Alright everyone. It is the end of the first month on 2011. This month has seen me make a payment back to my debt of $820.74. I'll be depositing my paycheck today to my account. As such, with it being month end and a bunch of stuff moving around my account, I'll be leaving the money in my account until sometime in the future so as to make sure to get to my goal of no more bank fees by the end of February. it is my hope that I will not be paying bank fees in February.
So what have you done this month? What have you thought about but have yet to put into action? What have you decided to put off to tomorrow, only to have tomorrow be that fictitious, non-materializing day that has yet to come?
I've begun my march to debt freedom. I've seen my sister married, fought strep throat, and helped le man begin preparing for his ear surgery. I have set my yearly goals, started a craft, and begun a financial book for the year. I have also been working all month on a pretty lucrative contract option for work. it's been a busy January. Could I have done more? Sure! Am I unhappy with what I've accomplished? NO!
So what have you done? What great things did you do this month to get you rolling on your plan? Did you make a plan?
Monday, January 31, 2011
Thursday, January 27, 2011
Strep throat!
So I'll be away from blogging for a few more days. I've got a painful case of strep throat and I"m not feeling very financially driven at the moment.
Another thing a wedding does is run you down!
I hope you all are having a fantastic week. Stay strong and true to your goals!
Today is also pay day - if I make it into work today (have a project that requires a few hours of attention) I"ll be able to update how my debt repayment is going...other wise you'll have to wait until I'm better and I get back to my regular posting.
Another thing a wedding does is run you down!
I hope you all are having a fantastic week. Stay strong and true to your goals!
Today is also pay day - if I make it into work today (have a project that requires a few hours of attention) I"ll be able to update how my debt repayment is going...other wise you'll have to wait until I'm better and I get back to my regular posting.
Tuesday, January 25, 2011
Fantastic but Expensive Weekend
Ok my sister is a married woman. It was a lovely small wedding that was actually not too bad in the grand scheme of cost - though some of us ended up spending quite a penny on it.
So, Saturday I spent $300 on wedding makeup for all of the bridal party - other bridesmaid will be sending back her portion. Then I spent $50 on a shuttle from the hotel to the venue and back again for myself and le man. And of course the money on the hotel room!
Friday was a no-spend day. Sunday was a no-spend day (thank goodness!!)
Monday - we were at the hospital for pre-admin and pre-op for le man - and I spent $30 on lunch for us. It was a nice lunch and he needed the distraction as he's super nervous about his-upcoming surgery. Today will be a no-spend day - purely because I'm tired of spending money and seriously want to concentrate on my debt.
So the next big thing in life is le man's ear surgery next week. I'll be off with him for the first 5 days of recovery, and then checking in on him at lunch every day until he returns to work. Thankfully I'll have some more no-spend days in store during that time. The surgery day will be the expensive day as it will be parking, and a meal for me while he's in surgery, and probably a meal for me for dinner as well so I can not make a pile of noise in the apartment cooking a bunch of things.
I'll be super happy to get to February, and get this stalled trolley rolling down the tracks towards a massive debt repayment.
Once I get my brain back into the swing of things this week, I've got a whole bunch of debt related posts that I've been mulling over to keep me going and get you all moving to. 25 more paychecks until I'm debt free!!
So, Saturday I spent $300 on wedding makeup for all of the bridal party - other bridesmaid will be sending back her portion. Then I spent $50 on a shuttle from the hotel to the venue and back again for myself and le man. And of course the money on the hotel room!
Friday was a no-spend day. Sunday was a no-spend day (thank goodness!!)
Monday - we were at the hospital for pre-admin and pre-op for le man - and I spent $30 on lunch for us. It was a nice lunch and he needed the distraction as he's super nervous about his-upcoming surgery. Today will be a no-spend day - purely because I'm tired of spending money and seriously want to concentrate on my debt.
So the next big thing in life is le man's ear surgery next week. I'll be off with him for the first 5 days of recovery, and then checking in on him at lunch every day until he returns to work. Thankfully I'll have some more no-spend days in store during that time. The surgery day will be the expensive day as it will be parking, and a meal for me while he's in surgery, and probably a meal for me for dinner as well so I can not make a pile of noise in the apartment cooking a bunch of things.
I'll be super happy to get to February, and get this stalled trolley rolling down the tracks towards a massive debt repayment.
Once I get my brain back into the swing of things this week, I've got a whole bunch of debt related posts that I've been mulling over to keep me going and get you all moving to. 25 more paychecks until I'm debt free!!
Friday, January 21, 2011
Friday Musings
So - no spend days this week - Wednesday. I've had some anticipated, but hoped not, spending these last few days. Some induced by work, some the weather, and some my sister's wedding tomorrow. Last minute things that cost more than I was hoping, but had to get done.
After this weekend for the wedding, when I have a hotel to pay for, the makeup I'm paying for as my sister's wedding present, and a meal or two, I'm done with all of my spending until April. In April - I think anyways - is when my license renews. I need a new picture, and a sticker for my car. And I have my health insurance premium to pay in April as well. All $34.50 of it! It's an add-on policy to my life insurance and I only pay the $34.50 once per year.
Planned spending for the wedding will be expensive. Ya know, weddings are expensive for people attending as well. Especially when those people are the Maid of Honour, and have to buy their own dress, shoes appropriate for a winter wedding and outdoor pictures, hair, makeup, trials for both, the bride wanting a spa day while looking for our dresses, a bachelorette, a stag and doe, 2 bridal shows, and a wedding gift. Not to mention the hotel for the two nights - thanks to a massive snow storm hitting the area this weekend. If I add it all up, I'm pretty sure I'll have spent nearly $1,500 on my sister's wedding. There are a whole bunch of things going on with it, and a pile of background information I'm just not sharing about this whole wedding deal. Not to mention I feel a little like someone has been playing on my heart strings about some of these costs, but it's done this weekend. I won't have to spend any more money on this wedding. And for the foreseeable future, my planned spending, and unexpected big ticket spending will be over.
I'll be so glad when this weekend is over. I'm happy for her, but I've dropped a fortune on this thing, it's seriously cutting into my ability to slay my debt monster!
In other news, my snowflake for February is coming along nicely. Work pays for the kilometers I drive to complete client visits, scout new sites and generally do my job. What is nice about that is that I have extra money coming in every month because of it. I don't have a clue mileage is coming until a client asks me to visit them, or I need to perform a site visit as part of our consulting, or we hear about another facility we want to audit or have a tour of. So, I know I'll be moving places each month, but it's always a surprise when I go and where I go.
February's snowflake is about $250 so far, and January isn't even done yet! February's snowflake is the mileage check from January's driving.
I have a return to make from a gift I gave at Christmas to complete on Monday. I'll be calling the store to verify a full refund for the item. It was bought in another town that I'll be in on Monday. I have the original receipt, and the gift receipt. I have figured out yet if I'll snowflake the return to my debt, or if I'll put it in my gift jar for use on a gift in February for my friend. The money was already accounted for in December, so it's already "spent" money. I just don't know if I want to re-spend it, or move it to snowflake on my debt.
After this weekend for the wedding, when I have a hotel to pay for, the makeup I'm paying for as my sister's wedding present, and a meal or two, I'm done with all of my spending until April. In April - I think anyways - is when my license renews. I need a new picture, and a sticker for my car. And I have my health insurance premium to pay in April as well. All $34.50 of it! It's an add-on policy to my life insurance and I only pay the $34.50 once per year.
