Why I can't spend money here and there as I please, as I did before:
goal - 1st year tuition & supplies - $6000
start saving date: August 2009 or when the last credit card is paid off
monthly savings: $250
needed by: 2011
goal - adequate emergency fund - $6000
start saving date: September 2009
monthly savings: $40 (ideally $160 - $200)
needed by: all the time/indefinite
goal - credit card debt zero balance - $3000
ideal monthly goal: $500 per month starting april 2009
ideal time to be paid off: September 2009
goal - student loan debt zero balance - $5000
monthly goal: $70 (but really..more?) starting August 2009 (or when credit card is paid off)
to be paid off: by August 2015 (but really..ASAP after that last credit card)
goal - Hawaii
??? no plan because I will just use a tax return for the trip (about $1500 + some money from general savings/bank)
goal - RSP - $1000000 (ideallllllly more)
monthly goal: $31 (seed) ideally at least $200 starting September 2009
Some Things I want that cost money:
A Car
A Penthouse (not just something on top of a 3 storey, but an actual beautiful penthouse with floor to ceiling windows and gorgeous view)
Photo books
A real camera
A boob job
Thursday, April 23, 2009
An update of sorts/random
I need to count my blessings.
I've been feeling very blah, bored, and down about what I don't have. I am struggling not to want when really I want it all. It being everything my heart desires... (ie a penthouse and beautiful home furnishings a benz..etc)
I got my tax return earlier this month. It was about $2400. NOTHING went to savings. Some of it is still sitting in my bank account. I paid off another credit card leaving me with one more credit card to pay off *smiles*. I know I should start an ER fund, I do have something going on but nothing that really defines it as an "ER FUND" - I will start the ER fund officially ...sometime.... :S
The balance for the credit card I just paid off was about $1800.
My current balance for the one I am paying off right now is $2850.66
Main money goal for April 2009: Reduce CC balance to $2500.
Secondary: * Get an interior car detail
- reason: spilled milk (might as well get the whole thing cleaned)
- cost: about $150
* Get teeth pulled out
- reason: wisdom teeth are hurting and hard to clean.. was supposed to get 'em
done years ago - now I have to pay .. live and learn..
- cost: about $220
I plan to put down at least $300, but ideally $500, per month until my last credit card is paid off.
I am definitely not as money-worried as I was just a few months ago. Cautious, yes. Paranoid, sometimes. Stable, getting there. Have money? Hell yeah (kinda..uh not really ..maybe?).
I've increased the grocery budget to $50 a week...it's doable but REALLY hard at $20 - $25 a week....we were basically eating the same thing every day.
I've been keeping the thermostat at 0. I want to see if this decreased the utilities bill at all - usually it's about $50 - $60 a month (I live in an apartment).
I was able to "update" my little dining area. Not sure what the theme is but it's kind of romantic, shabby chic:
Already there:
Big gold and black trimmed mirror (kind of shabby chic or goth depending on the surroundings - mirrors really do open up the space!) - $60 off Craigslist
Two Ikea Meltorp tables
2 birch chairs from Ikea painted white
Natural coloured couch from Ikea (separates the dining from the living room)
Little black shelf that sits in the corner and holds plates and bowls
Black and brown plastic mat from Walmart underneath the furniture (I have a little, messy girl)
What I bought within the past month:
A chandelier from Canadian Tire - $90
Lill curtains from Ikea - $6
31 ft fabric used as a valance over the curtains - $47 (that was expensive!! I was not expecting that....oh well. The total I spent on my curtains is still cheaper than other places.)
I'll post a pic or two up sometime. I must say, I actually really love the way my dining room looks :) The curtains really complement the chandelier and the huge mirror opens up the space.
I still want to furnish it a bit more - I'm going to get a shabby chic looking black lamp to put kitty corner from the shelf (beside the couch). I also want to get a different mat, some seat covers for the chairs, different pillows for the couch, a white wooden cutlery box, and...some flowers.
Things I need but I don't want the cookie cutter norm:
A desk/sofa bench for the living room
A children's storage unit for her toys and books - an Ikea one I might be interested in is $304!! Out of my budget at this time :S
I spend soooo much time fantasizing about stuff I want. And stuff? It costs money. The mentality is that we work hard and we DESERVE to have what we want NOW. Credit card debt and the stress it brings is not worth it though.
Besides.. I need to stick to .. "THE PLAN"....
I've been feeling very blah, bored, and down about what I don't have. I am struggling not to want when really I want it all. It being everything my heart desires... (ie a penthouse and beautiful home furnishings a benz..etc)
I got my tax return earlier this month. It was about $2400. NOTHING went to savings. Some of it is still sitting in my bank account. I paid off another credit card leaving me with one more credit card to pay off *smiles*. I know I should start an ER fund, I do have something going on but nothing that really defines it as an "ER FUND" - I will start the ER fund officially ...sometime.... :S
The balance for the credit card I just paid off was about $1800.
