christmas or my birthday, I was always asking for money to pay off my student loans. I was so motivated to get rid of them!

HH: Wow! We love that. It’s so easy to feel like we need to cut out every little joy in life, but sometimes with a little extra work, we can save a lot of money while still having the joys in our life! Was there a specific strategy you used to cut down your student loans? Or what motivated you? 

AN: Exactly! I read about Dave Ramsey’s snowball method and started paying extra off of my high interest loans. That helped to motivate me each time I paid one off and saw my monthly total go down. I also made payments during my grace period, which saved me a lot of money in interest! I learned about that during the student loan exit interview process, and feel like not enough people pay attention to those things. It can make a big difference. When I finally made my last payment and knew I’d never have to log in to the Baylor webpage again, it made me so excited!

HH: That’s awesome! We know people have varying views on the snowball method and Dave Ramsey, but honestly, whatever works for you and is going to motivate you to actually cut down on your debt, is the best strategy to utilize! No “one thing” will work for everyone. We can probably guess the answer to this, but what do you think is your smartest financial decision you’ve made? 

AN: Paying off my student loans, for sure. I’ve also always had a goal of buying a house. Once my student loan payments started decreasing, I knew my next goal would be to buy a house. Now I hope to have a house purchased before I turn 25 next October!

HH: Such a smart goal. Lauren bought her house when she was 25 and it is such an impressive accomplishment. Our parents always told us that their biggest regret was not buying a house sooner, and that was definitely a mistake that we learned from. Speaking of, do you have a financial regret? 

AN: Not paying off my loans sooner and not investing sooner. I have a USAA account and they told me to start investing, which I am now that I’ve paid off my student loans. I also didn’t start investing in my 401(k) until recently, and while I believe that helped me pay my loans even faster, I wish I had started sooner. 

HH: Such good advice! So many people say that you shouldn’t start investing until after you’ve paid off your debts. We’re firm believers of starting as soon as possible. As long as you’re meeting your monthly payments, if your investment return rates are higher than your interest rates on your debt, it’s actually smarter to use your extra money to invest. Your money will work for you! But honestly, we can’t believe it’s a regret you didn’t pay off your student loans sooner! You’re so ahead of the curve. Also, starting investing and saving for retirement when you’re 23 is still a great age to start. People have so much to learn from you! While paying off your student loans, did you use credit cards? We know some people feel scared or intimidated to use them while doing so. 

AN: I have a couple of credit cards. I have an American Express that I use for Cash Back. I get 4% back on gas, which was great for when I was commuting in California. I also have a Capital One Venture Card. It’s free for the first year, I get TSA Precheck and I can use airmiles. I do also have a couple of store cards, both at Nordstrom, because I used to work there, and at Target for the 5% off. I only apply if there's a debit option, as well as a benefit to having them (points, cash back, etc.).

HH: We love that you’re using cards that have benefits that suit your life. We can only imagine how getting 4% back on gas saved you a ton in California commuting so much! With your credit cards, or while paying off student loans, how did you help manage your money to make sure you weren’t overspending in one area of your life? 

AN: Working part-time at Lululemon definitely helped me with that because I was bringing in extra income. Fitness is also definitely a splurge category of my finances, but I make sure to budget accordingly so I can still attend my favorite crossfit or Soulcycle class. Otherwise, I use the Clarity app which my friend introduced me to and that has really helped motivate me. Then I knew when I was spending too much, say in food or socializing, and I could use it to influence my spending. It didn’t mean I couldn’t hang out with friends, but I might just get water instead of a drink or eat at home before going out. 

HH: That’s awesome! We are big proponents of not letting finances get in the way of maintaining your friendships. There’s no reason socializing has to cost a ton of money, and you’ve found great ways to manage that when you need to! Now that you’ve paid off your student loans, other than buying a house, do you have any goals or things you want to do now that you don’t have that financial burden? 

AN: I really want to travel more. My dream trip would be to Australia and the Great Barrier Reef so I can scuba dive. I’m just waiting for my friends to be able to go! I’d also really love to go on a trip with my dad, and be able to show him how much I appreciate his help and support when I never thought paying off my debt was possible. 

HH: Ohh! Sounds incredible! We can’t wait to follow along! We love that you were able to prioritize your finances from the beginning so now you can have greater financial freedom to do so many cool things! 

If you or any of your friends are interested in participating in our Peer Profiles series, please let us know!! We are always looking for a fresh perspective!!

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