Counting Pennies

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.

Well, actually it's no longer a problem because I took care of it right from the get-go.

My friend/co-worker the one that I occasionally give rides told me that she was going to buy a used car. I told her that was great and good luck and so on. Well the next day she came up to me asked me if she could ask me something. I was like sure what is it. And then she asked if I would be a co-signer on her car note because she doesn't have enough credit to get a car on her on. Before she could even explain herself why I told her flat out no.

It's not that I don't trust her to pay her car note I'm sure she will, I know she will actually. However, I'm not willing to take that chance. I'm working really hard to get and maintain a high credit score and all I need is for one thing to ruin that and ruin a friendship. I asked her why she didn't ask her brothers or dad. She told me that her brothers don't have enough credit either and her dad is out of the country right now.

All I told her is that for the sake of our friendship it would not be in my best interest to co-sign on her car note. Especially since I plan on moving in the next few months I don't need that note on my credit report if I plan to buy a place.
And I left it at that. She said that it was all right and that she was just asking. I'm just really shocked that she asked me to do that for her. Do people really ask other people that are not in their family to co-sign with them???

It's a shame that I take my finance seriously. I don't want to end up on Judge Judy. lol

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.

Hmm... it seems that I must have caught the declutting bug too! haha. I did a whole lot of shredding, bundling up newspaper for recycling, consolidating and purging a lot of stuff. Keyword being stuff. I really just need to throw a lot of stuff out but for someway I just convince myself that it has sentimental value to me and hang on to it. Usually later down the line I end up throwing it away or donating it.

My family is all going on vacation tomorrow for two weeks. I'm left here to take care of the house and the cat. Me and the cat are going to be best friends once the two weeks are over, haha. I am sort of looking forward to the empty house... more cleaning and I can actually sit down and focus on tasks with no distractions.

By the way I was able to get 30 items for the food bank donation at work... for less than $20. I was only one out of 4 people to bring food in. I knew it would end up like that. Not that I was keeping score or anything, I actually really enjoy these types of community action projects. The next community action project is back-to-school supplies for underpriviledged kids in our local area. I can't wait for that! I love shopping for school supplies that is so much fun!

Next week I'm volunteering at this event serving food, helping with setup and clean up. I'm not quite sure what organization it's benefiting, I did at one point know, I just forgot. I know the proceeds from the event are going towards helping children.



And as far as financial update... Still no credit card debt! WOO HOO! I'm staying strong. I think as I'm trying to build back up my savings I'm going to put some of that money towards my IRA... at least that way I can get closer to my goal of maxing out 2008 contribution.

That's pretty much it. I'll be back in a couple of days to post end of June Results. (ooOOOoooo scary thought... June is almost over) yikes! Time flies!

As I think about yesterday, I'm thinking that I was a bit harsh on my friend/co-worker.
We got into it yesterday about some things. She's my brother's age, two years younger than me, I just now realize that I sort of treat her like a younger sibling.

I was getting annoyed yesterday, because she asked me for a ride home from work. (that I don't mind because she's on the way, not really... but it's not that far.)But then... once we got into my car she wanted me to drive to some fast-food place so that she could get food... (it was around 11pm). The one she wanted was not in the direction I was headed. So I firmed stated "no" and that she needs to pick some place on the way, because I'm not driving all around the creation wasting gas. She got mad at me. I know it sound really petty, but I was annoyed at the fact that I had a conversation earlier in the day that I was trying to cut back on my driving to save on gas, so for her to forget about that and not understand, I just don't get it. I told her that she would understand once she got a car and started paying for her own gas.

I know this sounds really selfish of me, but I like it when I get off of work at different times that way I dont have to worry about giving rides home. I mean every now and then I don't mind, but when it becomes often like almost every shift, that's where I draw the line, because they aren't offering gas money and I'm not asking for it. So it's better that I don't give rides home... that way it's just a straight 7 minute drive home with no detours. I'm not a taxi.

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.

So, I just got back from San Francisco. I love that city.

Anyways... just ONE of the many highlights of my trip was when I spent the day in the city by myself. I was a little hesitant about it. I went the day before with my aunt who is from the area. So I decided the next day I would go by myself and go exploring. Anyway I was standing in line to buy a day pass for the Cable Car. $11 for an All Day Pass. This couple came right up to me and gave me both of their All Day Passes for FREE. They said that they were done for the day and didn't need them anymore and that I should use it and I should give the other one to someone that I thought was nice. I almost fainted. I thanked them so much for being so kind, not that I really needed the free tickets, but I was just shocked of their kindness. I thanked them plenty. So I rode of the Cable Car, my round trip. I was done with all my riding by 3pm. So... I stood around waiting to give the two tickets to two people that I thought would enjoy them. I found these two ladies. One had a tour guide book in her hand. So I gave the two tickets to them, because they were like me just visiting the city. I hope they had a nice trip like I did!!!

I feel like I'm on a lucky streak right now, too many lucky occasions to explain. But anyways, I feel as though I want to give back for being so blessed right now. My job is holding a food drive for the local food bank. Tomorrow I'm going to go to the store and see what I get get for $20 to for the food drive!!! All about paying it forward right?

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!

Paycheck time! As usual pretty much the same breakdown as always. I need to keep in mind... pay myself first!!!

so first thing

401K
beginning balance 480
addition w/match 137
new balance 617

Towards Employee stock purchase 34
(the purchase will be bought at the end of May)

Savings #1
beginning balance 11,040
addition 50
new balance 11,090

Savings #3
beginning balance 750
addition 25
new balance 775

Brokerage Account
beginning balance 25
addition 25
new balance 50

I made more this paycheck from working more hours the past two weeks. And since I usually don't get this normally I decided to transfer $52 to my Savings #2 (Emergency Bills Fund), for when I really need the money.
So new balance for Savings #2 1,671

Also my student loan payment was taken from my checking this morning. However they haven't updated my loan information yet... so I don't know exactly what when to principle vs. interest. So I can't update my Student Loan information right now. I will update it in my end of May Report.


and all the rest of my paycheck goes into my checking!

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.

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.***

My company finally posted to my 401K account from the 4/23 paycheck.

previous balance 378
contribution (w/match) 41
new balance 419

also my automatic $75 transfer from my checking to my savings account #1 posted today.

previous 10,813
addition 75
new balance 10,888


I should be getting my $600 refund check soon!

my plans for the $600

600
(200) - student loan for July's payment
(150) - parent's money for June
(65) - cell phone for May
(50) - savings #2
(50) - savings #3
(85) - credit cards


I've also decided what savings #3 is for. Car insurance/gas/repair.

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.