Planned spending for the wedding will be expensive. Ya know, weddings are expensive for people attending as well. Especially when those people are the Maid of Honour, and have to buy their own dress, shoes appropriate for a winter wedding and outdoor pictures, hair, makeup, trials for both, the bride wanting a spa day while looking for our dresses, a bachelorette, a stag and doe, 2 bridal shows, and a wedding gift. Not to mention the hotel for the two nights - thanks to a massive snow storm hitting the area this weekend. If I add it all up, I'm pretty sure I'll have spent nearly $1,500 on my sister's wedding. There are a whole bunch of things going on with it, and a pile of background information I'm just not sharing about this whole wedding deal. Not to mention I feel a little like someone has been playing on my heart strings about some of these costs, but it's done this weekend. I won't have to spend any more money on this wedding. And for the foreseeable future, my planned spending, and unexpected big ticket spending will be over.
I'll be so glad when this weekend is over. I'm happy for her, but I've dropped a fortune on this thing, it's seriously cutting into my ability to slay my debt monster!
In other news, my snowflake for February is coming along nicely. Work pays for the kilometers I drive to complete client visits, scout new sites and generally do my job. What is nice about that is that I have extra money coming in every month because of it. I don't have a clue mileage is coming until a client asks me to visit them, or I need to perform a site visit as part of our consulting, or we hear about another facility we want to audit or have a tour of. So, I know I'll be moving places each month, but it's always a surprise when I go and where I go.
February's snowflake is about $250 so far, and January isn't even done yet! February's snowflake is the mileage check from January's driving.
I have a return to make from a gift I gave at Christmas to complete on Monday. I'll be calling the store to verify a full refund for the item. It was bought in another town that I'll be in on Monday. I have the original receipt, and the gift receipt. I have figured out yet if I'll snowflake the return to my debt, or if I'll put it in my gift jar for use on a gift in February for my friend. The money was already accounted for in December, so it's already "spent" money. I just don't know if I want to re-spend it, or move it to snowflake on my debt.
Thursday, January 20, 2011
Formulating a Plan - Step 4
So you've got a budget, you've identified places you can save money, and have gone after those savings. Now you have your budget. Now it's time to set that one financial goal for the year. That one thing you think is totally impossible, but you are going to try to do anyways. One thing that will be absolutely shocking to some, and others will look at you and think you can do more.
For me that is paying off my debt. For you that could be something like paying $13,000 towards your debt. Or reducing your mortgage by $13,000 this year. Or for those of you that are out of debt, what about saving $13,000 this year?
Whatever the goal is, it should make you ill. It should make your brain start thinking about how you are going to accomplish that thing. It should seem slightly out of reach, b ut should be something that you know that when you accomplish it the earth will move. The sun will shine only on you. The demons of your life will lay down and slay themselves. The people you tell should get that "You are the craziest person I know" look and shake their heads slightly at you and your goal. It should make someone somewhere say to themselves, to you or someone else "There's no way!"
And it should make you giddy with anticipation, sick with nervousness, and start formulating ways you are going to get this goal completed by year's end.
I've found a snowflake already this year. I have another potential one I'll know more about on Monday. They aren't big snowflakes, but even the tiniest snowflakes piled together make a hill of snow.
Step 4: Set yourself a goal that invokes nausea, anticipation, excitement, anxiety, shock and awe. And then complete it!
For me that is paying off my debt. For you that could be something like paying $13,000 towards your debt. Or reducing your mortgage by $13,000 this year. Or for those of you that are out of debt, what about saving $13,000 this year?
Whatever the goal is, it should make you ill. It should make your brain start thinking about how you are going to accomplish that thing. It should seem slightly out of reach, b ut should be something that you know that when you accomplish it the earth will move. The sun will shine only on you. The demons of your life will lay down and slay themselves. The people you tell should get that "You are the craziest person I know" look and shake their heads slightly at you and your goal. It should make someone somewhere say to themselves, to you or someone else "There's no way!"
And it should make you giddy with anticipation, sick with nervousness, and start formulating ways you are going to get this goal completed by year's end.
I've found a snowflake already this year. I have another potential one I'll know more about on Monday. They aren't big snowflakes, but even the tiniest snowflakes piled together make a hill of snow.
Step 4: Set yourself a goal that invokes nausea, anticipation, excitement, anxiety, shock and awe. And then complete it!
Wednesday, January 19, 2011
Formulating a Plan - Step Two & Three
So now you've found places in your budget that you can cut costs. Now you actually have to begin doing it. Some of these items you can cut out now. Others may take some time.
The cell phone I lucked out on finding someone willing to take over my contract - no cost was incurred to either party for doing this.
The next thing I found out about my gym membership. Time passed and I'm now not paying that cost anymore.
I decided to get to a minimum balance in my account to save myself $12.95 per month (TD account!).
So that's great, I found $40 from my cell phone. I found another $50 from my gym membership, and with the $12.95 from my bank fees disappearing, things were looking pretty good. That was about $103 dollars I just cut out of my budget per month. Just over $1200 per year!
I got very lucky - I also received a raise this month. That means that I'm now able to live on one paycheck and put the other right on debt! Otherwise the $103 would have boosted my $1100 payments to $1203 per month. Either way I did the work to complete my goal of reducing my costs and I accomplished it. I've still got one to go, but it's very nearly there!
For me, step two is: Set a smaller goal of reducing your costs.
Step Three: Find out how much each of your expenses are and set up your budget!
The cell phone I lucked out on finding someone willing to take over my contract - no cost was incurred to either party for doing this.
The next thing I found out about my gym membership. Time passed and I'm now not paying that cost anymore.
I decided to get to a minimum balance in my account to save myself $12.95 per month (TD account!).
So that's great, I found $40 from my cell phone. I found another $50 from my gym membership, and with the $12.95 from my bank fees disappearing, things were looking pretty good. That was about $103 dollars I just cut out of my budget per month. Just over $1200 per year!
I got very lucky - I also received a raise this month. That means that I'm now able to live on one paycheck and put the other right on debt! Otherwise the $103 would have boosted my $1100 payments to $1203 per month. Either way I did the work to complete my goal of reducing my costs and I accomplished it. I've still got one to go, but it's very nearly there!
For me, step two is: Set a smaller goal of reducing your costs.
Step Three: Find out how much each of your expenses are and set up your budget!
Tuesday, January 18, 2011
Formulating a Plan - Step One
I have a plan to get myself out of debt. And I have a whopper of a debt. I have a date that I will be out of debt by.
I've had a bunch of new commentors lately, and some have mentioned that they need to get a date set to be out of debt by. I know there are probably 3 times the number of new readers that are looking at how to get themselves out of debt. So, in the spirit of welcoming new people to the blog, and helping some of you regular readers get to debt free, I thought I'd post how I arrived at my plan.
It didn't happen over night. I can tell you that. I've been paying debt off for a few years now. I've been attending a Gail Club for almost 2 years now. And last summer I got serious about my debt.
My plan began in August. I had spoken to some of the Club members in the Gail club I attend and really got into the tough questions about how they got themselves out of debt. I realized that there were two people, in a marriage, that had gotten tough with themselves and each other and resolved to get the debt done. One had some much drive and determination I was/am absolutely in awe. The other, was a little more like me, in that there are somethings that you could talk yourself into that would mean extra payments on that debt, but the fun and reward now was worth it. So first I wasn't alone.
Then I realized - the behaviour of paying off debt I'd already been in, but I was beginning to feel a slump and a drowning sensation. After that I got tough with my budget and my life. I had some things I was paying for that I wasn't really utilizing correctly to justify the payments. I had 2 cell phones (one work had given me, one I had kept.). I had a gym membership...that I was barely using. I was paying bank fees, that I could have been saving myself for a while. I wasn't tracking everything.
So in August, I began using the Gail Club to complete homework and hand it in. In August, we started exploring what would happen to debt if we lost our jobs. What items would definitely go, and what could we live on in the event that happened. What happened was I asked a really tough question...
