An unexpected event + new understanding of loan issues + WIFYR registration = reworking of my previous plan outlined in this post.
It's frustrating, but that's just how finances work.
I'm just over 30% finished with Step 2 since my laptop issue. I desperately want to finish that, but it's going to have to take a back seat for a moment.
First off, I totally forgot about saving up to attend WIFYR next year. I'm going to attend one of the Five-Day Workshops. In it, I get the chance to participate in a group reading of novels that's overseen by a published author as well as a group pitch session with an agent. It's a golden opportunity to get my foot in the door for eventual publishing and it will motivate me to write. Unfortunately, it's $505 but it will be worth it. So for the next while, any extra money is going toward paying that off.
Next is the unexpected financial obligation, which I'll put all extra money into once WIFYR is paid off. Only THEN will I be able to get back on track toward my Month Ahead. So the revised format looks like this:
(1) [COMPLETED]
(2) -$505 (WIFYR)
(3) -$$$$ (Unexpected)
(4) $2,600 (32.1% completed)
(5) $15,600 (9.1% completed)
(6) -$$$$ (Student Loans)
(1st) [Completed 6/30/2016]
(2nd) Plasma/OT/Babysitting ~~> WIFYR Registration (finish mid-January)
Loan Extra ~~> Student Loans
(3rd) Plasma/OT/Babysitting ~~> Unexpected (finish February)
Loan Extra ~~> Student Loans
(4th) Plasma/OT/Babysitting ~~> Month Ahead Budget (finish April--June)
Loan Extra ~~> Student Loans
(5th) Babysitting ~~> Emergency Fund
Plasma/OT/Loan Extra ~~> Student Loans
The reason why my MAB completion time has a wide window is because I can only plan out/sign up for overtime no more than two months in advance. Chances are extra overtime will cut my time significantly.
There's also the matter of tax refunds, but that will be going into one of my student loans. Ideally, I'll be able to finish the one I'm snowballing on, which will give me the opportunity to pay off two, possibly three next year! As previously mentioned, in 2015 I paid off my Wells Fargo college loan, this year I paid off my credit card debt, and next year I should pay off 2-3 Federal Loans.
Fingers crossed!
Friday, December 30, 2016
Saturday, December 3, 2016
Unfortunate financial hiccup
Regrettably, on November 30th my laptop died.
I'm certain I've had it for at least (if not more than) 5 years. I planned to buy a new one with my tax refund, but my laptop had other plans. Being a writer with various other hobbies, my laptop is somewhat of a livelihood for me. I needed another one straight away.
Thankfully I'm blessed with a computer-savvy dad and brother-in-law, so the experience of choosing a new laptop wasn't stressful. Plus, my brother is going to be amazing and pull off all my old files so I can avoid a company overcharging me for it.
Finance-wise there is good and bad news. The good news is that because I've been working on Step 2, I had enough to cover the expenses. The bad news is that I lost 55.84% of what I had been saving. I'm now at 24.2% of my goal.
I'm not going to lie, it's a depressing setback. I was hoping to start off 2017 budgeting on last month's income but those dreams are no longer possible, especially now that we're in the holiday season.
Yet it's moments like these that remind me of why I'm doing this in the first place. I can't imagine how stressed out I would be had I not a savings to dip into for this emergency. All I can do is keep moving forward and continue to hone my financial know-how. It will get easier as time goes on.
I'm certain I've had it for at least (if not more than) 5 years. I planned to buy a new one with my tax refund, but my laptop had other plans. Being a writer with various other hobbies, my laptop is somewhat of a livelihood for me. I needed another one straight away.
Thankfully I'm blessed with a computer-savvy dad and brother-in-law, so the experience of choosing a new laptop wasn't stressful. Plus, my brother is going to be amazing and pull off all my old files so I can avoid a company overcharging me for it.
Finance-wise there is good and bad news. The good news is that because I've been working on Step 2, I had enough to cover the expenses. The bad news is that I lost 55.84% of what I had been saving. I'm now at 24.2% of my goal.
I'm not going to lie, it's a depressing setback. I was hoping to start off 2017 budgeting on last month's income but those dreams are no longer possible, especially now that we're in the holiday season.
Yet it's moments like these that remind me of why I'm doing this in the first place. I can't imagine how stressed out I would be had I not a savings to dip into for this emergency. All I can do is keep moving forward and continue to hone my financial know-how. It will get easier as time goes on.
Friday, November 4, 2016
Month Ahead Check-in
As you can see by the image on the bottom left side of the screen (scroll down a little bit) I'm nearly halfway through saving up for my Month Ahead Budget. Hurray!
I must admit I'm disappointed that Step 2 is already taking more than twice as long as Step 1. To be fair though, Step 2 is a greater sum and in comparison, it's far better that I spend more time saving up than paying off. Not to mention the fact that with two family trips my availability for babysitting, donating plasma, and overtime has been shortened. Then there was the Emergency Preparedness . . . I suppose I actually have done a decent job at this. I just need to be patient.
There's also the matter of the holidays coming up, and while I have a Christmas sinking fund, it's still going to be a stretch. However, I AM doing all I can to make homemade presents this year, so hopefully that gives me a bit more wiggle room. Plus, my parents have ever so graciously allowed me to take over my brother's phone while he's on his mission, so that's ~$60/month I can allocate elsewhere!
My plan is still to finish Step 2 by the end of this year, end of January if I really have to. It might end up being the low end of my monthly budget (because my total is a high end approximation), but it'll still count. As I've said before, once I can start budgeting on what I earned the previous month, I'll have a far easier time of controlling my finances.
Oh--one quick tip I found! I'm going to research which credit union would work best for me and then put some money into a checking account. This would serve multiple purposes. First, it will safeguard my money so it's not all in one spot. Second, I can bring that debit card with me on road trips, so in case my purse gets stolen they don't have access to all my money. Third, I can use that debit card purely for my Etsy business. (Maybe I should use two credit unions? One for travel and one for my Etsy business? I'll have to dwell on that) I got the third idea from reading one of Dave Ramsey's articles in the newspaper. Quite ingenious.
