Ok, since both of these are pretty short and sweet, I'm combining them into one post. Which will probably still be short. Because weekend, or something.
So first up is my no-eating-out-accountability update for the end of October (25th through the 31st). I did grab some fast food here and there, but I used a Visa gift card that I had originally earmarked for something else and then changed my mind, so no money out of my pocket. There is one mysterious transaction I can't account for, from the 29th. Apparently I bought breakfast or a snack or something from the cafeteria for $3.80. Kind of freaked out that I don't even remember doing it. But other than that, I managed to overcome temptations or use gift cards or just snack on brought-from-home items. And I packed lunch! Every day! Except the one that I bought lunch with the Visa gift card! So in all, last week was my most successful week of the month. And now it's November, so excuse me while I go inhale some sushi from Maki Go next door, which I have been craving literally all month.
Mmmm, sushi. *wipes away drool* Now then, on to the next topic. The other "ban" I put myself on was clothing items. Because in September, I blew all of my September AND October clothes budgets on a trip to Discount Fashion Warehouse. I got a great haul, but it took a lot of self-restraint to not buy anything in October. I may have gone through shopping withdrawal. I even managed to keep my Halloween costume pretty cheap, buying close-but-not-quite items that were better deals than the real things. I did need a pair of khakis for the costume, but I was able to score this pair from Old Navy for way cheap, thanks to a $10 off coupon my friend gave me and the remainder of that aforementioned Visa gift card. So, you know, I didn't actually spend MY money on them at all! Great success!
Er...that's really all I got. Have a great weekend, everyone! I think I'll go do some clothes shopping, now that my budget has been restored ;)
A mashup of style, food and anything else that interests me right now.
Showing posts with label Fiscal Fridays. Show all posts
Showing posts with label Fiscal Fridays. Show all posts
Friday, November 1, 2013
Friday, October 25, 2013
Fiscal Fridays: Accountability 10/18-10/24
I blew my budget three ways to Sunday last month, so this month I'm trying really hard not to eat out at all. To help with this goal and hold myself accountable, I'm blogging each week about how I did.
First week, $8. Last week, nearly $40. This week? Somehow, even more, sadly. Like last week, I didn't want my self-imposed spending cap to make a wet blanket. My friend Emily came up from West Virginia, and I got to go back to Athens again to pick up Anna because our other sister (Abby) was in town from South Carolina. So lots of travel and people visiting = eating out. It couldn't be helped. Fortunately, my temptation to buy breakfast and lunch at work was at a minimal all week, so my slip-ups weren't too bad.
Friday, October 18
Met Emily at Panera for lunch. I guess I could have taken her back to my house and cooked something, but come on. How lame is that? $10.46. We both drove down to Athens, where we met Anna for dinner at the Court Street Diner. Which, by the way, has the best mac'n'cheese ever. Picked up Anna's meal because college. $27.40. (We then drove up to my parents' house, where they paid for everything. Thanks, Mom and Dad!)
Sunday, October 20
Grabbing brunch at the super-awesome Northstar Cafe just before Emily heads home is a long-standing tradition. The menu is very local and mostly organic, therefore it's very pricey. Fortunately I had a coupon for a free entreé and only paid $4.82 for my fresh-squeezed orange juice; without the coupon I would have been looking at a nearly $20 price tag.
Rest of the wee
Actually, I didn't spend any of my own money! Packed lunches like a champ, ate snacks and breakfast at home or brought from home, and powered through the week. It didn't hurt that I got a $25 Starbucks gift card from my friend's mom; she owns a bakery and I shot a few snaps of her desserts for her website. How nice of her is that? I used part of it to get a breakfast sammie and a salted caramel mocha latte (OHMYGODYUM) on Thursday.
Total for the week: $42.68. Thank god for that gift card and self-control, eh?
First week, $8. Last week, nearly $40. This week? Somehow, even more, sadly. Like last week, I didn't want my self-imposed spending cap to make a wet blanket. My friend Emily came up from West Virginia, and I got to go back to Athens again to pick up Anna because our other sister (Abby) was in town from South Carolina. So lots of travel and people visiting = eating out. It couldn't be helped. Fortunately, my temptation to buy breakfast and lunch at work was at a minimal all week, so my slip-ups weren't too bad.
Friday, October 18
Met Emily at Panera for lunch. I guess I could have taken her back to my house and cooked something, but come on. How lame is that? $10.46. We both drove down to Athens, where we met Anna for dinner at the Court Street Diner. Which, by the way, has the best mac'n'cheese ever. Picked up Anna's meal because college. $27.40. (We then drove up to my parents' house, where they paid for everything. Thanks, Mom and Dad!)
Sunday, October 20
Grabbing brunch at the super-awesome Northstar Cafe just before Emily heads home is a long-standing tradition. The menu is very local and mostly organic, therefore it's very pricey. Fortunately I had a coupon for a free entreé and only paid $4.82 for my fresh-squeezed orange juice; without the coupon I would have been looking at a nearly $20 price tag.
Rest of the wee
Actually, I didn't spend any of my own money! Packed lunches like a champ, ate snacks and breakfast at home or brought from home, and powered through the week. It didn't hurt that I got a $25 Starbucks gift card from my friend's mom; she owns a bakery and I shot a few snaps of her desserts for her website. How nice of her is that? I used part of it to get a breakfast sammie and a salted caramel mocha latte (OHMYGODYUM) on Thursday.
Total for the week: $42.68. Thank god for that gift card and self-control, eh?
Fiscal Friday: VICTORY!
So if you've been following this blog for any amount of time, you'll probably know that the summer after I graduated college in 2010, I had a lot of debt. I mean, there were no student loans, so it wasn't an unmanageable amount, but between my car, my credit cards and a few other things, I was smothered under something like $15,000 in high-interest debt. No joke, one of my cards was charging an unbelievable twenty-seven percent APR, and I was barely able to make minimum payments.
For the first three months after college, I was working as a catering coordinator at Panera making $10 an hour, plus tips. I also did monthly freelance work that added $600 to my monthly income, but it was untaxed and I had to set aside some of it to pay taxes the following year. Often, I couldn't afford to set any aside. It all went to bills. I constantly felt like I was drowning. I had panic attacks over whether I'd make my next payment. I lost sleep wondering if I'd make enough tips the next day to get the $40 I was short on my bills. Just thinking about how stressed I was makes my stomach tie up in knots, even now.
Then I got a job at Columbus Monthly magazine, making $12 an hour. The drowning feeling didn't really go away, and at one point I had to take on a third job for a few months to save up enough money to cover my impending tax payment and my car's clutch, which was about to give out. For a while I was working 70 to 80 hour weeks and still barely making ends meet. I helped myself a little by transferring my high-interest credit card debt to a low-interest line of credit (more on that here). The lower interest and condensed payment made a huge difference. But I was still drowning.
Then, two things happened. I read Dave Ramsey's Total Money Makeover, and then I got my current job, which pays a wage I can actually live on. And not only live on, but have surplus money with for the first time in my life. And for the last two years, I've been putting all of that surplus money toward my debt, per Dave's instructions.
And then this month, something amazing happened.
I paid off the last of my debt.
No joke guys, at one point I had just accepted that I would be struggling under the yoke of debt for the rest of my life. I just assumed I'd never get ahead. I had made peace with it. If, two and a half years ago, you had told me that I'd be where I am today, I would have laughed in your face. And then probably gone home and cried a lot.
It wasn't easy. It required a LOT of discipline, which is not something I had a lot of to begin with. I had to radically alter the way I looked at money, and credit. I had to make a billion tiny lifestyle changes. I had to learn to wait for the things I really wanted. I had to learn to say no. But just this week, I made my final car payment (10 months earlier than my loan repayment schedule, no less) and right this second, I could just about cry with joy. I apologize for all the bragging, but really, no I don't. Because I am fucking proud of myself. And really, I don't think I should have to apologize for that.
In the interest of full disclosure, I will say that I technically have one tiny hurdle left to jump. I make most of my monthly purchases on my rewards credit card (more on that here), and I kind of fell a bit behind last month and this month. It's nothing terrible, and I'll be fully caught up again in just a couple of weeks, so I'm not really counting it in terms of "real" debt. But still. For all intents and purposes, I am free from the chains of overwhelming debt. Can I get a hell to the yes?
That doesn't mean the end of Fiscal Fridays, by the way. Eliminating debt is just the first big step in Dave's Total Money Makeover. So as I take the next steps, I'll continue blogging about my journey.
Okay. Not-so-humble-brag over. #sorryimnotsorry. Stay tuned for my accountability post for the past week's "no-eating-out" vow!
(Sidenote: Image was one of many ubiquitous results of a Google image search. Couldn't find an original source, unfortunately. If this is your image, please let me know so I can credit it appropriately!)
For the first three months after college, I was working as a catering coordinator at Panera making $10 an hour, plus tips. I also did monthly freelance work that added $600 to my monthly income, but it was untaxed and I had to set aside some of it to pay taxes the following year. Often, I couldn't afford to set any aside. It all went to bills. I constantly felt like I was drowning. I had panic attacks over whether I'd make my next payment. I lost sleep wondering if I'd make enough tips the next day to get the $40 I was short on my bills. Just thinking about how stressed I was makes my stomach tie up in knots, even now.
Then I got a job at Columbus Monthly magazine, making $12 an hour. The drowning feeling didn't really go away, and at one point I had to take on a third job for a few months to save up enough money to cover my impending tax payment and my car's clutch, which was about to give out. For a while I was working 70 to 80 hour weeks and still barely making ends meet. I helped myself a little by transferring my high-interest credit card debt to a low-interest line of credit (more on that here). The lower interest and condensed payment made a huge difference. But I was still drowning.
Then, two things happened. I read Dave Ramsey's Total Money Makeover, and then I got my current job, which pays a wage I can actually live on. And not only live on, but have surplus money with for the first time in my life. And for the last two years, I've been putting all of that surplus money toward my debt, per Dave's instructions.
