July 1st... I guess it's time to post June Results. Ouch.

Savings #1: 11,220(goal:15,000 ----74.8% to goal)
Savings #2: 1078(goal:2,500 ----43.12%)
Savings #3: 504 (goal 2,000 ---- 25.3%)

Roth IRA: 1,500 (goal: max 2008 contribution)
401K: 803
Brokerage Account: 100
Employee Stock: 420

Debt:
Credit Card: STILL $0!!!
Student Loan: $15,222


From end of May to end of June
Savings #1 = + $80
Savings #2 = -647
Savings #3 = - 196
Roth IRA = + $0
401K = + $43
Brokerage Account = +$25
Employee Stock Plan $0

My savings for the month of June = $-695
(oooo... that hurts!) And I haven't even paid my car insurance yet! It's not due until July 7th... so I'm waiting until I get paid again, which is this Wednesday. However I know that it won't be enough to cover the entire payment. I'll have to dip into my savings again (pull about $300). Also these results are understated a little since May was overstated by me including that first paycheck in May results.

I will admit that June wasn't a complete loss because I did get rid of my credit card debt. So I sacrificed some of my savings in order to have cc freedom. I'm going to work really hard for July in order to start rebuilding my savings after I pay my car insurance.


I just need to remember to focus on my goals.

Argh!!!!

It has come to my attention that I do not know how to add and subtract on a calculator. I miss added my one of my CC payments. So I overpaid by $33.05! How annoying. I don't know how I did it... or what I was thinking when I was adding it. I mean I got the balance from calling the number and then I checked the last 10 trans... still had a couple purchases pending... so I added those in. I don't know how I got $33.05 more than what I actually charged.

Oh well. I guess I'll have to charge exactly $33.05 and then whatever the balance is either pay cash or debit! My next purchase for groceries or something. I do not know.

I did it! I single handedly in one foul swoop wiped out all my Credit card debt. YES!!!
Well... I didn't want to think about my CCs anymore when I checked my balances this morning. I apparently spent way more than I thought I did while I was visiting in California. So I decided to just pay off all my cards. Now I can just focus on building back up my savings, saving more for retirement, and saving more for my enjoyments.

Unfortunately... my savings will probably take another hit at the end of the month when my Car insurance is due! That will be another $400. But I will cross that bridge at the end of the month. I should be alright because this past paycheck was weak because I only worked for a half a week... because I was on vacation. So money is tight this month. I'll make due.

But everything is okay because I have NO CREDIT CARD DEBT!!! YAY! Hopefully I can keep it like that!!! I'm taking them out of my wallet right now!!!


But anyways here is my mid-month results.

Savings #1: 11,220 (74.8% to goal)
Savings #2: 1,050 (42.0% to goal... 27% decrease from previous balance, yikes)
Savings #3: 504 (25.2% to goal...9.8% decrease from previous balance)

Roth IRA: 1,500
401K: 803
Brokerage Account: 100
Employee Stock: 420

Debt:
Credit Card: $0
Student Loan 15,325
Car Insurance $400 at the end of the month


So... June has been a really slow month so far. However, I did get rid of my CC debt. Now I just need to get my savings back up and I need to start contributing to my IRA.

I'm a little late on end of May. However I've been in California visiting family for the past week and I'm here until next week. The nice thing is that I've been to California a bunch of times, so I don't feel the need to buy a lot of things, so just good time with the family.

Anyway, here is the rundown (note this also includes my last paycheck that was posted yesterday)

Savings #1 - $11,140 (goal: 15,000 ---- 74.27% to goal)
Savings #2 – $1,725 (goal: 2,500 ---- 69.00% to goal)
Savings #3 - $700 ($50 less than mid-may - $50 towards a little spending money for my trip) (goal: 2,000 ---- 35% to goal)

Roth IRA – $1,500
401K: $760
Brokerage Account - $75
Employee Stock Plan: $420

Debt:
Credit Cards (4): $500
Student Loans: $15,326 (June & July’s pymt in Checking)

From April to May
Savings #1 = + $327
Savings #2 = + $156
Savings #3 = - $179
Roth IRA = + $0
401K = + $382
Brokerage Account = +$75
Employee Stock Plan $102

My savings for the month of May = $863

I was thinking this number is unusually high. Then I realized that it’s overstated because I included the first paycheck for June. Oops. Well that just means that June’s number will be lower in the end as far as increases in savings. It will all balance out in the end. May’s should be around $250-300 less. But hey that’s still a good number for me, considering I’m only working part-time. Thank goodness for time-and-a-half and holiday pay for Memorial Day.
When I get back from California, serious job hunt time!!! Then maybe I can get my savings up higher!!! That makes me happy!

