A quick note to my crafty friends....my craft crisis is over. I purchased new crepe paper, and a few other items (I had a coupon), so I am set for a few projects. *ahhhhhh* I can get my craft on again. Just being in the store made me feel better. Can I just sleep there....make a little bed on the silk flowers or something?
So, I called the oil company yesterday. It is that wonderful time of year that we reset the oil budget for the coming year. The bottom line is that our monthly bill will be a whopping $13 less than this year. Woo. Hoo.
I am kicking myself that we didn't call a few weeks ago. The prices had dropped, and we were pretty sure they would drop further. So we waited. We were hoping to lock in a rate of $3.35 or so. That would have made our monthly payments around $287, which would be a $54 savings per month. I would have over $600 more to put elsewhere for the year.
But the rates started to rise....and here we are. We do have "cap" protection, so our rate will never go higher than what we locked in at. And if the rate drops on the day we get a delivery, we will get the lower rate per gallon. But on a monthly basis, we still pay the same. Usually this results in a credit in the end, which gets applied to the next year.
$13 a month. $156 a year. Woo. Hoo.
It will either go to the student loan (remember yesterday when I talked about paying another $20 a month?) or into the car maintenance fund (remember a few days ago when I was stressing over that?)
Oh well....I supposed $329 a month is better than $342. And it certainly is better than the $517 we were paying in 2008!!!!
Showing posts with label budget. Show all posts
Showing posts with label budget. Show all posts
Wednesday, July 18, 2012
Thursday, June 28, 2012
Back to Business
This is a PF blog...so let's get back to it.
Within the next week, we will have used all the OT money we had saved. In the end, it came to $1627!!! This includes the overtime pay from G-man, and my bonus at work. Now, we know that G-man's overtime will slow down (having this much in a 3 month period of time is not typical). Our September number won't be nearly as impressive, and we both know it.
We had just over $1300 saved for Bossy's room, most of which went to ceiling and flooring. We decided to take a few hundred from the overtime in order to be able to "finish" his room. I will have the final numbers soon. And pictures.
The current remainder (once I total Bossy's stuff....this will probably go up) was broken out as such:
$700 - CC
$300 - Dentist
$150 - next saving goal
$75 - new shoes for G-man
$50 - Mysti "whatever"
Total - $1275
Once I tally Bossy's numbers....whatever is left will go to the Dentist.
Now, I might get slammed for not paying off the dentist as originally planned. I know some people said it is like owing a person money, and they are a small business. Well, I talked to them, and they are really ok with it. Additionally, I get 3 paychecks in August....so some of that will go to the dentist as well.
The retirement loan and car loan are on auto-pilot. Student loan isn't auto-pilot, but it is just doing its thing. We are debating which of these three larger debts will be the next on the chopping block. Retirement loan has a very low interest rate, but paying it back sooner allows for money to gain more interest in the long run. The car....another low interest loan. Student loan actually has the highest interest rate (at 3.375%), and it is the one that bothers me the most. But of the three, the retirement loan is the largest cash hog.
Since I have increased my hours at work, I need to rework the budget. Additionally, a few standard bills may be changing (oil bill in particular), so it is time for a look-see.
May and June were spendy months, so I am looking forward to a much calmer July!!!
Within the next week, we will have used all the OT money we had saved. In the end, it came to $1627!!! This includes the overtime pay from G-man, and my bonus at work. Now, we know that G-man's overtime will slow down (having this much in a 3 month period of time is not typical). Our September number won't be nearly as impressive, and we both know it.
We had just over $1300 saved for Bossy's room, most of which went to ceiling and flooring. We decided to take a few hundred from the overtime in order to be able to "finish" his room. I will have the final numbers soon. And pictures.
The current remainder (once I total Bossy's stuff....this will probably go up) was broken out as such:
$700 - CC
$300 - Dentist
$150 - next saving goal
$75 - new shoes for G-man
$50 - Mysti "whatever"
Total - $1275
Once I tally Bossy's numbers....whatever is left will go to the Dentist.
Now, I might get slammed for not paying off the dentist as originally planned. I know some people said it is like owing a person money, and they are a small business. Well, I talked to them, and they are really ok with it. Additionally, I get 3 paychecks in August....so some of that will go to the dentist as well.
The retirement loan and car loan are on auto-pilot. Student loan isn't auto-pilot, but it is just doing its thing. We are debating which of these three larger debts will be the next on the chopping block. Retirement loan has a very low interest rate, but paying it back sooner allows for money to gain more interest in the long run. The car....another low interest loan. Student loan actually has the highest interest rate (at 3.375%), and it is the one that bothers me the most. But of the three, the retirement loan is the largest cash hog.
Since I have increased my hours at work, I need to rework the budget. Additionally, a few standard bills may be changing (oil bill in particular), so it is time for a look-see.
May and June were spendy months, so I am looking forward to a much calmer July!!!
Wednesday, March 21, 2012
Planning for April, May, and JUNE!
I am trying to not look too far ahead in the future. There are just too many twists and turns in the road, and any long time readers here will know that our family has the knack for hitting every pothole, bend, water trap, and rock that is out there. But I will say that as we are closing out the first quarter of the year....so far so good. Time to prepare for the Second Quarter.
Our retirement loan will go in on Saturday (which really is Monday since Saturday isn't a business day). Depending on how quickly it funds, will determine if it funds in late March (like, the 30th), or early April (more likely). This is important because our Lending Club loan processes on April 2. If we have the money before then, we can override the standard monthly debit and pay it off. If not...then the April payment will go through, and THEN we will pay it off. We already have the money in the account waiting for the April 2 debit, so if it isn't "needed", then that is $425 that can go towards other things!!
But I will be honest....part of me wants to go shopping! I may take $100 of it to buy new "foundation garments" as they are buy 1, get one 50% off. I would be able to get 4! If we do this, then $200 will go towards the new lawnmower (which was already in the April Budget, as that is a 3 paycheck month), and the other $125 would pay for the kids daycamp during Spring Break (instead of using some camp money).
If that plan doesn't work out...no biggie. The lawnmower and camp are already accounted for (and that money in April would go to debt instead). All this would mean is our time line would be moved up a few weeks.
April will be a funky month, as G-man has 3 pay checks, plus the new loan will be coming out, PLUS he has 14-16 hrs of overtime that we know about (which will go into the OT account). So it really won't be until May that we see a "normal" paycheck.
May is busy. My birthday, Mother's Day, a wedding (which equals gift, babysitter, misc money).
And then we are zooming toward June!
Gotta slow it down and not look TOO far ahead.
Our retirement loan will go in on Saturday (which really is Monday since Saturday isn't a business day). Depending on how quickly it funds, will determine if it funds in late March (like, the 30th), or early April (more likely). This is important because our Lending Club loan processes on April 2. If we have the money before then, we can override the standard monthly debit and pay it off. If not...then the April payment will go through, and THEN we will pay it off. We already have the money in the account waiting for the April 2 debit, so if it isn't "needed", then that is $425 that can go towards other things!!
But I will be honest....part of me wants to go shopping! I may take $100 of it to buy new "foundation garments" as they are buy 1, get one 50% off. I would be able to get 4! If we do this, then $200 will go towards the new lawnmower (which was already in the April Budget, as that is a 3 paycheck month), and the other $125 would pay for the kids daycamp during Spring Break (instead of using some camp money).
If that plan doesn't work out...no biggie. The lawnmower and camp are already accounted for (and that money in April would go to debt instead). All this would mean is our time line would be moved up a few weeks.
April will be a funky month, as G-man has 3 pay checks, plus the new loan will be coming out, PLUS he has 14-16 hrs of overtime that we know about (which will go into the OT account). So it really won't be until May that we see a "normal" paycheck.
May is busy. My birthday, Mother's Day, a wedding (which equals gift, babysitter, misc money).
And then we are zooming toward June!
Gotta slow it down and not look TOO far ahead.
Tuesday, February 7, 2012
Just feeling good about it all
I really hope I am not jinxing myself here.....
But we are about 6 weeks into the new year, and financially speaking, we are working the plans and so far so good!! I know that being 78k in debt isn't anything to celebrate. But it was 80k six weeks ago, so the trend is in the right direction.
Retirement loan paid off....now that money pays for the car. Late March we will do one more loan to wipe out the CC, and save hundreds of dollars a month, which will get applied elsewhere (probably medical stuff first, and then student loan).
We are writing less checks. I have been using cash for the kids' lunch. Debit card for co-pays at the doctor. Set up a few on-line things for other things. I still have a few checks to write, but they are very few.
The overtime money that was on this week's paycheck went into a separate account, and I don't miss it. I hate that we usually spend the OT and never really know where it went. Not anymore. On March 31, the OT money will be used as an extra payment, or towards something EXTRA. Not everyday things.
