The payday fairy has arrived! I don't have direct deposit, and our company has bi-weekly director meetings, which means the off-site owner brings with him all the paycheques, so it's like the fairy comes every other week =)
This paycheck will be distributed as follows:
Paycheck $1495.24
Debt Repayment $552.42 (the extra $2.42 is the left over interest from the card I paid off last month)
Rent $457.50 (to come out on Monday Feb. 1, 2010)
RRSP $100
Savings $100
The rest will be added to the balance in my account and I'll take out February jar money from that. Since I've tightened my belt a little I'll have to look up the new jar money amount so I can make sure I take out what I'm supposed to.
In other news, I've completed my second personal reading book for the year already - started on Sat past, finished on Monday evening after work. I didn't spend much of any of those days reading though so I finished it rather quickly.
Next payday will also see the reimbursement cheques from mileage, expenses and medical costs. Mileage money will go in the work money fund so for the rest of the year I'll keep the extra money in a jar by itself - separate from everything and at work - so I can use it for gas when I'm doing extra unplanned driving. This will also help with any repairs or maintenance I have to do on my car. By the end of the year I expect there will be quite a little chunk in this fund that I can then snowball right onto my debt. If I keep a $250 carry over balance in this "float" the rest of the money will end up in the correct place. Such a nice thing!
Maybe, depending on what happens by years end and the amount in the jar, I may be able to use everything but the $250 carry-over to pay for my car insurance in one payment! Wouldn't that be a treat!! Then I can simply move the money I have in that category every month over to the debt and I have one less person dipping their automatic withdraw ladle into my account!
A new goal even!! In order for this to happen, at the end of the year I would have to have at least $2,000 in the jar - that's $1,750 for insurance (guestimate since renewal is next month and I don't know what it will be this year) and the $250 float. Though, since I will need new tires for the car come spring, this may be a little premature in hoping for. Those are definitely the most important purchase I have coming up in the next 4 months.
My next most important purchase will be my Maid-of-Honour dress for my sister's wedding in Jan. 2011. Thankfully I have a comprehensive shoe collection so I won't need any shoes for the event.
Apparently I need to sit down and plan this out a little bit. Plus since I'm not even sure what the rest of this year will bring in terms of work related travel, I should not really plan for more than the money I'll be getting from what I did this month.
I'll tackle my January wrap-up Friday evening, then again Monday evening, and have a good long think about this extra cash. I am still working on that project at work, so I'm also sure I'll have some additional hour money coming back to me soon to.
Lots to think about!!
Thursday, January 28, 2010
Monday, January 25, 2010
Is it weird that I'm excited for Pay Day?
Ok let me clarify that. Is it weird that I'm excited for payday because it means a debt repayment is made and the final monies owed will be completed?
I'm weird. I know. I like payday - not so much for the money that is coming in but for the money I can pay back to get me out of the whole faster. I want my sidebars to start moving. I'm excited and anxious for the next payday so they can move even more. I am happy to be on this voyage to debt free and am super excited about my commitment to paying off 2/3 of it this year.
I love this time of year. I have so much energy to complete goals and move forward in life to a place I should have already been standing but will soon be there!
As it happens, I've completed one personal reading book for this year. And I'm 3/4 of the way through the next personal reading book. I'll probably have it finished in a couple of days at the rate I'm getting through it.
Things I have coming up - a medical expense reimbursement, mileage payment, and some extra hours to put in as well. The mileage will go to starting my work fund - for extra gas needed to get to clients, and some spot money for when I have to fork out expenses like renting a projector, or picking up morning refreshments for the clients I'm training. The medical expenses will be put back into the jar so I can save for things like a Dentist visit, or spring for an extra massage at the therapist's office. At the end of the year I'll probably have a bunch in this jar that I can drop of debt repayment. For now the jar will go to the "in case I calculated wrong on the taxes" fund. That way I won't blow a whole in my budget and the government gets whatever I mistakenly thought I was getting as a return. Though, I'm pretty sure I'll have a nice return coming back this year too. Now that we are properly renting, and I'm still taking classes at school it should be a nice chunk.
Last year the return equalled the amount outstanding on my car loan - so thanks to some overtaxing, I was able to use the money to pay it off. This year I'd like to use it to put down on the debt. Just plunk it right down on that thing and watch it shrink a little more.
Thursday is the day - $550 moves from the cheque to the debt, making this month's contribution $1100. And moving the number of payments down to 24!
*small happy dance*
*Pushit down Pushit down, Waaaaay down! Move it back, Move it back Waaaaaay back!* (think skinny little tween cheerleader all happy and bouncy)
I love paydays!
I'm weird. I know. I like payday - not so much for the money that is coming in but for the money I can pay back to get me out of the whole faster. I want my sidebars to start moving. I'm excited and anxious for the next payday so they can move even more. I am happy to be on this voyage to debt free and am super excited about my commitment to paying off 2/3 of it this year.
I love this time of year. I have so much energy to complete goals and move forward in life to a place I should have already been standing but will soon be there!
As it happens, I've completed one personal reading book for this year. And I'm 3/4 of the way through the next personal reading book. I'll probably have it finished in a couple of days at the rate I'm getting through it.
Things I have coming up - a medical expense reimbursement, mileage payment, and some extra hours to put in as well. The mileage will go to starting my work fund - for extra gas needed to get to clients, and some spot money for when I have to fork out expenses like renting a projector, or picking up morning refreshments for the clients I'm training. The medical expenses will be put back into the jar so I can save for things like a Dentist visit, or spring for an extra massage at the therapist's office. At the end of the year I'll probably have a bunch in this jar that I can drop of debt repayment. For now the jar will go to the "in case I calculated wrong on the taxes" fund. That way I won't blow a whole in my budget and the government gets whatever I mistakenly thought I was getting as a return. Though, I'm pretty sure I'll have a nice return coming back this year too. Now that we are properly renting, and I'm still taking classes at school it should be a nice chunk.
Last year the return equalled the amount outstanding on my car loan - so thanks to some overtaxing, I was able to use the money to pay it off. This year I'd like to use it to put down on the debt. Just plunk it right down on that thing and watch it shrink a little more.
Thursday is the day - $550 moves from the cheque to the debt, making this month's contribution $1100. And moving the number of payments down to 24!
*small happy dance*
*Pushit down Pushit down, Waaaaay down! Move it back, Move it back Waaaaaay back!* (think skinny little tween cheerleader all happy and bouncy)
I love paydays!
Wednesday, January 20, 2010
Financial Burn-out
This is what happens to those of us who have tightened our belts, and buckled down with the budget - often changing or depriving behaviours that have helped to get us in a pickle to begin with.
A few of the people I know in the Personal Finance world have been experience this burn-out lately - myself included. If you haven't figured it out, my burnout looked like this. It's been a very long time since I've allowed myself to actually shop for clothes or shoes or accessories, and this Christmas after being given money I wanted to use to fill in three essential piece sin my wardrobe, and get new winter boots, I went on a spree. A wild, rampant, "yes I will take those and that and this and...", spending money on a credit card (*gasp*) spree.
I can say that I've been marching purposefully towards debt free for a while now - having been there and then subsequently screwed it up once before.
Burnout takes many forms. Perhaps you are a candy junkie and end up spending $60 on sweet treats when your budget only allows for $5. Perhaps you are more of a slow roll type person, busting that budget by $100 for four straight months, or pulling from debt repayment to enjoy life more.
Whatever your style, you are experiencing burn-out. This can be seen in other places in your life - stopped going to the gym for a couple of weeks where before you were a strict 3 times a week girl/guy, don't get to work 10 minutes early anymore, etc.
