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.
Saturday, May 21, 2016
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!
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