And then this month, something amazing happened.
I paid off the last of my debt.
No joke guys, at one point I had just accepted that I would be struggling under the yoke of debt for the rest of my life. I just assumed I'd never get ahead. I had made peace with it. If, two and a half years ago, you had told me that I'd be where I am today, I would have laughed in your face. And then probably gone home and cried a lot.
It wasn't easy. It required a LOT of discipline, which is not something I had a lot of to begin with. I had to radically alter the way I looked at money, and credit. I had to make a billion tiny lifestyle changes. I had to learn to wait for the things I really wanted. I had to learn to say no. But just this week, I made my final car payment (10 months earlier than my loan repayment schedule, no less) and right this second, I could just about cry with joy. I apologize for all the bragging, but really, no I don't. Because I am fucking proud of myself. And really, I don't think I should have to apologize for that.
In the interest of full disclosure, I will say that I technically have one tiny hurdle left to jump. I make most of my monthly purchases on my rewards credit card (more on that here), and I kind of fell a bit behind last month and this month. It's nothing terrible, and I'll be fully caught up again in just a couple of weeks, so I'm not really counting it in terms of "real" debt. But still. For all intents and purposes, I am free from the chains of overwhelming debt. Can I get a hell to the yes?
That doesn't mean the end of Fiscal Fridays, by the way. Eliminating debt is just the first big step in Dave's Total Money Makeover. So as I take the next steps, I'll continue blogging about my journey.
Okay. Not-so-humble-brag over. #sorryimnotsorry. Stay tuned for my accountability post for the past week's "no-eating-out" vow!
(Sidenote: Image was one of many ubiquitous results of a Google image search. Couldn't find an original source, unfortunately. If this is your image, please let me know so I can credit it appropriately!)
Friday, October 18, 2013
Fiscal Fridays: Accountability 10/11-10/18 and falling off the wagon
I blew my budget three ways to Sunday last month, so this month I'm trying really hard not to eat out at all. To help with this goal and hold myself accountable, I'm blogging each week about how I did.
So last week I did really well, coming in at only $8. This week? Yyyyyyeah, not so much. When I set a "no-eating-out" goal for this month, I completely failed to account for two things: Homecoming Weekend at OU last weekend and visits from my best friend and my sister this weekend. I refuse to let "oh I'm trying not to spend money" get in the way of fun times with friends and family. I was that person for a long time, and I hated it. So I'm not going to do it anymore. I fudged a bit last weekend. (And I'm sure I'll fudge this weekend as well.) And even those things aside, this week wasn't the greatest. Here's my little spending diary for the last seven days:
Friday, October 11
Date night with Matt. He got dinner, I had the movie tickets pre-paid via a Groupon purchased last month. Spending averted, woohoo!
Saturday, October 12, 10:30 am
I cave and buy breakfast on the way down to Athens. Getting Panera en route to OU is kind of a tradition for me; $7.57. Then it's lunch with Anna and her bf at Miller's Chicken, aka THE BEST DAMN FRIED CHICKEN PLACE IN THE WHOLE WORLD; $17.17. Dinner is this great guilty-pleasure Chinese place I love while Anna's at work; $6.75. I also buy drinks, but I don't count booze as "eating out." Cheating, perhaps, but hey, we're all human. And it's Athens, so drinks are insanely cheap anyway.
Sunday, October 13, 12:30 pm
Brunch with Anna at Court Street Diner; accidentally forget my real card in her dorm room and use a Visa gift card I had on hand, so technically free.
Tuesday, October 15, 7:21 am
Forgot to pre-mix my quinoa fruit smoothie last night. Womp womp. Think about eating breakfast and immediately feel sick. Good thing I bought some enormous apples yesterday; here's hoping that works.
(later that morning)
It totally does! Score.
7 pm
Finish running post-work errands and I'm literally week with hunger. Panera--my kryptonite--is in the next plaza over, but I resist and head home to heat up leftovers. Equal parts disappointed and proud.
Wednesday, October 16, 10 am
Woke up exhausted and therefore pretty nauseous. Can't even handle coffee. Feeling kind of bummed today, too. (Maybe it's all this rain?) Decide I deserve a treat: Breakfast sammie and a latte from Starbucks. $6.70, but worth every penny. It's not about spending money to cheer myself up--it's about deciding to treat myself in some way and then not beating myself up or feeling guilty about it.
Thursday, October 17, 10:30 am
No smoothie again, thanks to the blender in the dishwasher. Snag a mini cupcake from the next office over and inhale a granola bar...
11:55 am
Thank god, it's late enough to be considered lunchtime! Still, I didn't buy breakfast. Yay!
Total for the week: $38.19. Ehhh...it's not awesome. But it's still less than the $50/week I usually allot myself for food/beverage/entertainment spending, so I guess it's not a total loss.
So last week I did really well, coming in at only $8. This week? Yyyyyyeah, not so much. When I set a "no-eating-out" goal for this month, I completely failed to account for two things: Homecoming Weekend at OU last weekend and visits from my best friend and my sister this weekend. I refuse to let "oh I'm trying not to spend money" get in the way of fun times with friends and family. I was that person for a long time, and I hated it. So I'm not going to do it anymore. I fudged a bit last weekend. (And I'm sure I'll fudge this weekend as well.) And even those things aside, this week wasn't the greatest. Here's my little spending diary for the last seven days:
Friday, October 11
Date night with Matt. He got dinner, I had the movie tickets pre-paid via a Groupon purchased last month. Spending averted, woohoo!
Saturday, October 12, 10:30 am
I cave and buy breakfast on the way down to Athens. Getting Panera en route to OU is kind of a tradition for me; $7.57. Then it's lunch with Anna and her bf at Miller's Chicken, aka THE BEST DAMN FRIED CHICKEN PLACE IN THE WHOLE WORLD; $17.17. Dinner is this great guilty-pleasure Chinese place I love while Anna's at work; $6.75. I also buy drinks, but I don't count booze as "eating out." Cheating, perhaps, but hey, we're all human. And it's Athens, so drinks are insanely cheap anyway.
Sunday, October 13, 12:30 pm
Brunch with Anna at Court Street Diner; accidentally forget my real card in her dorm room and use a Visa gift card I had on hand, so technically free.
Tuesday, October 15, 7:21 am
Forgot to pre-mix my quinoa fruit smoothie last night. Womp womp. Think about eating breakfast and immediately feel sick. Good thing I bought some enormous apples yesterday; here's hoping that works.
(later that morning)
It totally does! Score.
7 pm
Finish running post-work errands and I'm literally week with hunger. Panera--my kryptonite--is in the next plaza over, but I resist and head home to heat up leftovers. Equal parts disappointed and proud.
Wednesday, October 16, 10 am
Woke up exhausted and therefore pretty nauseous. Can't even handle coffee. Feeling kind of bummed today, too. (Maybe it's all this rain?) Decide I deserve a treat: Breakfast sammie and a latte from Starbucks. $6.70, but worth every penny. It's not about spending money to cheer myself up--it's about deciding to treat myself in some way and then not beating myself up or feeling guilty about it.
Thursday, October 17, 10:30 am
No smoothie again, thanks to the blender in the dishwasher. Snag a mini cupcake from the next office over and inhale a granola bar...
11:55 am
Thank god, it's late enough to be considered lunchtime! Still, I didn't buy breakfast. Yay!
Total for the week: $38.19. Ehhh...it's not awesome. But it's still less than the $50/week I usually allot myself for food/beverage/entertainment spending, so I guess it's not a total loss.
Friday, October 11, 2013
Fiscal Fridays: Accountability for the week 10/4 - 10/10
I blew my budget three ways to Sunday last month, so this month I'm trying really hard not to eat out at all. To help with this goal and hold myself accountable, I'm blogging each week about how I did.
So the past week wasn't the worst in terms of my spending habits, but it wasn't the best either. I've been using the Notes app on my phone to journal my progress. Here's what I wrote over the last seven days:
Friday, Oct. 4, 12:42 pm
In my rush to get out the door this morning, I didn't pack enough food for lunch. Thought it would be enough, but I was wrong. Bought a small order of wings from the cafeteria--nothing else. $4.50. Realized halfway through that I wasn't that hungry after all. New goal: Wait 20 minutes after eating to buy more food, to give my stomach time to realize whether it's actually hungry.
Sunday, Oct. 6, noonish
Didn't get a chance to eat before running some time-sensitive errands. Wanted Panera for lunch, but settled for a $1.06 bagel (free butter, not cream cheese) and ate lunch for real when I got home.
Tuesday, Oct. 8, 10:30 am
So my biggest foe seems to be breakfast. The thought of eating within the first hour or two of waking up makes me physically nauseous, so I usually skip breakfast in favor of a cup or two of coffee. And of course by this time, I'm starving. This morning I tried Sydney's trick of making a breakfast smoothie, downing it pre-coffee as I packed my lunch and wiped down the kitchen. My stomach still is making the loudest grumbles you've ever heard. I'll give the smoothies a few more days (made a big batch of pre-mix), and maybe see how the Noble Pig's suggestion of adding quinoa works out, then I'll try my backup: packing breakfast.
Wednesday, Oct. 9, 10:24 am
Running errands on my morning break and I'm starving. Pop my head into Starbucks for a breakfast sandwich, but the line is a dozen people long. Take it as a sign and leave. There's a granola bar in my desk.
Same day, 10:30 am
Granola bars make me sad.
Thursday, Oct. 10, 10:25 am
Didn't have time for a smoothie this morning. I'm grumpy, tired, and hungry. Whatever, I'm getting cheese fries. (JK, I just couldn't resist the Mean Girls quote. I got bacon and eggs from the cafeteria--$3.30. They were completely unsatisfying, as I got the leftover bacon crumbles from breakfast service. Part of me feels like I deserve this for cheating. Womp womp.)
