Couple Money

50/50 Week #3 Recap and Review

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We’re continuing the 50/50 Challenge and it’s time for an update.

Money Earning and Savings Tips this Week

This week we continued with 4 more tips to help you save and earn a bit of money on the side.

This week I’m going to include information lowering your tax bill and increasing tax refunds. I spoke TurboTax’s Vice President and CPA, Bob Meighan last week and he had some incredibly helpful information.

We spoke about different scenarios for couples, whether they're parents for the first time, homeowners, or taking a new job. He then went over tax credit and deductions that you can take advantage of when you file you taxes next year. We also talked about free online tools that TurboTax offers to help you with planning.

Challengers Are Stepping It Up

I just want to say this again – you are doing a fantastic job with this challenge. So many of you are really hustling and I'm energized at how focused all of you are.

Last week I was speaking about changing up my credit cards and listed some options that offer cash back. I asked for some other suggestions and feedback. I got some open and honest responses; thanks!

Max from Maximizing Money:

I use the Chase Freedom card for most of my general purchases right now, just to get the 1% back on everything as well as the 5% in bonus categories.

Evan from My Journey to Millions:

About 18 months ago I switched over to the Gold Premier American Express Card – FREAKING LOVE IT! I treat it as a super debit card and put money towards the bill almost daily…and since it is a charge card I don't have any interest payments. First year is automatically free and I even got my second year fee waived.

Money Beagle also mentioned one I forgot about:

My wife and I each have a Citi Dividends to get 1% cash back (more on certain rotating categories).

It's my hope that this challenge inspires everyone to look for ways to earn just a bit more and cut back on needless expenses. It's not a one time deal – it's something we can all do.

Progress on the 50/50 Challenge

How are you doing with the 50/50 Challenge? Are you ahead or behind your schedule? What area do you need help with? Do you have a question or topic that you’d like me to cover this week?

Photo Credit: Alan Cleaver


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