Why if we lost our job could we do without those items, but we couldn't to pay off our debt? There were many answers to this, but it all boiled down to, we weren't out of a job so why should we give up our luxuries...it's only debt! So that began what has turned into the plan I have now. In August I identified all of the budget line items that would go if I lost my job. My personal cell phone, the gym, online game, entertainment, medical, and clothing and gifts were on the chopping block. Add to that the bank fees I could be not paying, and my savings, and I had a bunch of items that I needed to really look at.
First thing - cell phone. My work provides a cell phone for everyone. With it, we've been told that it is ours as long as we are working for the company, to use as we see fit and work pays for the bill. I was the only one not utilizing it the way everyone else was. So, I started to look into ways to get out of my personal cell phone. I called the company, asked how much it would cost to break contract, talked to them about a few options, called a friend of mine that was looking to get another cell phone, and started entertaining how to get myself out for the least amount of money.
My friend and her husband liked the package I had with the cell phone, and agreed to take over the contract for the duration (it ends in November). We did the transfer, and the company I was with waived the transfer fees and the fee to change the address. I as out and they were in for the cost of the bill they would have to pay at the end of September. Voila! $40 I could toss onto debt!
Next, I stopped sending money to my savings account and started stocking it in my checking account. Crossing my fingers I did the math right, I'll be out of bank fees in February. Another $12.95 to move towards debt. My gym membership payments were over in December, so I'm done the gym membership payments...another $50 to feed my budget. Since I'm still working and I have a few ailments that I 'm finding huge success with removing from my life, through my medical stuff, I'm not really willing to remove that yet.
My online game is still on the fence. I'm evaluating the time I spend playing the game and the benefits for paying for a subscription, when I can play the game without spending any money. So, after my renewal in January, I'll likely be removing my subscription and going back to playing without cash.
Then there was the upgrade in pay that I found out was coming in November. I was doing all this work to squeeze pennies dollars onto my debt, and now I have more money to work with. And less budget lines to fund.
Bottom line: First step in formulating a plan to get out of debt begins with finding what you can live without if you lose your job.
I've had a bunch of new commentors lately, and some have mentioned that they need to get a date set to be out of debt by. I know there are probably 3 times the number of new readers that are looking at how to get themselves out of debt. So, in the spirit of welcoming new people to the blog, and helping some of you regular readers get to debt free, I thought I'd post how I arrived at my plan.
It didn't happen over night. I can tell you that. I've been paying debt off for a few years now. I've been attending a Gail Club for almost 2 years now. And last summer I got serious about my debt.
My plan began in August. I had spoken to some of the Club members in the Gail club I attend and really got into the tough questions about how they got themselves out of debt. I realized that there were two people, in a marriage, that had gotten tough with themselves and each other and resolved to get the debt done. One had some much drive and determination I was/am absolutely in awe. The other, was a little more like me, in that there are somethings that you could talk yourself into that would mean extra payments on that debt, but the fun and reward now was worth it. So first I wasn't alone.
Then I realized - the behaviour of paying off debt I'd already been in, but I was beginning to feel a slump and a drowning sensation. After that I got tough with my budget and my life. I had some things I was paying for that I wasn't really utilizing correctly to justify the payments. I had 2 cell phones (one work had given me, one I had kept.). I had a gym membership...that I was barely using. I was paying bank fees, that I could have been saving myself for a while. I wasn't tracking everything.
So in August, I began using the Gail Club to complete homework and hand it in. In August, we started exploring what would happen to debt if we lost our jobs. What items would definitely go, and what could we live on in the event that happened. What happened was I asked a really tough question...
Why if we lost our job could we do without those items, but we couldn't to pay off our debt? There were many answers to this, but it all boiled down to, we weren't out of a job so why should we give up our luxuries...it's only debt! So that began what has turned into the plan I have now. In August I identified all of the budget line items that would go if I lost my job. My personal cell phone, the gym, online game, entertainment, medical, and clothing and gifts were on the chopping block. Add to that the bank fees I could be not paying, and my savings, and I had a bunch of items that I needed to really look at.
First thing - cell phone. My work provides a cell phone for everyone. With it, we've been told that it is ours as long as we are working for the company, to use as we see fit and work pays for the bill. I was the only one not utilizing it the way everyone else was. So, I started to look into ways to get out of my personal cell phone. I called the company, asked how much it would cost to break contract, talked to them about a few options, called a friend of mine that was looking to get another cell phone, and started entertaining how to get myself out for the least amount of money.
My friend and her husband liked the package I had with the cell phone, and agreed to take over the contract for the duration (it ends in November). We did the transfer, and the company I was with waived the transfer fees and the fee to change the address. I as out and they were in for the cost of the bill they would have to pay at the end of September. Voila! $40 I could toss onto debt!
Next, I stopped sending money to my savings account and started stocking it in my checking account. Crossing my fingers I did the math right, I'll be out of bank fees in February. Another $12.95 to move towards debt. My gym membership payments were over in December, so I'm done the gym membership payments...another $50 to feed my budget. Since I'm still working and I have a few ailments that I 'm finding huge success with removing from my life, through my medical stuff, I'm not really willing to remove that yet.
My online game is still on the fence. I'm evaluating the time I spend playing the game and the benefits for paying for a subscription, when I can play the game without spending any money. So, after my renewal in January, I'll likely be removing my subscription and going back to playing without cash.
Then there was the upgrade in pay that I found out was coming in November. I was doing all this work to squeeze pennies dollars onto my debt, and now I have more money to work with. And less budget lines to fund.
Bottom line: First step in formulating a plan to get out of debt begins with finding what you can live without if you lose your job.
Monday, January 17, 2011
January is Risk Taking Month
I have one of those inspirational calendars, with the quotes and the beautiful pictures. This month - January - is Risk Taking Month.
T.S.Elliot says "Only those who will risk going too far can possibly find out how far one can go."
I found this absolutely fitting for the journey I've set for myself this year. I took a big risk deciding to set a goal of paying off my debt by year's end. A risk on myself really. I've "bet" myself that I can accomplish this by year's end, and I've given myself a no-fail option. Super risky I'd say!
Taking into account that this month I'll be spending a chunk of money on my sister's wedding, I have to come up with an additional $4,000 to complete my goal by the end of the year - outside of the $1,600 I put towards debt each month.
I'm about to find out if I can go as far as I think I can. What are you doing this month that is risky, scary, shocking or otherwise?
T.S.Elliot says "Only those who will risk going too far can possibly find out how far one can go."
I found this absolutely fitting for the journey I've set for myself this year. I took a big risk deciding to set a goal of paying off my debt by year's end. A risk on myself really. I've "bet" myself that I can accomplish this by year's end, and I've given myself a no-fail option. Super risky I'd say!
Taking into account that this month I'll be spending a chunk of money on my sister's wedding, I have to come up with an additional $4,000 to complete my goal by the end of the year - outside of the $1,600 I put towards debt each month.
I'm about to find out if I can go as far as I think I can. What are you doing this month that is risky, scary, shocking or otherwise?
Saturday, January 15, 2011
Shock and Awe!
So are you all scared? Did you read my plan to get out of debt and think it's impossible...there's no way?!?
For me it IS possible. For me, it IS my new reality. I've resolved to make this monster go away in one year. I've deposited my paycheck, and will be pulling the trigger one my first payment of the month. Keep in mind I have a second goal this year, and that on top of paying back $23,803.21 of debt, I'll also be paying no bank fees for the year (or as close to no bank fees as I can get).
Is this going to be tough? YOU BETCHA! Am I going to have a life? YOU BETCHA!