All but 2 of our February bills are paid already. Those will come from the next paycheck. While I would love to have everything paid for the month...we just aren't there yet. I have a secret fantasy (no longer secret), to be able to pay an entire month of bills in one shot, and not have to look at it again.
We have added almost $200 to our EF. Once it hits $2,000, the "extra" money will go into the home improvement fund. Need to have a better cushion for those things that have a tendency to wear out. We have used our tax return in the past, but our piddly tax return this year won't cut it.
Next paycheck we will resume saving for the kids' camp. By early May, that will be fully funded. Then onto Christmas savings.
MAYBE we are finally getting a handle on things!!!!
But we are about 6 weeks into the new year, and financially speaking, we are working the plans and so far so good!! I know that being 78k in debt isn't anything to celebrate. But it was 80k six weeks ago, so the trend is in the right direction.
Retirement loan paid off....now that money pays for the car. Late March we will do one more loan to wipe out the CC, and save hundreds of dollars a month, which will get applied elsewhere (probably medical stuff first, and then student loan).
We are writing less checks. I have been using cash for the kids' lunch. Debit card for co-pays at the doctor. Set up a few on-line things for other things. I still have a few checks to write, but they are very few.
The overtime money that was on this week's paycheck went into a separate account, and I don't miss it. I hate that we usually spend the OT and never really know where it went. Not anymore. On March 31, the OT money will be used as an extra payment, or towards something EXTRA. Not everyday things.
All but 2 of our February bills are paid already. Those will come from the next paycheck. While I would love to have everything paid for the month...we just aren't there yet. I have a secret fantasy (no longer secret), to be able to pay an entire month of bills in one shot, and not have to look at it again.
We have added almost $200 to our EF. Once it hits $2,000, the "extra" money will go into the home improvement fund. Need to have a better cushion for those things that have a tendency to wear out. We have used our tax return in the past, but our piddly tax return this year won't cut it.
Next paycheck we will resume saving for the kids' camp. By early May, that will be fully funded. Then onto Christmas savings.
MAYBE we are finally getting a handle on things!!!!
Tuesday, January 31, 2012
Day to Day Life
First off....where were you all yesterday??? I know this is going to sound ridiculous...but I didn't get one comment, and my page views were WAY down. Either everyone is super busy, or I am boring. The world revolves around ME, so you know I am taking it personally!
Anyway, this is the last day of the month, so thought I would wrap up a few changes to report.....nothing of consequence....just the day to day little things.....
1) I have cut my check writing way down. I now pay for the kids lunch in cash (I get mostly ones at the bank for this....they probably think I am going to the strip club....). Since I have to go to the bank to deposit my paycheck, I just take care of it while I am there.
2) Our electric bill has gone down $6 a month. We are on a budget plan, so we pay the same amount each month (instead of the huge spike in the summer due to the A/C). Woo woo.....$6. It is already going to go to the new cell phone bill (more on that next week). One place giveth, another taketh.
3) Our overpayment from the retirement loan arrive. It was $16.XX. So about $2 more than we thought. Woo. Woo.
4) Some how we way overspent in the past week. I know about the unbudgeted gifts (roughly $100 total). The best I can figure is that because February is a 3 paycheck month for me, some items came out from my second January paycheck that normally get paid later. We had to dip into our savings a little (not the EF). I hate doing it. The savings acct is lower than I am comfortable, so I will need to replenish that. While I wish it could just be from my extra February paycheck, that is already alloted for "catch-up" on the oil bill. (Yes, I am a little behind. $342 a month is alot of money!!! By the end of February we will be all caught up again)
As usual....I am looking forward to payday tomorrow so I can pay a few bills. And G-man's check next week will have OT (which is going into a separate account) AND Holiday (MLK Day). Plus, it won't have the retirement loan coming out.....so I am curious to see what it will look like. I know that it will be an oddball check, as having all of those things happen at once isn't typical. But I am looking forward to it.
Nothing major to report.....just the day to day life stuff!
Anyway, this is the last day of the month, so thought I would wrap up a few changes to report.....nothing of consequence....just the day to day little things.....
1) I have cut my check writing way down. I now pay for the kids lunch in cash (I get mostly ones at the bank for this....they probably think I am going to the strip club....). Since I have to go to the bank to deposit my paycheck, I just take care of it while I am there.
2) Our electric bill has gone down $6 a month. We are on a budget plan, so we pay the same amount each month (instead of the huge spike in the summer due to the A/C). Woo woo.....$6. It is already going to go to the new cell phone bill (more on that next week). One place giveth, another taketh.
3) Our overpayment from the retirement loan arrive. It was $16.XX. So about $2 more than we thought. Woo. Woo.
4) Some how we way overspent in the past week. I know about the unbudgeted gifts (roughly $100 total). The best I can figure is that because February is a 3 paycheck month for me, some items came out from my second January paycheck that normally get paid later. We had to dip into our savings a little (not the EF). I hate doing it. The savings acct is lower than I am comfortable, so I will need to replenish that. While I wish it could just be from my extra February paycheck, that is already alloted for "catch-up" on the oil bill. (Yes, I am a little behind. $342 a month is alot of money!!! By the end of February we will be all caught up again)
As usual....I am looking forward to payday tomorrow so I can pay a few bills. And G-man's check next week will have OT (which is going into a separate account) AND Holiday (MLK Day). Plus, it won't have the retirement loan coming out.....so I am curious to see what it will look like. I know that it will be an oddball check, as having all of those things happen at once isn't typical. But I am looking forward to it.
Nothing major to report.....just the day to day life stuff!
Wednesday, January 25, 2012
Random Financial Things From This Week
First off....thanks for all the love yesterday. I am doing much better today.
Second, I have noticed a bunch of things this week, and instead of a huge post, I wanted to just make some notes and brief comments.
Late Fees. I haven't seen one of those in a very long time. I flipped out when I saw one on CC2. But then I scrolled down further and saw it had already been reversed. I paid the bill on the due date, which was a weekend. Apparently their automated system charged the late fee because the payment wasn't posted by the due date. But since I did pay it before the deadline, they reversed it. Scared me for a minute.
G-man and the Grocery Store. OMG. I swear, he has no idea how to buy everything you need in one trip. The past several weeks, there will be 2 to 3 trips to the store, by him, on the same day. I don't count picking up prescriptions since those have to be paid for at the pharmacy. He realizes he forgot something (usually something major) and has to go back. Talk about a waste of time, gas, and money.
I suck at budgeting outside the norm. Sassy was invited to a birthday party. I need a gift for a baby shower. Do I have a budget for these types of items? Nope. Need to start another account for these random things. I budget for Christmas, tax bills, birthdays in our family. Other people....apparently they didn't make the cut in my scattered head.
I am "addicted" to getting gas points. One of the local grocery stores offers $1.00 off per gallon of gas when you fill a new prescription, and $0.50 off when you refill 5. In addition, they offer $0.10 off for every $50 of groceries you buy. How sad that I was "excited" yesterday at the eye doctor that I have a mild infection and needed drops. And my first thought was ....ooooohhhh......$1 off gas, plus I have 2 scripts to fill, which brings me to 4/5 I need for another $0.50 off!!! Additionally, I have $0.50 off per gallon at another store for my next fill up (probably sometime over the weekend).
The things that run through my head.....*sigh.*
Second, I have noticed a bunch of things this week, and instead of a huge post, I wanted to just make some notes and brief comments.
Late Fees. I haven't seen one of those in a very long time. I flipped out when I saw one on CC2. But then I scrolled down further and saw it had already been reversed. I paid the bill on the due date, which was a weekend. Apparently their automated system charged the late fee because the payment wasn't posted by the due date. But since I did pay it before the deadline, they reversed it. Scared me for a minute.
G-man and the Grocery Store. OMG. I swear, he has no idea how to buy everything you need in one trip. The past several weeks, there will be 2 to 3 trips to the store, by him, on the same day. I don't count picking up prescriptions since those have to be paid for at the pharmacy. He realizes he forgot something (usually something major) and has to go back. Talk about a waste of time, gas, and money.
I suck at budgeting outside the norm. Sassy was invited to a birthday party. I need a gift for a baby shower. Do I have a budget for these types of items? Nope. Need to start another account for these random things. I budget for Christmas, tax bills, birthdays in our family. Other people....apparently they didn't make the cut in my scattered head.
I am "addicted" to getting gas points. One of the local grocery stores offers $1.00 off per gallon of gas when you fill a new prescription, and $0.50 off when you refill 5. In addition, they offer $0.10 off for every $50 of groceries you buy. How sad that I was "excited" yesterday at the eye doctor that I have a mild infection and needed drops. And my first thought was ....ooooohhhh......$1 off gas, plus I have 2 scripts to fill, which brings me to 4/5 I need for another $0.50 off!!! Additionally, I have $0.50 off per gallon at another store for my next fill up (probably sometime over the weekend).