I must admit I'm disappointed that Step 2 is already taking more than twice as long as Step 1. To be fair though, Step 2 is a greater sum and in comparison, it's far better that I spend more time saving up than paying off. Not to mention the fact that with two family trips my availability for babysitting, donating plasma, and overtime has been shortened. Then there was the Emergency Preparedness . . . I suppose I actually have done a decent job at this. I just need to be patient.
There's also the matter of the holidays coming up, and while I have a Christmas sinking fund, it's still going to be a stretch. However, I AM doing all I can to make homemade presents this year, so hopefully that gives me a bit more wiggle room. Plus, my parents have ever so graciously allowed me to take over my brother's phone while he's on his mission, so that's ~$60/month I can allocate elsewhere!
My plan is still to finish Step 2 by the end of this year, end of January if I really have to. It might end up being the low end of my monthly budget (because my total is a high end approximation), but it'll still count. As I've said before, once I can start budgeting on what I earned the previous month, I'll have a far easier time of controlling my finances.
Oh--one quick tip I found! I'm going to research which credit union would work best for me and then put some money into a checking account. This would serve multiple purposes. First, it will safeguard my money so it's not all in one spot. Second, I can bring that debit card with me on road trips, so in case my purse gets stolen they don't have access to all my money. Third, I can use that debit card purely for my Etsy business. (Maybe I should use two credit unions? One for travel and one for my Etsy business? I'll have to dwell on that) I got the third idea from reading one of Dave Ramsey's articles in the newspaper. Quite ingenious.
Tuesday, November 1, 2016
NaNoWriMo Participation!
This year I am officially entering the National Novel Writing Month!
It's a free challenge where writers commit to writing a 50K novel during the month of November. It's a lot of work and I have absolutely no idea WHY it's held during the holidays, but what can you do? In years past I've merely committed to writing more, but this year I'm aiming for the full 50K.
I want to attend WIFYR this next summer and in order to do that I'm going to need something to actually submit. Participating in NaNo will give me something to work with. What I'm going to end up with won't be pretty, but if I do it then I'll have about 4 months to polish whatever is required for the group workshops I intend on participating in. But that will only work if I actually write.
I've done well so far! I wrote 2,015 words today! Granted, it was a bit of a cheat because I used a lot that had already been written in my previous drafts, but I'm starting over from scratch for this one, so there it is. As the days pass the writing will get easier and I'll make it. As a safe number, they say it's best to write about 2,000 words per day so you reach your goal.
Fingers crossed!
It's a free challenge where writers commit to writing a 50K novel during the month of November. It's a lot of work and I have absolutely no idea WHY it's held during the holidays, but what can you do? In years past I've merely committed to writing more, but this year I'm aiming for the full 50K.
I want to attend WIFYR this next summer and in order to do that I'm going to need something to actually submit. Participating in NaNo will give me something to work with. What I'm going to end up with won't be pretty, but if I do it then I'll have about 4 months to polish whatever is required for the group workshops I intend on participating in. But that will only work if I actually write.
I've done well so far! I wrote 2,015 words today! Granted, it was a bit of a cheat because I used a lot that had already been written in my previous drafts, but I'm starting over from scratch for this one, so there it is. As the days pass the writing will get easier and I'll make it. As a safe number, they say it's best to write about 2,000 words per day so you reach your goal.
Fingers crossed!
Saturday, October 22, 2016
Stepping up!
While I've had a Fitbit since April or so, I hadn't participated in any sort of Challenge until two weeks ago because I didn't know any friends who also had a Fitbit. Then my roommate got one and we learned a mutual friend of ours also had one. Our mutual friend invited us to a "Work Week Hustle" where you compete to have the most steps Mon-Fri. I didn't do so well last week because I was on a difficult and long work week.
However, this past "work week" I totally won! Not only that, but I almost got 10,000 steps every day! My step totals were 10,629; 10,708; 12,936; 6,552; and 11,972! I'm so proud of myself! Granted, two of those days were achieved through basic things like hula-hooping for 2hrs or bouncing on a medicine ball to work on my core, but it's still something. None of it was intense, hard workouts but something is better than nothing. It got me going which is all that matters.
It's my goal to reach at least 10,000 every day (with the exception of Sundays on my work week). That means I'm out and about, and once I've gotten in the habit then I can work my way up to strenuous exercises instead of simple walks and the like.
While I don't consider myself a competitive person, participating in Challenges like this with other people makes me accountable. If I'm aware that others will see my step count it motivates me to not skimp. "Beating" others isn't my goal, but in a small way it's an even greater sense of accomplishment. I'm excited to see how this next week turns out!
However, this past "work week" I totally won! Not only that, but I almost got 10,000 steps every day! My step totals were 10,629; 10,708; 12,936; 6,552; and 11,972! I'm so proud of myself! Granted, two of those days were achieved through basic things like hula-hooping for 2hrs or bouncing on a medicine ball to work on my core, but it's still something. None of it was intense, hard workouts but something is better than nothing. It got me going which is all that matters.
It's my goal to reach at least 10,000 every day (with the exception of Sundays on my work week). That means I'm out and about, and once I've gotten in the habit then I can work my way up to strenuous exercises instead of simple walks and the like.
While I don't consider myself a competitive person, participating in Challenges like this with other people makes me accountable. If I'm aware that others will see my step count it motivates me to not skimp. "Beating" others isn't my goal, but in a small way it's an even greater sense of accomplishment. I'm excited to see how this next week turns out!
Friday, October 21, 2016
Shop Run-through
I had the wonderful opportunity to gain some first-hand experience selling items in a "booth." It was at a secondhand sale where I was essentially just selling things to get rid of them and free up some space. It wasn't too serious of an event and I was able to do it with my roommate who also had some items to sell.
An interesting thing to note is that since I had to pay an entrance fee, I actually "lost" about $4 since I wasn't able to sell everything I brought. However, I don't consider this a poor business move because the experience I gained was worth it. Plus I'll have the opportunity to sell the leftover items at a later date (with no entrance fee) so I'll easily earn back those $4 and then some.