What am I going to do about entertainment and keeping fun in my life? Lots of things. It's a monetary goal I have. It's a tough goal I have, but I'm not staying in every night and wallowing in pity because I was an idiot with my money and I have to pay a debt back! Nope - I have tons of movies on DVD at home. I have 6 seasons of NCIS on DVD, and 5 seasons on Numb3rs on DVD to watch as much as I want. I have Rogers on Demand that has all kinds of shows I can watch if I want to. I have ample books in my personal library, tons more in my family's library, and an entire city's worth of books at a public Library to keep me occupied - not to mention countless other movies I can borrow without cost!!
I have a bicycle I can ride, when the snow is gone. I have two feet and a heart beat to move me around parks and venues to enjoy the beauty of nature and the intrigue of discovery in my own neighbourhood. I have a Dragon Flyer I can slide down the hill at the school across the street, if I want to enjoy the snow or skates to lace up if I want to move on ice. I curl in a league - paid for from last year's budget - to get me through the rest of this winter in a sport I love. I have the remainder of a gym membership that can be hours of entertainment on an elliptical or stair climber or treadmill if I want to exercise and be warm doing so. I have stairs at my apartment that I can start climbing when the membership runs out. I'm not renewing it. I have free weights and a balance ball at home, not to mention a Wii and countless games to play. I have a boyfriend that is a source of entertainment with our nerfs guns and card games and general chores. There are thousands of things I can think to do to keep myself busy and out of monotony while I pay down this debt monster of mine.
There's Gail club, and friends to call and visit. I love window shopping in different small towns that I can drive to. Gas is built into my transportation budget. Maybe I'll even trying biking to some of those places! I have birthdays that I can ask people to get me an experience we both enjoy that I won't have to pay for myself...like the Butterfly Emporium and a lunch together. Or a gift card to Blockbuster if so I can see some of the new movies faster than the library gets them. I even have a Treasure's book, so when I do have a dinner out in the budget I can spend my dollars more wisely on the dinner at a place that offers a discount with the card/book. Even my experiences can be split with someone else in the book - 2 admissions for the price of one!
All I've done is resolve to finish this in one year. That's all. Just one Year! I'm already making payments built into my budget. I'm already driving to clients for work and getting mileage checks for it. I've set up my medical stuff so that I only pay the taxes on the stuff to the government as benefit tax and will be increasing that fund all year long, until such time as I can snowball it to my debt. I will be saving money in my Clothing and Gifts Fund since I've already purchased 3 birthday gifts and 2 anniversary gifts for this year. At the end of the year I'll have a nice little sum to use for Christmas - already budgeted!
It's all in your perspective. Lots of you readers saw that I'm paying this debt back in one year and you immediately thought I'll have a drab life for this year. Not so. Absolutely untrue! I'll be debt free and live the life I want at the same time! Maybe I'm not travelling this year. Maybe I'll have to say no to a few dinners out with friends, but instead invite them over for tea and talk. Maybe I won't be like some of you and buy a Tim's or Star Bucks everyday....I don't do that now, so I'm already not depriving myself of anything really. I gave myself preparedness for Christmas this year. I'll be using that preparedness ample times in the days, weeks and months to come, so that I have healthy foods to snack on, breakfast each day, and lunch and dinner each day, that won't involve me buying it from some ready-to-serve place. I don't drink coffee. I get asked once a day if I'd like a hot chocolate - sometimes I say yes, sometimes I say no - but I buy for everyone once a month - hence the work fund I have set up form my mileage check from December. Nothing I'm doing this year is difficult, if I just keep my goal in mind and my eye on the prize.
Is paying $23,803.21 back in one year shocking?! Sure! Is it awe inspiring? Sure! Is it impossible? Absolutely not!
As I finish this post, I've paid another $803.21 towards my debt...so the monster is now at $23,000.00 and shrinking! Happy weekend everyone!
For me it IS possible. For me, it IS my new reality. I've resolved to make this monster go away in one year. I've deposited my paycheck, and will be pulling the trigger one my first payment of the month. Keep in mind I have a second goal this year, and that on top of paying back $23,803.21 of debt, I'll also be paying no bank fees for the year (or as close to no bank fees as I can get).
Is this going to be tough? YOU BETCHA! Am I going to have a life? YOU BETCHA!
What am I going to do about entertainment and keeping fun in my life? Lots of things. It's a monetary goal I have. It's a tough goal I have, but I'm not staying in every night and wallowing in pity because I was an idiot with my money and I have to pay a debt back! Nope - I have tons of movies on DVD at home. I have 6 seasons of NCIS on DVD, and 5 seasons on Numb3rs on DVD to watch as much as I want. I have Rogers on Demand that has all kinds of shows I can watch if I want to. I have ample books in my personal library, tons more in my family's library, and an entire city's worth of books at a public Library to keep me occupied - not to mention countless other movies I can borrow without cost!!
I have a bicycle I can ride, when the snow is gone. I have two feet and a heart beat to move me around parks and venues to enjoy the beauty of nature and the intrigue of discovery in my own neighbourhood. I have a Dragon Flyer I can slide down the hill at the school across the street, if I want to enjoy the snow or skates to lace up if I want to move on ice. I curl in a league - paid for from last year's budget - to get me through the rest of this winter in a sport I love. I have the remainder of a gym membership that can be hours of entertainment on an elliptical or stair climber or treadmill if I want to exercise and be warm doing so. I have stairs at my apartment that I can start climbing when the membership runs out. I'm not renewing it. I have free weights and a balance ball at home, not to mention a Wii and countless games to play. I have a boyfriend that is a source of entertainment with our nerfs guns and card games and general chores. There are thousands of things I can think to do to keep myself busy and out of monotony while I pay down this debt monster of mine.
There's Gail club, and friends to call and visit. I love window shopping in different small towns that I can drive to. Gas is built into my transportation budget. Maybe I'll even trying biking to some of those places! I have birthdays that I can ask people to get me an experience we both enjoy that I won't have to pay for myself...like the Butterfly Emporium and a lunch together. Or a gift card to Blockbuster if so I can see some of the new movies faster than the library gets them. I even have a Treasure's book, so when I do have a dinner out in the budget I can spend my dollars more wisely on the dinner at a place that offers a discount with the card/book. Even my experiences can be split with someone else in the book - 2 admissions for the price of one!
All I've done is resolve to finish this in one year. That's all. Just one Year! I'm already making payments built into my budget. I'm already driving to clients for work and getting mileage checks for it. I've set up my medical stuff so that I only pay the taxes on the stuff to the government as benefit tax and will be increasing that fund all year long, until such time as I can snowball it to my debt. I will be saving money in my Clothing and Gifts Fund since I've already purchased 3 birthday gifts and 2 anniversary gifts for this year. At the end of the year I'll have a nice little sum to use for Christmas - already budgeted!
It's all in your perspective. Lots of you readers saw that I'm paying this debt back in one year and you immediately thought I'll have a drab life for this year. Not so. Absolutely untrue! I'll be debt free and live the life I want at the same time! Maybe I'm not travelling this year. Maybe I'll have to say no to a few dinners out with friends, but instead invite them over for tea and talk. Maybe I won't be like some of you and buy a Tim's or Star Bucks everyday....I don't do that now, so I'm already not depriving myself of anything really. I gave myself preparedness for Christmas this year. I'll be using that preparedness ample times in the days, weeks and months to come, so that I have healthy foods to snack on, breakfast each day, and lunch and dinner each day, that won't involve me buying it from some ready-to-serve place. I don't drink coffee. I get asked once a day if I'd like a hot chocolate - sometimes I say yes, sometimes I say no - but I buy for everyone once a month - hence the work fund I have set up form my mileage check from December. Nothing I'm doing this year is difficult, if I just keep my goal in mind and my eye on the prize.
Is paying $23,803.21 back in one year shocking?! Sure! Is it awe inspiring? Sure! Is it impossible? Absolutely not!
As I finish this post, I've paid another $803.21 towards my debt...so the monster is now at $23,000.00 and shrinking! Happy weekend everyone!