Burnout is a tough thing to get through. And a hard thing to combat.
Here are a few things that may help you through the rough patch:
1. Make smaller more attainable goals that will help you get through the year.
For example, you want to pay off a sizable portion of your debt right? Set a number. Figure out how much of each paycheck you need to move towards the debt. Post a sign on a wall/fridge that has your goal at the top. Each time you move money stroke out the previous amount and put the new amount down.
2. Tell everyone about your goal to keep you accountable and keep you rolling. Feedback and genuine interest from your peers, family and friends will help you keep motivated to get that goal done.
Think about how you feel when you talk to someone again next month and they say "So how did [blank] go?" And you have to say, "well, I didn't actually get it done because I [blank reason]." then the friend gets that disappointed sound in their voice, or suddenly they don't care too much for your constant verbal diahrrea about the goal.
3. Join a financial group that meets frequently. Tell them about it, and make sure you have a period of financial re-cap at the beginning of the month. Discuss your struggles, or your accolades to keep you going. Perhaps someone will make a suggestion you didn't previous think about that will keep you going.
Check Gail's blog for groups in your area. If you are from another country, why not start one yourself i your area, or join virtually to help keep you going.
4. Re-evaluate your budget more often. Use a 3 month budget, then take a month to loosen the belt, then start another 3 month budget period. This will give you the chance to loosen the belt on yourself, give you a few extra dollars to "play" a little more. Perhaps you get an extra pay check twice a year. Use that month and a portion of that extra check to do something you've deprived yourself of.
In my three-paycheck months, that third paycheck is earmarked for debt - mostly. Whether that is the slight overages or small budget indiscresions I've made earlier in the year or an extra lump payment. No matter what, I always leave myself a little bit to "play" with so I can get through the year without burning out (hopefully).
5. Use a little of your "Emergency Fund" for something fun and exciting that you can use as a true escape from life.
Perhaps you don't have a vacation fund but want to go away for a couple of days to somewhere off the grid. Why not move a little from your emergency fund to fund this. Some of you won't agree with this, but a sanity break can be just as much of an emergency as the car breaking down. The key is not to use the whole thing for this sudden and spontaneous vacation, but to allow yourself a little bit of frivolity. A spa day with the girls, a cabin in Muskoka instead of a tent. A weekend in another town/city with a fantastic 4/5 star restaurant perhaps.
6. Recognize you are getting burnt out and re-adjust your plan. The hardest to do because we don't usually know we are burning out until after we've done it.
I'm sure there are a bunch of other things you can think of to save yourself from burn-out. I have a tendency of using a notebook and by-hand sitting down and running the numbers of my debt and how I can get it paid off while still doing something I want. That is my first sign I don't want to keep making the debt repayments and instead be frivolous.
What are you burnout symptoms? How are you handling it? What do you do to protect your hard work from yourself?
I can say that I've been marching purposefully towards debt free for a while now - having been there and then subsequently screwed it up once before.
Burnout takes many forms. Perhaps you are a candy junkie and end up spending $60 on sweet treats when your budget only allows for $5. Perhaps you are more of a slow roll type person, busting that budget by $100 for four straight months, or pulling from debt repayment to enjoy life more.
Whatever your style, you are experiencing burn-out. This can be seen in other places in your life - stopped going to the gym for a couple of weeks where before you were a strict 3 times a week girl/guy, don't get to work 10 minutes early anymore, etc.
Burnout is a tough thing to get through. And a hard thing to combat.
Here are a few things that may help you through the rough patch:
1. Make smaller more attainable goals that will help you get through the year.
For example, you want to pay off a sizable portion of your debt right? Set a number. Figure out how much of each paycheck you need to move towards the debt. Post a sign on a wall/fridge that has your goal at the top. Each time you move money stroke out the previous amount and put the new amount down.
2. Tell everyone about your goal to keep you accountable and keep you rolling. Feedback and genuine interest from your peers, family and friends will help you keep motivated to get that goal done.
Think about how you feel when you talk to someone again next month and they say "So how did [blank] go?" And you have to say, "well, I didn't actually get it done because I [blank reason]." then the friend gets that disappointed sound in their voice, or suddenly they don't care too much for your constant verbal diahrrea about the goal.
3. Join a financial group that meets frequently. Tell them about it, and make sure you have a period of financial re-cap at the beginning of the month. Discuss your struggles, or your accolades to keep you going. Perhaps someone will make a suggestion you didn't previous think about that will keep you going.
Check Gail's blog for groups in your area. If you are from another country, why not start one yourself i your area, or join virtually to help keep you going.
4. Re-evaluate your budget more often. Use a 3 month budget, then take a month to loosen the belt, then start another 3 month budget period. This will give you the chance to loosen the belt on yourself, give you a few extra dollars to "play" a little more. Perhaps you get an extra pay check twice a year. Use that month and a portion of that extra check to do something you've deprived yourself of.
In my three-paycheck months, that third paycheck is earmarked for debt - mostly. Whether that is the slight overages or small budget indiscresions I've made earlier in the year or an extra lump payment. No matter what, I always leave myself a little bit to "play" with so I can get through the year without burning out (hopefully).
5. Use a little of your "Emergency Fund" for something fun and exciting that you can use as a true escape from life.
Perhaps you don't have a vacation fund but want to go away for a couple of days to somewhere off the grid. Why not move a little from your emergency fund to fund this. Some of you won't agree with this, but a sanity break can be just as much of an emergency as the car breaking down. The key is not to use the whole thing for this sudden and spontaneous vacation, but to allow yourself a little bit of frivolity. A spa day with the girls, a cabin in Muskoka instead of a tent. A weekend in another town/city with a fantastic 4/5 star restaurant perhaps.
6. Recognize you are getting burnt out and re-adjust your plan. The hardest to do because we don't usually know we are burning out until after we've done it.
I'm sure there are a bunch of other things you can think of to save yourself from burn-out. I have a tendency of using a notebook and by-hand sitting down and running the numbers of my debt and how I can get it paid off while still doing something I want. That is my first sign I don't want to keep making the debt repayments and instead be frivolous.
What are you burnout symptoms? How are you handling it? What do you do to protect your hard work from yourself?
Friday, January 15, 2010
First payment towards Debt for 2010
Deposited my paycheck this morning. Eagerly drove to work to make online transfer to debt. Completed first payment of the planned $15,200 towards debt for the year!
$550 paid, $14,650 to go!!
I love pay days! I get very excited when I can transfer money to my debt and take a very secure step towards debt freedom!
For the record, my current Visa bill is sitting at $24,600. I found a charge that is appearing that shouldn't be so that will drop the amount owing a little bit.
With the payment made today the amount drops to $24,050. I'm not counting the interest at the moment. It's nicer to see the total drop this way for now. At the end of the year I'll adjust the amount owing to show the interest value for the new year, but for now I'll just keep this running total going. (A little brain trickier helps the debt repayment go better)
Other things my paycheck will go to are Cell Phone bill, Savings, Life Insurance, Car Insurance, Rogers bill.
Other things my paycheck will go to are Cell Phone bill, Savings, Life Insurance, Car Insurance, Rogers bill.
Thursday, January 14, 2010
OOooo!
Today is the first pay check of 2010. Since I had an off-site meeting first thing this morning, and upon returning to the office, picked up my paycheck. I haven't deposited it yet but I have taken a look at the amount.
What I have found is this...
I am receiving $10.42 more per check this year. Huh! So this isn't a raise per se, the taxes being removed from my paycheck are less this year. Okie dokie!