But as I said, the experience was worth it. The secondhand sale was minor and I hadn't invested anything into the items I was selling. Attending some sort of craft fair with the items I plan to sell in my Etsy shop, now THAT will be a different story. I'll have to be extremely organized, and this run-through was the perfect way for me to see what I need to do.
So here's the list of what I learned:
An interesting thing to note is that since I had to pay an entrance fee, I actually "lost" about $4 since I wasn't able to sell everything I brought. However, I don't consider this a poor business move because the experience I gained was worth it. Plus I'll have the opportunity to sell the leftover items at a later date (with no entrance fee) so I'll easily earn back those $4 and then some.
But as I said, the experience was worth it. The secondhand sale was minor and I hadn't invested anything into the items I was selling. Attending some sort of craft fair with the items I plan to sell in my Etsy shop, now THAT will be a different story. I'll have to be extremely organized, and this run-through was the perfect way for me to see what I need to do.
So here's the list of what I learned:
Friday, October 7, 2016
Funk
I'm not entirely sure why, but I've been in a bit of a funk lately. There are just too many things to do in a day and I'm struggling to find the best way to accomplish it all. I've also been suffering from a feeling of constant nausea for the past three days. Tums don't help, it's not food poisoning, and I can't seem to find a way to alleviate the mild discomfort/pain. It's not debilitating, but it's certainly a mild handicap in trying to function throughout the day. I talked about it to a coworker and she said she experienced the same thing last week so perhaps there's something going around.
Although I suppose part of it could be caused by stress. I did suffer from acid reflux during high school so I know I'm capable of making myself ill that way. There's certainly been enough stressful matters happening, but it's mainly because of me. I'm trying to do too much at once so I end up not doing anything because it's like an information overload and my brain/abilities shut down.
What's more frustrating is that I'm aware that my window of opportunity for being single is dwindling to the end, and I'll no longer be responsible for just myself. I won't be able to devote all my time to my endeavors so I need to utilize my time perfectly. Of course, that just exacerbates my stress.
What I need to do is calm down, then spend a number of hours creating "business plans" to achieve all I want to and break it down to manageable pieces. I also need to do this at a library or somewhere NOT at home. Thinking about it, I've been spending all my time at home or at work, with a handful of trips to the grocery store and the like. I'm either working or at home, where I'm doing everything else. When it's my home, I'm doing EVERYTHING there and I think it's killing my motivation and creativity. It's causing me to feel trapped and it's causing me to fall into the same pointless routines.
I need a change of scenery. My mind isn't being stimulated. It's seeing the same thing over and over and over again. That's got to be it. I've been confused as to why I feel like I'm struggling more in this way now than I did in college, but it's because things were constantly changing. I lived somewhere different each year. I had multiple spots around campus that I enjoyed studying in. I had routine but it was still varied, and I'm not getting that now.
Can't wait to try this out! What's even better is that even through this I have something to blog about in my other future blog!
Although I suppose part of it could be caused by stress. I did suffer from acid reflux during high school so I know I'm capable of making myself ill that way. There's certainly been enough stressful matters happening, but it's mainly because of me. I'm trying to do too much at once so I end up not doing anything because it's like an information overload and my brain/abilities shut down.
What's more frustrating is that I'm aware that my window of opportunity for being single is dwindling to the end, and I'll no longer be responsible for just myself. I won't be able to devote all my time to my endeavors so I need to utilize my time perfectly. Of course, that just exacerbates my stress.
What I need to do is calm down, then spend a number of hours creating "business plans" to achieve all I want to and break it down to manageable pieces. I also need to do this at a library or somewhere NOT at home. Thinking about it, I've been spending all my time at home or at work, with a handful of trips to the grocery store and the like. I'm either working or at home, where I'm doing everything else. When it's my home, I'm doing EVERYTHING there and I think it's killing my motivation and creativity. It's causing me to feel trapped and it's causing me to fall into the same pointless routines.
I need a change of scenery. My mind isn't being stimulated. It's seeing the same thing over and over and over again. That's got to be it. I've been confused as to why I feel like I'm struggling more in this way now than I did in college, but it's because things were constantly changing. I lived somewhere different each year. I had multiple spots around campus that I enjoyed studying in. I had routine but it was still varied, and I'm not getting that now.
Can't wait to try this out! What's even better is that even through this I have something to blog about in my other future blog!
Tuesday, September 20, 2016
Small Delay
Just checking in with an update on my Month Ahead. I'm up to $525.50, meaning in less than a month I've saved up $125. It's good but not great; however, I don't regret it.
See, a good portion of the money I could have used for Step 2 has gone into Emergency Preparedness, specifically my 3 month food storage. There was a case lot/10 for $10 sale at a local grocery, and my roommate and I bought a decent amount of food. For the 3 month supply, it's supposed to be food you use every day, not long-term storage. It's for brief emergencies, such as being short on cash and the like. With this and a different grocery run at Winco, I'd say I've spent around $150 on food.
Yes it's a bit much for one person at once, but now I'm set for 3 months. Similar to how it was more important to get out of credit card debt first, it's more important for me to have food to live off of in case of an emergency. I'll have to keep refilling it as I go, but now I can focus more on Step 2.
See, a good portion of the money I could have used for Step 2 has gone into Emergency Preparedness, specifically my 3 month food storage. There was a case lot/10 for $10 sale at a local grocery, and my roommate and I bought a decent amount of food. For the 3 month supply, it's supposed to be food you use every day, not long-term storage. It's for brief emergencies, such as being short on cash and the like. With this and a different grocery run at Winco, I'd say I've spent around $150 on food.
Yes it's a bit much for one person at once, but now I'm set for 3 months. Similar to how it was more important to get out of credit card debt first, it's more important for me to have food to live off of in case of an emergency. I'll have to keep refilling it as I go, but now I can focus more on Step 2.
Monday, September 12, 2016
A Second Blog
So this idea has been festering in my brain for months now, and the time is finally right to put it into effect. I'm going to write another blog! Not a personal one like this (but I won't abandon this one so don't worry my nonexistent readers) but an informational one. A blog created partly for the purpose of making money, partly to help others, and then myself.
The topic will be about self-discipline, self-reliance, and emergency preparedness for single adults. So far the working title is "Single Reliance."