Thursday, January 13, 2011
How I'm Getting Out of Debt!
So yesterday I told you all how I got myself into debt. It's a compelling, heart-string-pulling, underdog type story that you really should read if you haven't...well not really but it's my story and it'll show you how I got to where I am and where I came from.
Today - after much anticipation - I can tell you how I'm getting my (really cute!) butt out of debt!
It starts with my raise!! Officially, I am now at $57,224.96! What an absolutely obscure number. That is an increase of $4,724.96 and is the equivalent of an 8.9999238%. Don't ask me, it wasn't my number! So like 9% increase. I'm pretty happy with that. It's actually more than was thought.
This means that my plan is in full effect, and I've readjusted one budget category to coincide with the increase in gas prices. I've fixed my other pages to show this.
To get me out of debt I begin by putting $1600 per month onto the debt. For months with an extra paycheck, that goes to debt too (and is factored into the repayment plan I have set up.)
To continue to move towards debt freedom, any tax return I get will be dumped right onto that debt guy over there. After my mileage expense checks from work will be tossed right onto debt. I drove 6234 kilometers for work last year - which was the equivalent of about $3,000 in 2010. That may or may not be the amount I drive in 2011, but if trends stick I'll be driving further this year than last, so perhaps I'll have a good chunk of extra cash I can throw at this debt.
Any snowflakes from anything else will also be thrown at the debt.
By the end of 2011, that $23,803.21 will be a giant zero!
Stick with me this year as I track my travel to debt freedom.
So that's it. In a nutshell, $1,600 per month, plus whatever I drive, plus snowflakes, plus any tax return I may get, plus found money and voila! I'm debt free at the end of the year!
I'll be heading to the bank - the other goal I'm reaching this month is that I'll be out of bank fees starting February. I'll be putting $803.21 onto my debt this month. I have an additional $19 to be added to that total. I have this $19, because of my December mileage check. It's actually $119.60. I'm keeping $100 in my work account, so I can keep expenses for work separate from my actual budget.
Also I've found another snowflake to put towards my debt. something I purchased for my mom's Christmas present doesn't fit the way she wanted, and she prefers the other choice I gave her. So, I have that to return as well.
This is me - and my journey to debt free. I'll be updating how my progress goes on a very frequent basis. I was watching a show on TV the other day (I wish I could remember the actual show), but someone from The Secret was commenting on the size of the goal and the drive to get it complete. He mentioned that we don't set goals that are truly big enough to invoke anxiety, excitedness, a shaking in the body, anticipation and fear all at the same time. He basically inferred that we set goals that are too small, so when we fail we have an out. Paying off $23,803.21 in one year makes me shake, scared, anxious, excited and truly anticipatory for the end of this year. I'm so excited everyday to get up and see how the day will go - purely because it's like a surprise each day to see if I can find money to put onto my debt!
Oh boy! I can't wait for the weekend!!!
Today - after much anticipation - I can tell you how I'm getting my (really cute!) butt out of debt!
It starts with my raise!! Officially, I am now at $57,224.96! What an absolutely obscure number. That is an increase of $4,724.96 and is the equivalent of an 8.9999238%. Don't ask me, it wasn't my number! So like 9% increase. I'm pretty happy with that. It's actually more than was thought.
This means that my plan is in full effect, and I've readjusted one budget category to coincide with the increase in gas prices. I've fixed my other pages to show this.
 |
| 2011 Budget |
To continue to move towards debt freedom, any tax return I get will be dumped right onto that debt guy over there. After my mileage expense checks from work will be tossed right onto debt. I drove 6234 kilometers for work last year - which was the equivalent of about $3,000 in 2010. That may or may not be the amount I drive in 2011, but if trends stick I'll be driving further this year than last, so perhaps I'll have a good chunk of extra cash I can throw at this debt.
Any snowflakes from anything else will also be thrown at the debt.
By the end of 2011, that $23,803.21 will be a giant zero!
Stick with me this year as I track my travel to debt freedom.
So that's it. In a nutshell, $1,600 per month, plus whatever I drive, plus snowflakes, plus any tax return I may get, plus found money and voila! I'm debt free at the end of the year!
I'll be heading to the bank - the other goal I'm reaching this month is that I'll be out of bank fees starting February. I'll be putting $803.21 onto my debt this month. I have an additional $19 to be added to that total. I have this $19, because of my December mileage check. It's actually $119.60. I'm keeping $100 in my work account, so I can keep expenses for work separate from my actual budget.
Also I've found another snowflake to put towards my debt. something I purchased for my mom's Christmas present doesn't fit the way she wanted, and she prefers the other choice I gave her. So, I have that to return as well.
This is me - and my journey to debt free. I'll be updating how my progress goes on a very frequent basis. I was watching a show on TV the other day (I wish I could remember the actual show), but someone from The Secret was commenting on the size of the goal and the drive to get it complete. He mentioned that we don't set goals that are truly big enough to invoke anxiety, excitedness, a shaking in the body, anticipation and fear all at the same time. He basically inferred that we set goals that are too small, so when we fail we have an out. Paying off $23,803.21 in one year makes me shake, scared, anxious, excited and truly anticipatory for the end of this year. I'm so excited everyday to get up and see how the day will go - purely because it's like a surprise each day to see if I can find money to put onto my debt!
Oh boy! I can't wait for the weekend!!!
How I got in debt
When I was younger I was a really good saver. I've been working at something since I was about 10 (maybe eight). I started as a Pennysaver carrier. Then I began a Toronto Sun carrier. Then I became a cashier. Then I worked in a clothing store, and as a receptionist, while still being a cashier. Then I was a lab tech and a cashier, then it was Environmental and a Cashier. Now it's just Inside Sales and Environmental Health and Safety. (yep that's my current title, but not everything I do in a day). The early jobs were to save for things like my own clothes, taking school trips, saving for university and college (went to both). Then it was to pay rent, and groceries, and telephone, and cable and internet, and fun, and school books and courses. With the addition of student loans in my first two years of school. Then summer jobs plus being a cashier - that's right 2 jobs every summer, one every other weekend while in school. Then I was landing co-op jobs for full-time employ during the semester and still working as a cashier at night. I hung onto that cashier position (with changes in duties) until 2008 - 13.5 years with the company. It helped me out, helped me pay off a bunch of stuff, helped me visit places and do things I wouldn't have been able to, and helped my single mother stop breaking herself all the time.
I got into debt with school to start. Student loans to pay for tuition and books, give me a little more breathing room to be me during school. I saved $1,000 from the total I was receiving each loan I got. This way I had something stashed when repayment came due. I didn't need all $8,000 I was getting at the time. I had budgeted living expenses as I was working, so figured I could put some away so I had a bunch to start giving back to the government when the time came. Why not pay the government back with their own money. You don't have to show what you spent the money on, just that you need it. I did that the second year as well. Tuition and books first year were $6,000. and about the same the second year. That means I'd left myself $1,000 form student loan money to live - plus added to it, every other weekend with my earnings from work, plus then the winter break at Christmas, and reading week. I had enough to get me through. My third year at school I decided I could handle a credit card. Boy was I wrong! It was like free money!! "Let me get that for you!" I would say. Paying for meals for friends, and drinks, and going out a little more often than usual. When they gave me student loans my third year at school i took them, not realizing I had under estimated my earnings and they would audit me. I return the loan, plus had to give back another $1,500 (good thing I'd saved the $2,000!). No more student loans for me.