Total for the week: $8.85. Not bad. I managed to pack my lunch every day. Considering that the average cost for lunch downtown is anywhere between $8 and $10, I've actually done very well compared to the buy-lunch-two-or-three-times-a-week habit I was in last month.
So the past week wasn't the worst in terms of my spending habits, but it wasn't the best either. I've been using the Notes app on my phone to journal my progress. Here's what I wrote over the last seven days:
Friday, Oct. 4, 12:42 pm
In my rush to get out the door this morning, I didn't pack enough food for lunch. Thought it would be enough, but I was wrong. Bought a small order of wings from the cafeteria--nothing else. $4.50. Realized halfway through that I wasn't that hungry after all. New goal: Wait 20 minutes after eating to buy more food, to give my stomach time to realize whether it's actually hungry.
Sunday, Oct. 6, noonish
Didn't get a chance to eat before running some time-sensitive errands. Wanted Panera for lunch, but settled for a $1.06 bagel (free butter, not cream cheese) and ate lunch for real when I got home.
Tuesday, Oct. 8, 10:30 am
So my biggest foe seems to be breakfast. The thought of eating within the first hour or two of waking up makes me physically nauseous, so I usually skip breakfast in favor of a cup or two of coffee. And of course by this time, I'm starving. This morning I tried Sydney's trick of making a breakfast smoothie, downing it pre-coffee as I packed my lunch and wiped down the kitchen. My stomach still is making the loudest grumbles you've ever heard. I'll give the smoothies a few more days (made a big batch of pre-mix), and maybe see how the Noble Pig's suggestion of adding quinoa works out, then I'll try my backup: packing breakfast.
Wednesday, Oct. 9, 10:24 am
Running errands on my morning break and I'm starving. Pop my head into Starbucks for a breakfast sandwich, but the line is a dozen people long. Take it as a sign and leave. There's a granola bar in my desk.
Same day, 10:30 am
Granola bars make me sad.
Thursday, Oct. 10, 10:25 am
Didn't have time for a smoothie this morning. I'm grumpy, tired, and hungry. Whatever, I'm getting cheese fries. (JK, I just couldn't resist the Mean Girls quote. I got bacon and eggs from the cafeteria--$3.30. They were completely unsatisfying, as I got the leftover bacon crumbles from breakfast service. Part of me feels like I deserve this for cheating. Womp womp.)
Total for the week: $8.85. Not bad. I managed to pack my lunch every day. Considering that the average cost for lunch downtown is anywhere between $8 and $10, I've actually done very well compared to the buy-lunch-two-or-three-times-a-week habit I was in last month.
Friday, October 4, 2013
Fiscal Fridays: Accountability
So I'm sitting at my desk, thinking about how hungry I am and contemplating running downstairs to get a little midmorning breakfast from the cafeteria or the deli next door. A bacon-egg-and-cheese sandwich sounds pretty damn awesome right now. But then I remember that I have a Kind bar in my drawer. And that it will be both free and filling enough to tide me until lunch. So I pull it out and as I type, I'm munching on almonds and Madagascar vanilla-flavored crisp rice. It's nowhere near as satisfying as a hot breakfast sandwich, but it's tasty and it'll do.
Why am I telling you this? For self-motivation. For accountability. I've discovered that when I blog about a goal -- in this case, not spending money on eating out this month -- I'm more likely to stick to it. Because I know people see it. And sometimes, like in Sydney's recent post, I get external support and encouragement as well.
So for this month at least, I'm bringing back Fiscal Fridays as a weekly feature. I'll keep a record of all the times I want to spend money on clothes or food or whatever when I shouldn't, and document how I did. I might fail. In fact, I'm pretty certain I will at least once or twice. But by forcing myself to document it, and then share that documentation with others, I hope to succeed more often than not.
So thanks in advance for reading these posts, if you do, and my apologies if you find them completely dull. I'll try to have other Friday content for you folks as well :)
Why am I telling you this? For self-motivation. For accountability. I've discovered that when I blog about a goal -- in this case, not spending money on eating out this month -- I'm more likely to stick to it. Because I know people see it. And sometimes, like in Sydney's recent post, I get external support and encouragement as well.
So for this month at least, I'm bringing back Fiscal Fridays as a weekly feature. I'll keep a record of all the times I want to spend money on clothes or food or whatever when I shouldn't, and document how I did. I might fail. In fact, I'm pretty certain I will at least once or twice. But by forcing myself to document it, and then share that documentation with others, I hope to succeed more often than not.
So thanks in advance for reading these posts, if you do, and my apologies if you find them completely dull. I'll try to have other Friday content for you folks as well :)
Friday, July 26, 2013
Fiscal Fridays: July clothes budget
Woah, woah, woah. It's the last Friday in July already? What the what? (Insert other weird expression of disbelief here.)
Well apparently it is; as they say, time and tide wait for no man. This month was hella expensive for me, between trips and replacing my lost stuff (and possibly upgrading to the nicer Macbook because I deserve it, damnit even though it costed me way more out-of-pocket) and having to replace the brake pads and rotors on all four wheels of my car and a host of other things I couldn't begin to name right now. Fortunately, I was at least able to stick pretty close to my $50 clothes budget for this month. (My budget usually is $100 but I cut it back a bit given everything else that's happening.) Each of these items were inspired by someone or something else, which is pretty interesting I think. I topped out at $54.06, so I call that a success :) Here's what I got:
1-3. Bracelets from Sage K and Co. on Etsy. A friend of mine posted these on Instagram and I fell in love...she was kind enough to share the link with me, and I bought them immediately. I got one in each color using a combo deal that's no longer available. You can still buy them individually for $10.99 a pop, though. $27.43 total |exact|
4. H&M hat. I saw Whitney wear a hat like this in a recent post and she made it look so cute, I just had to give the look a shot. I wore it out last weekend...post to come ;) $9.95 |exact|
5-6. I needed a plain white t-shirt for the Color Run, so I picked this up at Old Navy. There was a buy-two-get-a-lower-price deal, so I got another one in the pattern layered underneath. The tiny confetti spots of color were a bit Color Run-esque, I thought, only more toned down. $15 for both |exact (white and other colors but not confetti)|
So yeah, a nice little haul I think. I'm never sure how to wrap these posts up, so...potato? Have a great weekend, y'all.
Well apparently it is; as they say, time and tide wait for no man. This month was hella expensive for me, between trips and replacing my lost stuff (and possibly upgrading to the nicer Macbook because I deserve it, damnit even though it costed me way more out-of-pocket) and having to replace the brake pads and rotors on all four wheels of my car and a host of other things I couldn't begin to name right now. Fortunately, I was at least able to stick pretty close to my $50 clothes budget for this month. (My budget usually is $100 but I cut it back a bit given everything else that's happening.) Each of these items were inspired by someone or something else, which is pretty interesting I think. I topped out at $54.06, so I call that a success :) Here's what I got:
1-3. Bracelets from Sage K and Co. on Etsy. A friend of mine posted these on Instagram and I fell in love...she was kind enough to share the link with me, and I bought them immediately. I got one in each color using a combo deal that's no longer available. You can still buy them individually for $10.99 a pop, though. $27.43 total |exact|
4. H&M hat. I saw Whitney wear a hat like this in a recent post and she made it look so cute, I just had to give the look a shot. I wore it out last weekend...post to come ;) $9.95 |exact|
5-6. I needed a plain white t-shirt for the Color Run, so I picked this up at Old Navy. There was a buy-two-get-a-lower-price deal, so I got another one in the pattern layered underneath. The tiny confetti spots of color were a bit Color Run-esque, I thought, only more toned down. $15 for both |exact (white and other colors but not confetti)|
So yeah, a nice little haul I think. I'm never sure how to wrap these posts up, so...potato? Have a great weekend, y'all.
Saturday, June 29, 2013
(Belated) Fiscal Friday: June clothes budget
Friday was a tad distracting, so I didn't get this post finished until literally just now. More than 24 hours after I wanted to post it. Oops?
Anyway, this month, it was all about shorts. Upon FINALLY putting my winter clothes into storage and pulling out my summer clothes, I made the horrifying discovery that the "shrink fairy" had visited and only one pair of shorts fit. I'm trying to save money for our upcoming move in August, so I cut my clothes budget down to $50 this month. That meant only one thing: A thrift shopping day.
And man did I find a great haul! Some J.Crew, some The Limited, and some (possibly fake?) Michael Michael Kors. (I only say possibly fake because of the price tag slapped on them. Also, the included keychain embellishment thing looks a little cheap? But I'm no expert.) I also snagged a pair of regular boot-cut, dark wash jeans to fill a very major hole in my closet. Booyah!
1. J.Crew $3.49 Goodwill
2. Michael Michael Kors $16.50 Rag-O-Rama
3. The Limited $3.49 Goodwill
4. Calvin Klein long jorts $8.99 One More Time
5. Jones Sport Stretch (no idea what that is) $3.49 Goodwill
6. J.Crew Matchstick jeans $18.50 Rag-O-Rama
So overall, yeah, I'm pretty pleased with the haul! And yesterday my friend Hayley invited me over to shop her closet, and I came home with about two dozen new dresses, shirts, skirts and blazers. Basically, this month my closet saw one of the biggest overhauls ever. Not bad for an otherwise crappy June, eh?
Anyway, this month, it was all about shorts. Upon FINALLY putting my winter clothes into storage and pulling out my summer clothes, I made the horrifying discovery that the "shrink fairy" had visited and only one pair of shorts fit. I'm trying to save money for our upcoming move in August, so I cut my clothes budget down to $50 this month. That meant only one thing: A thrift shopping day.
And man did I find a great haul! Some J.Crew, some The Limited, and some (possibly fake?) Michael Michael Kors. (I only say possibly fake because of the price tag slapped on them. Also, the included keychain embellishment thing looks a little cheap? But I'm no expert.) I also snagged a pair of regular boot-cut, dark wash jeans to fill a very major hole in my closet. Booyah!