When I first got the idea to write a blog, it was going to be about how to build your own small business. Since I'm going to eventually open an Etsy shop, I thought I could kill two birds with one stone by blogging about what it takes while motivating myself to actually do it. But I don't know enough about the topic nor would I enjoy writing about it since it's not a strong enough passion of mine.
Then I decided to write one geared toward being productive. It's something I've researched on my own multiple times, and by crafting a blog around it I would be better able to implement these ideas myself. It still didn't feel quite right though, but it was my best option.
Finally, I came up with the perfect topic. Last Monday my roommate and I got serious about Emergency Preparedness. With what's happening around the world, particularly in Flint and Louisiana, and the sheer fact that Utah is overdue for a major earthquake, being prepared is high on our priority list. Since then we've been doing a lot of research and brainstorming. Not only that, but we decided to request a calling to serve on the Emergency Preparedness Committee in our YSA church ward. This way we can fulfill a church calling AND get prepared at the same time. Plus, through our efforts we can ensure our ward is prepared for a disaster and we can band together for safety.
And now by writing a blog on the topic, I'll be killing three birds with one stone! A rather impressive management of time if I do say so myself. You learn better by teaching and I'll be teaching through two methods, in person and online. And while I don't expect to make a substantial amount of money from it, I'll at least make something. Actually, it's more like killing five birds with one stone now that I think about it. I'll be earning money + fulfilling a church calling + getting prepared myself + getting out to interact socially + providing service for those who read my blog! Also, the great thing about this topic is that I can include posts about how to be productive.
So yeah, I'm thrilled about this idea. I've finally whittled it down to perfection to be as efficient in as many areas as I possibly can. There's still a lot of work ahead of me to get this thing underway, but it will be worth it.
The topic will be about self-discipline, self-reliance, and emergency preparedness for single adults. So far the working title is "Single Reliance."
When I first got the idea to write a blog, it was going to be about how to build your own small business. Since I'm going to eventually open an Etsy shop, I thought I could kill two birds with one stone by blogging about what it takes while motivating myself to actually do it. But I don't know enough about the topic nor would I enjoy writing about it since it's not a strong enough passion of mine.
Then I decided to write one geared toward being productive. It's something I've researched on my own multiple times, and by crafting a blog around it I would be better able to implement these ideas myself. It still didn't feel quite right though, but it was my best option.
Finally, I came up with the perfect topic. Last Monday my roommate and I got serious about Emergency Preparedness. With what's happening around the world, particularly in Flint and Louisiana, and the sheer fact that Utah is overdue for a major earthquake, being prepared is high on our priority list. Since then we've been doing a lot of research and brainstorming. Not only that, but we decided to request a calling to serve on the Emergency Preparedness Committee in our YSA church ward. This way we can fulfill a church calling AND get prepared at the same time. Plus, through our efforts we can ensure our ward is prepared for a disaster and we can band together for safety.
And now by writing a blog on the topic, I'll be killing three birds with one stone! A rather impressive management of time if I do say so myself. You learn better by teaching and I'll be teaching through two methods, in person and online. And while I don't expect to make a substantial amount of money from it, I'll at least make something. Actually, it's more like killing five birds with one stone now that I think about it. I'll be earning money + fulfilling a church calling + getting prepared myself + getting out to interact socially + providing service for those who read my blog! Also, the great thing about this topic is that I can include posts about how to be productive.
So yeah, I'm thrilled about this idea. I've finally whittled it down to perfection to be as efficient in as many areas as I possibly can. There's still a lot of work ahead of me to get this thing underway, but it will be worth it.
Saturday, September 10, 2016
Future Perspective
In the interest of motivation and obtaining a realistic view, I used this site to calculate how early I'll pay off my student loans.
I'm utilizing Dave Ramsey's Snowball Method, where I focus on the smallest loan first. I pay the minimum on all others except the lowest balance. Then once that loan is paid off, I still pay that loan's monthly fee but put it toward the second smallest one. It's perfect to keep you motivated because the little victories help you feel accomplished.
My contracted end date is December 2024. With just the Snowball Method, I should finish in December 2022. That's 2 years early! Impressive, but I'll be able to pay it off even sooner by saving and using extra income. My ultimate goal is to pay it off in 5 years or less, chiefly to save money but also to avoid having to raise a family while being in debt.
We'll see how that turns out!
I'm utilizing Dave Ramsey's Snowball Method, where I focus on the smallest loan first. I pay the minimum on all others except the lowest balance. Then once that loan is paid off, I still pay that loan's monthly fee but put it toward the second smallest one. It's perfect to keep you motivated because the little victories help you feel accomplished.
My contracted end date is December 2024. With just the Snowball Method, I should finish in December 2022. That's 2 years early! Impressive, but I'll be able to pay it off even sooner by saving and using extra income. My ultimate goal is to pay it off in 5 years or less, chiefly to save money but also to avoid having to raise a family while being in debt.
We'll see how that turns out!
Monday, August 29, 2016
Step 2
I finally got my medication on the 19th of August. It grates my nerves that it took so freakin' long but there's no point stressing about the past. Now I'll just be more prepared. I've set reminders to refill my prescription early so I can get it right on time and avoid missing the expiration. I'll also be sure to set up my follow-up appointment as soon as I have a better idea of my schedule 6 months from now.
So as I outlined in this post, I'm currently on Step 2 of my financial goals: Month Ahead Budget. So far I've saved up $400, which--while great--should be more. Extenuating circumstances (such as no meds) are partly to blame. My deadline is February 2017 but I'm pushing to get it done earlier.
As a note, another personal goal of mine is to pay off at least one loan a year. In my first year of repayment, I paid off my Wells Fargo loan. I was hoping to pay off my smallest Federal Loan this year, but instead I chose to pay off my credit card. It still qualifies as a loan though so I met my quota.
After crunching some numbers, I've determined I can save up (at minimum) $2,168 by the end of the year. This doesn't include babysitting or overtime, so it's safe to say I'll be able to start out 2017 with a Month Ahead Budget in place. I desperately want to use that money to pay off a Federal Loan, but this will be worth it in the end.