I kept working. I still had the credit card, and now I'd gotten myself overdraft protection in an amount equivalent to handling one month's rent. Living at home, working full-time for 4 months, plus evenings for another 24 hours, and I started my ING account. I paid off that credit card by the end of the work term, socked a pile away to live on, for rent and tuition and books, and all my expenses, and kept working weekends. I made it to the end of every school year with enough money to last until my first paycheck came in. But I didn't give up the credit card. I started not being able to clear the entire balance by the end of work term. I still had graduation coming up and loan repayments to start making, so I started saving more and more. But was still using my credit card irresponsibly. I graduated, put $9,000 onto the student loans right away, and before any interest could incur, my grandparents paid the balance off in full for me. I reimbursed them half, as was the deal, within the first year of being out of school, on my cashier wages, and with the help of a temp contract as an admin assistant I had landed. The rest was a graduation gift. They didn't want me to start life with a huge debt. I love them to pieces regardless of that.
Then I got involved with trying to run my own business with a cosmetics company that was fantastic. The trouble was me, and my big eyes. I loved the product, had all kinds of ideas, thoughts and plans, I just lacked the actual ability to implement and the drive to continue it every day. I was a decent seller, but was out of balance with my stock versus my clientele. I opened a second and third credit card and the totals began to rack up. Then something happened that I didn't fully understand....
"For being a good client, we are increasing your limit to [fill in bigger denomination of money here]...and again and again until suddenly my limit on one card was $30,000!!! GAH!
So - that makes student loans, three credit cards, overdraft protection (yes it's debt!) and add to that bad business sense and a car accident and I have a heck of a debt to get out from under. Getting my grandparents paid back was a great feat. Paying off 2 of the three cards was great. Paying back my car loan a year early so I could work on this last debt felt fantastic. Removing overdraft protection last year felt even better! Now I have one credit card left.
Sure it took a little while to get all my debts taken care of. More than Gails suggested 3 years, but I'm working to correct behaviours with money, just as much as I'm working on paying back the debts. And truthfully, I didn't really get serious about anything until I joined the Gail group in 2009. Now that I'm serious, I'm seriously striving to be out of $23,803.21 of debt by Dec. 31, 2011. A great motivator? I just received word in the mail that my interest rate on my card will be going from 11.5% annually to 12% annually. Beginning on the first bill for March!
Alrighty there CIBC! I'm done feeding you my hard earned money. I'm done having to tell myself no I can't afford that. I'm definitely finished with not being able to take a vacation and see a part of the world I'd like to. So half of what I earn each month goes to CIBC. the months with 3 checks, that extra check goes to CIBC. My mileage reimbursements (after the first one) will be going to CIBC. Snowflakes will be going to CIBC. And, since I've set up my medical coverage this year, the reimbursements accumulated in June and December will be going to CIBC. Add to that the tax return I should be getting, and that's one heck of a payday to CIBC over this year!
The other thing I'm a little worried about is that callable nature of this debt. What that means is, although the credit card company is lending you the money, they can ask for it back, all at once, whenever they choose too. With the giant balance I carry, I'm more of a candidate for this callable debt thing than others may be. Once I make that last payment in December, my Christmas present this year to myself - will be calling CIBC and reducing that amount. It'll hurt me exponentially when I go to get a mortgage. Sure my credit score will take a bit of a ding for this - but seriously it's worth it, since by the time I save the 20% for the house, it won't be affecting my credit score anymore!!
Plus - I'll be able to reevaluate my credit card and potentially change it out for one that offers free groceries, or 2% cash back or air miles. Something else for my purchases than the nothing I currently have on my card. But that's all dreams for the future. I'm working this year to make a goal a reality.
I got into debt with school to start. Student loans to pay for tuition and books, give me a little more breathing room to be me during school. I saved $1,000 from the total I was receiving each loan I got. This way I had something stashed when repayment came due. I didn't need all $8,000 I was getting at the time. I had budgeted living expenses as I was working, so figured I could put some away so I had a bunch to start giving back to the government when the time came. Why not pay the government back with their own money. You don't have to show what you spent the money on, just that you need it. I did that the second year as well. Tuition and books first year were $6,000. and about the same the second year. That means I'd left myself $1,000 form student loan money to live - plus added to it, every other weekend with my earnings from work, plus then the winter break at Christmas, and reading week. I had enough to get me through. My third year at school I decided I could handle a credit card. Boy was I wrong! It was like free money!! "Let me get that for you!" I would say. Paying for meals for friends, and drinks, and going out a little more often than usual. When they gave me student loans my third year at school i took them, not realizing I had under estimated my earnings and they would audit me. I return the loan, plus had to give back another $1,500 (good thing I'd saved the $2,000!). No more student loans for me.
I kept working. I still had the credit card, and now I'd gotten myself overdraft protection in an amount equivalent to handling one month's rent. Living at home, working full-time for 4 months, plus evenings for another 24 hours, and I started my ING account. I paid off that credit card by the end of the work term, socked a pile away to live on, for rent and tuition and books, and all my expenses, and kept working weekends. I made it to the end of every school year with enough money to last until my first paycheck came in. But I didn't give up the credit card. I started not being able to clear the entire balance by the end of work term. I still had graduation coming up and loan repayments to start making, so I started saving more and more. But was still using my credit card irresponsibly. I graduated, put $9,000 onto the student loans right away, and before any interest could incur, my grandparents paid the balance off in full for me. I reimbursed them half, as was the deal, within the first year of being out of school, on my cashier wages, and with the help of a temp contract as an admin assistant I had landed. The rest was a graduation gift. They didn't want me to start life with a huge debt. I love them to pieces regardless of that.
Then I got involved with trying to run my own business with a cosmetics company that was fantastic. The trouble was me, and my big eyes. I loved the product, had all kinds of ideas, thoughts and plans, I just lacked the actual ability to implement and the drive to continue it every day. I was a decent seller, but was out of balance with my stock versus my clientele. I opened a second and third credit card and the totals began to rack up. Then something happened that I didn't fully understand....
"For being a good client, we are increasing your limit to [fill in bigger denomination of money here]...and again and again until suddenly my limit on one card was $30,000!!! GAH!
So - that makes student loans, three credit cards, overdraft protection (yes it's debt!) and add to that bad business sense and a car accident and I have a heck of a debt to get out from under. Getting my grandparents paid back was a great feat. Paying off 2 of the three cards was great. Paying back my car loan a year early so I could work on this last debt felt fantastic. Removing overdraft protection last year felt even better! Now I have one credit card left.
Sure it took a little while to get all my debts taken care of. More than Gails suggested 3 years, but I'm working to correct behaviours with money, just as much as I'm working on paying back the debts. And truthfully, I didn't really get serious about anything until I joined the Gail group in 2009. Now that I'm serious, I'm seriously striving to be out of $23,803.21 of debt by Dec. 31, 2011. A great motivator? I just received word in the mail that my interest rate on my card will be going from 11.5% annually to 12% annually. Beginning on the first bill for March!
Alrighty there CIBC! I'm done feeding you my hard earned money. I'm done having to tell myself no I can't afford that. I'm definitely finished with not being able to take a vacation and see a part of the world I'd like to. So half of what I earn each month goes to CIBC. the months with 3 checks, that extra check goes to CIBC. My mileage reimbursements (after the first one) will be going to CIBC. Snowflakes will be going to CIBC. And, since I've set up my medical coverage this year, the reimbursements accumulated in June and December will be going to CIBC. Add to that the tax return I should be getting, and that's one heck of a payday to CIBC over this year!
The other thing I'm a little worried about is that callable nature of this debt. What that means is, although the credit card company is lending you the money, they can ask for it back, all at once, whenever they choose too. With the giant balance I carry, I'm more of a candidate for this callable debt thing than others may be. Once I make that last payment in December, my Christmas present this year to myself - will be calling CIBC and reducing that amount. It'll hurt me exponentially when I go to get a mortgage. Sure my credit score will take a bit of a ding for this - but seriously it's worth it, since by the time I save the 20% for the house, it won't be affecting my credit score anymore!!