1. J.Crew $3.49 Goodwill
2. Michael Michael Kors $16.50 Rag-O-Rama
3. The Limited $3.49 Goodwill
4. Calvin Klein long jorts $8.99 One More Time
5. Jones Sport Stretch (no idea what that is) $3.49 Goodwill
6. J.Crew Matchstick jeans $18.50 Rag-O-Rama
So overall, yeah, I'm pretty pleased with the haul! And yesterday my friend Hayley invited me over to shop her closet, and I came home with about two dozen new dresses, shirts, skirts and blazers. Basically, this month my closet saw one of the biggest overhauls ever. Not bad for an otherwise crappy June, eh?
Friday, April 26, 2013
Fiscal Friday: April clothes budget
Ok, I have appx. five seconds to write this post, so without further ado, here's how I spend my $100 clothes budget this month:
1. Ohio University Alumni T-shirt from Uptown Dog in Athens. $10 |exact|
I actually had this shirt before, lost it (or someone took it?) and now, two years later, I am thrilled to have it back in my closet again. So much love.
2. Old Navy t-shirt, purchased as XL so it'd be roomy and adorably oversized. On sale for $8.29
3. H&M LBD with a sexy zipper that goes all the way down. Clearance, $15
4. Old Navy 3/4 length t-shirt. I first saw it on the commercial, then on Kendi, and I knew I had to have it. On sale for $6.65
5. Express spike necklaces in antique gold and silver. On sale, buy one get one for $9.90. Total price for both, $40 |exact|
6. Old Navy pencil skirt. Because I can't get most of my pencil skirts from last year up over my thighs/butt :( On sale for $17.50 |exact|
7. Old Navy long chain necklace. Didn't have a price tag, so the awesome cashier grabbed the cheapest necklace on the rack and rang up this one at that price. $7.95
Total amount spent, including tax: $113.56. Less than $15 over...not too shabby!
2. Old Navy t-shirt, purchased as XL so it'd be roomy and adorably oversized. On sale for $8.29
3. H&M LBD with a sexy zipper that goes all the way down. Clearance, $15
4. Old Navy 3/4 length t-shirt. I first saw it on the commercial, then on Kendi, and I knew I had to have it. On sale for $6.65
5. Express spike necklaces in antique gold and silver. On sale, buy one get one for $9.90. Total price for both, $40 |exact|
6. Old Navy pencil skirt. Because I can't get most of my pencil skirts from last year up over my thighs/butt :( On sale for $17.50 |exact|
7. Old Navy long chain necklace. Didn't have a price tag, so the awesome cashier grabbed the cheapest necklace on the rack and rang up this one at that price. $7.95
Total amount spent, including tax: $113.56. Less than $15 over...not too shabby!
Friday, April 5, 2013
Fiscal Friday: The real March budget
Ok, so I'm all about transparency and accountability (working for the government will do that to a person, I guess), so I'm going to own up to something: I blew my March budget to pieces. It was horrible. It was — quite literally — one of the worst months, budget-wise, I've had since graduating college. I'm not quite sure what happened; maybe visiting my sister put me in such a giddy mood that I overspend on everything else. Maybe I was just so bored (or should I say, am so bored) of cold weather that I spend money to make up for the lack of sunshine in my life. Whatever it was, it was terrible.
Remember that reasonable, only-$7-over-and-with-a-return-actually-$30-under clothes budget I posted about two weeks ago? Yeah, screwed that one up royally. I spoke too soon and ended up being about $65 over. And it wasn't like I bought a really great closet staple or a fun statement piece. First, I went with the gift card refund on the dress from eShakti instead of the dress, because the gift card is worth 20% more than the original purchase. Then, I promptly forgot that I didn't opt for cash back, and re-spent that $38 on a cute t-shirt at JCPenney ($10) and some slightly-gauged hoops at Hot Topic. ($13) The ball on my cartilage piercing fell out and I wanted to replace the hoop in my tragus as well, so I figured, $13 for a half-dozen new hoops was a good deal.
Lesson of the day: Seriously, don't buy body jewelry at Hot Topic. It's crap. I ended up having to go to a local piercing/tattoo shop here in Columbus to spend $30 on two quality hoops. At least the balls on these hoops are attached on one end, so I can't loose them again. There is a good chance I will wear these earrings for the next several years without ever taking them out. (If anyone in Columbus is interested, I went to Evolved. The staff was wonderful, the selection was great and they even switched out the piercings free of charge so I wouldn't have to clumsy-finger it at home.
Anyway, clothing wasn't the only category I grossly overspent on. I was also more than $100 over my grocery budget (usually set at $200) and $60 over my eating out/bars/fun stuff budget (also usually $200). All in all, I'm pretty disappointed in myself.
Maybe I'm being too hard on myself because I had a stressful, crap day at work. But part of me worries that if I don't beat myself up at least a little, I'll spend all willy-nilly again this month and the next month and the next...
I guess I should give myself at least some credit. If I overspent that much two years ago, I would have been in a panic. I would have been cramming expenses onto a nearly-maxed out credit card, asking to borrow money, panicking. Now, I'm mostly just annoyed at myself. So I guess that's a plus?
Remember that reasonable, only-$7-over-and-with-a-return-actually-$30-under clothes budget I posted about two weeks ago? Yeah, screwed that one up royally. I spoke too soon and ended up being about $65 over. And it wasn't like I bought a really great closet staple or a fun statement piece. First, I went with the gift card refund on the dress from eShakti instead of the dress, because the gift card is worth 20% more than the original purchase. Then, I promptly forgot that I didn't opt for cash back, and re-spent that $38 on a cute t-shirt at JCPenney ($10) and some slightly-gauged hoops at Hot Topic. ($13) The ball on my cartilage piercing fell out and I wanted to replace the hoop in my tragus as well, so I figured, $13 for a half-dozen new hoops was a good deal.
Lesson of the day: Seriously, don't buy body jewelry at Hot Topic. It's crap. I ended up having to go to a local piercing/tattoo shop here in Columbus to spend $30 on two quality hoops. At least the balls on these hoops are attached on one end, so I can't loose them again. There is a good chance I will wear these earrings for the next several years without ever taking them out. (If anyone in Columbus is interested, I went to Evolved. The staff was wonderful, the selection was great and they even switched out the piercings free of charge so I wouldn't have to clumsy-finger it at home.
Anyway, clothing wasn't the only category I grossly overspent on. I was also more than $100 over my grocery budget (usually set at $200) and $60 over my eating out/bars/fun stuff budget (also usually $200). All in all, I'm pretty disappointed in myself.
Maybe I'm being too hard on myself because I had a stressful, crap day at work. But part of me worries that if I don't beat myself up at least a little, I'll spend all willy-nilly again this month and the next month and the next...
I guess I should give myself at least some credit. If I overspent that much two years ago, I would have been in a panic. I would have been cramming expenses onto a nearly-maxed out credit card, asking to borrow money, panicking. Now, I'm mostly just annoyed at myself. So I guess that's a plus?
Friday, March 22, 2013
Fiscal Friday: March budget
I only have time for a quick post, as Matt and I are in South Carolina visiting my sister and brother-in-law for the weekend, and said bro-in-law is clamoring for dinner. So. I only bought two things with my $100 clothes budget this month, but that's okay because one of them is a pair of SWEET running shoes:
I got them on sale at Kohl's for $69, and they're pretty awesome. Plus, they're cute, so they motivate me to go running to train for my races this summer :) The other item was this dress from eShakti:
Unfortunately, I requested an altered sleeve shape for this (cap sleeve instead, for work propriety) and it didn't fit well, so I'll be sending it back. It was only $38 because I had a gift card, so really I was only about $7 over my budget. I'm not sure if I'll exchange the dress for an un-altered one, or just get the money back, but either way I did pretty well on my budget this month, I think. Hooray!
How did you do on your budgets (if you have one) this month?
I got them on sale at Kohl's for $69, and they're pretty awesome. Plus, they're cute, so they motivate me to go running to train for my races this summer :) The other item was this dress from eShakti:
Unfortunately, I requested an altered sleeve shape for this (cap sleeve instead, for work propriety) and it didn't fit well, so I'll be sending it back. It was only $38 because I had a gift card, so really I was only about $7 over my budget. I'm not sure if I'll exchange the dress for an un-altered one, or just get the money back, but either way I did pretty well on my budget this month, I think. Hooray!
How did you do on your budgets (if you have one) this month?
Friday, February 22, 2013
Fiscal Friday: Using credit wisely
So recently, I got a few balance transfer checks from the crazy-high interest rate card I stopped using back when I transferred its balance to a low-interest personal loan (more on that here). I thought about transferring part of the balance from the loan back to the credit card, because the checks came with a 14-month 0% interest rate. So I thought hey, I could pay no interest on part of this debt as I pay it off instead of 4%. It seemed like such a great idea!
But then I calculated the balance transfer fee. There is ALWAYS a transfer fee. In my case, it was $5 or a certain percentage (3%, I think?), whichever was greater. I did the math, and the transfer fee was actually GREATER than the amount of interest I'll be paying on this loan before I get it paid off. So no transfer for me.
I did make a different smart credit move this week, though. See, my Kindle died unexpectedly and I was toying with the idea of buying a replacement. And I saw this add on Amazon, touting the Amazon rewards credit card. Signing up got you a $50 gift card, and the card has reward points for purchases too. Signing up for the card meant I'd only pay $20 for a new Kindle! So I did it. And I got approved for a few thousand dollars, which really just blew my freaking mind. But as it turns out, that's actually pretty good for my credit in the long run.
See, my credit card utilization rate automatically went down, because I now have a higher amount of credit to potentially use. But I'm using so little of that credit, and I pay off my cards each month anyway, so that gives my credit score a boost. And the points are a great thing too; I get 3 points for every dollar I spend on Amazon, 2 points for every dollar at gas stations/restaurants/drug stores, and 1 point for every other dollar. Every 100 points = 1 dollar to be spent on Amazon. I've been looking for a points reward card for a while, so the timing on this couldn't have been better.