That means I have an extra $20 per month. What have I done with this small windfall of money? Nothing yet. And I don't plan to. I plan to leave it in my account as a buffer amount.
$20 x 13 = $260
I'll have $260 in the account at the end of the year. Check that.
Nope, I"ll have $20.84 x 13 = $270.92
A nice little snowball at the end of the year to go towards the debt. This is very very close to half of the $550 from each check I'll be putting towards the debt. Not too shabby.
So in July when I have the extra paycheck, I"ll snowball the money I've got saved in the account towards the debt and keep on going.
So for now, voila tax man reassessed and $20.84 more to my account each month.
How did your first pay check go?
What I have found is this...
I am receiving $10.42 more per check this year. Huh! So this isn't a raise per se, the taxes being removed from my paycheck are less this year. Okie dokie!
That means I have an extra $20 per month. What have I done with this small windfall of money? Nothing yet. And I don't plan to. I plan to leave it in my account as a buffer amount.
$20 x 13 = $260
I'll have $260 in the account at the end of the year. Check that.
Nope, I"ll have $20.84 x 13 = $270.92
A nice little snowball at the end of the year to go towards the debt. This is very very close to half of the $550 from each check I'll be putting towards the debt. Not too shabby.
So in July when I have the extra paycheck, I"ll snowball the money I've got saved in the account towards the debt and keep on going.
So for now, voila tax man reassessed and $20.84 more to my account each month.
How did your first pay check go?
What couldn't you live without?
As the Earthquake in Haiti gets more press time and more people are found dead due to this, I am feeling a little reflexive today. Natural disasters happen in this world with regular frequency. The magnitude of some of these disasters, combined with the state of the people living in the area often lead to catastrophic destruction of life and property.
I am a scientist by nature and schooling and thus understand that things like earthquakes in seemingly strange places are going to be a bit more apparent in the coming years. This is because of a whole host of things that I won't bore you with, as this is not a lesson in plate tectonics. My point here is this, with natural disasters becoming more frequent in parts of the world that have not been overly affected by them, what can we truly live without?
Let's say your home was hit by a tornado this summer. Let's say you can only take what you can safely and quickly pack into vehicle because you know this is coming and have been told to evacuate.
What do you take with you? (Assumptions - all kids and pets are coming with you, so are your spouse and any other people living in your house. You have enough vehicles that both you and your partner, or other valid driver can take one each - so just worry about the vehicle you are traveling in.)
Are you the type to take the video game console, the bedsheets, the curtains, all the knickknacks on your shelves? Are you the type to say I only need some clothes, my important documents, some food provisions and my family?
What would you miss? What would you long for?
The only reason I ask is because I think we have all become just a little too attached to our stuff and lost sight of the truly important things in life.
I have a very close, dear friend who lives in South Africa. Willingly. She is working for an event planning group specializing in organizing human rights events. She enjoys life over there. She enjoys it because the people their aren't materialistic like North American's are. There isn't the need to keep up with the Jones'. It's a calmer way of life. she took her clothing, a few mementos of family and friends as pictures and a few items of personal value to her. The rest of her items sit collecting dust at her parents home because she may one day decide she wants/needs them - or she's coming home and needs to have items for our climate and associated activities.
So, if I need to get out for any reason, my documents of importance will be coming with me (Life Insurance policy, Car Insurance Policy - basically my office in a box), a suitcase full of clothes, a suitcase full of toiletries, and personal products, a couple of books for entertainment, my emergency box and the same for my boyfriend. The last thing I would make sure to have is a small bag full of items I may need to barter with later, or trade instead of cash. That way I know I have what I may need for any situation.
This is more than some people would take, but less than others. Here's the thing - the above is enough for an entire village in Haiti. So, what could I do without?
Well, I suppose I don't need a whole suitcase of clothing, and one full of toiletries - I could condense this into one. My barter bag I would still need though. Though my clothing bag would have enough to barter with in any other place except North America, that I may not need anything else. My personal documents are a must, though if I stored their numbers and that kind of information in a safe deposit box, that may not be necessary - except in the event that the whole city was affected and I couldn't get to them. So, this should stay. After that, I need my hubby for companionship and human contact - though if he passed away, I would have to live without him. Human emotion is a strong and powerful thing. This would be personally devastating for a while, but I would eventually learn to go on without him. Same goes if it was the other way around.
So what can't you live without?
Of note, his list of stuff to take would be different than mine. He has a survival bag put together, and he'd take most of his camping gear, so at the very least there would be some kind of shelter, a means to cut wood and catch food and live of the land if need be. Though he would like a few clothes and some basic toiletries, there wouldn't be much else he would want except his camping gear and his kayak. All good things - and space enough for in my car or his truck.
it would be interesting to see what would happen without all the extra "stuff". I am blessed to live in the country I do. I am blessed for a Charter of Rights and Freedoms, a good job, money to feed myself and family, hobbies and sports to do to keep me occupied, and friends and family. I can't imagine what Haitians, or Indians, or people of any other place rocked by a natural disaster go through when they strike. I have not felt fear as they have, hunger, loss, mourning, despair or any of the wealth of similar emotions one would go through. And I hope to not have to.
I am working to get myself out of debt. I am not working to find food to feed myself today. I am not scouring garbage to find something to clothe myself with, build my house with, repair my home with, barter for water with. I will head home each night after work in a car with heat, rather than on foot in the snow. I will have a heated apartment with amenities, and food, and tables and chairs, couches, and blankets, and all kinds of comforts my life born in this country allow me to have.
In a 1000 sq foot space in other places in this world 3 generations of family live, or 4 families live, or entire communities live, or 52 beds are located.
I heard a quote by someone the other day that said something like this:
North Americans do not have problems, so they create them. Homelessness is a self-made issue in our country. Homelessness in Haiti, or South Africa, or a whole host of other countries is the way of life. Education is free here, yet many of us chose not to make use of that, dropping out because we don't like school, because the teacher made me adhere to rules, because I'd rather be standing at the smoking doors looking cool with my friends than accepting what is free to me are reasons I can not understand. We have it so we don't want it.
What can you live without? What can't you live without?
This was just a thought today.
I am a scientist by nature and schooling and thus understand that things like earthquakes in seemingly strange places are going to be a bit more apparent in the coming years. This is because of a whole host of things that I won't bore you with, as this is not a lesson in plate tectonics. My point here is this, with natural disasters becoming more frequent in parts of the world that have not been overly affected by them, what can we truly live without?
Let's say your home was hit by a tornado this summer. Let's say you can only take what you can safely and quickly pack into vehicle because you know this is coming and have been told to evacuate.
What do you take with you? (Assumptions - all kids and pets are coming with you, so are your spouse and any other people living in your house. You have enough vehicles that both you and your partner, or other valid driver can take one each - so just worry about the vehicle you are traveling in.)
Are you the type to take the video game console, the bedsheets, the curtains, all the knickknacks on your shelves? Are you the type to say I only need some clothes, my important documents, some food provisions and my family?
What would you miss? What would you long for?
The only reason I ask is because I think we have all become just a little too attached to our stuff and lost sight of the truly important things in life.
I have a very close, dear friend who lives in South Africa. Willingly. She is working for an event planning group specializing in organizing human rights events. She enjoys life over there. She enjoys it because the people their aren't materialistic like North American's are. There isn't the need to keep up with the Jones'. It's a calmer way of life. she took her clothing, a few mementos of family and friends as pictures and a few items of personal value to her. The rest of her items sit collecting dust at her parents home because she may one day decide she wants/needs them - or she's coming home and needs to have items for our climate and associated activities.