My greatest hindrance in budgeting and saving right now is the fact that I'm living paycheck to paycheck. With the way pay periods work, some weeks I have a fair amount leftover after paying the immediate essentials, whereas the following week I'll be in the red. Being paid every other Friday never cushions a month perfectly. I can't budget by month. Despite my best efforts I mess up.
Once I have the means to budget on last month's income those problems will (mostly) go away. I can start out the month knowing exactly how much I have to spend and can budget accordingly. Then I won't have to hold off on putting my extra income into loans in the off chance I need it for groceries or fuel for my car. No longer will my student loan debt be compounded with the stress of making sure I have enough to get by.
I can't wait to be done with Step 2!
So as I outlined in this post, I'm currently on Step 2 of my financial goals: Month Ahead Budget. So far I've saved up $400, which--while great--should be more. Extenuating circumstances (such as no meds) are partly to blame. My deadline is February 2017 but I'm pushing to get it done earlier.
As a note, another personal goal of mine is to pay off at least one loan a year. In my first year of repayment, I paid off my Wells Fargo loan. I was hoping to pay off my smallest Federal Loan this year, but instead I chose to pay off my credit card. It still qualifies as a loan though so I met my quota.
After crunching some numbers, I've determined I can save up (at minimum) $2,168 by the end of the year. This doesn't include babysitting or overtime, so it's safe to say I'll be able to start out 2017 with a Month Ahead Budget in place. I desperately want to use that money to pay off a Federal Loan, but this will be worth it in the end.
My greatest hindrance in budgeting and saving right now is the fact that I'm living paycheck to paycheck. With the way pay periods work, some weeks I have a fair amount leftover after paying the immediate essentials, whereas the following week I'll be in the red. Being paid every other Friday never cushions a month perfectly. I can't budget by month. Despite my best efforts I mess up.
Once I have the means to budget on last month's income those problems will (mostly) go away. I can start out the month knowing exactly how much I have to spend and can budget accordingly. Then I won't have to hold off on putting my extra income into loans in the off chance I need it for groceries or fuel for my car. No longer will my student loan debt be compounded with the stress of making sure I have enough to get by.
I can't wait to be done with Step 2!
Monday, August 15, 2016
Medical Insurance Migraine
It's been about a month and a half since my last update, sorry about that.
I recently went on a vacation with my family which was a blast. I'll do a catch-up post on that later. But the real reason why I haven't updated is because I haven't been able to take my narcolepsy medication.
I recently went on a vacation with my family which was a blast. I'll do a catch-up post on that later. But the real reason why I haven't updated is because I haven't been able to take my narcolepsy medication.
Thursday, June 30, 2016
IT'S DONE!
I PAID OFF MY CREDIT CARD!
$1,379.52 in debt paid off in 52 days!
Look at that zero balance! I'm so proud of myself! Those were some rough 52 days, but it was worth it. Now that I've accomplished this milestone, I'm going to treat myself to a massage! Things have been so hectic lately that I have more than earned one.
Now it's time to put everything toward my Month Ahead Budget. It's just under twice as much as what I just paid off, so it's going to take about four and a half to five months. Maybe even a little longer because I'm going to be going on vacations, but it should be done before Thanksgiving or even Christmas at the latest.
$1,379.52 in debt paid off in 52 days!
Look at that zero balance! I'm so proud of myself! Those were some rough 52 days, but it was worth it. Now that I've accomplished this milestone, I'm going to treat myself to a massage! Things have been so hectic lately that I have more than earned one.
Now it's time to put everything toward my Month Ahead Budget. It's just under twice as much as what I just paid off, so it's going to take about four and a half to five months. Maybe even a little longer because I'm going to be going on vacations, but it should be done before Thanksgiving or even Christmas at the latest.
Friday, June 3, 2016
Fingers Crossed
I had a brilliant idea at work today, and if my calculations are correct, I'll pay off my credit card debt by the end of this month! I put away about $300 in savings every month, and I made a goal with myself not to touch that. Not only does it help constrain me to a budget, but it's just smart to do so. However, when doing something as important as paying off credit card debt, being on top of my savings isn't quite as important. And seeing how I've saved up almost $1,000 in my Emergency Fund, I can stand to lose a month's worth of savings for a good cause.
That means I'll have paid off a $1,379.52 debt in approximately 50 days!
That means I'll have paid off a $1,379.52 debt in approximately 50 days!
Saturday, May 21, 2016
Great Progress
I have been doing overtime and babysitting like crazy for the past fortnight!
I worked a 9 day week, worked an extra shift a day after, then on Friday/Saturday/Monday worked 4 babysitting "shifts" that rounded to about 22hrs. Then after a day and a half I'm right back on a 7 day work week. Needless to say, I'm a bit exhausted (and unfortunately it's emotional as well as physical, but that's a post for another day).
So with that completely insane work schedule, I've managed to cut my credit card debt to $837.79, a 60.7% decrease from where it was exactly two weeks ago. I can't believe it! Combining all four extra avenues of income has really paid off.
It hasn't been easy though. My plan doesn't give me much leeway for other things, and I'm struggling to adjust to a strict budget. So far in my life I've been decent on saving money and not spending frivolously, but I didn't crunch the numbers well enough. While I calculated the immediate expenses to see how much I'd have left over for other things, I neglected to keep proper records. I knew how much I should have to spend but then I never compared it to what I was actually spending, hence the credit card debt.
My debt is certainly smaller than most out there I'm sure, but I still have regrets. Had I been this serious just a year ago, I most likely wouldn't have any credit card debt, be budgeting a month ahead, and making some decent headway on my emergency fund and student loans.
What about when I was starting college, or even before that while I earned money babysitting? It physically pains me to think of how financially secure I would be at this point in my life. My loans would be significantly smaller, no doubt about that.
But it's no use dwelling on the past like that. There's nothing I can do to change it. All that's left to do is turn that regret into motivation to prevent it from happening ever again. I'll also use that experience to teach my sisters so they can start young when I wish I did.
I worked a 9 day week, worked an extra shift a day after, then on Friday/Saturday/Monday worked 4 babysitting "shifts" that rounded to about 22hrs. Then after a day and a half I'm right back on a 7 day work week. Needless to say, I'm a bit exhausted (and unfortunately it's emotional as well as physical, but that's a post for another day).