My plan is to transfer all or most of our utilities bills to the credit card, and to probably make other regular purchases, like groceries and gas, on the card as well. Then, at the end of the month, just pay off the entire card (because I'll have all that money sitting around anyway, because those are all regularly budgeted items). So I'd be making my credit card work for me, and getting Amazon dollars back for just paying my regular bills! Now, to figure out which utilities don't charge an extra fee for paying with a credit card...
But then I calculated the balance transfer fee. There is ALWAYS a transfer fee. In my case, it was $5 or a certain percentage (3%, I think?), whichever was greater. I did the math, and the transfer fee was actually GREATER than the amount of interest I'll be paying on this loan before I get it paid off. So no transfer for me.
I did make a different smart credit move this week, though. See, my Kindle died unexpectedly and I was toying with the idea of buying a replacement. And I saw this add on Amazon, touting the Amazon rewards credit card. Signing up got you a $50 gift card, and the card has reward points for purchases too. Signing up for the card meant I'd only pay $20 for a new Kindle! So I did it. And I got approved for a few thousand dollars, which really just blew my freaking mind. But as it turns out, that's actually pretty good for my credit in the long run.
See, my credit card utilization rate automatically went down, because I now have a higher amount of credit to potentially use. But I'm using so little of that credit, and I pay off my cards each month anyway, so that gives my credit score a boost. And the points are a great thing too; I get 3 points for every dollar I spend on Amazon, 2 points for every dollar at gas stations/restaurants/drug stores, and 1 point for every other dollar. Every 100 points = 1 dollar to be spent on Amazon. I've been looking for a points reward card for a while, so the timing on this couldn't have been better.
My plan is to transfer all or most of our utilities bills to the credit card, and to probably make other regular purchases, like groceries and gas, on the card as well. Then, at the end of the month, just pay off the entire card (because I'll have all that money sitting around anyway, because those are all regularly budgeted items). So I'd be making my credit card work for me, and getting Amazon dollars back for just paying my regular bills! Now, to figure out which utilities don't charge an extra fee for paying with a credit card...
Friday, February 1, 2013
Fiscal Fridays: January clothes budget
So I decided to jump on Franziska's Budgeting Bloggers bandwagon, and post monthly recaps of how I spend my clothes "allowance" each month. I love the idea of holding yourself accountable by telling the world how you're doing (if you hadn't guessed, based on my previous Fiscal Friday posts). So from now on, I'll do a little recap on the last Friday of every month.
But Emma, I hear you say, this is the FIRST Friday of February! Stop confusing us! I hear ya. I would've posted this last Friday, but I didn't decide to start linking up to this shebang until two days ago. And I figure, February 1st is really just kind of the same as January 32nd. And that's why I'm reliant on my phone's calendar.
Anyway. Here's the breakdown. I give myself $50 from each paycheck to spend on clothes. So most months, I get $100. (Except some months I get $150. WOOHOO!) January was a unique beast for another reason, however. I got a freelance paycheck. And since I don't factor those into my monthly budget, they're free money to do with as I see fit. Sometimes I save them, sometimes I put them toward debt payments. This one I spent on fun times with Emily and Stephanie, and some much-needed retail therapy. So technically, I'm over my $100 budget, but not really, because I had extra money to play with :)
I provided links where I could, but a lot of this stuff was clearance/not available online. As for the whole blogger movement of providing links to similar items...uhh, sorry. To quote Sweet Brown, ain't nobody got time for that.
1. Snake print heels - $15, Target - Because who doesn't need snakes on their feet? ||exact||
2. Black flats - $25, Target - To replace my old black flats, which died :( ||exact||
3. Black skinnies - $28, Target - Again, replacements. My other skinnies mysteriously shrunk (along with half of my other pants, of course). ||exact||
4. Black knit hat - $5?, Target - Clearance item!
5. Gray textured skirt -$12, Target - More clearance! I tried to show a close-up detail of the pattern on it, but in the collage it just looks kind of weird.
6. Berry cardi - $15, Target - I'm not sure what color to call this. Tag said "berry," but it's kind of like a magenta or fuchsia, maybe?
7. Moto jacket - $25, thrifted - That's right! This find made my day. Ask Kellyn, she saw all the giddy.
8. Polka dot blouse - $4, thrifted - Polka dots might be my new addiction (see also: stripes)
9. Leopard print belt - $6, H&M - To match my shoes! ||exact||
10. Pearl and chain necklace - $11, VeryJane - Very cool site. It does daily/weekly deals like a Groupon or LivingSocial, but for jewelry, accessories, décor items, etc.
11. Knit tights - $17, H&M - I miss wearing skirts. These might be thick enough to keep me warm!
12. Striped shirt - $8, H&M - Yet another replacement. I stained the last one during a very enthusiastic game of Pictionary with dry erase markers.
13. Flower earrings - $7, H&M - I have been looking for these ever since I saw them on my sister at Christmas.
Total: $180. So really, not all that much overbudget, even. A good month, really...I managed to score a loooooong-term "shopping list" item and plug a few other holes, too. Woop woop!
But Emma, I hear you say, this is the FIRST Friday of February! Stop confusing us! I hear ya. I would've posted this last Friday, but I didn't decide to start linking up to this shebang until two days ago. And I figure, February 1st is really just kind of the same as January 32nd. And that's why I'm reliant on my phone's calendar.
Anyway. Here's the breakdown. I give myself $50 from each paycheck to spend on clothes. So most months, I get $100. (Except some months I get $150. WOOHOO!) January was a unique beast for another reason, however. I got a freelance paycheck. And since I don't factor those into my monthly budget, they're free money to do with as I see fit. Sometimes I save them, sometimes I put them toward debt payments. This one I spent on fun times with Emily and Stephanie, and some much-needed retail therapy. So technically, I'm over my $100 budget, but not really, because I had extra money to play with :)
I provided links where I could, but a lot of this stuff was clearance/not available online. As for the whole blogger movement of providing links to similar items...uhh, sorry. To quote Sweet Brown, ain't nobody got time for that.
2. Black flats - $25, Target - To replace my old black flats, which died :( ||exact||
3. Black skinnies - $28, Target - Again, replacements. My other skinnies mysteriously shrunk (along with half of my other pants, of course). ||exact||
4. Black knit hat - $5?, Target - Clearance item!
5. Gray textured skirt -$12, Target - More clearance! I tried to show a close-up detail of the pattern on it, but in the collage it just looks kind of weird.
6. Berry cardi - $15, Target - I'm not sure what color to call this. Tag said "berry," but it's kind of like a magenta or fuchsia, maybe?
7. Moto jacket - $25, thrifted - That's right! This find made my day. Ask Kellyn, she saw all the giddy.
8. Polka dot blouse - $4, thrifted - Polka dots might be my new addiction (see also: stripes)
9. Leopard print belt - $6, H&M - To match my shoes! ||exact||
10. Pearl and chain necklace - $11, VeryJane - Very cool site. It does daily/weekly deals like a Groupon or LivingSocial, but for jewelry, accessories, décor items, etc.
11. Knit tights - $17, H&M - I miss wearing skirts. These might be thick enough to keep me warm!
12. Striped shirt - $8, H&M - Yet another replacement. I stained the last one during a very enthusiastic game of Pictionary with dry erase markers.
13. Flower earrings - $7, H&M - I have been looking for these ever since I saw them on my sister at Christmas.
Total: $180. So really, not all that much overbudget, even. A good month, really...I managed to score a loooooong-term "shopping list" item and plug a few other holes, too. Woop woop!
Friday, January 25, 2013
Fiscal Fridays: Hi, my name is Emma, and I am a shopaholic
So I've probably mentioned this before, but a big reason why I got myself into the huge debt mess that I did was because I had--still have--a pretty major spending problem. Many people treat the term "shopaholic" lightly, but the truth is, one can get just as addicted to shopping as another person can get to alcohol, or drugs, or sex.
For a long time, I shopped to feel better about myself. About my life. I shopped to cheer myself up when I was blue, to celebrate an event or a minor financial windfall. I got a genuine endorphin rush from a particularly good purchase. And I always had a reason (albeit sometimes a thin one) to justify my shopping. When I was living at home, I often had to hide my purchases from my parents, who knew I was spending more than I had and charging the rest. I'd keep them in the trunk of my car, under blankets, and sneak them in the house at night. Looking back, it's kind of hard to believe that I was able to deny the fact that I had a problem.
I'll probably always have a difficult relationship with shopping. I'll always get a rush on a good deal, or a long-coveted item. Hell, my heart starts racing at the mere THOUGHT of buying something I really want. But as long as I can keep my spending within the allotted amounts I've budgeted for myself, I can still shop. And the same goes for the rest of you shopaholics out there.
Recently, a representative of a small team of infographic designers reached out to me about a shopping addiction graphic they created, and I thought it'd be a nice complement to this post. So scroll on for some stats from Online Psychology Degree on shopping addictions.
For a long time, I shopped to feel better about myself. About my life. I shopped to cheer myself up when I was blue, to celebrate an event or a minor financial windfall. I got a genuine endorphin rush from a particularly good purchase. And I always had a reason (albeit sometimes a thin one) to justify my shopping. When I was living at home, I often had to hide my purchases from my parents, who knew I was spending more than I had and charging the rest. I'd keep them in the trunk of my car, under blankets, and sneak them in the house at night. Looking back, it's kind of hard to believe that I was able to deny the fact that I had a problem.
I'll probably always have a difficult relationship with shopping. I'll always get a rush on a good deal, or a long-coveted item. Hell, my heart starts racing at the mere THOUGHT of buying something I really want. But as long as I can keep my spending within the allotted amounts I've budgeted for myself, I can still shop. And the same goes for the rest of you shopaholics out there.