The things that run through my head.....*sigh.*
Monday, January 9, 2012
Fifteen Dollars
Ok, technically....$14.25. Any guesses to what that is? No, it isn't a pony. Or what we spend on coffee. Or any other frivolous spending. It is what we spend on buying school lunches PER WEEK. Say what???? I know! I was as surprised as you were!
The kids have the lunch calendar, and on Sunday night they write which days they would like to buy lunch (which is $2.25) and on the other days they bring a packed lunch and buy milk ($0.50). In an average week, they each will buy lunch 2-3 times. On a rare occasion, Bossy will buy 4. Sassy is much more picky, and can usually be counted on to buy on Friday (Pizza day), but is inconsistent how many times she buys. She really is more of a PB&J girl.
Typically I would write a check out for lunch tickets for the kids each week (we have to buy tickets for the week). Because writing ONE check confuses them, I would write two checks. Usually one check is $7.75 (3 hot lunch, 2 milk), and the other varies. I never really thought about it much. Maybe because each check was small. Maybe because it was just routine. But I just did it each week.
One of my goals this year is to use less checks. So I took out $20 last week when I deposited my paycheck, and we broke it into small bills. This morning I put the cash in each child's lunch money envelope, and the remainder in a third envelope to roll over to next week. And I only had $5 left!!!! WHAT??!!!!
This was an eye-opener to me. We have never limited how many times the kids buy lunch because 1) for K, 1st, and 2nd, it was only Sassy who bought lunch, 2) we are working on oral eating with Bossy, so if he wanted to buy lunch and would EAT it, we were all for it, and 3) it was easier for us in terms on having to prepare lunch for them.
If we limit them to 2 hot lunch a week (plus 3 milk), that is $6.00 a week per child. Forty weeks of school....so we are up to $240 for the year, per child.....or $480 for both. Almost $500 just for lunch! And that is if we limit them!!!! If you use the $14.25 we spent this week....we are up to $570.
Holy cow!!!! Granted, if you add up the ingredients for home-packed lunch (sandwich for her, turkey for him; chips; fruit; other snack item for "snack") I am not sure how much we are spending on that. I am pretty sure it is less than what we are spending on buying lunch.
I am a little torn, mostly because of Bossy. I want him to EAT. So I would rather not limit his buying. Sassy buys less than him, but I would hate to limit her even further just to to balance out his purchases.
Anyone else ever sat down and figure this stuff out??? How much are school lunches by you? Suggestions for me??
ETA: We have been paying this all along, so I am not worried about cutting it back. It was more of a surprise when I actually looked at the numbers. And I was curious if we were typical. And in case you were wondering, no....we don't qualify for reduced lunch.
The kids have the lunch calendar, and on Sunday night they write which days they would like to buy lunch (which is $2.25) and on the other days they bring a packed lunch and buy milk ($0.50). In an average week, they each will buy lunch 2-3 times. On a rare occasion, Bossy will buy 4. Sassy is much more picky, and can usually be counted on to buy on Friday (Pizza day), but is inconsistent how many times she buys. She really is more of a PB&J girl.
Typically I would write a check out for lunch tickets for the kids each week (we have to buy tickets for the week). Because writing ONE check confuses them, I would write two checks. Usually one check is $7.75 (3 hot lunch, 2 milk), and the other varies. I never really thought about it much. Maybe because each check was small. Maybe because it was just routine. But I just did it each week.
One of my goals this year is to use less checks. So I took out $20 last week when I deposited my paycheck, and we broke it into small bills. This morning I put the cash in each child's lunch money envelope, and the remainder in a third envelope to roll over to next week. And I only had $5 left!!!! WHAT??!!!!
This was an eye-opener to me. We have never limited how many times the kids buy lunch because 1) for K, 1st, and 2nd, it was only Sassy who bought lunch, 2) we are working on oral eating with Bossy, so if he wanted to buy lunch and would EAT it, we were all for it, and 3) it was easier for us in terms on having to prepare lunch for them.
If we limit them to 2 hot lunch a week (plus 3 milk), that is $6.00 a week per child. Forty weeks of school....so we are up to $240 for the year, per child.....or $480 for both. Almost $500 just for lunch! And that is if we limit them!!!! If you use the $14.25 we spent this week....we are up to $570.
Holy cow!!!! Granted, if you add up the ingredients for home-packed lunch (sandwich for her, turkey for him; chips; fruit; other snack item for "snack") I am not sure how much we are spending on that. I am pretty sure it is less than what we are spending on buying lunch.
I am a little torn, mostly because of Bossy. I want him to EAT. So I would rather not limit his buying. Sassy buys less than him, but I would hate to limit her even further just to to balance out his purchases.
Anyone else ever sat down and figure this stuff out??? How much are school lunches by you? Suggestions for me??
ETA: We have been paying this all along, so I am not worried about cutting it back. It was more of a surprise when I actually looked at the numbers. And I was curious if we were typical. And in case you were wondering, no....we don't qualify for reduced lunch.
Tuesday, November 29, 2011
I updated it....
The side bar. With the new numbers. *sigh* Total is now $3,000 MORE than it was at the start of the blog.....
The cash we were using towards the difference between the car loan and the final price was sent to the retirement loan. Since the retirement loan payment will become the car payment, we decided to try and get rid of this as soon as possible. Right now it will be the beginning of January, but I am going to TRY and kill it by the end of December.
We had to transfer some money from our EF to the new checking account at the credit union for a short period of time. The CU will autodebit the car payment from the checking account, and until the direct deposit starts with the next payperiod, we needed to make sure we had enough in there to cover the Dec 15 payment. Once we have enough in the checking account to cover the car (it will take a few months because we are one pay check off from where it was supposed to be), that money will go right back to the EF.
As I have said previously...the remainder of this year is more about survival and reset than paying down debt. We really need to let the dust settle and see where we are. We have a tentative budget for January, which will have the retirement loan paid off, the new medical FSA reimbursements, and hopefully a small cost of living increase.
On the positive side:
So there they are.....the new numbers. One other note....I removed the progress bars. They depressed me.
The cash we were using towards the difference between the car loan and the final price was sent to the retirement loan. Since the retirement loan payment will become the car payment, we decided to try and get rid of this as soon as possible. Right now it will be the beginning of January, but I am going to TRY and kill it by the end of December.
We had to transfer some money from our EF to the new checking account at the credit union for a short period of time. The CU will autodebit the car payment from the checking account, and until the direct deposit starts with the next payperiod, we needed to make sure we had enough in there to cover the Dec 15 payment. Once we have enough in the checking account to cover the car (it will take a few months because we are one pay check off from where it was supposed to be), that money will go right back to the EF.
As I have said previously...the remainder of this year is more about survival and reset than paying down debt. We really need to let the dust settle and see where we are. We have a tentative budget for January, which will have the retirement loan paid off, the new medical FSA reimbursements, and hopefully a small cost of living increase.
On the positive side:
- The student loan is going down now that it is out of deferment.
- Lending Club gets paid at the end of the week, so that will go down as well (which will bring us to 44% paid off).
So there they are.....the new numbers. One other note....I removed the progress bars. They depressed me.
Wednesday, July 27, 2011
Oh, the piles of money!!!!!
***Let me put a disclaimer on this post...this is how WE choose to do it. There are lots of ways. Some may be more efficient. But this is working for us right now. I am not saying that this is THE way to do it.***
Someone asked about our ING Direct accounts and how we use them. So this post is dedicated to you.
ING Direct is an on-line bank. No building to walk up to and talk to the teller, get a lollipop. Gotta love how virtual everything is.....except the debt. That is tangible. Now, some people are bailing on ING right now because they were recently purchased by Capital One. I have never had a problem with Capital One, so for me, unless something drastically changes...I am fine. Similar banking products exist (SmartyPig, Ally). Choose the one that works for you.
We started with one account. ING lets you "nickname" your accounts, so we called it "home improvement." It was linked to our local bank checking account. We had deposited our tax return last year in the ING account, so we could draw down on it as we did projects. The idea was to figure out the budget, then transfer the money from ING into our main account (local bank) so when we went to the store, we had the "cash" ready to go.
As a whole, it worked well. So we decided to open a few more accounts and use them as saving vessels. We nicknamed each one. We had "camp", "cars", and "current goal." In camp....that obviously was for the kids' camp. Cars (at that time) was a maintenance fund for repairs, oil changes, wiper blades (since then, our car insurance changed, and it now includes our car insurance).
Current goal was for whatever thing we were saving up for. At the time, it was a new computer (after ours fried). We have since renamed this "irregular expense" and use it for bills that are not monthly (car taxes, water bill, trash).
We have also added to the collection. We have "Christmas" and "Lending Club". And right now we have "Party", for the kids birthday. This account will become "Cats" after their birthday, so we can save for vet bills, food, litter.