So, if I need to get out for any reason, my documents of importance will be coming with me (Life Insurance policy, Car Insurance Policy - basically my office in a box), a suitcase full of clothes, a suitcase full of toiletries, and personal products, a couple of books for entertainment, my emergency box and the same for my boyfriend. The last thing I would make sure to have is a small bag full of items I may need to barter with later, or trade instead of cash. That way I know I have what I may need for any situation.
This is more than some people would take, but less than others. Here's the thing - the above is enough for an entire village in Haiti. So, what could I do without?
Well, I suppose I don't need a whole suitcase of clothing, and one full of toiletries - I could condense this into one. My barter bag I would still need though. Though my clothing bag would have enough to barter with in any other place except North America, that I may not need anything else. My personal documents are a must, though if I stored their numbers and that kind of information in a safe deposit box, that may not be necessary - except in the event that the whole city was affected and I couldn't get to them. So, this should stay. After that, I need my hubby for companionship and human contact - though if he passed away, I would have to live without him. Human emotion is a strong and powerful thing. This would be personally devastating for a while, but I would eventually learn to go on without him. Same goes if it was the other way around.
So what can't you live without?
Of note, his list of stuff to take would be different than mine. He has a survival bag put together, and he'd take most of his camping gear, so at the very least there would be some kind of shelter, a means to cut wood and catch food and live of the land if need be. Though he would like a few clothes and some basic toiletries, there wouldn't be much else he would want except his camping gear and his kayak. All good things - and space enough for in my car or his truck.
it would be interesting to see what would happen without all the extra "stuff". I am blessed to live in the country I do. I am blessed for a Charter of Rights and Freedoms, a good job, money to feed myself and family, hobbies and sports to do to keep me occupied, and friends and family. I can't imagine what Haitians, or Indians, or people of any other place rocked by a natural disaster go through when they strike. I have not felt fear as they have, hunger, loss, mourning, despair or any of the wealth of similar emotions one would go through. And I hope to not have to.
I am working to get myself out of debt. I am not working to find food to feed myself today. I am not scouring garbage to find something to clothe myself with, build my house with, repair my home with, barter for water with. I will head home each night after work in a car with heat, rather than on foot in the snow. I will have a heated apartment with amenities, and food, and tables and chairs, couches, and blankets, and all kinds of comforts my life born in this country allow me to have.
In a 1000 sq foot space in other places in this world 3 generations of family live, or 4 families live, or entire communities live, or 52 beds are located.
I heard a quote by someone the other day that said something like this:
North Americans do not have problems, so they create them. Homelessness is a self-made issue in our country. Homelessness in Haiti, or South Africa, or a whole host of other countries is the way of life. Education is free here, yet many of us chose not to make use of that, dropping out because we don't like school, because the teacher made me adhere to rules, because I'd rather be standing at the smoking doors looking cool with my friends than accepting what is free to me are reasons I can not understand. We have it so we don't want it.
What can you live without? What can't you live without?
This was just a thought today.
Monday, January 11, 2010
The simple things in life!
I am reminded today by a wonderful person, to slow down and truly see the world around me. SaverQueen has been evolving her blog into a more abundant approach to life, rather than just about the finance successes she has been having. She reminds me today of some of the fantastic things I was party and witness to this weekend, as well as something I am looking forward to this evening.
This weekend, I was able to enjoy some time with my grandmother and mother, partaking in the spectating of an activity dear to my heart. Guelph was host to The National Grand Slam of Curling event. I, along with C, my sister and brother-in-law gave complete passes to my mother, grandmother and grandfather or Christmas. My grandfather decided to stay home Saturday for a bit of a rest so he could truly enjoy sunday's final game. They called and asked if I would like to use his tickets to the Saturday games, so of course I didn't pass up the opportunity. We enjoyed the curling, some conversation, and a lovely meal together. We also then celebrated my mother's birthday Sunday, after the final game, at my apartment. I cooked. It was truly lovely to have my family come to my house so that C and I could entertain and show off our new furniture and lovely place a bit.
Prior to their arrival, and while I was watching the curling, C was busy assembling the new Book Cases and Stereo Cabinet he had made for our apartment. They turned out amazingly and look fantastic in their places, holding our novels and resources texts, some knick-knackery and wonderful touches given to us by friends. They look fantastic - and help remove the boxes that were still sitting in the spare bedroom. It's beginning to feel more like a respectable 30-somethings dwelling, rather than the college throw-back feel it had last week. Plus, he was super proud of his handy work, I was super proud of him, and we were both able to show off his talents to an appreciative audience.
It was a bit of a scramble to get them in the place and loaded prior to our guests arriving, but all in all I love, love, them!
Materials were paid for by his banked hours, and it only took 15 hours of his time to assemble, deliver and fill them. I helped with delivery and filling portion of the project.
We still have a DVD stand to get stained, and a microwave storage unit left to build, a few shelves left to install, the sheers in the bedroom left to install, and a CD rack left to build. Once those are complete, the last major project for the place is to recover the dining room chairs. (They are a little hard on the backside due to age and lack of pading).
It was a truly wonderful weekend! I am so blessed to have a boyfriend who is a cabinet maker by trade and likes to get creative with our furniture. So far we have a hand made dresser and matching jewellery topper, a tv cabinet, a plant stand - currently being used to hold a telephone and catch our keys, a stereo cabinet, and a large wall-unit book case set (when they are all put together. they are currently in two separate rooms). I am a truly blessed woman to have such a talented and passionate partner!
So how was your weekend? Was there anything, however small the moment was, that caused you to pause and smile, and truly be thankful for that moment?
This weekend, I was able to enjoy some time with my grandmother and mother, partaking in the spectating of an activity dear to my heart. Guelph was host to The National Grand Slam of Curling event. I, along with C, my sister and brother-in-law gave complete passes to my mother, grandmother and grandfather or Christmas. My grandfather decided to stay home Saturday for a bit of a rest so he could truly enjoy sunday's final game. They called and asked if I would like to use his tickets to the Saturday games, so of course I didn't pass up the opportunity. We enjoyed the curling, some conversation, and a lovely meal together. We also then celebrated my mother's birthday Sunday, after the final game, at my apartment. I cooked. It was truly lovely to have my family come to my house so that C and I could entertain and show off our new furniture and lovely place a bit.
Prior to their arrival, and while I was watching the curling, C was busy assembling the new Book Cases and Stereo Cabinet he had made for our apartment. They turned out amazingly and look fantastic in their places, holding our novels and resources texts, some knick-knackery and wonderful touches given to us by friends. They look fantastic - and help remove the boxes that were still sitting in the spare bedroom. It's beginning to feel more like a respectable 30-somethings dwelling, rather than the college throw-back feel it had last week. Plus, he was super proud of his handy work, I was super proud of him, and we were both able to show off his talents to an appreciative audience.
It was a bit of a scramble to get them in the place and loaded prior to our guests arriving, but all in all I love, love, them!
Materials were paid for by his banked hours, and it only took 15 hours of his time to assemble, deliver and fill them. I helped with delivery and filling portion of the project.
We still have a DVD stand to get stained, and a microwave storage unit left to build, a few shelves left to install, the sheers in the bedroom left to install, and a CD rack left to build. Once those are complete, the last major project for the place is to recover the dining room chairs. (They are a little hard on the backside due to age and lack of pading).
It was a truly wonderful weekend! I am so blessed to have a boyfriend who is a cabinet maker by trade and likes to get creative with our furniture. So far we have a hand made dresser and matching jewellery topper, a tv cabinet, a plant stand - currently being used to hold a telephone and catch our keys, a stereo cabinet, and a large wall-unit book case set (when they are all put together. they are currently in two separate rooms). I am a truly blessed woman to have such a talented and passionate partner!