So with that completely insane work schedule, I've managed to cut my credit card debt to $837.79, a 60.7% decrease from where it was exactly two weeks ago. I can't believe it! Combining all four extra avenues of income has really paid off.
It hasn't been easy though. My plan doesn't give me much leeway for other things, and I'm struggling to adjust to a strict budget. So far in my life I've been decent on saving money and not spending frivolously, but I didn't crunch the numbers well enough. While I calculated the immediate expenses to see how much I'd have left over for other things, I neglected to keep proper records. I knew how much I should have to spend but then I never compared it to what I was actually spending, hence the credit card debt.
My debt is certainly smaller than most out there I'm sure, but I still have regrets. Had I been this serious just a year ago, I most likely wouldn't have any credit card debt, be budgeting a month ahead, and making some decent headway on my emergency fund and student loans.
What about when I was starting college, or even before that while I earned money babysitting? It physically pains me to think of how financially secure I would be at this point in my life. My loans would be significantly smaller, no doubt about that.
But it's no use dwelling on the past like that. There's nothing I can do to change it. All that's left to do is turn that regret into motivation to prevent it from happening ever again. I'll also use that experience to teach my sisters so they can start young when I wish I did.
Sunday, May 8, 2016
Successful Epiphany
(This was originally part of my previous post, but with the topic being such a stark contrast I decided to split it)
Unfortunately, I haven't had the chance to delve much further into my Etsy business. I've saved up enough for a serger though, so now all I have to do is figure out which one to buy. I'm asking around for opinions and researching. I hope to settle on one soon. Then I can start practicing and build up an inventory of all the things I want to sew.
I also need to get serious about soapmaking. I need to get over my fear of failure and just get going with it. I won't be able to get as wide an audience unless I do so. The allure of a TARDIS soap will bring people to my shop, and then the wide variety of other Doctor Who items will keep them there. Plus, I need to get my idea out before anyone else gets the bright idea and steals my thunder.
And I've been doing my best to keep from having wild expectations about this venture or blow it out of proportion but . . . I honestly can't shake the feeling that this could be incredibly successful. That I could make a decent secondary income on this. I've avoided fully admitting this to myself because I didn't want to get a large head or frightened with the prospect or risk being disappointed if it didn't pan out.
Only now that I think about it, perhaps this belief is an essential part of creating this business. I need to be my biggest cheerleader. If I don't believe I can succeed then how is it ever going to get off the ground? I thought that by simply building a business I was stepping outside my comfort zone, but this must be the first step.
My personality gravitates toward the disposition of "play it safe" which in many situations is a wise decision. But my flaw is that I have a tendency to let it overtake my life. Never doing anything "too wild" and tiptoeing through life to avoid failure. This is largely due to the bullying I suffered. It twisted my life's philosophy into never rocking the boat because it's the best way to avoid conflict. At first it was only in relationships with other people, but now it's seeped into all areas of my life. I can't be too passionate or dream any lofty goals. I need to play it safe to avoid failure.
But that's no way to live! It's like that quote by J.K. Rowling: "It is impossible to live without failing at something, unless you live so cautiously that you might as well not have lived at all - in which case, you fail by default." Or even what Mrs. Frizzle says: "Take chances, make mistakes, get messy!" It's the only way you can truly grow as a person. It doesn't mean I have to catapult myself into the unknown, but take a firm, confident step forward. I used to avoid the unknown like a plague, but recently I've been cautiously edging my toes into it. Now it's time to be bolder.
So yes, I'm going to build a successful and thriving Etsy business. It's not going to make me rich, but it will stop me from living paycheck to paycheck, knock a few years off my student loans, and lay the groundwork to be a stay-at-home mom once I have kids. Many people have succeeded in creating their small business, and I think the main thing that sets them apart is their belief. They knew they could do it, and that drive is what pushed them through the hard times and provided the support they needed to stand on.
I have to want this badly and believe I can do it. An attitude of "meh" won't cut it. No one is going to check in on me or give pep talks when I need it. I can depend on the support of those closest to me, but ultimately it boils down to me, myself, and I.
Unfortunately, I haven't had the chance to delve much further into my Etsy business. I've saved up enough for a serger though, so now all I have to do is figure out which one to buy. I'm asking around for opinions and researching. I hope to settle on one soon. Then I can start practicing and build up an inventory of all the things I want to sew.
I also need to get serious about soapmaking. I need to get over my fear of failure and just get going with it. I won't be able to get as wide an audience unless I do so. The allure of a TARDIS soap will bring people to my shop, and then the wide variety of other Doctor Who items will keep them there. Plus, I need to get my idea out before anyone else gets the bright idea and steals my thunder.
And I've been doing my best to keep from having wild expectations about this venture or blow it out of proportion but . . . I honestly can't shake the feeling that this could be incredibly successful. That I could make a decent secondary income on this. I've avoided fully admitting this to myself because I didn't want to get a large head or frightened with the prospect or risk being disappointed if it didn't pan out.
Only now that I think about it, perhaps this belief is an essential part of creating this business. I need to be my biggest cheerleader. If I don't believe I can succeed then how is it ever going to get off the ground? I thought that by simply building a business I was stepping outside my comfort zone, but this must be the first step.
My personality gravitates toward the disposition of "play it safe" which in many situations is a wise decision. But my flaw is that I have a tendency to let it overtake my life. Never doing anything "too wild" and tiptoeing through life to avoid failure. This is largely due to the bullying I suffered. It twisted my life's philosophy into never rocking the boat because it's the best way to avoid conflict. At first it was only in relationships with other people, but now it's seeped into all areas of my life. I can't be too passionate or dream any lofty goals. I need to play it safe to avoid failure.
But that's no way to live! It's like that quote by J.K. Rowling: "It is impossible to live without failing at something, unless you live so cautiously that you might as well not have lived at all - in which case, you fail by default." Or even what Mrs. Frizzle says: "Take chances, make mistakes, get messy!" It's the only way you can truly grow as a person. It doesn't mean I have to catapult myself into the unknown, but take a firm, confident step forward. I used to avoid the unknown like a plague, but recently I've been cautiously edging my toes into it. Now it's time to be bolder.