On a bi-weekly basis, we add to Christmas, Lending Club, Cars, and Irregular. The others are either funded, or are dormant at the moment. We have been trying to concentrate our efforts on one "goal" at a time. So right now that is Christmas. Since the other accounts are constantly in use, they get deposits regularly. We have it set up as an auto-deposit from our main checking account.
A few catches to all of this: 1) When you deposit money, it is on hold for 7 days. So you have to wait a week to access it. 2) Transfers from ING take 2 business days. You have to plan ahead.
Right now, accounts earn 1% interest monthly. Not alot, but it is more than zero!!!
For me, seeing all the money divided up this way is a huge help. I know how much I have for each expense. The alternative would be having it all in one big pile, and then I would have to keep track of how much I have in each category. I just like seeing it laid out this way.
So there ya go....Mysti's guide to ING. If you are interested in opening an account, let me know so I can give you a referral link.
Someone asked about our ING Direct accounts and how we use them. So this post is dedicated to you.
ING Direct is an on-line bank. No building to walk up to and talk to the teller, get a lollipop. Gotta love how virtual everything is.....except the debt. That is tangible. Now, some people are bailing on ING right now because they were recently purchased by Capital One. I have never had a problem with Capital One, so for me, unless something drastically changes...I am fine. Similar banking products exist (SmartyPig, Ally). Choose the one that works for you.
We started with one account. ING lets you "nickname" your accounts, so we called it "home improvement." It was linked to our local bank checking account. We had deposited our tax return last year in the ING account, so we could draw down on it as we did projects. The idea was to figure out the budget, then transfer the money from ING into our main account (local bank) so when we went to the store, we had the "cash" ready to go.
As a whole, it worked well. So we decided to open a few more accounts and use them as saving vessels. We nicknamed each one. We had "camp", "cars", and "current goal." In camp....that obviously was for the kids' camp. Cars (at that time) was a maintenance fund for repairs, oil changes, wiper blades (since then, our car insurance changed, and it now includes our car insurance).
Current goal was for whatever thing we were saving up for. At the time, it was a new computer (after ours fried). We have since renamed this "irregular expense" and use it for bills that are not monthly (car taxes, water bill, trash).
We have also added to the collection. We have "Christmas" and "Lending Club". And right now we have "Party", for the kids birthday. This account will become "Cats" after their birthday, so we can save for vet bills, food, litter.
On a bi-weekly basis, we add to Christmas, Lending Club, Cars, and Irregular. The others are either funded, or are dormant at the moment. We have been trying to concentrate our efforts on one "goal" at a time. So right now that is Christmas. Since the other accounts are constantly in use, they get deposits regularly. We have it set up as an auto-deposit from our main checking account.
A few catches to all of this: 1) When you deposit money, it is on hold for 7 days. So you have to wait a week to access it. 2) Transfers from ING take 2 business days. You have to plan ahead.
Right now, accounts earn 1% interest monthly. Not alot, but it is more than zero!!!
For me, seeing all the money divided up this way is a huge help. I know how much I have for each expense. The alternative would be having it all in one big pile, and then I would have to keep track of how much I have in each category. I just like seeing it laid out this way.
So there ya go....Mysti's guide to ING. If you are interested in opening an account, let me know so I can give you a referral link.
Tuesday, July 19, 2011
So THAT is why we aren't getting anywhere!!!
I have really been racking my brain (which, is full of holes at this point....) on why we aren't making more progress. If others can do it...so can we! So what about our plan isn't working.....Then it finally came to me. The reason we aren't making more progress....is we are PLANNING.
I can hear you all now.....Huh? Mysti....you really are off your rocker. Since when is planning the reason that something doesn't work? That is so counter intuitive.
Oh, but listen, my little grasshoppas....
I looked at our budget and where all the moola is going, and it dawned on me. We are SAVING for PLANNED expenses. In the past...we would hope that we could use our three paycheck months to cover the shortfall. There were some things we would put on a credit card, and then we really didn't think about them as expenses, because they just fell into the abyss known as DEBT.
Last April, I opened our first ING account, and have since opened several more. These have allowed us to save for planned expenses, and to actually visually see where it all is. And we are now paying CASH for things that either previously went on a credit card, or we shuffled around to make ends meet.
ETA: Please remember....I have a child with Autism. He simply will not tolerate having people in the house for a party. Kids "touching" his stuff....will set him over the edge and he will not even attend his own party. We can't do parties the way the rest of the world does. He likes bowling....he understands what happens there. We can do a party for him and have him have FUN...and that is important to us.
Sassy....her party will be for her and 3 friends. She doesn't have friends. She doesn't get invited to parties. She doesn't have playdates. She is the kid that has "that brother." If she has a friend over, Bossy goes into hysterics, and it is a mess.
No one has to agree with us on this one. But if you take a 9 year old kid who has had ONE party in their life......I don't think we are being over indulgent.
(I should add that originally this was going to be for G-man's 40th birthday bash....but after this year of issues, I decided against holding it, and decided that it would go to the kids).
After I thought about all of this.....THERE is where my debt repayment money is. I used to think I should have at least $500 more a month to repay debt. NO....we were living above our means, and now that $500 is being saved for REAL expenses.
I can beat myself up for not slashing through our debt in Gazelle style. But I am not going to. We are living a more realistic budget now. (Even if the food budget is STILL crazy, and gas prices aren't helping either). Baby steps.
Dave Ramsey might not be proud per se....but he at least wouldn't call us an idiot.
I can hear you all now.....Huh? Mysti....you really are off your rocker. Since when is planning the reason that something doesn't work? That is so counter intuitive.
Oh, but listen, my little grasshoppas....
I looked at our budget and where all the moola is going, and it dawned on me. We are SAVING for PLANNED expenses. In the past...we would hope that we could use our three paycheck months to cover the shortfall. There were some things we would put on a credit card, and then we really didn't think about them as expenses, because they just fell into the abyss known as DEBT.
Last April, I opened our first ING account, and have since opened several more. These have allowed us to save for planned expenses, and to actually visually see where it all is. And we are now paying CASH for things that either previously went on a credit card, or we shuffled around to make ends meet.
- We saved $1,000 CASH for the kids' camp. They didn't take credit cards, so that wasn't even an option. Last year, Nannie paid for camp (which was great, because we hadn't saved enough.....). This year, we had it, no problem.
- The kids' birthday is coming up at the end of August. They will each have a party (their first one since they were 4, and they will be 9). I researched the cost (she is having a spa party, he is having a bowling party), and saved up. I saved $700 for their parties, gifts, cakes, and their special dinner on their birthday. Probably more than I need, but the left over will roll into the Christmas account. Now, I realize that is ALOT for a birthday....but this is for 2 kids' parties, and they haven't had one in 5 years.
ETA: Please remember....I have a child with Autism. He simply will not tolerate having people in the house for a party. Kids "touching" his stuff....will set him over the edge and he will not even attend his own party. We can't do parties the way the rest of the world does. He likes bowling....he understands what happens there. We can do a party for him and have him have FUN...and that is important to us.
Sassy....her party will be for her and 3 friends. She doesn't have friends. She doesn't get invited to parties. She doesn't have playdates. She is the kid that has "that brother." If she has a friend over, Bossy goes into hysterics, and it is a mess.
No one has to agree with us on this one. But if you take a 9 year old kid who has had ONE party in their life......I don't think we are being over indulgent.
(I should add that originally this was going to be for G-man's 40th birthday bash....but after this year of issues, I decided against holding it, and decided that it would go to the kids).
- The boat. My nemesis. It needs some repairs. We are now saving $40 a month toward that.
- The cars. Having a car maintenance fund has saved our tushies a few times. It has covered oil changes, wiper blades, a few smaller repairs. Granted, it didn't do squat when we had the $2,000 transmission bill. But over the past year, I guarantee ever last one of those expenses would have been on a credit card if we didn't have an account for this. We save $140 a month for insurance and maintenance.
- Christmas!!! We are all guilty of charging up Christmas. And last year I planned to not do it....and then did. Not this year. We have a Christmas fund. We are saving $230 a month for Christmas right now (this fund is still small....we had to save for camp and birthdays first). And we decided that the kids really don't need alot of fancy stuff...she is really happy with books. He is harder, but again, fancy doesn't do it for him. We budgeted for gifts, cards, postage, the tree....and when the money is gone, it is gone. I am not going into more debt for this.
- Irregular expenses. These are things like the 2x a year car tax bill, 2x a year water bill, quarterly trash bill. Those things you know exist...but sort of ignore until you have to deal with them. Not anymore. I save for them, to the tune of $80 a month.
After I thought about all of this.....THERE is where my debt repayment money is. I used to think I should have at least $500 more a month to repay debt. NO....we were living above our means, and now that $500 is being saved for REAL expenses.
I can beat myself up for not slashing through our debt in Gazelle style. But I am not going to. We are living a more realistic budget now. (Even if the food budget is STILL crazy, and gas prices aren't helping either). Baby steps.
Dave Ramsey might not be proud per se....but he at least wouldn't call us an idiot.