Recently, a representative of a small team of infographic designers reached out to me about a shopping addiction graphic they created, and I thought it'd be a nice complement to this post. So scroll on for some stats from Online Psychology Degree on shopping addictions.
Friday, January 18, 2013
FIscal Fridays: Some random stuff I've been thinking about
So I've been pretty terrible with the Fiscal Fridays posts lately. To be honest, there hasn't been much going on. Per Dave Ramsey's "Debt Snowball" instructions, I've been making triple payments on my smallest debt (the loan I took from my dad in college). And now, I'm nearly done making payments--I have about one and a half left. That's about a year and a half earlier than the original repayment plan we set up, which feels pretty amazing. That alone is a year and a half less that I will spend in debt; and when I start making supersized payments on my other loans, I'll reduce my "debt timeline" even more. That feels really amazing.
And because this post would be really terrible if all I did was a not-so-humble brag, I'm going to abruptly change the subject now and talk about taxes for a moment. I got two of my needed tax forms so far: The two W-2s from the two full-time jobs I worked this year; I still need two 1099-MISCs for my freelance work, plus another form or two regarding my retirement plans. And a random, blog-worthy Tax Tidbit (I enjoy alliteration far too frequently) popped into my head. So...
Emma's Tax Tidbit #1:
You can reduce your taxable income--that is, pay taxes on less money than you actually make in a year--by paying into certain programs.
For me, paying into a retirement plan and an employer-sponsored health plan landed me the reduction. So I paid X amount--let's make this easy, I'll say I paid $10--into a 401(k) for the first few months of the year, at my first job. Then, I paid $30 into a 457(b), which is kind of like a 401(k) but for public-sector employees. By doing so, I lowered my taxable income by $40 total. So if I made $100 in 2012, I would now only have to pay taxes on $60 worth. Something similar happened for the first time this year for me because I paid for employer-sponsored health coverage. I don't think that has to do with the Affordable Care Act/Obamacare...but because it was only on the return for the second job I had this year, it might have to do with working in the public sector. I'm going to try to find out (re: ask my dad/Google it) and will get back to y'all there.
Basically, anything you can do to reduce your taxable income is good, because it means you pay less taxes. And that's the really cool thing about the incentive, I think--it's for stuff you should be doing anyway. Like saving for retirement. I don't care how old you are. I don't care if you're flipping burgers for your first job. If your company offers a retirement plan, like a 401(k), pay into it. Even if it's only five or ten bucks a paycheck. The younger you are when you start, the more interest will compound to give you a major nest egg for later. In fact, a person who starts $200 a month when she is 30 cannot catch up to the amount that she would have gotten by retirement age if she had started saving just $100 a month when she was 20.
Also. It's just occurred to me that I should probably list a disclaimer. I am not a financial adviser or a CPA. I have no formal education in finance, or taxes. I only have my own personal thirst for knowledge on how to make my money work for me, not the other way around. I will say that I do a bit of reading on the subject, and I take a LOT of advice from my dad, who probably could get a job as a financial adviser if he really wanted to. He's very smart. Anyway, point is: While I try to be as specific and accurate as possible on these topics, I might on occasion make a mistake. Please don't hate me if you take my advice without researching it for yourself, as it's applied to your situation, and then something bad happens. KThanks :)
And because this post would be really terrible if all I did was a not-so-humble brag, I'm going to abruptly change the subject now and talk about taxes for a moment. I got two of my needed tax forms so far: The two W-2s from the two full-time jobs I worked this year; I still need two 1099-MISCs for my freelance work, plus another form or two regarding my retirement plans. And a random, blog-worthy Tax Tidbit (I enjoy alliteration far too frequently) popped into my head. So...
Emma's Tax Tidbit #1:
You can reduce your taxable income--that is, pay taxes on less money than you actually make in a year--by paying into certain programs.
For me, paying into a retirement plan and an employer-sponsored health plan landed me the reduction. So I paid X amount--let's make this easy, I'll say I paid $10--into a 401(k) for the first few months of the year, at my first job. Then, I paid $30 into a 457(b), which is kind of like a 401(k) but for public-sector employees. By doing so, I lowered my taxable income by $40 total. So if I made $100 in 2012, I would now only have to pay taxes on $60 worth. Something similar happened for the first time this year for me because I paid for employer-sponsored health coverage. I don't think that has to do with the Affordable Care Act/Obamacare...but because it was only on the return for the second job I had this year, it might have to do with working in the public sector. I'm going to try to find out (re: ask my dad/Google it) and will get back to y'all there.
Basically, anything you can do to reduce your taxable income is good, because it means you pay less taxes. And that's the really cool thing about the incentive, I think--it's for stuff you should be doing anyway. Like saving for retirement. I don't care how old you are. I don't care if you're flipping burgers for your first job. If your company offers a retirement plan, like a 401(k), pay into it. Even if it's only five or ten bucks a paycheck. The younger you are when you start, the more interest will compound to give you a major nest egg for later. In fact, a person who starts $200 a month when she is 30 cannot catch up to the amount that she would have gotten by retirement age if she had started saving just $100 a month when she was 20.
Also. It's just occurred to me that I should probably list a disclaimer. I am not a financial adviser or a CPA. I have no formal education in finance, or taxes. I only have my own personal thirst for knowledge on how to make my money work for me, not the other way around. I will say that I do a bit of reading on the subject, and I take a LOT of advice from my dad, who probably could get a job as a financial adviser if he really wanted to. He's very smart. Anyway, point is: While I try to be as specific and accurate as possible on these topics, I might on occasion make a mistake. Please don't hate me if you take my advice without researching it for yourself, as it's applied to your situation, and then something bad happens. KThanks :)
Friday, December 14, 2012
Fiscal Fridays: Exceptions and rules
So I was going to post this last Friday, but a last-minute invite and a particularly stressful week had me heading straight out for a night on the town instead of going home after work. Thank goodness for casual Fridays and friends who are chill enough that I don't have to swap flats for heels and a sparkly top when we go out. Anyway.
Today, I want to touch first on the whole using-credit-cards-for-online-shopping thing. When I last mentioned it, after my insane Cyber Monday gift-shopping-spree, I mentioned that I used my card so much that it temporarily stopped working. And to be honest, I felt a little guilty/nervous about charging $300+ worth of gifts. But my dad, the unofficial financial guru of my family, read that post and had a few pointers.
He first mentioned that using a debit card when shopping online (or even at the gas station!) often puts a "hold" on your card, for more money than you're actually spending. If your balance is too low, you could actually wind up overdrafting while that hold is in place.
Even if you make it a habit to have at least a hundo or two on your debit card (in which case, congrats dude!), they don't offer the same consumer protections as a regular credit card. The protections vary from bank to bank, but typically it is much easier to contest a credit card transaction than a debit card transaction, in the event that your card number is compromised. And we all know that's a common risk when shopping online.
So bottom line, for this part of the post anyway, is that it's sometimes better to use a credit card. Just make sure you track how much you're spending, and pay it off as soon as possible. I like to pay mine off as soon as the transactions post to my online banking, which is usually a couple of days after the purchase. For Christmas shopping, I created a new "budget" in the Spendings app I use to help with my various budgets like groceries, gas, and the like. (More on that, and other useful budgeting apps, here.) Because I finished my Christmas shopping mostly on Cyber Monday, and the rest the following weekend, I was able to see exactly how much I was charging, so I didn't spend more than I could pay off before the end of this month.
So. That's it for the "exceptions" part of today's post. The "rules" part is really more of a tip, something I realized I have been subconsciously doing for a while now.
I used to have a real problem with impulse purchases. Instant gratification was the only thing I knew. See it, want it, buy it. And that's how I racked up thousands of dollars in credit card debt in my college years. Since hitting my "financial rock bottom," as I like to think of it, I've been actively stopping myself from big impulse spending. Now, it's at the point where I don't even realize that I'm restraining myself.
Basically, the rule is this. Never, ever make a large purchase the same day that you decide to make it. I have done this twice this week alone. The first was with a rug that our living room desperately needs, and the second was with tickets to see Lady Gaga in DC in February. In the latter case, I had the tickets in checkout, ready to purchase, credit card in front of me. I know I'm getting a freelance payment this week or next that is roughly equal to the cost of the tickets. My plan was to charge now, pay in a few days when the money came in. And then a little voice in my head said, why charge it? Why not just wait until you have the money in hand? So I cancelled the order.
My idol. I love her. Totally worth $200 and 5 hours of travel.
With the rug, I already had most of the money in hand, in the form of a "wellness rewards program" cash card that had about $100 left on it. The rug cost $150. Again, I realized that it was a big purchase, at least in terms of my typical budget, and maybe I should wait. So I did. And still am.
To be fair, it's a sweet rug and it would look awesome in our space.
It wasn't until yesterday, two days after my near-impulse purchases, that I realized the significance of my hesitation. That I truly have changed the way I think about money. I'm not saying I've conquered impulse buying--that's something I'll probably have to struggle against for the rest of my life--but I'm at least improving. In all likelihood, I'll probably still buy the concert tickets and the rug both. But at least I'll have thought about it, planned it out, and figured out where I'm going to cut back in the next couple of months in order to better afford the purchases. And that, my friends, is what this journey is really all about for me.
Today, I want to touch first on the whole using-credit-cards-for-online-shopping thing. When I last mentioned it, after my insane Cyber Monday gift-shopping-spree, I mentioned that I used my card so much that it temporarily stopped working. And to be honest, I felt a little guilty/nervous about charging $300+ worth of gifts. But my dad, the unofficial financial guru of my family, read that post and had a few pointers.
He first mentioned that using a debit card when shopping online (or even at the gas station!) often puts a "hold" on your card, for more money than you're actually spending. If your balance is too low, you could actually wind up overdrafting while that hold is in place.