Plus - I'll be able to reevaluate my credit card and potentially change it out for one that offers free groceries, or 2% cash back or air miles. Something else for my purchases than the nothing I currently have on my card. But that's all dreams for the future. I'm working this year to make a goal a reality.
Wednesday, January 12, 2011
Under a blanket of snow
A rambling, muse post today, since we are under a blanket of snow and I'm the only one actually sitting in the office today. This isn't a problem as I'm the only one in the office Wednesdays - the nature of the business when I'm the only person on staff in my division that doesn't have a DZ license. When it snows we need the fleet mobile to compensate for bad drivers causing traffic delays.
Today, really, I'd like to discuss what it means to be in debt. I've been reading some blogs lately - ones that usually have a vast number of readers and that take some time each week to answer questions on their blog. it seems the word D E B T has as many meanings as there are people on this earth...which incidentally is about 6.928 billion people today.
D E B T means you owe someone money. Whether that is your parents, your friends, a bank, credit card(s), mortgage company, line of credit, car loan, student loan or anything else...you owe people money so you are IN DEBT!! (horrible, ghastly, gasping noises). I'm currently in consumer debt. it means I owe money on a credit card (or car loan or line of credit or to people). It means I was a consumer and I bought things with money I didn't yet have and hadn't yet earned. Lots of people don't like that word/phrase. Lots of people want a different word/phrase to say the same thing. Lots of people are in denial about their situation and want someone to make it sound better than it is so they don't have to deal with it.
No matter what you call it it boils down to you owing someone money you didn't have before you spent it.
I have $23,803.21 of credit card debt that I am working towards paying off this year. Yep that's right. THIS YEAR!! That's a huge HUGE chunk of borrowed money. I want to have it cleared up, paid back, and be able to move forward without the monkeys and the elephants weighing me down. I want to begin completing other goals....like finishing my degree.
I can't take a leave of absence while I have $23,803.21 of debt to pay back.
I also want to not owe my bank fees each month for using their services. To do this I have to have a balance above what the bank says ($3,000). I can be both debt free, and bank fee free. This will happen this year. I have a plan!
So no matter what you call it. No matter what game you are playing with yourself. No matter what type of debt you have or what qualifications you put on it. IF YOU OWE MONEY TO SOMEONE YOU ARE IN DEBT. I'm not arguing that there are "good debts and bad debts". I'm not saying that having a mortgage is a bad thing. I'm just saying that if you owe money to someone you are in debt. For those of you that don't have any consumer debt - good for you! For those that only have a mortgage to pay and are making strides to use the extra contribution rule each year, that's fantastic! For those of you that are just beginning to get in touch with your finances, welcome to the grind. It's hard. It's a pain in the butt. It makes going to work difficult some days, but welcome!
Stay tuned - Thursday is tomorrow - so I'll have a definite on my raise, and will be able to, with certainty, tell you exactly how my plan will be implemented and what steps I'll be taking to get myself out of this $23, 803.21 of debt I'm in.
Today, really, I'd like to discuss what it means to be in debt. I've been reading some blogs lately - ones that usually have a vast number of readers and that take some time each week to answer questions on their blog. it seems the word D E B T has as many meanings as there are people on this earth...which incidentally is about 6.928 billion people today.
D E B T means you owe someone money. Whether that is your parents, your friends, a bank, credit card(s), mortgage company, line of credit, car loan, student loan or anything else...you owe people money so you are IN DEBT!! (horrible, ghastly, gasping noises). I'm currently in consumer debt. it means I owe money on a credit card (or car loan or line of credit or to people). It means I was a consumer and I bought things with money I didn't yet have and hadn't yet earned. Lots of people don't like that word/phrase. Lots of people want a different word/phrase to say the same thing. Lots of people are in denial about their situation and want someone to make it sound better than it is so they don't have to deal with it.
No matter what you call it it boils down to you owing someone money you didn't have before you spent it.
I have $23,803.21 of credit card debt that I am working towards paying off this year. Yep that's right. THIS YEAR!! That's a huge HUGE chunk of borrowed money. I want to have it cleared up, paid back, and be able to move forward without the monkeys and the elephants weighing me down. I want to begin completing other goals....like finishing my degree.
I can't take a leave of absence while I have $23,803.21 of debt to pay back.
I also want to not owe my bank fees each month for using their services. To do this I have to have a balance above what the bank says ($3,000). I can be both debt free, and bank fee free. This will happen this year. I have a plan!
So no matter what you call it. No matter what game you are playing with yourself. No matter what type of debt you have or what qualifications you put on it. IF YOU OWE MONEY TO SOMEONE YOU ARE IN DEBT. I'm not arguing that there are "good debts and bad debts". I'm not saying that having a mortgage is a bad thing. I'm just saying that if you owe money to someone you are in debt. For those of you that don't have any consumer debt - good for you! For those that only have a mortgage to pay and are making strides to use the extra contribution rule each year, that's fantastic! For those of you that are just beginning to get in touch with your finances, welcome to the grind. It's hard. It's a pain in the butt. It makes going to work difficult some days, but welcome!
Stay tuned - Thursday is tomorrow - so I'll have a definite on my raise, and will be able to, with certainty, tell you exactly how my plan will be implemented and what steps I'll be taking to get myself out of this $23, 803.21 of debt I'm in.
Tuesday, January 11, 2011
Anticipating and Waiting
Today I'm getting anxious for Thursday. An odd day to be anxious for, except that it's the 13th of January and I get paid that day. I spoke to one of my bosses today about potentially what I'm looking at for an increase. It isn't bad. He thinks I should be expecting to be at $56,000 salary for this year. That would mean I'd be taking home about $1617.50 per paycheck. That's an increase of $122.26 per check. I'd say that's nice. I know I'm worth more than this to my company, but it's a good start. Perhaps I'll try negotiating another week of holidays as well. The worst I can be is exactly where I am!
What does this increase mean to my debt-freedom plan for this year? Well it means I'll be able to drop $1600 onto my debt each month. It means I have to find a way to come up with an additional $3000 to put onto my debt to make sure I'm debt free this year. It means I'll have to stick pretty close to the budget I've set up for the year and it means that some of the little extras I'll have to Just Say No to. I've already purchased my mom's, grandma's, and poppa's birthday gifts. I've just secured an anniversary gift for my best friend and her husband for June. I have good friend in London, my sister, my brother-in-law, my best friend, my niece, and my boyfriend to buy gifts for still. And I have Christmas to get through still.
I'll begin posting pictures of my smocking as I go as well. This will give you all some idea of what it is I'm actually doing.
I'm not overly crafty. Most things I do I've learned from my grandmother and mother, and they all have patterns that I can follow. Your skills get better if you have someone to sit with for a while as you go and show you how to correct what you are doing, or the best technique. I've begun learning these things sine one day my grandmother will part from this earth, taking with her decades of perfected crafts. I want to learn as many as I can before that time, and since I'm young , it's time to start perfecting my own.
Monday was a no-spend day. I love progress!!
What does this increase mean to my debt-freedom plan for this year? Well it means I'll be able to drop $1600 onto my debt each month. It means I have to find a way to come up with an additional $3000 to put onto my debt to make sure I'm debt free this year. It means I'll have to stick pretty close to the budget I've set up for the year and it means that some of the little extras I'll have to Just Say No to. I've already purchased my mom's, grandma's, and poppa's birthday gifts. I've just secured an anniversary gift for my best friend and her husband for June. I have good friend in London, my sister, my brother-in-law, my best friend, my niece, and my boyfriend to buy gifts for still. And I have Christmas to get through still.
I'll begin posting pictures of my smocking as I go as well. This will give you all some idea of what it is I'm actually doing.