Friday, June 24, 2011
Another Rainy Day here....
It seriously needs to stop raining.....
The pool liner is STILL on hold until the weather clears. Not like it really matters....the temperature is no where near pool weather. Considering that we are approaching July, and by the end of August we are done with the pool....the $700 we are spending on this seems comical.
Sassy Girl has been having a rough go of it. She is a sensitive kid, and is just needing a little extra time. She and I are supposed to have a "girl date" tonight. I am feeling much better, but she is a little under the weather. Hopefully she will be better later. She wanted to go to mini golf, but the rain put an end to that. So we will go to the movies (Mr. Popper's Penguins....her choice).
The rain makes me very introspective. And overwhelmed. Like....we still have over 64 THOUSAND in debt. That number makes me sad, and scared, and anxious. I know we are working at it...maybe not Dave Ramsey Gazelle Intense....but I just don't think that level is practical for us.
We are missing goals left and right....I doubt we will make the under 60k goal by August 6. I had wanted to pay off 10k this year (really 12.....), that one will be close. Food budget is still wanky (although our no eating out challenge is going ok...minus one $4.97 slip up).
I wish I had figured out this stuff sooo much sooner. What a different life we would have.....
The pool liner is STILL on hold until the weather clears. Not like it really matters....the temperature is no where near pool weather. Considering that we are approaching July, and by the end of August we are done with the pool....the $700 we are spending on this seems comical.
Sassy Girl has been having a rough go of it. She is a sensitive kid, and is just needing a little extra time. She and I are supposed to have a "girl date" tonight. I am feeling much better, but she is a little under the weather. Hopefully she will be better later. She wanted to go to mini golf, but the rain put an end to that. So we will go to the movies (Mr. Popper's Penguins....her choice).
The rain makes me very introspective. And overwhelmed. Like....we still have over 64 THOUSAND in debt. That number makes me sad, and scared, and anxious. I know we are working at it...maybe not Dave Ramsey Gazelle Intense....but I just don't think that level is practical for us.
We are missing goals left and right....I doubt we will make the under 60k goal by August 6. I had wanted to pay off 10k this year (really 12.....), that one will be close. Food budget is still wanky (although our no eating out challenge is going ok...minus one $4.97 slip up).
I wish I had figured out this stuff sooo much sooner. What a different life we would have.....
Wednesday, June 1, 2011
Welcome to the June Challenge!
This month is our "no eating out" month. We have gotten a little lazy in this area, and it needs to stop. I asked the family over the weekend what kind of things they would like to eat in the coming weeks. Apparently my family doesn't realize it is JUNE, because the answers I got were:
Meatloaf
Thanksgiving (aka, turkey with trimmings)
Brats (ok...this one I will let go)
Ribs
Whining......this was from Bossy
and I added
Green Pork Chili
Thai noodles
Most of the meals mentioned will have left overs, so it will be a 2 for 1 deal. I am planning a few nights of "ligher" fare when G-man is at work (he won't eat salad), but the kids and I will have salad with fruit and maybe some diced meat.
We have never fully completed this challenge when I have tried it before. Last July, we made it 18 days, and the power went out, and it was late....so I took the kids to Friendly's (but kids eat for $1.99 on Wednesdays, so it wasn't bad). And I think there was one more slip up.
I did make the one concession about Father's Day that if G-man wanted to go out, we could. But he said he was fine grilling some steaks and calling it a day.
The challenges within this challenge include:
1) Bossy has occupational therapy from 5:30-6:30pm every Wednesday. We get home about 7pm. So I will have to pack something for them to eat (vs stopping at McD on our way there).
2) We are having a yard sale (or a tag sale in this neck of the woods) on June 18, and I know we aren't going to want to cook that night. Need to make sure that we have something ready to go.
3) As the weather continues to warm up....I won't want to use the oven. So meals need to be stove-top or grilled. I am sure I will use the oven some...but sparingly (especially since it may be on it's last leg.....yesterday was a bullet dodged).
and
4) Staying on budget!!!!!
I am frustrated at the recent lack of progress. The expenses of the pool and a few other things have thrown a curve ball at debt reduction. But I am trying to take the reigns back and hit it hard and heavy in June!!!!
Meatloaf
Thanksgiving (aka, turkey with trimmings)
Brats (ok...this one I will let go)
Ribs
Whining......this was from Bossy
and I added
Green Pork Chili
Thai noodles
Most of the meals mentioned will have left overs, so it will be a 2 for 1 deal. I am planning a few nights of "ligher" fare when G-man is at work (he won't eat salad), but the kids and I will have salad with fruit and maybe some diced meat.
We have never fully completed this challenge when I have tried it before. Last July, we made it 18 days, and the power went out, and it was late....so I took the kids to Friendly's (but kids eat for $1.99 on Wednesdays, so it wasn't bad). And I think there was one more slip up.
I did make the one concession about Father's Day that if G-man wanted to go out, we could. But he said he was fine grilling some steaks and calling it a day.
The challenges within this challenge include:
1) Bossy has occupational therapy from 5:30-6:30pm every Wednesday. We get home about 7pm. So I will have to pack something for them to eat (vs stopping at McD on our way there).
2) We are having a yard sale (or a tag sale in this neck of the woods) on June 18, and I know we aren't going to want to cook that night. Need to make sure that we have something ready to go.
3) As the weather continues to warm up....I won't want to use the oven. So meals need to be stove-top or grilled. I am sure I will use the oven some...but sparingly (especially since it may be on it's last leg.....yesterday was a bullet dodged).
and
4) Staying on budget!!!!!
I am frustrated at the recent lack of progress. The expenses of the pool and a few other things have thrown a curve ball at debt reduction. But I am trying to take the reigns back and hit it hard and heavy in June!!!!
Tuesday, May 24, 2011
When Others Mess Up Your Budget
GRRRR!!!!
Right now, as G-man and I are trying to work on our issues, we are each seeking professional help individually, as well as as a couple. We pay a $20 co-pay each visit. So just for these three weekly visits, we are shelling out $60.
Bossy gets occupational therapy weekly, at another $20.
For those who are not math saavy...that is $80 a week....or between $320-$400 a month (depending on how the month runs), just on co-pays.
We signed up with our flexible spending plan during open enrollment, which automatically takes roughly $145 per pay check out. The way our plan works is as soon as a claim is paid by the insurance company, we are credited our remaining amount. In the ideal world, we pay the co-pay, and fairly quickly we are reimbursed.
At this point, we are shelling out money much faster than it is being replenished. If it takes the doctor's office longer to send in the claim, or to settle the claim....it takes longer for us to be reimbursed. And this cycle is starting to cause problems.
We need that money back. We have bills to pay. We are already paying out almost $300 a month into the account. If we didn't have the FSA, we would already have the money to pay (in theory). Of course, then we don't get the tax benefit. But right now the equation isn't balanced.
I know shortly we will get a huge reimbursement, and it will all be ok. But right now, I have had to "borrow" $200 from our savings account to get us to tomorrow (my payday), which will go back by the end the week. But we need to go grocery shopping. We need to pay the water bill.
In short....we need our money back!!!
Those people wait until the end of the year and then submit their receipts....good for you that you can do that. But we can't. When you spend as much out of pocket as we do on medical, we just can't do that. (we spend almost 15% of our gross income on medical alone).
So dearest doctors....please figure out your billing issues. We need our money!!!!
Right now, as G-man and I are trying to work on our issues, we are each seeking professional help individually, as well as as a couple. We pay a $20 co-pay each visit. So just for these three weekly visits, we are shelling out $60.
Bossy gets occupational therapy weekly, at another $20.
For those who are not math saavy...that is $80 a week....or between $320-$400 a month (depending on how the month runs), just on co-pays.
We signed up with our flexible spending plan during open enrollment, which automatically takes roughly $145 per pay check out. The way our plan works is as soon as a claim is paid by the insurance company, we are credited our remaining amount. In the ideal world, we pay the co-pay, and fairly quickly we are reimbursed.
At this point, we are shelling out money much faster than it is being replenished. If it takes the doctor's office longer to send in the claim, or to settle the claim....it takes longer for us to be reimbursed. And this cycle is starting to cause problems.
We need that money back. We have bills to pay. We are already paying out almost $300 a month into the account. If we didn't have the FSA, we would already have the money to pay (in theory). Of course, then we don't get the tax benefit. But right now the equation isn't balanced.
I know shortly we will get a huge reimbursement, and it will all be ok. But right now, I have had to "borrow" $200 from our savings account to get us to tomorrow (my payday), which will go back by the end the week. But we need to go grocery shopping. We need to pay the water bill.
In short....we need our money back!!!
Those people wait until the end of the year and then submit their receipts....good for you that you can do that. But we can't. When you spend as much out of pocket as we do on medical, we just can't do that. (we spend almost 15% of our gross income on medical alone).