So yes, I'm going to build a successful and thriving Etsy business. It's not going to make me rich, but it will stop me from living paycheck to paycheck, knock a few years off my student loans, and lay the groundwork to be a stay-at-home mom once I have kids. Many people have succeeded in creating their small business, and I think the main thing that sets them apart is their belief. They knew they could do it, and that drive is what pushed them through the hard times and provided the support they needed to stand on.
I have to want this badly and believe I can do it. An attitude of "meh" won't cut it. No one is going to check in on me or give pep talks when I need it. I can depend on the support of those closest to me, but ultimately it boils down to me, myself, and I.
Saturday, May 7, 2016
Hard Truth
(I missed April I know, there will be catch-up posts later)
So work is a little slow right now and I've just crunched a lot of numbers for a more concrete estimation of how long it will take for me to pay off a debt and save up for something. It's both comforting and depressing, but I'm very glad I did it.
It's strange how knowing you'll accomplish something off in the distant future can be comforting and stressful. Comforting because there's no set deadline, but stressful because no deadline means no plan. Does that make sense? So once you put a date to it you're glad the end is in sight, but knowing the actual distance can be disheartening.
That's what happened to me tonight. See, in regard to finances I have four specific goals:
(1) Pay off my credit card debt.
(2) Save up enough to be able to budget a month ahead.
(3) Save up enough for six months worth of expenses for my Emergency Fund.
(4) Pay off my student loans.
These are all concrete goals because they have a specific number attached, such as:
(1) -$1,379.52
(2) $2,600**
(3) $15,600**
(4) -$$$$ (Just know it's depressing. I'm not comfortable letting the internet know my student loan debt)
**These are high end approximations, because with emergencies it's always best to leave some wiggle room.
So once I had the end goal amount in mind, it was time to see what I could put toward them. Aside from my regular work income, I have "four" means of secondary income. There's the money I get from donating plasma, babysitting, working overtime, and the $50 "snowballed in" from the loan I paid off last year. If you're unfamiliar with that term, go check out Dave Ramsey's stuff. It's wonderful.
At first glance you'd think that putting all four secondary incomes into each progressive goal would be the best course of action, but it's not. Here's my plan of attack:
(1st) Plasma/OT/Babysitting/Loan Extra ~~> Credit Card (pay off July or August)
(2nd) Plasma/OT/Babysitting ~~> Month Ahead Budget (finish around February 2017)
Loan Extra ~~> Student Loans
(3rd) Babysitting ~~> Emergency Fund
Plasma/OT/Loan Extra ~~> Student Loans
Everything is going toward my credit card debt because well, it's a debt and needs to be taken care of immediately. It's also thankfully rather small, so focusing all my energy on it won't take much time. Then once that's taken care of, I'm re-dedicating the loan extra back into my next smallest loan because again, it's debt and takes priority.
Then, while it's not debt, being a month ahead on my finances is nearly as important. It'll mean I no longer have to live paycheck to paycheck. I can budget with a real number and not estimates. I won't have to wait until my next paycheck to buy groceries. It will provide a buffer and give me peace of mind. It will do away with that financial burden on my shoulder.
Both the Emergency Fund and Student Loans are going to take a few years to save up/pay off, so there's not much point putting a specific end date for them. Plus I could run into an emergency and use up some of my EF, so there's no way of knowing. The important thing is that I regularly put money into it, such as the $20 every Monday as part of my budget. My babysitting is sporadic and not particularly lucrative, but it can knock off a few months. Just going by the $80/month I'm allotting for it now though, it's gonna take 15 yrs.
Thankfully, with just "snowballing" my loan payments I can shave 2-3 yrs off my repayment plan, so adding overtime and plasma money could take off another year or two. AND if I can actually succeed in my Etsy business, I'd be able to pay it off even faster!
So work is a little slow right now and I've just crunched a lot of numbers for a more concrete estimation of how long it will take for me to pay off a debt and save up for something. It's both comforting and depressing, but I'm very glad I did it.
It's strange how knowing you'll accomplish something off in the distant future can be comforting and stressful. Comforting because there's no set deadline, but stressful because no deadline means no plan. Does that make sense? So once you put a date to it you're glad the end is in sight, but knowing the actual distance can be disheartening.
That's what happened to me tonight. See, in regard to finances I have four specific goals:
(1) Pay off my credit card debt.
(2) Save up enough to be able to budget a month ahead.
(3) Save up enough for six months worth of expenses for my Emergency Fund.
(4) Pay off my student loans.
These are all concrete goals because they have a specific number attached, such as:
(1) -$1,379.52
(2) $2,600**
(3) $15,600**
(4) -$$$$ (Just know it's depressing. I'm not comfortable letting the internet know my student loan debt)
**These are high end approximations, because with emergencies it's always best to leave some wiggle room.
So once I had the end goal amount in mind, it was time to see what I could put toward them. Aside from my regular work income, I have "four" means of secondary income. There's the money I get from donating plasma, babysitting, working overtime, and the $50 "snowballed in" from the loan I paid off last year. If you're unfamiliar with that term, go check out Dave Ramsey's stuff. It's wonderful.
At first glance you'd think that putting all four secondary incomes into each progressive goal would be the best course of action, but it's not. Here's my plan of attack:
(1st) Plasma/OT/Babysitting/Loan Extra ~~> Credit Card (pay off July or August)
(2nd) Plasma/OT/Babysitting ~~> Month Ahead Budget (finish around February 2017)
Loan Extra ~~> Student Loans
(3rd) Babysitting ~~> Emergency Fund
Plasma/OT/Loan Extra ~~> Student Loans
Everything is going toward my credit card debt because well, it's a debt and needs to be taken care of immediately. It's also thankfully rather small, so focusing all my energy on it won't take much time. Then once that's taken care of, I'm re-dedicating the loan extra back into my next smallest loan because again, it's debt and takes priority.