So... May is going a little slower than I originally planned for. However I must say I'm doing pretty well for only working part-time. Luckily I was able to pick up extra hours between job searching and sprucing up my resume. I'm so glad that I made myself a cushion before leaving my full-time job so that I have wiggle room to find something I really want to do without really suffering the consequences of not working full-time.

So anyways here's the rundown on the accounts.
Savings #1: 11,040 (new additions $75 from Checking transfer, and interest)
Savings #2: 1,619 (new additions $50 from rebate check)
Savings #3: 750 (new additions $50 from turning in loose coin)

Roth IRA: 1,500 (I need to get on this year's contribution)
401K: 480
Brokerage Account: 25
Employee Stock Plan: 318

Debt:
Credit Cards (4): roughly $505 (I kinda rounded up to the nearest even amount... so in reality I have a little bit less)
Student Loan $15,486 (payment due on the 21st. Have May,June and July's payment saved up in my checking account)

That's pretty much it, I get paid next week. The day after Memorial Day I'm leaving for California for two weeks to spend time with family and possibly check out employment possibilities and west-coast living. Everyone keeps telling me that California is expensive. Yeah I know, but Northern Virginia is almost that expensive too. What frustrates me is that everyone likes to tell me what I CAN'T do...I'm determined and once I set my mind to something I'll make it work and accomplish it. We'll see what happens because ultimately it's my decision! BTW my round-trip ticket to California from Washington DC was only $230 on Virgin Atlantic, everywhere else it was around $400!!! And I paid cash for it... so more woo hoo.

Ugh! Okay so I don't have that much CC debt... but it's enough to drive me crazy.

Okay so I did the post-it thing where I write down the balance of my card and stick to the front of the card. This way I know what I put on the card. Well it worked to an extent. However... then I was looking over what exactly I purchased in the past billing statement. It was mostly restaurant/food purchases. I need to stop eating out! I really really do. Today this has to stop. It's not like I can leave all my CCs out of my wallet because I like to carry one just in case of emergencies... like I'm stranded somewhere and I don't use my debit card.

I would like to get to the point where I don't have a CC bill at all... at least for a month, then I'll truly know how it feels to be 100% out of CC debt.

So today I transfered another 155. from my car savings acct to my CC. I don't know why it's easier to part with my car savings acct money than my other accounts... probably because it's my newer account and I think like LIFO... Last-in, First-Out. This should satisfy me until I get my rebate.

So new balance on savings #3... $700. sad to see it go down... but I rather my CC be closer to zero. A minor set-back to my plans, I'll get this back up shortly... with my automatic direct deposits to this account.


I may have to re-look at that.

600
200 - student loan pymt for July (May & June payment already saved for in CKING ACCT)
150 - parents for June
65 - cell phone bill for June (already paid May's with last paycheck)
50 - savings #2
135 - CC bills... I don't want to look at them anymore!



*** correction to my Roth IRA... the amount I've actually contributed is $1500. And the reason why my stated balance before was $1570 was because I have a self-directed brokerage IRA account. so the 70 was from the stocks in my account rising. So I'm adjusting this back to just the amount that I contribute, because it's easier to keep track up that way.


*** my challenge for the Month of May***
I always need to work towards something.
-have my 4 Credit cards total balance be below my last months balance of $650.
-even though savings is tough on a tight budget have a least a net savings addition to be at least $100.

until next time... hopefully no more set backs between now and then.

I really like the fact that I can view my paycheck before it direct deposits to my account on Wednesday. It allows for early planning. So by Wednesday I already have everything planned and I don't have to think about anything. Usually all my transfers, if any, are done... automatic bill pay is set up to come out the next day. Then I'm taken care of until next pay period.

This week.

