Okay so I have a question. If anyone has any advice I am completely open to ideas and thoughts, because right now I don't have a clue. Well, that's not true. I have a partial clue.

So if you look at my financial stats, I have not maxed out my 2008 contribution for my Roth IRA. But I am still able to make 2008 contributions until sometime in April. I can't remember the date from when I was a teller. Oops, but anyways until the beginning of April. Should I still continuing adding to 2008 or should I just start with 2009 since I'm not really close to maxing out 2008????

I didn't really get a chance to making more contributions to my Roth because of my lack of steady income this past year. But now I'm able to make some contributions.

I'm pretty sure I should just keeping adding to 2008 for as much as I can that way if by some miracle I earn some crazy amount of money later in the year I can still max out my 2009 contribution. I think.
Help!

Just like I said in my last post. I was going to sit down and figure out how much I have and where I have my moolah.

Savings #1 10,199 ($50 increase)
Savings #2 1,411 ($151 increase)
Savings #3 580 ($205 increase)

Roth IRA: 1,600 ($50 increase)
Rollover IRA (frm. 401k): 1,089

Total Savings Increase since 12/23/08
$456

Debt:
Credit Card: $1,034 (A decrease of $161)
Student Loan: $14,248 (A decrease of $72)

Note: I did get $150 for Christmas money that I deposited into Savings #1. But the rest I saved all on my own by automatically transfering $75 to Savings #2, $25 to Savings #3 and #1. Every paycheck. Automatic savings of $125 each week. For now.

Today was my last day at the contract job. I have an interview on Monday. At least the one on Monday the contract should last until March. I'm keeping my fingers crossed that I do well at the interview. I'm going to studying up on the company and the position this weekend.


Oh and the nerve. So I'm doing the temp thing right now. And there were two other temps that I was working with. My recuriter told me to update my resume so she could send it off to new opportunities. So I did. She came back and said that my resume was really well written. She was impressed. And then she had the nerve to ask me if I would be willing to share my resume with the other two temps so they could fix their s. In normal situations I would be okay with sharing.But these are tough times. And frankily those two temps are also my competition. How dare she ask me to share something that makes me stand out of other applicants. I put a lot of effort into putting it together, in fact at one point I had to scrap the entire thing and start over. Maybe I'm being silly, it's just like asking me to show my term paper to someone else so they can get ideas after I had to come up with the original idea with no help and what if they get the better grade. Nope. no can do. They'll have to figure it out on their own. After I get a job I would be more than happy to share, lol.

Eh, I figured I might as well do it now or I'm never going to do it. My overdo update.

Ouch. Okay so now that I have a job for the time being I'm able to rebuild my savings.

So here it goes

Savings #1 10,149.00
Savings #2 1,260.00
Savings #3 380.00

IRA 1550.00
401k(which is now a Roll-over IRA from previous job) - 1089.00 (lost from that huge stock market plunge back in september)

CC debt 1,195.00 YIKES
Student Loan 14,320.00

so for the time being i get paid weekly.
My paycheck varies because of the amount of overtime that I work. But I'm automatically transferring $50 to Savings #1, $75 to Savings #2, $25 to Savings #3 every paycheck. The rest goes towards CC debt and other bill money. I know I could just pay off my Credit Card debt in one swoop. But since I'm only working contract I really want to keep my savings in tact just in case I don't have work once this contract ends.


Quick question. I don't know if anyone knows the answer to this. Since I moved to another state and is now working in another state. I have to file 2 tax returns right? Since I lived in Virginia for most of the year, I file Virginia first right? And then California?

Might as well post my July results.

Savings #1: 11,437(goal:15,000 ----76.25% to goal)
Savings #2: 923(goal:2,500 ----36.92%)
Savings #3: 559 (goal 2,000 ---- 27.95%)

Roth IRA: 1,550 (goal: max 2008 contribution)
401K: 1129
Brokerage Account: 155
Employee Stock: 420

Debt:
Credit Card: $0
Student Loan: $14,986


From end of June to end of July
Savings #1 = + $217
Savings #2 = -155
Savings #3 = +55
Roth IRA = + 50
401K = + 326
Brokerage Account = +55
Employee Stock Plan $0

My savings for the month of July = $548
Yay! All I was hoping for was a positive savings.

I put a slow down to building back up the savings. I've now got my eye on paying down my student loan. I haven't completely stopped saving, I have an automatic deposit from my paycheck that goes to Savings #1 and #3, which will have to suffice for now. I usually try to transfer extra to my Savings #2... but now that will go towards Loan Payment and Roth IRA.

Actually good news, I don't know what happened but the Federal Govt... Direct Loans lowered my monthly payment by $30. The interest rate was also lowered, considering that it's a variable rate and I have yet to consolidate my loans. 3.9% interest (from 6.8%)... so I'm taking this opportunity to make bigger payments so that even more will go to principle.

Now I feel pumped up again... let's keep chugging along. Next on the agenda... turning 23 next week. So hopefully August will be good to me!

July has been a slow month to start out as well as all the rest. My car insurance was due the first week. So I had to take out $300 from Savings #2... to cover this. However with my last paycheck I was able to put back at least $100. So really I only took out $200 from Savings #2. I'm starting to redirect my focus towards paying down my student loan and adding to my retirement IRA. I still have my regular savings goals, I'm just not focusing ALL my attention to them.

Here are my Mid-monthly results for July.

Savings #1: 11,285 (75.23% to goal)
Savings #2: 878 (35.12% to goal)
Savings #3: 559 (27.95% to goal)

Roth IRA: 1,550 ($3450 more to meet goal of maxing out 2008 contribution)
401K: 1,129
Brokerage Account: 145
Employee Stock: 420

Debt:
Credit Card: $0
Student Loan 15,222 (put an additional $100 towards my loan this paycheck... will have the updated number at the end of the month when I figure out how much went to interest and the how much went to the principle)

Well at least I have one more paycheck for July. Just have to stay positive and try not to get discouraged.

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.

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 sat down today and added beneficiaries to my Roth IRA and 401K.

After discussing this with my mom, I've decided to put my brother and sister as the beneficiaries for my Roth IRA and my mom is for my 401K, until I change it. Since right now I'm not married and don't have kids, and in the event something happens to me I guess it's better to make sure I have everything taken care of, even though I'm sure that everything would be left to my parents if they out-survive me. My mom would rather have me leave my assets, what little I have right now to my siblings, that way they have something just in case something happens to my parents.

The only reason why I'm thinking about this now is because my last week working at the bank there was this woman whose daughter has passed away (her daughter was around my age) and she was trying to clear up some of her daughters financial ties and she didn't even know where her daughter had accounts at. It was kind of a mess. I felt really bad for this woman because she seemed so nice and a parent should never have to out live their child. Needless to say I thought about it afterwards and I don't want my parents to have to go through the same thing if something should happen to me.

Which reminds me that I have to change the beneficiaries on my savings/checking accounts because right now it's my aunt, which I have no idea why... I think my mom said she set it up like that when she first opened the savings for me when I was a minor because she was designated my guardian if something should happen to my parents.

My mom also wanted me to set up an advance medical directive (I don't know if that's what's called or not, I forget at the moment)... basically a living will. I told her I wasn't ready to think about that today, I told her that I would think about later and figure it out. I just think setting up the beneficiaries was enough for one day. Sometimes I'm overly cautious and like to have things prepared and ready in case of an emergency. My theory is that it's better to be safe than sorry, when it comes to certain things...not stocks of course... the more risk the better return sometimes ,lol.

And of course this would all change if I get married and have kids, but for now I'll take care of my parents and brother and sister.

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.