How an influencer paid off $ 10,000 in Instagram debt in 18 months

Select’s editorial team works independently to review financial products and write articles that our readers will find useful. We may receive a commission when you click on product links from our affiliate partners.

While full-time influencer coach Lissette Calveiro tries to be honest about the ins and outs of being a content creator for her almost 60,000 subscribers on Instagram, she hasn’t always been candid about the challenges of being an influencer.

Between 2013 and 2016, Calveiro racked up around $ 10,000 in credit card debt trying to present himself as a wealthy jet set on Instagram. Among the purchases she splurged to show off on social media was a $ 700 theft to Houston and a vintage $ 1,000 Louis Vuitton bag.

Calviero’s wake-up call to get out of debt came in 2016 when she accepted a job in New York City. After living briefly in New York City for an internship in 2013, Calveiro moved to Miami as a publicist and was earning around $ 40,000 per year. Her salary was nowhere near enough to keep up with the lavish lifestyle she portrays on Instagram. Although the new job posting had a higher salary, it prompted her to re-evaluate her spending habits. If she wanted to fulfill her dream of living in New York, she would have to pay off her debt.

Calviero spent time analyzing his finances, reducing his lifestyle expenses and saving more. She spent 30 minutes a week looking at her credit card statement and updating a spreadsheet with her regular and recurring expenses and the value of her debt. Tracking her expenses allowed her to determine what expenses she could reduce.

Now she created her own personal finance google spreadsheet template that she shares with others. Its model allows people to track their assets, income, budget and debt.

She also began to make lifestyle changes.

She found a cheaper apartment in New York despite having a longer journey time and got a Rent the track subscription, which reduced the amount of money she spent on clothes while still allowing her to have different looks for social media. Finally, she started to use an app, Figure, both to save and to pay off debt. Digit is an application that automatically puts money into your savings account, to pay off your credit card debt or to an investment account.

Calveiro was able to pay off his debt in about 18 months. Now she has a much healthier relationship with social media, finances, and credit cards.

Use travel credit cards to save money

The American Express Platinum Card®

On the secure American Express site

  • Awards

    Earn 10X points on qualifying card purchases at restaurants around the world and when you make small purchases in the United States, up to $ 25,000 in combined purchases, during your first 6 months of membership. card, 5X points on flights booked directly with airlines or with American Express Voyages (as of January 1, 2021, this applies up to $ 500,000 per calendar year), 5X points on prepaid hotels booked with American Express Travel, 1X points on all other purchases

  • Welcome bonus

    100,000 Membership Rewards® points after spending $ 6,000 within 6 months of opening the account

  • Annual subscription

  • Intro APR

  • Regular APR

  • Balance transfer fees

  • Foreign transaction fees

  • Credit needed

Calveiro was able to reduce his travel expenses by taking advantage of the travel cards and the welcome bonuses they offer, by enrolling in the program. Chase Sapphire Preferred® Card due to his 100,000 point welcome bonus, after spending $ 4,000 on purchases in the first three months after opening the account. This bonus is worth $ 1,250 when used through the Chase Travel Portal.

She now monitors flight prices before purchasing a ticket using the Google Flights calendar feature to determine which day of the week is the cheapest to fly. In addition, she redeems the points on her travel credit cards to pay for her flights.

Chase Sapphire Preferred® Card

  • Awards

    5X points on Lyft trips through March 2022, 2X points on travel and meals worldwide, 1X points on all other purchases

  • Welcome bonus

    Earn 100,000 bonus points after spending $ 4,000 on purchases in the first 3 months after opening the account

  • Annual subscription

  • Intro APR

  • Regular APR

    15.99% to 22.99% variable on purchases and balance transfers

  • Balance transfer fees

    Either $ 5 or 5% of the amount of each transfer, whichever is greater

  • Foreign transaction fees

  • Credit needed

Open up to your financial history

When it comes to her relationship with social media, Calveiro believes that being honest with herself and her supporters about the debt has enabled more people to relate to her story.

“What I found in there was that people really resonated with the debt story just because it’s a very common thing,” Calveiro said. “And that built up a bunch of conversations that were, to me, previously taboo.”

Her take on using social media has also changed since she shared her debt story.

“What I’ve learned is that people just want to be seen and heard on social media, and that has made my platforms more geared towards connecting with people through social media, rather than showing off via social media, which I think is social media culture. was before: all the cool places you ate, the cool stuff you wear, and not really to connect with people, ” Calveiro said.

Calveiro emphasizes that people shouldn’t be ashamed of their debt and that it is not a burden that should be taken on alone. She recommends employing the help of a close friend to serve as an “accountability buddy” or to seek out community on social media if you’re comfortable going public with your story.

For pricing and fees for the American Express Platinum Card®, click here.

Editorial note: Any opinions, analysis, criticism or recommendations expressed in this article are the sole responsibility of the editorial staff of Select and have not been reviewed, endorsed or otherwise approved by any third party.




Source link

About Joan Ferguson

Joan Ferguson

Check Also

Carlyle sells 3.4% stake in SBI Cards for $ 443 million

MUMBAI : Private equity firm Carlyle Group will nearly halve its stake in SBI Cards …

Leave a Reply

Your email address will not be published. Required fields are marked *