Then, while it's not debt, being a month ahead on my finances is nearly as important. It'll mean I no longer have to live paycheck to paycheck. I can budget with a real number and not estimates. I won't have to wait until my next paycheck to buy groceries. It will provide a buffer and give me peace of mind. It will do away with that financial burden on my shoulder.
Both the Emergency Fund and Student Loans are going to take a few years to save up/pay off, so there's not much point putting a specific end date for them. Plus I could run into an emergency and use up some of my EF, so there's no way of knowing. The important thing is that I regularly put money into it, such as the $20 every Monday as part of my budget. My babysitting is sporadic and not particularly lucrative, but it can knock off a few months. Just going by the $80/month I'm allotting for it now though, it's gonna take 15 yrs.
Thankfully, with just "snowballing" my loan payments I can shave 2-3 yrs off my repayment plan, so adding overtime and plasma money could take off another year or two. AND if I can actually succeed in my Etsy business, I'd be able to pay it off even faster!
Saturday, March 12, 2016
Getting back into the Babysitting Groove
So I've updated my SitterCity profile and had the chance to meet with a possible family today! The mom wants to do a trial run before she makes a final decision, but I'm confident I'll get the job. The kids are sweet and like craft projects so I'm looking into fun things I can do with them.
Because of my work schedule I'm only able to sign up for families who are looking for occasional sitters, but that works out fine for me. I searched around the postings and found two other families I'd like to help out, so hopefully I get a response soon. Since babysitting won't be my second full-time job (that'll be the Etsy business) I think a limit of three families is best. This way I'll be ensured of a least one job each off week but I won't be swamped. At least I hope.
As for my actual business, I haven't done much, unfortunately. I've gotten a few more ideas for products but that means nothing if I don't actually try some of them out. I think I'm a bit hesitant to try because I don't want it to end up not working out, but it's not going to be perfect on the first try. (My stupid perfectionism is getting in the way) As far as the sewing products go, I won't be able to sell them until I have a Serger so there's that. I've got to figure out how to scrounge up the money for one. Most likely I'll have to use up some of my "Large Purchases" sinking fund and then just refill it with the profits I make from sales.
There's nothing keeping me from making soaps though, so I really need to get going on that. I just need to get over the first step and I'm sure I'll fall in love with it. Chemistry and art, what could be more fun?
So here goes--I'll spend the rest of my on week making sure I know the process and have the ingredients to make my first bar of soap, then on Wednesday when I get off work I'll make it. To keep myself accountable I'll post about the experience that day, so if you don't hear anything from me then I'm in trouble.
Because of my work schedule I'm only able to sign up for families who are looking for occasional sitters, but that works out fine for me. I searched around the postings and found two other families I'd like to help out, so hopefully I get a response soon. Since babysitting won't be my second full-time job (that'll be the Etsy business) I think a limit of three families is best. This way I'll be ensured of a least one job each off week but I won't be swamped. At least I hope.
As for my actual business, I haven't done much, unfortunately. I've gotten a few more ideas for products but that means nothing if I don't actually try some of them out. I think I'm a bit hesitant to try because I don't want it to end up not working out, but it's not going to be perfect on the first try. (My stupid perfectionism is getting in the way) As far as the sewing products go, I won't be able to sell them until I have a Serger so there's that. I've got to figure out how to scrounge up the money for one. Most likely I'll have to use up some of my "Large Purchases" sinking fund and then just refill it with the profits I make from sales.
There's nothing keeping me from making soaps though, so I really need to get going on that. I just need to get over the first step and I'm sure I'll fall in love with it. Chemistry and art, what could be more fun?
So here goes--I'll spend the rest of my on week making sure I know the process and have the ingredients to make my first bar of soap, then on Wednesday when I get off work I'll make it. To keep myself accountable I'll post about the experience that day, so if you don't hear anything from me then I'm in trouble.
Sunday, February 28, 2016
England Trip?!?!?
While I plan on asking those who've had greater experience flying internationally, I just did a practice run to get an idea of how much it would cost. Looking about 4 months in advance, I could be gone May 10-16 with nonstop round trips to London for about $1,300, which I've got to say isn't that bad. Of course I'd need to save up a lot for souvenirs and the like, but for the absolute basic fee that's not terrible.
Now how can I properly save up for this trip? With a motivation jar! About a week ago, I decided to reward myself for each day I write, each day I read my scriptures, each work shift I take the train to work instead of driving, and each day I exercise 30min or more. My original goal was to purchase a French horn, but I've changed my mind. Each fulfillment equals 1 penny in the jar (but symbolizes $1), so all I need to do is determine how much I need to save, find a container big enough for however many pennies that is, then start saving!
I'll have to actually set aside real money while I do this though, so maybe every roll of pennies I finish I'll transfer $100 to the savings or something. I suppose I'll figure it out as I go.
Finance and Organizing
So I'm a few hours late on my two week goal, but that's all right. Still a significant improvement over what I've done before. And I apologize but it appears that most posts are going to be updates until I can really get the ball rolling on actual noteworthy accomplishments.
Saturday, February 13, 2016
Goal Update
I updated in less than a month--I'm so pleased with myself! Now I'll try to update every other week, and build up to posting weekly. Baby steps; that's the key.
For the past month I've been house/dog-sitting for a friend. Not being at home with access to internet has hindered my goal progression, but now that it's over I can more easily get the ball rolling.
For the past month I've been house/dog-sitting for a friend. Not being at home with access to internet has hindered my goal progression, but now that it's over I can more easily get the ball rolling.
Tuesday, January 19, 2016
A Declaration
With the beginning of the new year, like everyone else, I have goals I wish to accomplish. I had some last year as well, and in comparison to other years I've got to say that I actually did quite well. Looking back on 2015 doesn't fill me full of dread and regret, so I'd say that's progress.
However, this year is going to be different. Now that I've graduated college and am in the Molecular Pathology Department I wanted to be in, it's time to start getting serious. I have a degree and a job and can begin living seriously as an adult. It's time to get out of my comfort zone and be proactive.
However, this year is going to be different. Now that I've graduated college and am in the Molecular Pathology Department I wanted to be in, it's time to start getting serious. I have a degree and a job and can begin living seriously as an adult. It's time to get out of my comfort zone and be proactive.
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