So how was your weekend? Was there anything, however small the moment was, that caused you to pause and smile, and truly be thankful for that moment?
Friday, January 08, 2010
Financial Teaching coming to schools
A little while ago, a fellow Persoanl Finance Blogger posted about the lessons he learned from his faterh about finances. There was also some discussion among some about the lack of financial education in everyone based on the lack of teaching in school and the simple lack of knowledge in our role models.
A few good discussion about this can be found on Canadian Savings and Gail Vaz Oxlade blogs.
The reason I'm posting this is because I've come across an article in which the Finance Minister says that by 2011 there is a plan in place to include financial teachings in grades 4-12. While I understand and agree that we should be receiving some kind of financial education while we are getting the rest of education, I"m not entirely behind the entirity of this article. The reason I'm not behind this is that now we are educating a generation of children. The article assumes that the parents of said children are already educated in financial matters. I can tell you as someone who is looking to become a parent, I have some knowledge of financial matters, I am in no way educated in all matters. I've figured out that carrying a balance on the credit card is acceptable for maybe a month or two, but not 3 years. I've found that paying the balance in full at the end of each month will save you from paying interest, and allow ou to build a stellar credit history. I've learned that saving 10% of your income in a registered retirement plan and 10% in a "rainy day fund" will afford you a happy and fulfilled retirement. (I am not able to do this yet but I've learned young enough to have get to here once the debt is cleared up.)
I've learned a whole host of other financial things but I'm not there yet. I don't have a financial advisor. I don't know if I have my money in the best possible retirement plan for the most long term gains. I haven't been through a mortgage situation as yet but that's next on the list I think.
I know a lot of people who are not as informed as I've made myself. The problem is that unless ther eis serious self-study, it is difficult to find classes on life finances. How does one become educated, if one wants to? Are there classes offered on credit cards, creating budgets, or anything anywhere close what needs to be taught to the average person currently living. Te trick with all this is that people have to want to be educated and need to stop assuming that children are being taught everything they will need for life at the school they attend.
Gail is the only Expert I know that I feel comfortable enough to trust. I read her blog daily, watch her show weekly and have begun her book. I've read some other financial books, some are very well written, others are so full of jargon it is difficult to get through and find the actual point of the message. There are other Experts that people prefer, and some that I've tried to use their thoughts to fill in some of my other blanks. I enjoy Gail and the wealth of information she's made more accessable to regular people. Here's the thing, if I didn't decide to inform myself, I would still be one of hte masses moving around in life having no clue that I've been taken for a ride by a credit company, no idea that I don't have to settle for what is presented to me, and no idea that I should be asking for better.
I just wanted to let people know that the financial education is going ot be implemented, but it doesn't completely get us out of the woods. All this will do is open up the meadow and valley. The trees will still be there. The woods will still be dark and scary at night. People will still get lost, and bad things will still happen to naive people. Grandma's house is visible, quaintly decorated and situated on a hill overlooking a meadow of wild flowers. We know that there is a basket of goodies waiting on the inside, but we also know that the big bad wolf is sitting in Grandma's nightgown in bed waiting to pounce on our Red Riding Hood costume.
A few good discussion about this can be found on Canadian Savings and Gail Vaz Oxlade blogs.
The reason I'm posting this is because I've come across an article in which the Finance Minister says that by 2011 there is a plan in place to include financial teachings in grades 4-12. While I understand and agree that we should be receiving some kind of financial education while we are getting the rest of education, I"m not entirely behind the entirity of this article. The reason I'm not behind this is that now we are educating a generation of children. The article assumes that the parents of said children are already educated in financial matters. I can tell you as someone who is looking to become a parent, I have some knowledge of financial matters, I am in no way educated in all matters. I've figured out that carrying a balance on the credit card is acceptable for maybe a month or two, but not 3 years. I've found that paying the balance in full at the end of each month will save you from paying interest, and allow ou to build a stellar credit history. I've learned that saving 10% of your income in a registered retirement plan and 10% in a "rainy day fund" will afford you a happy and fulfilled retirement. (I am not able to do this yet but I've learned young enough to have get to here once the debt is cleared up.)
I've learned a whole host of other financial things but I'm not there yet. I don't have a financial advisor. I don't know if I have my money in the best possible retirement plan for the most long term gains. I haven't been through a mortgage situation as yet but that's next on the list I think.
I know a lot of people who are not as informed as I've made myself. The problem is that unless ther eis serious self-study, it is difficult to find classes on life finances. How does one become educated, if one wants to? Are there classes offered on credit cards, creating budgets, or anything anywhere close what needs to be taught to the average person currently living. Te trick with all this is that people have to want to be educated and need to stop assuming that children are being taught everything they will need for life at the school they attend.
Gail is the only Expert I know that I feel comfortable enough to trust. I read her blog daily, watch her show weekly and have begun her book. I've read some other financial books, some are very well written, others are so full of jargon it is difficult to get through and find the actual point of the message. There are other Experts that people prefer, and some that I've tried to use their thoughts to fill in some of my other blanks. I enjoy Gail and the wealth of information she's made more accessable to regular people. Here's the thing, if I didn't decide to inform myself, I would still be one of hte masses moving around in life having no clue that I've been taken for a ride by a credit company, no idea that I don't have to settle for what is presented to me, and no idea that I should be asking for better.
I just wanted to let people know that the financial education is going ot be implemented, but it doesn't completely get us out of the woods. All this will do is open up the meadow and valley. The trees will still be there. The woods will still be dark and scary at night. People will still get lost, and bad things will still happen to naive people. Grandma's house is visible, quaintly decorated and situated on a hill overlooking a meadow of wild flowers. We know that there is a basket of goodies waiting on the inside, but we also know that the big bad wolf is sitting in Grandma's nightgown in bed waiting to pounce on our Red Riding Hood costume.
Tuesday, January 05, 2010
Forgive me Father for I have sinned...
I have to confess my sins.
I was doing fantastically for 2009 with being detached from my credit card and not adding to the credit debt. I did amazingly until Dec. 31, 2009.
SIN #1
I received some money for Christmas along with a gift card for a favourite store, with which I was to spend it on new winter boots and any of the following: nice white blouse/shirt, black skirt, black pants. I found my boots. Upon entering completely into the store to try said boots on I happened to encounter a pair of shoes I've been looking for since Carrie Bradshaw and Mr. Big got married. Yes ladies thats right - those Blue Manolo Blahnik shoes Carrie found displayed in her very large closet. I've been looking for something similar since then since that blue is my favourite colour. Period. I had found many nice pairs that would fit the bill but nothing I was willing to part with money for. I had even once comtemplated a pair of Christian Louboutins that I had found on sale - or better year the pair from Manolo Blahnik on sale through a site I found. Alas I couldn't justify the $400 for them even if they were half price.
But in all their glory, with an aura surrounding them - I'm not sure if it was the glittery lighting from the store or the fact that my brain added the effect upon seeing them, but there they were. I am a confessed shoe-a-holic. I have far more than any reasonable woman needs to have, even after purging about 10 pairs in the last 4 months, but these were those shoes you could have spent another 10 years looking for. Town Shoe is carrying the replica currently (hurry they are going fast!) for $140.