So dearest doctors....please figure out your billing issues. We need our money!!!!
Wednesday, April 6, 2011
Oil Prices are going UP UP UP!!
One of the unfortunate realities of living in New England and having an old home (100 years old last year!!!), is that we have oil heat and oil-based hot water. Our tank is a standard 275 gallon tank. Typically, we use about half a tank per month during the winter months, and about 3/4 of a tank for spring and summer. Fall is hit or miss.
We are on an auto fill plan, where the oil company just shows up on a schedule and fills the tank. We had a fill up yesterday....which will probably be the last fill up until Fall (probably October, maybe early November). We got 187 gallons. We can look back at the history, and this at first appears high, but we haven't had a fill up since mid February....so all in all, it is about right.
We are also on a budget plan. Our budget plan resets in June. We have two options: fixed rate, or capped rate. A fixed rate plan is just that...we lock in a price, and no matter what the oil prices do, that is what we pay. In a capped rate plan (which also has an additional charge associated with it), you lock in a rate, but if the price drops below your locked rate, you get the cheaper rate. They figure out the number of gallons you will typically use and pre-purchase the oil. The monthly charge is 1/11 of that, plus fees.
Last year we did fixed rate. We figured out that prices needed to drop 70 cents to make it worth the extra money for the capped plan. At that time, we locked in $2.999, and we felt it was unlikely for the price to drop that far and we couldn't justify paying the extra. Good call for us....because the rate never dropped at all.
Yesterday's fill up would have been $3.999 a gallon if we didn't have the fixed rate. This gives us an idea where the price is for our new budget plan....YIKES. In 2008 when rates were high, we were paying $517 a month!! Couple that with putting gas in two vehicles, and we were somewhere in the range of $1000 for oil and gas. That is just insane.
That also caused some of our credit card problems. We ran out of money. So gas went on a credit card....OFTEN.
Right now we are paying $207 a month (we had a credit last year). I did a rough calculation...and if the rate locked in at $3.999....before fees and such....we would be at about $400 a month for oil. If we do the capped rate plan, it will be closer to $430. I think we will have a credit again...which will drop the price some.
No matter how you look at it....our oil bill is going UP. Somewhere in the neighborhood of $150-$200. This really bites. We will probably do the capped plan, in hopes that oil prices will drop back down over the next year. Gonna have to find $150 more in the budget.....UGH.
And just so you know...we have a programmable thermostat already. It is set at 66 during the day when no one is home and overnight. 68 while we are awake.
CORRECTION: I double checked the program, and we are at 64 overnight.
We are on an auto fill plan, where the oil company just shows up on a schedule and fills the tank. We had a fill up yesterday....which will probably be the last fill up until Fall (probably October, maybe early November). We got 187 gallons. We can look back at the history, and this at first appears high, but we haven't had a fill up since mid February....so all in all, it is about right.
We are also on a budget plan. Our budget plan resets in June. We have two options: fixed rate, or capped rate. A fixed rate plan is just that...we lock in a price, and no matter what the oil prices do, that is what we pay. In a capped rate plan (which also has an additional charge associated with it), you lock in a rate, but if the price drops below your locked rate, you get the cheaper rate. They figure out the number of gallons you will typically use and pre-purchase the oil. The monthly charge is 1/11 of that, plus fees.
Last year we did fixed rate. We figured out that prices needed to drop 70 cents to make it worth the extra money for the capped plan. At that time, we locked in $2.999, and we felt it was unlikely for the price to drop that far and we couldn't justify paying the extra. Good call for us....because the rate never dropped at all.
Yesterday's fill up would have been $3.999 a gallon if we didn't have the fixed rate. This gives us an idea where the price is for our new budget plan....YIKES. In 2008 when rates were high, we were paying $517 a month!! Couple that with putting gas in two vehicles, and we were somewhere in the range of $1000 for oil and gas. That is just insane.
That also caused some of our credit card problems. We ran out of money. So gas went on a credit card....OFTEN.
Right now we are paying $207 a month (we had a credit last year). I did a rough calculation...and if the rate locked in at $3.999....before fees and such....we would be at about $400 a month for oil. If we do the capped rate plan, it will be closer to $430. I think we will have a credit again...which will drop the price some.
No matter how you look at it....our oil bill is going UP. Somewhere in the neighborhood of $150-$200. This really bites. We will probably do the capped plan, in hopes that oil prices will drop back down over the next year. Gonna have to find $150 more in the budget.....UGH.
And just so you know...we have a programmable thermostat already. It is set at 66 during the day when no one is home and overnight. 68 while we are awake.
CORRECTION: I double checked the program, and we are at 64 overnight.
Friday, April 1, 2011
Someone send me some positive energy tonight....**UPDATE**
G-man and I are sitting and working on budget matters.
Things are still tense, and he currently isn't living here. He seems to think we can squeeze blood from a turnip. I know I shouldn't post this....but here goes (to some degree).
He is trying to find "extra" money to pay rent in our marital budget. He asked me where we can pull money from. I told him....uh, nowhere. I am angry that he thinks that his actions should result in a ME figuring out how to pay for it. So I said...fine....let's start from scratch.
He is completely clueless. And one of MY steps towards change is having to give up some control. So instead of just working on the budget myself, WE will do it. The only place I can really see where there is to "pull" from is our Christmas Fund. And I told him that I do not want the kids to pay for his mistakes.
He has agreed to work some extra shifts.....amazing how he is NOW willing to do it. When I have suggested it in the past as a way of generating extra income to GET OUT OF DEBT....he wasn't willing. Why should he have to do any more than he was....
So tonight.....when you feel that cold rush around you....and you just are feeling that something is off balance in the world....that is probably the JuJu seeping out from my house.
He and I are trying to work things out....I am still not sure. We did talk about him moving home, just from a money point of view. I would love to have that OT to put toward debt! But there are more things to discuss. Will let you all know if I can.
Things are still tense, and he currently isn't living here. He seems to think we can squeeze blood from a turnip. I know I shouldn't post this....but here goes (to some degree).
He is trying to find "extra" money to pay rent in our marital budget. He asked me where we can pull money from. I told him....uh, nowhere. I am angry that he thinks that his actions should result in a ME figuring out how to pay for it. So I said...fine....let's start from scratch.
He is completely clueless. And one of MY steps towards change is having to give up some control. So instead of just working on the budget myself, WE will do it. The only place I can really see where there is to "pull" from is our Christmas Fund. And I told him that I do not want the kids to pay for his mistakes.
He has agreed to work some extra shifts.....amazing how he is NOW willing to do it. When I have suggested it in the past as a way of generating extra income to GET OUT OF DEBT....he wasn't willing. Why should he have to do any more than he was....
So tonight.....when you feel that cold rush around you....and you just are feeling that something is off balance in the world....that is probably the JuJu seeping out from my house.
**UPDATE**
Wow....he had no idea what things cost. Food...he said $250 a month for the family. HAHAHA. Gas...he said $300.....it WAS $400 before the prices went up....now we are closer to $450. He forgot some major expenses.
I think the small exercise did help some. He sees that this isn't easy. He sees that every dollar is obligated to something.
End result....he needs to work a minimum of 8 hrs of overtime a month, above and beyond his office and part time jobs....to pay his "rent." I showed him how much money that is...and if he had just done this before....when we talked about it in regards to debt....that we would be in a much different place right now.
Wednesday, February 2, 2011
Two days in a row!
My kids are on yet another snow day....I think we are at 7 or 8 now. I lost count.
Yesterday my boss told me not to come in to work (this was of course AFTER I was sitting in my car waiting for it to warm up). I called out today because the kids are home. Today is payday (we get real checks, no direct deposit), so no payday for me today....will have to wait until tomorrow.
I am trying to not stress about the money. Both not having my paycheck today, and missing 2 days of work (and 1 next week that is scheduled, and who knows about the week after). In addition to trying to stay positive....why am I not stressing???
Because 1) G-man got an extra week of pay at his part time job this week (probably left over vacation pay), and 2) we got $330 back from the attorney that did our closing in over charges!
The overcharges worry me just a tad. I just don't want them to find out they made a mistake and want the money back. So I am not cashing the checks until I am sure.
The extra week of pay that G-man got will make up for my not working, so that is pretty much a wash. I will get my paycheck tomorrow, and we will be ok until then. I am just itching to start paying stuff off, and I won't do it until I am sure all the ducks are in a row. Then KABLAM! My debt number will change by roughly $2500, in addition to the regular stuff. Yeah us!!!!
Yesterday my boss told me not to come in to work (this was of course AFTER I was sitting in my car waiting for it to warm up). I called out today because the kids are home. Today is payday (we get real checks, no direct deposit), so no payday for me today....will have to wait until tomorrow.
I am trying to not stress about the money. Both not having my paycheck today, and missing 2 days of work (and 1 next week that is scheduled, and who knows about the week after). In addition to trying to stay positive....why am I not stressing???