Even if you make it a habit to have at least a hundo or two on your debit card (in which case, congrats dude!), they don't offer the same consumer protections as a regular credit card. The protections vary from bank to bank, but typically it is much easier to contest a credit card transaction than a debit card transaction, in the event that your card number is compromised. And we all know that's a common risk when shopping online.
So bottom line, for this part of the post anyway, is that it's sometimes better to use a credit card. Just make sure you track how much you're spending, and pay it off as soon as possible. I like to pay mine off as soon as the transactions post to my online banking, which is usually a couple of days after the purchase. For Christmas shopping, I created a new "budget" in the Spendings app I use to help with my various budgets like groceries, gas, and the like. (More on that, and other useful budgeting apps, here.) Because I finished my Christmas shopping mostly on Cyber Monday, and the rest the following weekend, I was able to see exactly how much I was charging, so I didn't spend more than I could pay off before the end of this month.
So. That's it for the "exceptions" part of today's post. The "rules" part is really more of a tip, something I realized I have been subconsciously doing for a while now.
I used to have a real problem with impulse purchases. Instant gratification was the only thing I knew. See it, want it, buy it. And that's how I racked up thousands of dollars in credit card debt in my college years. Since hitting my "financial rock bottom," as I like to think of it, I've been actively stopping myself from big impulse spending. Now, it's at the point where I don't even realize that I'm restraining myself.
Basically, the rule is this. Never, ever make a large purchase the same day that you decide to make it. I have done this twice this week alone. The first was with a rug that our living room desperately needs, and the second was with tickets to see Lady Gaga in DC in February. In the latter case, I had the tickets in checkout, ready to purchase, credit card in front of me. I know I'm getting a freelance payment this week or next that is roughly equal to the cost of the tickets. My plan was to charge now, pay in a few days when the money came in. And then a little voice in my head said, why charge it? Why not just wait until you have the money in hand? So I cancelled the order.
My idol. I love her. Totally worth $200 and 5 hours of travel.
With the rug, I already had most of the money in hand, in the form of a "wellness rewards program" cash card that had about $100 left on it. The rug cost $150. Again, I realized that it was a big purchase, at least in terms of my typical budget, and maybe I should wait. So I did. And still am.
It wasn't until yesterday, two days after my near-impulse purchases, that I realized the significance of my hesitation. That I truly have changed the way I think about money. I'm not saying I've conquered impulse buying--that's something I'll probably have to struggle against for the rest of my life--but I'm at least improving. In all likelihood, I'll probably still buy the concert tickets and the rug both. But at least I'll have thought about it, planned it out, and figured out where I'm going to cut back in the next couple of months in order to better afford the purchases. And that, my friends, is what this journey is really all about for me.
Friday, November 23, 2012
Fiscal Friday: Holiday shopping
So today is Black Friday. For you lucky few who aren't familiar with the concept, it's a practice in which bargain-hungry Americans decide to wait in line for hours to buy crap at huge discounts. (Canadian friends: Do you all go out and beat each other silly for half off sweaters and $100 off TVs the day after you give thanks for everything you already have?) Having worked a few Black Friday shifts at a major electronics store back in college, I pretty much loathe the concept. But I won't get into how much I'm disgusted by the rampant commercialism and willingness to give up a great holiday in order to wait in line for 12 hours for a sale here.
No, I'm spending my Black Friday watching movies with Matt and basically digesting from the two enormous feasts we had yesterday with our families. But I can't help but starting to think about my holiday shopping; after all, now that Thanksgiving is over, it's completely seasonally appropriate to start tackling my gifts list.
This year, I'm using a new method for buying presents while staying in budget. And it involves a really cool new Pinterest feature: secret boards.
I'd like to take this moment to disclaimer that this post is not sponsored or in any other way endorsed by Pinterst. It's just something cool that I decided to do and thought to share :)
So anyway, I realized I could make a secret board to organize, tag and price my entire gift list. And I'm the only person who can see it; the pins don't appear anywhere on my profile, but I can see them any time I want. So I just shopped online for everyone, pinned everything I thought might work, and tagged the pin with a name and a price. If you're new to the pinning scene, adding a price to a pin actually displays the price over the image, like so:
Images blacked out so no one guesses what I'm getting them :)
So anyway, as I narrow down my options for each person, I'll have a pretty clear idea of exactly how much I'm spending...and when I'm ready to buy everything, I can just click through the links and have everything delivered to the house. Easiest. Holiday. Shopping. Ever.
Do you have any tricks for not overspending during your holiday shopping?
No, I'm spending my Black Friday watching movies with Matt and basically digesting from the two enormous feasts we had yesterday with our families. But I can't help but starting to think about my holiday shopping; after all, now that Thanksgiving is over, it's completely seasonally appropriate to start tackling my gifts list.
This year, I'm using a new method for buying presents while staying in budget. And it involves a really cool new Pinterest feature: secret boards.
I'd like to take this moment to disclaimer that this post is not sponsored or in any other way endorsed by Pinterst. It's just something cool that I decided to do and thought to share :)
So anyway, I realized I could make a secret board to organize, tag and price my entire gift list. And I'm the only person who can see it; the pins don't appear anywhere on my profile, but I can see them any time I want. So I just shopped online for everyone, pinned everything I thought might work, and tagged the pin with a name and a price. If you're new to the pinning scene, adding a price to a pin actually displays the price over the image, like so:
Images blacked out so no one guesses what I'm getting them :)
So anyway, as I narrow down my options for each person, I'll have a pretty clear idea of exactly how much I'm spending...and when I'm ready to buy everything, I can just click through the links and have everything delivered to the house. Easiest. Holiday. Shopping. Ever.
Do you have any tricks for not overspending during your holiday shopping?
Friday, October 26, 2012
Fiscal Fridays: Live like no one else
It's been a while since I did a Fiscal Fridays post, mainly because there's not much to talk about. Ever since I got my new job six months ago, money's been pretty easy. I have enough to pay my bills, have a little fun, do a little shopping, and work on my Dave Ramsay Debt Snowball. In fact, I'm on track to pay off my next debt, the loan from my dad, about 18 months ahead of schedule. (The Best Buy credit card was the first.)
But this week, I realized that I can no longer update the software on my Macbook (I know, I know...#firstworldproblems). And my first thought was to buy a new Macbook Pro. At first, I had all these reasons in my head as to why it would be okay to charge a new computer.
I increased the limit on my Best Buy card, to $1,600. With that, I could easily get the 13" Macbook Pro without maxing out the card. I'd have 18 months to pay it off, in payments of less than $70 a month. And then I started thinking about why I need a new computer. After all, this one is nearly six years old. It has only one gig of RAM, and I only have about 10 gigs of space left on my hard drive. Plus, there's the whole can't-update-software thing, and the computer sometimes CRAWLS. Editing blog photos in Photoshop can be a nightmare, especially when it takes a good 20 or 30 seconds just to rotate a damn image. That brand-new Macbook Pro was practically in my shopping cart.
And then, I stopped myself.
I reminded myself that I am really trying to pay down my debt. That I'm currently on track to have everything, including my car, paid off in less than a year and a half. And while $70 a month seems like nothing in exchange for a new computer, it's $70 that I won't be able to put toward paying down my debt. Or going shopping.
And then I thought, really thought, about how my computer is working. And you know something? It still works. Yes, it's a little outdated, and yes, it's a little slow. But for about $100 (less if I take the time to scour eBay/Amazon) I can buy new RAM cards and replace my two 512 MB cards with two 1 GB cards to double my memory. I don't need a new computer. I just really want one.
Dave Ramsay says that if now you live like no one else, later you can live like no one else. What he means is, if you can ignore the "instant gratification" culture that's forced on us day in and day out, later you can have everything you want and more. Putting things I can't afford on my credit card simply because "I really want them" is what got me into this mess in the first place.
So right here and now, I'm starting a new savings plan. I'll cut into my "fun" money and start saving to buy a new computer. Because let's face it, this one won't last forever. I'll be lucky to get another year or two out of it. But if I start saving now, I might have all (or at least most) of the amount ready to go by the time this old gal kicks the bucket. And the less I charge, the better :)
But this week, I realized that I can no longer update the software on my Macbook (I know, I know...#firstworldproblems). And my first thought was to buy a new Macbook Pro. At first, I had all these reasons in my head as to why it would be okay to charge a new computer.
I increased the limit on my Best Buy card, to $1,600. With that, I could easily get the 13" Macbook Pro without maxing out the card. I'd have 18 months to pay it off, in payments of less than $70 a month. And then I started thinking about why I need a new computer. After all, this one is nearly six years old. It has only one gig of RAM, and I only have about 10 gigs of space left on my hard drive. Plus, there's the whole can't-update-software thing, and the computer sometimes CRAWLS. Editing blog photos in Photoshop can be a nightmare, especially when it takes a good 20 or 30 seconds just to rotate a damn image. That brand-new Macbook Pro was practically in my shopping cart.
And then, I stopped myself.
I reminded myself that I am really trying to pay down my debt. That I'm currently on track to have everything, including my car, paid off in less than a year and a half. And while $70 a month seems like nothing in exchange for a new computer, it's $70 that I won't be able to put toward paying down my debt. Or going shopping.
And then I thought, really thought, about how my computer is working. And you know something? It still works. Yes, it's a little outdated, and yes, it's a little slow. But for about $100 (less if I take the time to scour eBay/Amazon) I can buy new RAM cards and replace my two 512 MB cards with two 1 GB cards to double my memory. I don't need a new computer. I just really want one.
Dave Ramsay says that if now you live like no one else, later you can live like no one else. What he means is, if you can ignore the "instant gratification" culture that's forced on us day in and day out, later you can have everything you want and more. Putting things I can't afford on my credit card simply because "I really want them" is what got me into this mess in the first place.