Some of you are choking on that price. Others are saying that's a steal for these things. I felt the guilt for even thinking about getting them. I asked the saleswoman for a size 9. She handed me the shoe, the little stocking and her comment of how proud she was that I was trying them on - never mind the practical boot I had chosen as my new winter boots (and active winter hikers). I thought, ok, we'll just try them on. For those who are attempting to quit smoking, or cut back on their alcohol consumption, you know that trying something on is like taking that first long pull on a beer when out with friends after not having them for a while, or that first drag on a cigarette after going for 2 weeks without. It's the beginning of the slip if you aren't careful. I put them both on. I stood up. I silently marvelled at their height, and how long it was since I'd worn a gorgeous pair of heels. (My current job requires work boots 85% of the time). I took a few tentative steps, stopped in a mirror and held my jeans up to my knee to see how they looked.
Did you see it? Did you see my leap clear off that cliff I had teetered on? Did you see me soar gracefully through the air in a long slow swan dive?
I took another tour around the store and as I did decided yep, this was the last pair of shoes I was going to buy. Until I'd worn out 6 more pairs of shoes in my closet.
I wook my Christmas cash, my winter boots, and these beautiful shoes up to the cash register. I handed them to the salewoman and said "I'll take these please." She tallied up the purchase and told me the final amount after the 25% discount I was getting on my boots. I looked down into my wallet pulled out the Christmas cash, $100 and then finally saw the rocks in the water. I only had $100, but I had 2 pairs of foot ware on the bill. Now what?
Some of you would have handed over the debit card knowing you had the money in your account to pay for the rest and not hurt a budget anywhere. Some of you would have put those pretty blue shoes back in their box and removed it from your bill, knowing you didn't have the money and not have to skip on everything else for the month. Some of you wouldn't have even thought of purchasing them for the sheer fact that you were paying full price and waited to see if there was a sale on them a few months from now. Some of you wouldn't have purchased them purely because they were $140 and more than you were willing to pay at any time period. Just say no right? Then there are a few of us, knowing that we were about to do something that we know we definitely shouldn't. We would find that hiding place in our wallet and pull out that forbidden card knowing you have a huge debt t pay back but knowing that years of looking for that one pair of shoes would continue infinitum until you saved the money for the real deal and parted with your hard earned cash later.
I pulled out my credit card (silent huge pang of guilt), and handed it to the saleswoman, all the while knowing that the rocks weren't under the water but jutting out and posing a very real threat to my perfect swan dive off the cliff. I paid for those gorgeous blue shoes with the stone detailing that are perfect replicas of the shoes I've been looking for for years now. I signed the slip and took my purchases in hand, head held high, a very satisfied feeling on both counts and walked those shoes to my car.
SIN #2
After finding my boots and those shoes, I though about taking some time off from all things shopping, stores, and any activity thereby related. Except for this pesky little thing about three very basic and necessary holes in my current wardrobe. I've been purging my wardrobe lately as my weight has been fluctuating and so I was without an appropriately fitting pair of black pants, a black skirt and a white shirt. My sister gave me a gift certificate to a store I like and thus on Sunday I went out to see what kind of items I could find that were on sale to fill in those three little holes. After the shoe shopping incident this was obviously not a good idea, but I thought what was the harm in taking a look. I am better at walking away from clothes than shoes and I've completed the shoe hunt for 2010 on the eve of the new year.
Did you see it? That thought that starts with good intentions but you know ends in guilt? Yep! There's that second long pull from the beer/drag from the cigarette.
I headed into the store. I began wandering around. I picked up 2 black dresses, two pairs of black pants, a pair of black and white finely checked pants, two white shirts, a couple of coloured sweaters, and a black skirt. I walked to the dressing room and began trying them on. While i'm in the dressing room of any store there will always be three piles of clothes. One for things that I will buy. One for things I might buy. One for things that looked so horrible I had no right even trying on. Both white blouses land in the last pile. The skirt lands in the first pile. One dress lands in the first, one in the second. One pair of black pants in the buy, one in the what-was-I-thinking pile. the black and white checked in the buy and all the sweaters in the absolutely not grouping. I talked myself into the second black dress, put my street clothes back on and headed to the cash.
Did you see those rocks again? I have more than what I came in to find, and I'm heading to pay for things. I donated my old black dress a while ago so I don't have one at all. I should get this one for business and this one for dinner and drinks, they're only $29.99 each. The skirt is only $19.99. Those pants aren't on sale by feel great and make me look slimmer somehow. Yep that's right, third and fourth pulls/drags.
I paid for the items - with my $50 gift certificate......
and my credit card!
GAH!
And then.
AND THEN!!
I decided to go to the next store since I didn't get my white shirt to see what they had! I also really like this second store and their sign said 70% off, so what harm can come? ROCKS! LOTS AND LOTS OF ROCKS!
In I go. I pull some white shirts, some coloured blouses, a few argyle printed sweaters, another pair of black pants, a shrug, and some comfy shirts in varying colours. I try on the lot using the same pile separation from before. I walk up to the cash, enjoying all the bright colours of the season's offerings. I pay again. This time though I have no Christmas cash. I have not gift certificate. I only have my credit card (the debit card was not an option - it screws up the entire budget if I use it.)
In total - for my first time back in a store specifically for the purpose of purchasing something. Specifically because I was given the money to do so - I have spent $800 that I have not already made, that I have not already specifically designated for that purpose. GAH!
I confessed most of my sins to C. He made me try everything on and show him. If it didn't look good in regular lighting or if he didn't like it it is going back. About half of what I purchased will be returned to the stores on Friday (the only day I have time to do it.) That means the total damage, including the shoes, will be $450.
I am mixed about this. It increases my debt - I'll post next Tuesday after I've returned the items that truly don't look good on me, and it's posted to my credit card. What does this do to my bottom line and Debt Free Date. Actually nothing - it just means that instead of the last month having a $400 payment, it'll have a $1000 payment.
I have confessed my sins.
I know better than to even go to these places alone. I normally hand over all payments, tell my support my budget and what I'm looking for specifically, and ask them to keep the payment methods until such time as I've located exactly what I've come for and am within my budget.
I thought I was rehabilitated. Apparently not.
I was doing fantastically for 2009 with being detached from my credit card and not adding to the credit debt. I did amazingly until Dec. 31, 2009.
SIN #1
I received some money for Christmas along with a gift card for a favourite store, with which I was to spend it on new winter boots and any of the following: nice white blouse/shirt, black skirt, black pants. I found my boots. Upon entering completely into the store to try said boots on I happened to encounter a pair of shoes I've been looking for since Carrie Bradshaw and Mr. Big got married. Yes ladies thats right - those Blue Manolo Blahnik shoes Carrie found displayed in her very large closet. I've been looking for something similar since then since that blue is my favourite colour. Period. I had found many nice pairs that would fit the bill but nothing I was willing to part with money for. I had even once comtemplated a pair of Christian Louboutins that I had found on sale - or better year the pair from Manolo Blahnik on sale through a site I found. Alas I couldn't justify the $400 for them even if they were half price.
But in all their glory, with an aura surrounding them - I'm not sure if it was the glittery lighting from the store or the fact that my brain added the effect upon seeing them, but there they were. I am a confessed shoe-a-holic. I have far more than any reasonable woman needs to have, even after purging about 10 pairs in the last 4 months, but these were those shoes you could have spent another 10 years looking for. Town Shoe is carrying the replica currently (hurry they are going fast!) for $140.
Some of you are choking on that price. Others are saying that's a steal for these things. I felt the guilt for even thinking about getting them. I asked the saleswoman for a size 9. She handed me the shoe, the little stocking and her comment of how proud she was that I was trying them on - never mind the practical boot I had chosen as my new winter boots (and active winter hikers). I thought, ok, we'll just try them on. For those who are attempting to quit smoking, or cut back on their alcohol consumption, you know that trying something on is like taking that first long pull on a beer when out with friends after not having them for a while, or that first drag on a cigarette after going for 2 weeks without. It's the beginning of the slip if you aren't careful. I put them both on. I stood up. I silently marvelled at their height, and how long it was since I'd worn a gorgeous pair of heels. (My current job requires work boots 85% of the time). I took a few tentative steps, stopped in a mirror and held my jeans up to my knee to see how they looked.