My current balance for the one I am paying off right now is $2850.66
Main money goal for April 2009: Reduce CC balance to $2500.
Secondary: * Get an interior car detail
- reason: spilled milk (might as well get the whole thing cleaned)
- cost: about $150
* Get teeth pulled out
- reason: wisdom teeth are hurting and hard to clean.. was supposed to get 'em
done years ago - now I have to pay .. live and learn..
- cost: about $220
I plan to put down at least $300, but ideally $500, per month until my last credit card is paid off.
I am definitely not as money-worried as I was just a few months ago. Cautious, yes. Paranoid, sometimes. Stable, getting there. Have money? Hell yeah (kinda..uh not really ..maybe?).
I've increased the grocery budget to $50 a week...it's doable but REALLY hard at $20 - $25 a week....we were basically eating the same thing every day.
I've been keeping the thermostat at 0. I want to see if this decreased the utilities bill at all - usually it's about $50 - $60 a month (I live in an apartment).
I was able to "update" my little dining area. Not sure what the theme is but it's kind of romantic, shabby chic:
Already there:
Big gold and black trimmed mirror (kind of shabby chic or goth depending on the surroundings - mirrors really do open up the space!) - $60 off Craigslist
Two Ikea Meltorp tables
2 birch chairs from Ikea painted white
Natural coloured couch from Ikea (separates the dining from the living room)
Little black shelf that sits in the corner and holds plates and bowls
Black and brown plastic mat from Walmart underneath the furniture (I have a little, messy girl)
What I bought within the past month:
A chandelier from Canadian Tire - $90
Lill curtains from Ikea - $6
31 ft fabric used as a valance over the curtains - $47 (that was expensive!! I was not expecting that....oh well. The total I spent on my curtains is still cheaper than other places.)
I'll post a pic or two up sometime. I must say, I actually really love the way my dining room looks :) The curtains really complement the chandelier and the huge mirror opens up the space.
I still want to furnish it a bit more - I'm going to get a shabby chic looking black lamp to put kitty corner from the shelf (beside the couch). I also want to get a different mat, some seat covers for the chairs, different pillows for the couch, a white wooden cutlery box, and...some flowers.
Things I need but I don't want the cookie cutter norm:
A desk/sofa bench for the living room
A children's storage unit for her toys and books - an Ikea one I might be interested in is $304!! Out of my budget at this time :S
I spend soooo much time fantasizing about stuff I want. And stuff? It costs money. The mentality is that we work hard and we DESERVE to have what we want NOW. Credit card debt and the stress it brings is not worth it though.
Besides.. I need to stick to .. "THE PLAN"....
Wednesday, March 18, 2009
Ikea Temptations....
I am a little crazy. I was up until 3am last night re arranging the little furniture I have. Ideally, I want to mount a flat screen tv to the wall. I rent and this is most likely not allowed.....I guess I'll have to do with the bulky ass tv I have for now. I really want to buy an Expedit bookcase with the matching desk. Also, I want those lack shelves and some mirrors to put in the hallway. Got it all planned out. The hallway stuff will only cost me like $50 so that should be alright...ok fine..including taxes and maybe MAYBE paying someone to help me...$100??? As for the Expedit stuff (200+ not including taxes) I've been looking on Craigslist to no avail. Ikea always has sales so I'll wait it out a bit. I usually get hyped up about buying stuff but I'm training myself to wait..
That's a good tip that I've never really practiced until now. Shopping without shopping. You know you really WANT something if you still want it after a week (see below). I don't think you should completely deprive yourself. Just don't use credit and work it out within the budget. If you just can't work it in the budget though, you need to SACRIFICE the wants right now no matter how much you deserve it. It's a small step to get to your goal. I used to think I would just have a lot of money one day whether because I earned it or won it but the reality is is having money and assets and getting to where you want to be financially is a constant process. You need to stick to the process to meet the goal. Simple, logical, but I'm only doing it now..(oh well never too late to start).
Anyway, back to my purchase...I went to the mall a couple weeks ago and came across this gorgeous yellow bag that could double for a baby bag..only $20. AND the only yellow one. I go to the Wal-Mart at the mall once a week to pick up diapers and formula so I resisted the urge to get the handbag because I don't NEED it (but I love handbags!!). Lucky me, sure enough, it was still there when I came back a week later so I just figured it was meant to be.
As for furnishing my place...my birthday is coming up in May and I want my place to be presentable. It's so BLAH. I'll figure something out though....Please post your ideas or what you've done to furnish or pretty up your place on the cheap.
