The monthly fees dilemma
the challenges of striving to be financially responsible
I’ll be honest, I haven’t written on Medium since the announcement of the membership fee system. I have mixed feelings about it.
Let me first start off with being grateful (like I do every morning). I am extremely grateful that in not paying the membership fee I have not been completely kicked out of the club — like walking to the office and finding out that my key no longer works and my stuff is sitting nicely piled outside the door waiting for me. My writing is very much like an investment and would be a loss if all of a sudden it disappeared.
Let me backtrack for a second. I started taking a money program in November 2016 and one of the challenges is to find an extra $100/month by either reducing expenses or increasing income. Just by focussing on this goal, I have become extra aware of all of my auto monthly charges, as well as being hyper vigilant about adding more monthly fees.
Another issue I’m running into is that many fees, levied by both American AND Canadian vendors, are in USD. So, $5USD converted to CAD this morning as per June 2 = $6.75. That is not necessarily the rate I’m getting dinged by my credit card company, and so I’m going to round up to $7CAD/month.
So now I’d like to talk about compound interest. Let’s say I haven’t been keeping up with my credit card charges and debt, it is likely that that $7 monthly charge will continue to accumulate, compounding interest in favour of my credit card provider. Finance is somewhat of a challenge for me, however, after using this brilliant compound interest calculator, this comes out to $84 in total charges + ~$4 of interest = $88 of accumulated debt at the end of this year. Not a lot of money really. Until you add it to the rest of my monthly payments and total debt outstanding. Then a piddly $7 charge starts adding up to become something I really need to consider.
The point I am trying to make here is: until I can commit to paying off the $7/month charge religiously, I am unable to wholeheartedly make this financial commitment.
As a spiritual person, this dilemma creates a problem for me. Am I living in abundance or scarcity? Am I taunting the Law of Attraction so that it never touches me? I believe this actually can change depending on how I am wording it. As a person who is struggling to leave behind the belief “I can’t afford it,” this wording reinforces me living in lack, struggling to get by, being at the whim of circumstance, repeating bad choices, and my money controlling me. By changing this to “I am being careful with my money, deliberately weighing opportunities with cost, and ensuring my expenses align with my priorities, goals and mission,” I feel more at ease and control of my decisions.
I am not being cheap, I am being focussed. I am keeping my eye on the big-picture prize. This means that until writing weekly or daily on Medium becomes part of my business objectives, a Medium membership is a “nice to have” as opposed to a “must-have.”
About the Author: Allison Kessler is an entrepreneur and lives and works in her beloved hometown of Calgary Canada. She has reinvented herself several times over in this lifetime in search of authenticity and purpose. She is the founder and Creative Director of Fun4business — a website design and online marketing company and you can reach her directly at firstname.lastname@example.org.
Thank you so much for reading!