Did you see it? Did you see my leap clear off that cliff I had teetered on? Did you see me soar gracefully through the air in a long slow swan dive?
I took another tour around the store and as I did decided yep, this was the last pair of shoes I was going to buy. Until I'd worn out 6 more pairs of shoes in my closet.
I wook my Christmas cash, my winter boots, and these beautiful shoes up to the cash register. I handed them to the salewoman and said "I'll take these please." She tallied up the purchase and told me the final amount after the 25% discount I was getting on my boots. I looked down into my wallet pulled out the Christmas cash, $100 and then finally saw the rocks in the water. I only had $100, but I had 2 pairs of foot ware on the bill. Now what?
Some of you would have handed over the debit card knowing you had the money in your account to pay for the rest and not hurt a budget anywhere. Some of you would have put those pretty blue shoes back in their box and removed it from your bill, knowing you didn't have the money and not have to skip on everything else for the month. Some of you wouldn't have even thought of purchasing them for the sheer fact that you were paying full price and waited to see if there was a sale on them a few months from now. Some of you wouldn't have purchased them purely because they were $140 and more than you were willing to pay at any time period. Just say no right? Then there are a few of us, knowing that we were about to do something that we know we definitely shouldn't. We would find that hiding place in our wallet and pull out that forbidden card knowing you have a huge debt t pay back but knowing that years of looking for that one pair of shoes would continue infinitum until you saved the money for the real deal and parted with your hard earned cash later.
I pulled out my credit card (silent huge pang of guilt), and handed it to the saleswoman, all the while knowing that the rocks weren't under the water but jutting out and posing a very real threat to my perfect swan dive off the cliff. I paid for those gorgeous blue shoes with the stone detailing that are perfect replicas of the shoes I've been looking for for years now. I signed the slip and took my purchases in hand, head held high, a very satisfied feeling on both counts and walked those shoes to my car.
SIN #2
After finding my boots and those shoes, I though about taking some time off from all things shopping, stores, and any activity thereby related. Except for this pesky little thing about three very basic and necessary holes in my current wardrobe. I've been purging my wardrobe lately as my weight has been fluctuating and so I was without an appropriately fitting pair of black pants, a black skirt and a white shirt. My sister gave me a gift certificate to a store I like and thus on Sunday I went out to see what kind of items I could find that were on sale to fill in those three little holes. After the shoe shopping incident this was obviously not a good idea, but I thought what was the harm in taking a look. I am better at walking away from clothes than shoes and I've completed the shoe hunt for 2010 on the eve of the new year.
Did you see it? That thought that starts with good intentions but you know ends in guilt? Yep! There's that second long pull from the beer/drag from the cigarette.
I headed into the store. I began wandering around. I picked up 2 black dresses, two pairs of black pants, a pair of black and white finely checked pants, two white shirts, a couple of coloured sweaters, and a black skirt. I walked to the dressing room and began trying them on. While i'm in the dressing room of any store there will always be three piles of clothes. One for things that I will buy. One for things I might buy. One for things that looked so horrible I had no right even trying on. Both white blouses land in the last pile. The skirt lands in the first pile. One dress lands in the first, one in the second. One pair of black pants in the buy, one in the what-was-I-thinking pile. the black and white checked in the buy and all the sweaters in the absolutely not grouping. I talked myself into the second black dress, put my street clothes back on and headed to the cash.
Did you see those rocks again? I have more than what I came in to find, and I'm heading to pay for things. I donated my old black dress a while ago so I don't have one at all. I should get this one for business and this one for dinner and drinks, they're only $29.99 each. The skirt is only $19.99. Those pants aren't on sale by feel great and make me look slimmer somehow. Yep that's right, third and fourth pulls/drags.
I paid for the items - with my $50 gift certificate......
and my credit card!
GAH!
And then.
AND THEN!!
I decided to go to the next store since I didn't get my white shirt to see what they had! I also really like this second store and their sign said 70% off, so what harm can come? ROCKS! LOTS AND LOTS OF ROCKS!
In I go. I pull some white shirts, some coloured blouses, a few argyle printed sweaters, another pair of black pants, a shrug, and some comfy shirts in varying colours. I try on the lot using the same pile separation from before. I walk up to the cash, enjoying all the bright colours of the season's offerings. I pay again. This time though I have no Christmas cash. I have not gift certificate. I only have my credit card (the debit card was not an option - it screws up the entire budget if I use it.)
In total - for my first time back in a store specifically for the purpose of purchasing something. Specifically because I was given the money to do so - I have spent $800 that I have not already made, that I have not already specifically designated for that purpose. GAH!
I confessed most of my sins to C. He made me try everything on and show him. If it didn't look good in regular lighting or if he didn't like it it is going back. About half of what I purchased will be returned to the stores on Friday (the only day I have time to do it.) That means the total damage, including the shoes, will be $450.
I am mixed about this. It increases my debt - I'll post next Tuesday after I've returned the items that truly don't look good on me, and it's posted to my credit card. What does this do to my bottom line and Debt Free Date. Actually nothing - it just means that instead of the last month having a $400 payment, it'll have a $1000 payment.
I have confessed my sins.
I know better than to even go to these places alone. I normally hand over all payments, tell my support my budget and what I'm looking for specifically, and ask them to keep the payment methods until such time as I've located exactly what I've come for and am within my budget.
I thought I was rehabilitated. Apparently not.
Saturday, January 02, 2010
MBNA Debt GONE!!
Okie dokie - first things first. MBNA balance transfer amount from July is PAID. YAY!
Done and done.
Now to just pay off the CIBC monster all alone!! The budget I have listed is the budget I'll be on for each month this year.
It's tight, but it covers the things I need to get done and leaves me with enough to deal with my daily life.
It looks tight, only because the bottom line leaves me with less than a dollar wiggle room, but it's what I need to do to get that monster of a debt done and over with for good.
I've started Gail's new book. In it she asks about how your priorities align with your goals. In order to be out of debt I have to tighten my belt and understand that it's time to make sacrifice. i've borrowed against my future and now I have to pay myself back by getting to creditor out of my life for good.
2010 is the year to buckle down and get this sucker knocked down. Jolie commented that I should be dealing with one thing at a time - advice I myself had given someone else lately. It was nice to get the advice back and remind me to stick tot he plan and get it all done. CIBC Visa has been my longest standing creditor to date. That debt has grown out of previous poor judgement, so I'll be ecstatic to have them off my back and out of my pocket. Truly I'm done with dragging that elder man around on my back for all these years. 2010 means I'm down to ONE creditor. THAT'S ONE CREDITOR!
So, I'm not balance transferring. I'm sticking to my plan of $1100 per month towards the debt. that means $550 from each pay check will go there, with an extra $1100 payment being made over the year. Life will be tight, but I have enough in my apartment to entertain me. I have enough in life to entertain me, and I'm really enjoying the time I spend with my boyfriend.
It will be interesting to see the journey this year takes me on.
I love that MBNA is GONE!!!
Done and done.
Now to just pay off the CIBC monster all alone!! The budget I have listed is the budget I'll be on for each month this year.
It's tight, but it covers the things I need to get done and leaves me with enough to deal with my daily life.