That's a good tip that I've never really practiced until now. Shopping without shopping. You know you really WANT something if you still want it after a week (see below). I don't think you should completely deprive yourself. Just don't use credit and work it out within the budget. If you just can't work it in the budget though, you need to SACRIFICE the wants right now no matter how much you deserve it. It's a small step to get to your goal. I used to think I would just have a lot of money one day whether because I earned it or won it but the reality is is having money and assets and getting to where you want to be financially is a constant process. You need to stick to the process to meet the goal. Simple, logical, but I'm only doing it now..(oh well never too late to start).
Anyway, back to my purchase...I went to the mall a couple weeks ago and came across this gorgeous yellow bag that could double for a baby bag..only $20. AND the only yellow one. I go to the Wal-Mart at the mall once a week to pick up diapers and formula so I resisted the urge to get the handbag because I don't NEED it (but I love handbags!!). Lucky me, sure enough, it was still there when I came back a week later so I just figured it was meant to be.
As for furnishing my place...my birthday is coming up in May and I want my place to be presentable. It's so BLAH. I'll figure something out though....Please post your ideas or what you've done to furnish or pretty up your place on the cheap.
Sunday, March 8, 2009
CC#2
I'm addicted to calculating, recalculating, and checking out the budget. It seems like I can actually put down $800 a month if I continue to rent my car. I've already put down $300 this month and can afford to put down another $500 with the last paycheck of this month.
If I put down $800 for the next 2 months, I will only have to pay $383 (or around $400 counting interest) come May and CC#2 will be paid off!! Mind over matter, mad budgeting, and living below means ... I can do it ..I can do it..
If I put down $800 for the next 2 months, I will only have to pay $383 (or around $400 counting interest) come May and CC#2 will be paid off!! Mind over matter, mad budgeting, and living below means ... I can do it ..I can do it..
Pat on the back..
I paid off credit card #1 in February..2 weeks before my pay off date (March '09). CC#1 had a balance of $1000 since August. Definitely stepping up the pay off game with the next two credit cards...I can do better than under $200 a month for six months. I've already put in $300 this month for CC#2. Cutting costs and living below my means is essential to accomplishing my goal of being debt-free.
How I Reduce Costs
I disconnected my cable. I disconnected the land line. Savings: $60/month
I reduced my grocery costs to $25-$30 weekly from $40-$60 weekly. Savings: $15-$30/month
I've recently agreed to rent my car to someone. Savings: $400/month.
Starting this month, I will leave the thermostat at 0 and buy store/no name brand formula instead of Nestle. The switch of formula itself will save me at least $16/month.
I reduced my grocery costs to $25-$30 weekly from $40-$60 weekly. Savings: $15-$30/month
I've recently agreed to rent my car to someone. Savings: $400/month.
Starting this month, I will leave the thermostat at 0 and buy store/no name brand formula instead of Nestle. The switch of formula itself will save me at least $16/month.
Monday, January 5, 2009
Update
Credit Card #1: Current balance: $400
It will be paid off in a couple months.. $200 was put in in my account and I was just dreaming of new shoes, Starbucks, and bath bombs from Lush but I got home and the first thing I did was put that straight to the card. Can't have that money sitting in my account like that...I would just spend it.. foor reealz.
It will be paid off in a couple months.. $200 was put in in my account and I was just dreaming of new shoes, Starbucks, and bath bombs from Lush but I got home and the first thing I did was put that straight to the card. Can't have that money sitting in my account like that...I would just spend it.. foor reealz.
Friday, January 2, 2009
Another New Year
Happy New Year!
I am young, under-mid-twenties single mom of one. I am in debt and I want to get out by the time I'm 30 (hopefully it won't actually take that long - that's more than 5 years).
I have three credit cards and two student loans to pay off.
Credit Card # 1: $600 - currently paying $200 monthly
Credit Card #2: $2,500 - currently paying min. bal. - about $45 monthly
Credit Card #3: $3,200 - currently paying min. bal. - about $104 monthly
I am on interest relief (IR) and only pay $10 per month on each student loan. Since the government is paying my interest on these guys, I can focus on the credit cards first.
Student Loan #1: $2,200
Student Loan #2: $3,400
I'm starting this blog to keep myself in check and on track.
Money Goals for 2009:
Goal 1: Pay off two credit cards.
- Plan: Put $200 towards Credit Card #1 every month no matter what.
- Potential Success: Credit Card #1 will be paid off by March 2009.
- Plan: Put $240 towards Credit Card #2 (starting April 2009) until tax return is received.
Use tax return for remaining debt on Credit Card #2.
- Potential Success: Credit Card #2 will be paid off byJune 2009.
Goal 2: Be as frugal with food as possible.