$49 to 401K Pretax Money
$46 towards Tax
$16 towards Employee Stock Purchase (set aside until next Stock Purchase time, I think it's either at the end of May or beginning of June)
$50 towards Savings #1 (automatic Direct Deposit)
$25 towards Savings #3 (automatic Direct Deposit)
$25 towards my newly created Brokerage Account (automatic Direct Deposit)
the rest to my checking for bills


So Updated Balances

401K previous balance $419
addition (w/match) $49
new balance $468
(note: my 401K balance is actually higher than this because it's an investment portfolio so it fluctuates daily, so I'm just using the balance of what I actually put into my 401K (w/match).

Savings #1 previous balance $10,888
addition $50
new balance $10,938

Savings #3 previous balance 879
addition $25
CC payment $49 (for last month's gas purchase)
new balance $855


well that was easy... all that's left is actually getting paid. I see no need for adjustments this week, no extra transfers or rearranging of funds.

As for my Credit Cards. I've come up with a way to hopefully deter me from pulling them out and using... aside from actually leaving them out of my wallet. I only carry one credit card on me at all times. I called the number on the back of my 4 cards with balances on them. Wrote the balance of each of them on a post-it note and stuck the post-it on each card. So now when I pull out my credit card I "See" the balance of the card in front of me. And hopefully when I see the balance, I will change my mind about buying whatever it is I'm buying... except for gas of course because well, I need fuel for my car to get to work. And when I make a purchase I'll just update the balance on the post-it. Almost like an informal check book register. That way I have no reason to be surprised when I get the bill in the mail or via estatments.

Anyway, Until next time. Probably May 15th since that's when the interest on Savings #1 posts.

***I live by the words "pay yourself first" even if I'm not earning that much.***

Wow, I just happened to stumble across this site this morning searching for new ideas on how to save money on a tight income. A pretty neat idea.

Anyways I guess I should get started. I'm using this at a way for me to keep on track with my savings goal of someday retiring early (I don't want to work forever).

So here are my facts.
I'm 22 years old.
I just graduated from college a year ago. After all my grants and scholarships I was left with roughly $17,500 in student loans. My current balance on my student loans $15,487 (paying on it since October 2007).

I have 4 credit cards with a combined balance of roughly $650.00 (I really try to pay off my balance each month).

I still live at home unfortunately. I don't mind really because it's ALOT cheaper than living on my own, Northern Virginia is EXPENSIVE! Pay $150.00 in rent a month (I know that's nothing, my parents decide to give me a break considering that I'm paying $200.00 a month for my student loans).

I pay for my cell phone which is $65.00 a month

My car insurance is $500 every six months.
No car payment I paid that off my junior year in college, woo hoo.

Unfortunately I recently left my full-time job at a bank, in search for something more in my field of study. Unfortunately the job market is really slow. Luckily I still have my part-time job working retail with flexible hours, that will allow me to do my job search while still earning some kind of income.
My take-home pay dropped from $2000 a month to roughly $500 a month. A big difference.
I really want to continue saving.

This is my savings situation.
I have 3 savings account at 3 different institutions.
My savings #1 (my online savings that earns the higher interest) : $10,813 (this is the money I DO NOT touch, the money I set aside for my future, or... my emergency fund in case something happens I know I have this month to cover my student loans. [note: when I had my full-time job at the bank I was saving about 40% of that income, this is where most of this money came from]
My savings #2 (my oldest savings account, for everyday things) : $1,569 I'm trying to build this back up again, I took a big chunk of this out when I paid off all my credit card bills from college. This is the month that I'm allowed to touch if I need to cover some bills at the end of the month.
My savings #3 (my newest savings account, not quite sure what I'm going to use this for yet, just knew that I needed another account): $879

I have a 401K plan my with my part-time job, which I contribute 15% of my gross pay (pre-tax every two weeks) with a 4% company match. I just started this in January the balance is $378.

Another 5% of my gross pay from my part-time job goes towards an account set aside for employee stock purchase.

So with just $500 a month... how will I stretch it out so that I can still save after roughly $400 in monthly bills? Maybe I can pick up more hours at my part-time job between job searching to earn a little bit more. I figure it out and give bi-weekly updates on how I'm doing.