It looks tight, only because the bottom line leaves me with less than a dollar wiggle room, but it's what I need to do to get that monster of a debt done and over with for good.
I've started Gail's new book. In it she asks about how your priorities align with your goals. In order to be out of debt I have to tighten my belt and understand that it's time to make sacrifice. i've borrowed against my future and now I have to pay myself back by getting to creditor out of my life for good.
2010 is the year to buckle down and get this sucker knocked down. Jolie commented that I should be dealing with one thing at a time - advice I myself had given someone else lately. It was nice to get the advice back and remind me to stick tot he plan and get it all done. CIBC Visa has been my longest standing creditor to date. That debt has grown out of previous poor judgement, so I'll be ecstatic to have them off my back and out of my pocket. Truly I'm done with dragging that elder man around on my back for all these years. 2010 means I'm down to ONE creditor. THAT'S ONE CREDITOR!
So, I'm not balance transferring. I'm sticking to my plan of $1100 per month towards the debt. that means $550 from each pay check will go there, with an extra $1100 payment being made over the year. Life will be tight, but I have enough in my apartment to entertain me. I have enough in life to entertain me, and I'm really enjoying the time I spend with my boyfriend.
It will be interesting to see the journey this year takes me on.
I love that MBNA is GONE!!!
Friday, January 01, 2010
A New Year, an Improved Self!
The New Year is upon us. 2009 brought many trials to test my resolve to getting debt free. I faced each with a firm grip on my goal and an understanding that a few sacrifices now will afford great reward in the future.
Biggest Financial mistake this year was splitting my payments between two cards in an effort to reduce the interest owed. The rates were great but it ultimately slowed down progress towards the end result. I did reduce my interest payments, which was good, but the progress towards kicking this debt out the door was seriously hindered. It is for this reason that I have run the numbers numerous times in regards to that 2.99% balance transfer rate, and determined that my original thoughts about the savings of interest did not accurately reflect the picture. One side I was looking at interest saved over the entire situation, but comparing it only to the period of time it was taking place. So, with that said the savings aren't as great as I first thought, but the timing remains the same, regardless of the path I take to get there.
So I have decided to leave my debt on one card and pay $1100 per month down on it. There are 2 months with extra paychecks. Right now I plan to use $1000 of those pays to put down on my debt so I'll be making a total repayment of $15,200 in 2010. Leaving $8,800 on the debt - not including interest.
This will be much more manageable for me, give me a greater sense of accomplishment every month and allow me to truly see the numbers drop in a manner I'll be comfortable with. That other card - well basically it'll get put on ice.
I feel liberated by this decision.
Also, I've dropped my budget by $51 per month for this year.
So I'll have $605 to spend on my variable expenses each month. What this means is there is no room for frivolity. I have to stay the course.
Extra moneys coming in from work - such as mileage, and overtime will be kept in a work fund so that when I'm traveling and need to fill up on gas I don't have to take it from my personal budget. Also, this money will then be converted to Christmas closer to the end of the year, and thus leave my personal budget intact. I'l build the work fund to $300, and put the rest away for Christmas. I don't know when mileage will come in but I can control the overtime for now. I have a ton to do on this project that I'm working on so the more hours I can crunch in the faster this buffer will be created.
This past year I've learned to be clear on my goals. I've learned to stick to my guns on the goals and not let life get in their way. Life happens so rolling with the punches is the best way to go. An Emergency fund and Planned Spending fund help me here. So here are my monthly numbers:
Debt Repayment $1,100
Rent $457.50
Emergency Fund $200 (TFSA with ING)
RRSP $100
Planned Spending $100 (ING)
Car Insurance (will be changing in Feb.) approx. $140
Life Insurance $29.25 + $50 (critical health paid once per year)
Cable/Internet/Phone Bundle $175
Food $200
Transportation $180
Entertainment $50
Clothing & Gifts $45
Medical $125
Other $5
Online Game $12
Bank Fees $13
Cell Phone $37
Total + $2968.75
Total Income for month $2969.64
leaves $0.89 in account at the end of each month.
Balanced and everything taken care of. The money from the extra 2 paychecks - $2000 goes to debt repayment, $900 will create a buffer in my account so I can also work towards having no more bank fees!!
Other goals for this year - review 5 Personal Finance books, Read 2 Health and Nutrition based books, and complete 6 personal reading books by years end.
I have not yet laid out any of the other things Id like to accomplish this year, so I will add the list a little later. I plan on taking some time this weekend to figure out what I had on my list last year that I haven't yet completed, and then add the new things I'd like to accomplish for the month and the year.
Time to change those goals postings also.
Biggest Financial mistake this year was splitting my payments between two cards in an effort to reduce the interest owed. The rates were great but it ultimately slowed down progress towards the end result. I did reduce my interest payments, which was good, but the progress towards kicking this debt out the door was seriously hindered. It is for this reason that I have run the numbers numerous times in regards to that 2.99% balance transfer rate, and determined that my original thoughts about the savings of interest did not accurately reflect the picture. One side I was looking at interest saved over the entire situation, but comparing it only to the period of time it was taking place. So, with that said the savings aren't as great as I first thought, but the timing remains the same, regardless of the path I take to get there.
So I have decided to leave my debt on one card and pay $1100 per month down on it. There are 2 months with extra paychecks. Right now I plan to use $1000 of those pays to put down on my debt so I'll be making a total repayment of $15,200 in 2010. Leaving $8,800 on the debt - not including interest.
This will be much more manageable for me, give me a greater sense of accomplishment every month and allow me to truly see the numbers drop in a manner I'll be comfortable with. That other card - well basically it'll get put on ice.
I feel liberated by this decision.
Also, I've dropped my budget by $51 per month for this year.
So I'll have $605 to spend on my variable expenses each month. What this means is there is no room for frivolity. I have to stay the course.
Extra moneys coming in from work - such as mileage, and overtime will be kept in a work fund so that when I'm traveling and need to fill up on gas I don't have to take it from my personal budget. Also, this money will then be converted to Christmas closer to the end of the year, and thus leave my personal budget intact. I'l build the work fund to $300, and put the rest away for Christmas. I don't know when mileage will come in but I can control the overtime for now. I have a ton to do on this project that I'm working on so the more hours I can crunch in the faster this buffer will be created.
This past year I've learned to be clear on my goals. I've learned to stick to my guns on the goals and not let life get in their way. Life happens so rolling with the punches is the best way to go. An Emergency fund and Planned Spending fund help me here. So here are my monthly numbers:
Debt Repayment $1,100
Rent $457.50
Emergency Fund $200 (TFSA with ING)
RRSP $100
Planned Spending $100 (ING)
Car Insurance (will be changing in Feb.) approx. $140
Life Insurance $29.25 + $50 (critical health paid once per year)
Cable/Internet/Phone Bundle $175
Food $200
Transportation $180
Entertainment $50
Clothing & Gifts $45
Medical $125
Other $5
Online Game $12
Bank Fees $13
Cell Phone $37
Total + $2968.75
Total Income for month $2969.64
leaves $0.89 in account at the end of each month.
Balanced and everything taken care of. The money from the extra 2 paychecks - $2000 goes to debt repayment, $900 will create a buffer in my account so I can also work towards having no more bank fees!!
Other goals for this year - review 5 Personal Finance books, Read 2 Health and Nutrition based books, and complete 6 personal reading books by years end.
I have not yet laid out any of the other things Id like to accomplish this year, so I will add the list a little later. I plan on taking some time this weekend to figure out what I had on my list last year that I haven't yet completed, and then add the new things I'd like to accomplish for the month and the year.
Time to change those goals postings also.
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