So right here and now, I'm starting a new savings plan. I'll cut into my "fun" money and start saving to buy a new computer. Because let's face it, this one won't last forever. I'll be lucky to get another year or two out of it. But if I start saving now, I might have all (or at least most) of the amount ready to go by the time this old gal kicks the bucket. And the less I charge, the better :)
Friday, June 29, 2012
Fiscal Fridays: Finances on your phone
So just in case you missed all my geeking out, Matt got me an iPhone for my birthday. And I'm a complete spaz about it. I download apps like it's my job. And then I realized...there's more to the iPhone than Instagram and Fruit Ninja. The variety of financial apps is simply astounding. So I did some research, tried some out, and decided to do a post on my favorites.
Now, before I get started, I want to point out one major point about my list. It does not include the free Mint.com app. I downloaded it, tried it out and ultimately decided that it's not for me. Don't get me wrong, it's an incredible app that lets you track even the tiniest aspects of your budget. It's fully comprehensive, linking to your bank accounts and automatically categorizing your spending habits as they happen. And that's precisely why I decided I didn't like it. I'm pretty Type-A, and I want to categorize things in my own quirky way. For 99% of you, Mint.com Personal Finance could be an all-inclusive budgeting solution. But for me, here's what I use.
Chase Mobile
This was the very first app I downloaded. I had the Android version on my old phone, and on the iPhone it's pretty much the same. Most banks now have their own apps, so I definitely recommend downloading the app for your bank. From the login screen, you can find locations and access contact info. Once you log in, you can transfer money between accounts, pay bills, view recent transactions...pretty much anything you can do on the chase.com website. Plus, the coolest feature lets you deposit checks by taking a photo of them. This isn't exactly a new feature in the world of mobile banking, but I still geek out a little every time I use it.
Dropbox
Okay, so this isn't actually a financial app per se. But I do my budget in an Excel spreadsheet (more on that here), so this app lets me view my balances on any computer or on my phone. I can't edit it on the phone, but really when I'm on the go, the only thing I need to do is check my balances for certain amounts anyway. But now, I can do that even more easily thanks to...
Spendings
This is a great little app that helps me track how much I have left in certain budget areas. I have categories set up on a bi-weekly basis (because my paychecks are bi-weekly) for all my petty spending, including groceries and gas. Whenever I make a purchase, I just enter the amount and the name of the store into the app and it displays how much I have left in that budget area. (Mint.com does this for you automatically, but like I said, I prefer to track it myself...I feel like it keeps me more accountable!)
PayPal
I still freelance for TopTenREVIEWS on occasion, and they pay me via PayPal. I also manage my blog ad payments via PayPal. This app lets me check my balances, request payments from advertisers and transfer money from PayPal to my bank account with just a few clicks.
RetailMeNot Coupons
Okay, this one doesn't exactly help me track my finances. But it does help save me money with lots of coupons! Most of them can be scanned right from your phone, while others display a coupon code that cashiers can type in. Helpful? Money-saving? You know it.
Well, there you go! My current top financial/budgeting/money-related apps. Do you have any favorites that I missed?
Now, before I get started, I want to point out one major point about my list. It does not include the free Mint.com app. I downloaded it, tried it out and ultimately decided that it's not for me. Don't get me wrong, it's an incredible app that lets you track even the tiniest aspects of your budget. It's fully comprehensive, linking to your bank accounts and automatically categorizing your spending habits as they happen. And that's precisely why I decided I didn't like it. I'm pretty Type-A, and I want to categorize things in my own quirky way. For 99% of you, Mint.com Personal Finance could be an all-inclusive budgeting solution. But for me, here's what I use.
Chase Mobile
This was the very first app I downloaded. I had the Android version on my old phone, and on the iPhone it's pretty much the same. Most banks now have their own apps, so I definitely recommend downloading the app for your bank. From the login screen, you can find locations and access contact info. Once you log in, you can transfer money between accounts, pay bills, view recent transactions...pretty much anything you can do on the chase.com website. Plus, the coolest feature lets you deposit checks by taking a photo of them. This isn't exactly a new feature in the world of mobile banking, but I still geek out a little every time I use it.
Dropbox
Okay, so this isn't actually a financial app per se. But I do my budget in an Excel spreadsheet (more on that here), so this app lets me view my balances on any computer or on my phone. I can't edit it on the phone, but really when I'm on the go, the only thing I need to do is check my balances for certain amounts anyway. But now, I can do that even more easily thanks to...
Spendings
This is a great little app that helps me track how much I have left in certain budget areas. I have categories set up on a bi-weekly basis (because my paychecks are bi-weekly) for all my petty spending, including groceries and gas. Whenever I make a purchase, I just enter the amount and the name of the store into the app and it displays how much I have left in that budget area. (Mint.com does this for you automatically, but like I said, I prefer to track it myself...I feel like it keeps me more accountable!)
PayPal
I still freelance for TopTenREVIEWS on occasion, and they pay me via PayPal. I also manage my blog ad payments via PayPal. This app lets me check my balances, request payments from advertisers and transfer money from PayPal to my bank account with just a few clicks.
RetailMeNot Coupons
Okay, this one doesn't exactly help me track my finances. But it does help save me money with lots of coupons! Most of them can be scanned right from your phone, while others display a coupon code that cashiers can type in. Helpful? Money-saving? You know it.
Well, there you go! My current top financial/budgeting/money-related apps. Do you have any favorites that I missed?
Friday, June 8, 2012
Fiscal Fridays: New budget
I have to make this quick, because as usual, I'm running behind this morning. But I did want to talk about my new budget and the official end of the Financial Diet! (Cue the loud cheering, etc.)
Now that I'm working with an income that doesn't necessitate my living paycheck-to-paycheck, I've been able to rework my monthly budget. Of course, it might be a few months before this exact budget goes into effect, since I have a lot of wedding-, bridesmaid- and car-related expenses to account for this summer. But I'm still using the figures below as the bare bones of my summer budget, and honestly, I really look forward to this fall, when I'll be able to implement it fully.
First, a comparison to my old "budget." The first thing I did when my paycheck came in was pay all my bills that were due before my next paycheck. Then, I bought groceries and put gas in my car. Next, I took care of any other expenses—random things that tended to pop up. Finally, I took $60 and set it aside as "spending" money. If there was any money left over, I made sure to save it because I usually needed it to help cover my next round of bills. Now, I have a set "spend this much on x" breakdown. For modesty's sake, I'm using percentages here instead of actual figures.
The Budget Breakdown
Before I even see my money, my retirement savings (about 10%) and health insurance premiums (about 2%) are deducted from my paycheck. The rest is up to me to disperse. Bills (rent, cell phone, utilities, cable, gym payment, insurance) take up about 29%. Groceries are another 7.5%. My debt, including car payments, credit cards and loan payments to my dad equal about 26%. That number won't change until all my debt is paid off, per Dave Ramsay's debt snowball. Basically, when one debt is completely paid, I'll use the money I was spending on it and put it toward another debt. Right now, my savings are minimal because I'm focusing on debt reduction; I'm saving just 2% of my paycheck right now, as I already have a small emergency fund in place. And my spending money, which covers clothes, entertainment, dining out, house décor and everything else, is a comparatively indulgent 15%.
For those of you keeping track, that adds up to about 95% of my monthly income. The extra 5% is wiggle room for small, unaccounted-for things, like oil changes, minor car repairs, doctor's copays, etc.
So there you have it! A brief breakdown of my ideal budget, once I get this Summer of Crazy out of the way. I'm pretty excited about it. And when I have all my debt paid off, in about a year and a half by my estimations, I'll have to rework my budget again...this time, focusing on building up a REAL emergency fund and saving up for grown-up things like a wedding and a down payment on a house. Woot!
If you're looking for more budget inspiration, check out Whitney's post over on Between the Lines. She has a really awesome, simple system set up with her hubby!
Now that I'm working with an income that doesn't necessitate my living paycheck-to-paycheck, I've been able to rework my monthly budget. Of course, it might be a few months before this exact budget goes into effect, since I have a lot of wedding-, bridesmaid- and car-related expenses to account for this summer. But I'm still using the figures below as the bare bones of my summer budget, and honestly, I really look forward to this fall, when I'll be able to implement it fully.
First, a comparison to my old "budget." The first thing I did when my paycheck came in was pay all my bills that were due before my next paycheck. Then, I bought groceries and put gas in my car. Next, I took care of any other expenses—random things that tended to pop up. Finally, I took $60 and set it aside as "spending" money. If there was any money left over, I made sure to save it because I usually needed it to help cover my next round of bills. Now, I have a set "spend this much on x" breakdown. For modesty's sake, I'm using percentages here instead of actual figures.
The Budget Breakdown
Before I even see my money, my retirement savings (about 10%) and health insurance premiums (about 2%) are deducted from my paycheck. The rest is up to me to disperse. Bills (rent, cell phone, utilities, cable, gym payment, insurance) take up about 29%. Groceries are another 7.5%. My debt, including car payments, credit cards and loan payments to my dad equal about 26%. That number won't change until all my debt is paid off, per Dave Ramsay's debt snowball. Basically, when one debt is completely paid, I'll use the money I was spending on it and put it toward another debt. Right now, my savings are minimal because I'm focusing on debt reduction; I'm saving just 2% of my paycheck right now, as I already have a small emergency fund in place. And my spending money, which covers clothes, entertainment, dining out, house décor and everything else, is a comparatively indulgent 15%.
For those of you keeping track, that adds up to about 95% of my monthly income. The extra 5% is wiggle room for small, unaccounted-for things, like oil changes, minor car repairs, doctor's copays, etc.
So there you have it! A brief breakdown of my ideal budget, once I get this Summer of Crazy out of the way. I'm pretty excited about it. And when I have all my debt paid off, in about a year and a half by my estimations, I'll have to rework my budget again...this time, focusing on building up a REAL emergency fund and saving up for grown-up things like a wedding and a down payment on a house. Woot!
If you're looking for more budget inspiration, check out Whitney's post over on Between the Lines. She has a really awesome, simple system set up with her hubby!
Subscribe to:
Posts (Atom)