The most money-consuming habit I have is FOOD. I'm seriously hopeless at cooking and spend at least $50 a month on food and drink outside of groceries. And when I do grocery shop, I spend at least $70 a week. This doesn't even include baby formula, wipes, and diapers (I set aside $100 a month for that).
On food alone, I'm spending more than $300 per month. That's for a 1.5 person household.
- Plan: Create a food budget/calendar thing that works. Maximum I would like to spend on
food per month is $200 (I'm sure we can live on $50 of food per week).
- Potential Success: Monthly money savings and hopefully a new skill?!
Goal 3: Create an Emergency Fund (or keep the one I have LOCKED DOWN!)
I guess I already have one, but it's definitely been dipped into for things that are needed but wouldn't be considered emergency. For instance, I blew $300 on groceries, food, and presents in December. I have $80 left and dented someone's car. I hit but I didn't run. I now have to pay her deductible (which I have no idea how much that is going to cost) and my car has a big, nasty dent too. I have not yet gotten an estimate because I know there is no way I can pay it right now anyway.
Also, another thing I've been doing is using the ER fund as Savings and vice versa which brings me to ...
Goal 4: Keep the ER fund and Savings seperate
Truth is, I already got like 3 accounts. One of them is my daughter's. I know I shouldn't, but because her money is not to be touched anyway, I've labelled it ER money. $100 already goes in there monthly..but the pressure of the seasone leaves me with only $80 in there. Emergency only! Emergency only!
Not much goes into the Savings account. Like $20 a month. And I even dipped into that a few months ago!! But it's a lot harder to access than my other accounts so I KNOW I won't be dipping into it this year. Which leads to my final goal ...
Goal 5: NO MATTER WHAT ... DO NOT DIP INTO THE SAVINGS ACCOUNT!
*Sigh*
Cheers to getting kept in check!!
- Mama
I am young, under-mid-twenties single mom of one. I am in debt and I want to get out by the time I'm 30 (hopefully it won't actually take that long - that's more than 5 years).
I have three credit cards and two student loans to pay off.
Credit Card # 1: $600 - currently paying $200 monthly
Credit Card #2: $2,500 - currently paying min. bal. - about $45 monthly
Credit Card #3: $3,200 - currently paying min. bal. - about $104 monthly
I am on interest relief (IR) and only pay $10 per month on each student loan. Since the government is paying my interest on these guys, I can focus on the credit cards first.
Student Loan #1: $2,200
Student Loan #2: $3,400
I'm starting this blog to keep myself in check and on track.
Money Goals for 2009:
Goal 1: Pay off two credit cards.
- Plan: Put $200 towards Credit Card #1 every month no matter what.
- Potential Success: Credit Card #1 will be paid off by March 2009.
- Plan: Put $240 towards Credit Card #2 (starting April 2009) until tax return is received.
Use tax return for remaining debt on Credit Card #2.
- Potential Success: Credit Card #2 will be paid off byJune 2009.
Goal 2: Be as frugal with food as possible.
The most money-consuming habit I have is FOOD. I'm seriously hopeless at cooking and spend at least $50 a month on food and drink outside of groceries. And when I do grocery shop, I spend at least $70 a week. This doesn't even include baby formula, wipes, and diapers (I set aside $100 a month for that).
On food alone, I'm spending more than $300 per month. That's for a 1.5 person household.
- Plan: Create a food budget/calendar thing that works. Maximum I would like to spend on
food per month is $200 (I'm sure we can live on $50 of food per week).
- Potential Success: Monthly money savings and hopefully a new skill?!
Goal 3: Create an Emergency Fund (or keep the one I have LOCKED DOWN!)
I guess I already have one, but it's definitely been dipped into for things that are needed but wouldn't be considered emergency. For instance, I blew $300 on groceries, food, and presents in December. I have $80 left and dented someone's car. I hit but I didn't run. I now have to pay her deductible (which I have no idea how much that is going to cost) and my car has a big, nasty dent too. I have not yet gotten an estimate because I know there is no way I can pay it right now anyway.
Also, another thing I've been doing is using the ER fund as Savings and vice versa which brings me to ...
Goal 4: Keep the ER fund and Savings seperate
Truth is, I already got like 3 accounts. One of them is my daughter's. I know I shouldn't, but because her money is not to be touched anyway, I've labelled it ER money. $100 already goes in there monthly..but the pressure of the seasone leaves me with only $80 in there. Emergency only! Emergency only!
Not much goes into the Savings account. Like $20 a month. And I even dipped into that a few months ago!! But it's a lot harder to access than my other accounts so I KNOW I won't be dipping into it this year. Which leads to my final goal ...
Goal 5: NO MATTER WHAT ... DO NOT DIP INTO THE SAVINGS ACCOUNT!
*Sigh*
Cheers to getting kept in check!!
- Mama
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