Because 1) G-man got an extra week of pay at his part time job this week (probably left over vacation pay), and 2) we got $330 back from the attorney that did our closing in over charges!
The overcharges worry me just a tad. I just don't want them to find out they made a mistake and want the money back. So I am not cashing the checks until I am sure.
The extra week of pay that G-man got will make up for my not working, so that is pretty much a wash. I will get my paycheck tomorrow, and we will be ok until then. I am just itching to start paying stuff off, and I won't do it until I am sure all the ducks are in a row. Then KABLAM! My debt number will change by roughly $2500, in addition to the regular stuff. Yeah us!!!!
Monday, January 10, 2011
Snowballing for savings?
Most of us subscribe to the "snowball" method for debt reduction.....you know, you throw all your extra money at one debt, then roll it into the next, and so forth and so forth.
But I started thinking about all my little piles of "savings." Am I doing myself a disservice by trying to save for everything by putting a little here and a little there? Or should I be taking that bulk amount and save for one thing at a time? And as a spin off...what about "free" money....like Swagbucks (more on this in a minute).
So here are my piles of money, and their balances as of this week, how much we add bi-weekly, and when the money is need:
Camp - $190; $15; Needs to be funded at $950 by June 15
G-man's birthday party - $42; $40; Needs to be funded at $800 by November 1, but may need sooner
Christmas - $32; $30; Needs to be funded $800 by November 15
Computer Fund - $230; $30; No due date but probably needs to be about $700
Between the 4 areas, it is $115 bi-weekly. What if I put $115 into ONE account, and once it was funded, then move on?? If I did this....here would be the dates the account would be "funded":
Camp - $190; Needs to be funded by June 15 -APRIL 18
G-man's birthday party - $42; Needs to be funded by November 1, but may need sooner - JULY 25
Christmas - $32; Needs to be funded by November 15 - OCTOBER 17
Computer Fund - $230; No due date - DECEMBER 26
HOLY COW!!! If I just concentrate my efforts, I will have everything funded well ahead of time, so the money will be waiting for me when I need it for each. Plus, it gives me a little cushion room. PLUS, I get to accomplish it ALL by the end of the year.
An observant fellow might have noticed that Camp needs to be funded first, and by contributing $15 every 2 weeks, I would only be at $355. That is way off from where it really needed to be My plan for that was to use my third paycheck in March to make up the difference. But that was sort of a risky idea.
I love this new plan. Just by concentrating my efforts, I get where I need to be much faster, with less risk (aka, needing to make up for shortfall). All of these are on auto transfer, so all I have to do reset what account gets what.
Now, I mentioned Swagbucks. My plan has been to use my Swagbucks to buy a dining room set (which isn't needed per se....but I would like to have). I have been exchanging my 700 Swagbucks for $5 via Paypal. Would I be better off throwing these snowflakes at my other things....or just keep them separate (how freakin' cool would it be to buy a whole dining room set with "free" money!!!)
Has anyone done this method before? Should I keep saving for it all at once, or concentrate my efforts? Thoughts??? Do I just over think this stuff??????
But I started thinking about all my little piles of "savings." Am I doing myself a disservice by trying to save for everything by putting a little here and a little there? Or should I be taking that bulk amount and save for one thing at a time? And as a spin off...what about "free" money....like Swagbucks (more on this in a minute).
So here are my piles of money, and their balances as of this week, how much we add bi-weekly, and when the money is need:
Camp - $190; $15; Needs to be funded at $950 by June 15
G-man's birthday party - $42; $40; Needs to be funded at $800 by November 1, but may need sooner
Christmas - $32; $30; Needs to be funded $800 by November 15
Computer Fund - $230; $30; No due date but probably needs to be about $700
Between the 4 areas, it is $115 bi-weekly. What if I put $115 into ONE account, and once it was funded, then move on?? If I did this....here would be the dates the account would be "funded":
Camp - $190; Needs to be funded by June 15 -APRIL 18
G-man's birthday party - $42; Needs to be funded by November 1, but may need sooner - JULY 25
Christmas - $32; Needs to be funded by November 15 - OCTOBER 17
Computer Fund - $230; No due date - DECEMBER 26
HOLY COW!!! If I just concentrate my efforts, I will have everything funded well ahead of time, so the money will be waiting for me when I need it for each. Plus, it gives me a little cushion room. PLUS, I get to accomplish it ALL by the end of the year.
An observant fellow might have noticed that Camp needs to be funded first, and by contributing $15 every 2 weeks, I would only be at $355. That is way off from where it really needed to be My plan for that was to use my third paycheck in March to make up the difference. But that was sort of a risky idea.
I love this new plan. Just by concentrating my efforts, I get where I need to be much faster, with less risk (aka, needing to make up for shortfall). All of these are on auto transfer, so all I have to do reset what account gets what.
Now, I mentioned Swagbucks. My plan has been to use my Swagbucks to buy a dining room set (which isn't needed per se....but I would like to have). I have been exchanging my 700 Swagbucks for $5 via Paypal. Would I be better off throwing these snowflakes at my other things....or just keep them separate (how freakin' cool would it be to buy a whole dining room set with "free" money!!!)
Has anyone done this method before? Should I keep saving for it all at once, or concentrate my efforts? Thoughts??? Do I just over think this stuff??????
Thursday, January 6, 2011
Why A Budget is Important Not Only In Personal Finance
Let me just say this....while I have made my own mistakes, I sure as heck can identify a train wreck about to happen! And I am also finding out the reprocussions of sticking your head in the sand.
I am co-chair of the bookfairs (we do 2-3 a year) at the kids' school (via PTA), which have been very successful. Part of our success comes from working some great people at the kids' former school (my co-chair got redistricted too), who taught us alot about the inner workings of the book fair, planning, etc.
The Fall 2010 bookfair was booked in Spring 2010 (prior to us entering this school). The woman who previously handled the event decided in Sept 2010 that she didn't want to do it anymore. So we stepped in. Our first question to the PTA...What is our budget?. We were told $0. Uh....how do you propose we do an event without a budget??? Long story short, we ended up spending $38. We made twice as much money as past fairs. Our $38 was well spent. The treasurer told us to submit our receipts, and she would cut us a check. Which is what we did.
After the final numbers were confirmed...a few things came to light. Additionally, events of the past 2 days have further illuminated a suspected problem. Namely.....ACCOUNTABILITY, COMMUNICATION, and BUDGET.
1) While we at first thought we spent $38 on the fair.....we actually spent more. The woman in charge of one area said she knew where supplies were and would take care of things. Ok, great. Turns out she went out and bought it all herself, and took home what wasn't used.
2) From what we can tell, the way most events have been run is A) the chairs just go and buy whatever they want, then B) they take their reimbursement off the top, and C) whatever is left over is profit. No one is keeping track of how much it actually costs to put on events...they only look at the profit. The treasurer has just been paying people based on the receipt. No accountability....no line item that the event cost XX to put on....just subtract it from the total.
3) Events seem to happen in a bubble, unrelated to other things. The chairs just do things without talking to anyone, and it is a Don't ask, Don't tell situation.
Holy Cow!!!! This blew up 10 fold last night. I sent the treasurer a note asking for $100 line item to be considered for the February Bookfair, to be presented at the Budget meeting on Friday. She said sure, she will bring it up, and thinks that $100 is reasonable.
The president thought that someone else should have been paying for stuff. She claims she was unaware we spent any money the last time (even though she co-signed the check!). This is coming on the heels of a completely separate event where the chairs spent $50 on supplies (which the president thought the chairs were "donating"), took it off the top of the $92 that was collecting....leaving $42 in "profit" until they had to pay for something else that was $75....which now made them in the hole $33.
These people are off their rocker!!! They had absolutely no idea how much it cost to run an event, nor how much it should cost. The chairs have been spending money left and right, not paying any attention to what they are spending, and hoping it all works out in the end.
So when we asked for a BUDGET....they looked at us like we were nuts because the events don't cost anything. Never mind that the girl who laid out $200 in the fall shouldn't have had to do that. Never mind that they need to know how much it costs to do things, so they can figure out if they can even afford to do it.
There are all sorts of numbers that don't add up, and they just shrug it off. They have no idea why they don't work, or how to figure it out, or even if they should. Seriously people.....do you really think that it doesn't cost anything to host an event?????? I don't even what to know how much money people have donated because they just figured that is what they had to do.
It gives me a headache just thinking about how screwed up their budget is.
I am co-chair of the bookfairs (we do 2-3 a year) at the kids' school (via PTA), which have been very successful. Part of our success comes from working some great people at the kids' former school (my co-chair got redistricted too), who taught us alot about the inner workings of the book fair, planning, etc.
The Fall 2010 bookfair was booked in Spring 2010 (prior to us entering this school). The woman who previously handled the event decided in Sept 2010 that she didn't want to do it anymore. So we stepped in. Our first question to the PTA...What is our budget?. We were told $0. Uh....how do you propose we do an event without a budget??? Long story short, we ended up spending $38. We made twice as much money as past fairs. Our $38 was well spent. The treasurer told us to submit our receipts, and she would cut us a check. Which is what we did.
After the final numbers were confirmed...a few things came to light. Additionally, events of the past 2 days have further illuminated a suspected problem. Namely.....ACCOUNTABILITY, COMMUNICATION, and BUDGET.
1) While we at first thought we spent $38 on the fair.....we actually spent more. The woman in charge of one area said she knew where supplies were and would take care of things. Ok, great. Turns out she went out and bought it all herself, and took home what wasn't used.
2) From what we can tell, the way most events have been run is A) the chairs just go and buy whatever they want, then B) they take their reimbursement off the top, and C) whatever is left over is profit. No one is keeping track of how much it actually costs to put on events...they only look at the profit. The treasurer has just been paying people based on the receipt. No accountability....no line item that the event cost XX to put on....just subtract it from the total.
3) Events seem to happen in a bubble, unrelated to other things. The chairs just do things without talking to anyone, and it is a Don't ask, Don't tell situation.
Holy Cow!!!! This blew up 10 fold last night. I sent the treasurer a note asking for $100 line item to be considered for the February Bookfair, to be presented at the Budget meeting on Friday. She said sure, she will bring it up, and thinks that $100 is reasonable.
The president thought that someone else should have been paying for stuff. She claims she was unaware we spent any money the last time (even though she co-signed the check!). This is coming on the heels of a completely separate event where the chairs spent $50 on supplies (which the president thought the chairs were "donating"), took it off the top of the $92 that was collecting....leaving $42 in "profit" until they had to pay for something else that was $75....which now made them in the hole $33.
These people are off their rocker!!! They had absolutely no idea how much it cost to run an event, nor how much it should cost. The chairs have been spending money left and right, not paying any attention to what they are spending, and hoping it all works out in the end.
So when we asked for a BUDGET....they looked at us like we were nuts because the events don't cost anything. Never mind that the girl who laid out $200 in the fall shouldn't have had to do that. Never mind that they need to know how much it costs to do things, so they can figure out if they can even afford to do it.
There are all sorts of numbers that don't add up, and they just shrug it off. They have no idea why they don't work, or how to figure it out, or even if they should. Seriously people.....do you really think that it doesn't cost anything to host an event?????? I don't even what to know how much money people have donated because they just figured that is what they had to do.
It gives me a headache just thinking about how screwed up their budget is.
Wednesday, January 5, 2011
Sometimes The Obvious Answer is well....OBVIOUS
I consider myself an intelligent woman. Granted, I have made stupid choices....but as a whole, at least 22 of the 24 crayons in the box are sharp.
When I have worked out my budgets, it is based on the typical month pay (give or take). For example, if they cut hours at G-man's part time job, his weekly paycheck will be a little lower. But it usually balances out in the end. His main job paycheck is fairly static (I am curious to see what that number will be with tax differences, medical insurance, and FSA differences). The biggest wild card in all of this is OVERTIME.
(NOTE: We agreed that OT is NOT a side hustle)
In the past, overtime pretty much got sucked up into life. Mostly, when we went over in a budget category.....food being the number one culprit. How stupid we are.....
Now, as soon as there is overtime on a paycheck, it gets moved out of the main account immediately. It isn't budgeted money. No more getting sucked into the darkness of the great abyss. It will get held until all of the budgeted expenses are paid, and then that EXTRA money will go where it belongs....as an EXTRA payment to something.
G-man had to get up at 2:30am.....yes, you read that right, 2:30am....to be at work for 4:00am this morning. He will be earning OT all day (and without going into detail about his job, this is the stuff he LOVES to do), and he will work his regular shift tonight. Today will be about 10-11 hrs of OT (unless they are able to finish early). At time and a half, that is about 15-16 hrs of regular time......2 days worth......or about 20% extra.
That EXTRA money....because that is what it is.....will make an EXTRA payment somewhere.
(I am being vague about the somewhere because of the new mortgage refi. Depending on when it closes, and we get the escrow money back from the current loan, we will have to see where we are at on the snowball. The current plan is that the month off from our mortgage and the escrow will pay off CC1 and Student Loan 2, and part of Christmas nonsense. If OT hits before the mortgage closes, then OT will be used for the above stuff, and the mortgage stuff finishes off the above, and the remainder goes to the next debt victim).
I probably make things harder with all my little piles. But it works for me. I need to visually see it all broken out. So for now....the piles stay. His OT today will probably be in his paycheck on Jan 24, so we have a few weeks before we will see it. But I am looking forward to it!!!
When I have worked out my budgets, it is based on the typical month pay (give or take). For example, if they cut hours at G-man's part time job, his weekly paycheck will be a little lower. But it usually balances out in the end. His main job paycheck is fairly static (I am curious to see what that number will be with tax differences, medical insurance, and FSA differences). The biggest wild card in all of this is OVERTIME.
(NOTE: We agreed that OT is NOT a side hustle)
In the past, overtime pretty much got sucked up into life. Mostly, when we went over in a budget category.....food being the number one culprit. How stupid we are.....
Now, as soon as there is overtime on a paycheck, it gets moved out of the main account immediately. It isn't budgeted money. No more getting sucked into the darkness of the great abyss. It will get held until all of the budgeted expenses are paid, and then that EXTRA money will go where it belongs....as an EXTRA payment to something.
G-man had to get up at 2:30am.....yes, you read that right, 2:30am....to be at work for 4:00am this morning. He will be earning OT all day (and without going into detail about his job, this is the stuff he LOVES to do), and he will work his regular shift tonight. Today will be about 10-11 hrs of OT (unless they are able to finish early). At time and a half, that is about 15-16 hrs of regular time......2 days worth......or about 20% extra.
That EXTRA money....because that is what it is.....will make an EXTRA payment somewhere.
(I am being vague about the somewhere because of the new mortgage refi. Depending on when it closes, and we get the escrow money back from the current loan, we will have to see where we are at on the snowball. The current plan is that the month off from our mortgage and the escrow will pay off CC1 and Student Loan 2, and part of Christmas nonsense. If OT hits before the mortgage closes, then OT will be used for the above stuff, and the mortgage stuff finishes off the above, and the remainder goes to the next debt victim).
I probably make things harder with all my little piles. But it works for me. I need to visually see it all broken out. So for now....the piles stay. His OT today will probably be in his paycheck on Jan 24, so we have a few weeks before we will see it. But I am looking forward to it!!!
Saturday, January 1, 2011
Financial Goals 2011
I know that some of these are a stretch. I also know that some of these are a little subjective. But here we are!!! We are set to kick some major butt this year.
In order to have some perspective, as of January 1 our current debt total is $68,685.37 broken down to:
- Credit Card - $35,065.23
- Student Loan -$29,225.79
- Car- $4,156.35
- Medical - $208.00
1) Pay off car early. It is scheduled to be paid off December 2011/January 2012. I would like to have it paid off earlier. I am not setting a deadline (but August is the one in my head!), but I just want it done ahead of schedule. DONE!!!
2) Pay off $10,000 in debt (not including the retirement loan). OK....really, I want $12,000 which is about 30% more than we paid off in 2010. But I am setting the bar a little lower in the hopes of SMASHING this goal, and then motivating myself to get to the REAL goal of $12,000.
3) Side Hustle $2000. This will come from blogging money, selling items, odd jobs (including my new gig as a ChaCha guide!), etc. This will be a combined Mysti/G-man goal, but it also includes 1/3 of the hustle money to be "mad" money. See the new tally on the side bar to help me keep track. We aren't setting it up as $1000 each, but I am hoping that G-man gets motivated since he will get to keep 1/3 of it to "play" with.
4) Open ING Christmas Account. Let's not have a repeat of 2010. *sigh* DONE!!!
5) Continue to work on zero-based budget. This is still hard for us!! But we are getting there.
6) Curb food spending. Eating out has gotten out of hand. Processed foods are too plentiful in the kids' diet. Better food planning should help on both accounts.
7) Get life insurance. We have been irresponsible on this. I know that we can't afford what we really should have. But we have to start somewhere. We can always modify the amount and type later...but right now, we just need to do it.
8) Make will. The biggest reason we haven't made a will....we really don't have a guardian for our kids. No one is the right decision. But we have to bite the bullet and just do this too. Not planning on kicking the bucket, but need to make sure the wee folks are taken care of.
9) Resume retirement savings. We stopped contributing so we could increase our cash flow. I am hoping as the balances continue to go down on our debts, we can start contributing again. At least to get the employer match of 5%.
10) Find one "free" family thing to do per month. It might be a picnic, a school event, or something I haven't thought of yet! No one says you have to spend money to have family time.
Don't forget to check out my blogging and personal goals too!!!
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