I'm not overly crafty. Most things I do I've learned from my grandmother and mother, and they all have patterns that I can follow. Your skills get better if you have someone to sit with for a while as you go and show you how to correct what you are doing, or the best technique. I've begun learning these things sine one day my grandmother will part from this earth, taking with her decades of perfected crafts. I want to learn as many as I can before that time, and since I'm young , it's time to start perfecting my own.
Monday was a no-spend day. I love progress!!
Monday, January 10, 2011
A Skill Challenging Weekend
I had a lovely weekend - Christmased with my Best Friend, and spent the rest of the weekend with my family while my sister finally cleaned out her room and I learned a new skill! My grandmother and mother have been very crafty ladies over my lifetime. Hand knit sweaters, my whole life, when I was younger hand-smocked dresses (not those lazy machine stretch things you get in stores now that lose their shape in like 3 minutes). And all kinds of handmade clothes. I'm getting older now - egads, really?!?!?!? - so I thought it was about time to start to learn some of these crafts myself, as the goal is to have children - preferrably at least one girl - in the next couple of years.
Armed with my dress, with thousands of tiny pleats, my chosen design, and ample daylight, I sat in the living room of my mom's house and began learning the intricate art of stitching each of those damn thousands of pleats! Progress was made as I finished my first row and learned what and over/under cable was. As I began my second row I was proud to learn there are a few tricks involved in what you are doing and the second row, though not yet complete, is 10 times better than my first row already. At least I think so. I also learned that though I can see the mistakes I've made, others will not be able to and will marvel at my new found talent and my finished work. Hear that? Marvel!
I'm eager to get going on this so I can be proud of a new skill and accomplishment. I'll tell you,m so far that hardest part was stringing all those tiny dots together and pulling the threads to make all those thousands of tiny pleats. Now I'm enjoying the fun part.
In other news, Saturday I spent some money, on a couple of gifts, a few groceries, and gas. Sunday was a no spend day. So far not doing too badly - that's 4 no spends so far this year!
I'm also about half-way through my first Personal Finance book of the year. While I was excited to read The New Frugality, I've quickly learned it's the same stuff disguised into someone else's words. I'll be doing a two-part review, as soon as I've hit the half way mark, and again when I finish it.
On tap for this week - speech writing 101, dealing with procrastination 101, and chores 2.0. Not to mention the ever anticipated FIRST PAY CHECK OF THE YEAR!!
Armed with my dress, with thousands of tiny pleats, my chosen design, and ample daylight, I sat in the living room of my mom's house and began learning the intricate art of stitching each of those damn thousands of pleats! Progress was made as I finished my first row and learned what and over/under cable was. As I began my second row I was proud to learn there are a few tricks involved in what you are doing and the second row, though not yet complete, is 10 times better than my first row already. At least I think so. I also learned that though I can see the mistakes I've made, others will not be able to and will marvel at my new found talent and my finished work. Hear that? Marvel!
I'm eager to get going on this so I can be proud of a new skill and accomplishment. I'll tell you,m so far that hardest part was stringing all those tiny dots together and pulling the threads to make all those thousands of tiny pleats. Now I'm enjoying the fun part.
In other news, Saturday I spent some money, on a couple of gifts, a few groceries, and gas. Sunday was a no spend day. So far not doing too badly - that's 4 no spends so far this year!
I'm also about half-way through my first Personal Finance book of the year. While I was excited to read The New Frugality, I've quickly learned it's the same stuff disguised into someone else's words. I'll be doing a two-part review, as soon as I've hit the half way mark, and again when I finish it.
On tap for this week - speech writing 101, dealing with procrastination 101, and chores 2.0. Not to mention the ever anticipated FIRST PAY CHECK OF THE YEAR!!
Saturday, January 08, 2011
End of Week One of 2011
A small post today about some of the things from week one that I encountered. First, I had my first snowflake of the year. Sure it was only $17.53 but that's $17.53 less that I owe on my debt. I managed to find a way to have two more no-spend days this week - Thursday and Friday.
I received a reimbursement check with money I had budgeted back in September. I gave half to the lady I owed it to, for being kind and sharing something with me (only fair to give her back half what she paid for it). I snowflaked the rest. I also, in my purging, earlier this week, realized I had made a purchase of something I didn't end up using. So I took it back. Again the money was budgeted as spent in December, so now I found myself $14.68 up in the year. I could have snowflaked it too, but I paid cash for the purchase, so cash I received back. Since i had already "spent" the money, I was able to pay for drinks at curling on Thursday. (If you don't know, curling has off-ice rules as well, that state that when you win the game, it is only sporting to buy the other team the first round of drinks after the game. You then sit with the other team and converse with them for an appropriate amount of time. The losing team then reciprocates the offer buy asking if they can buy the second round.) From the $14.68 I was able to get the drinks for Thursday, a bagel this morning, and 2 packages of Hilroy Ruled/Lined paper. I still have $1.50. Also - from purchases I made in December, I had a $10 coupon/money from Shoppers Drug Mart. I needed a birthday card for my mom, got myself a beverage to quench my thirst, and splurged with a chocolate purchase as well. It cost me $1.59 for everything (after taxes and the $10 coupon/money) The $1.59 also came from the $14.68 I had returned to me.
With my $1.50 left I'll leave it in my wallet and see what comes up.
So basically, with previously budgeted money to the tune of $49.41 + $10 coupon/money, I was able to get for "Free" or Do the following:
$17.53 snowflake onto CIBC debt
$17.50 to locker buddy at curling, to give her back half of her full payment
Drinks at curling Thursday night
Birthday Card for Mom
Juice and Large Chocolate Bar
Bagel
2 packages of Hilroy Ruled/Lined Paper
And I still have $1.50 left from it. Not too bad. My budget hasn't changed. I've put $17.53 more towards my debt than I thought I would this month, and I've ticked off a few items on my To Do list.
I could have done something else with some of the money, but I'm good with what I've done with it.
I'm heading to my mom's this weekend, with a stop-over at my best friend's house to do "Christmas" together. With Thursday and Friday being technically No-Spend days, I'm eager to see if I can make Saturday and Sunday no spend days too.
Although the $17.53 works out to a payment of 0.07% of my debt, it's still money I don't have to pay back anymore!!
Budget looks like this:
I still don't know what my income is really for this month or year yet, so it shows what I do know it to be for right now. You'll notice my online game and gym are still listed. Until I know that the payments for those have stopped, I'm leaving them in there. My insurance is a little less that what I had budgeted as well. Not doing too bad so far. All the major stuff has been paid for. I've also been cooking and baking this week too - to stretch the money a little further and eat healthier. I've made Banana Loaves, Potato Leek Soup from scratch, and Roasted Chicken and Vegetables this week. I've been eating left overs all week long - as I batch cook enough to get a few meals out of what I do cook. Also saves doing a heck load of dishes all the time as well. I am the dishwasher/dish dryer in my house. January is looking strong!
I received a reimbursement check with money I had budgeted back in September. I gave half to the lady I owed it to, for being kind and sharing something with me (only fair to give her back half what she paid for it). I snowflaked the rest. I also, in my purging, earlier this week, realized I had made a purchase of something I didn't end up using. So I took it back. Again the money was budgeted as spent in December, so now I found myself $14.68 up in the year. I could have snowflaked it too, but I paid cash for the purchase, so cash I received back. Since i had already "spent" the money, I was able to pay for drinks at curling on Thursday. (If you don't know, curling has off-ice rules as well, that state that when you win the game, it is only sporting to buy the other team the first round of drinks after the game. You then sit with the other team and converse with them for an appropriate amount of time. The losing team then reciprocates the offer buy asking if they can buy the second round.) From the $14.68 I was able to get the drinks for Thursday, a bagel this morning, and 2 packages of Hilroy Ruled/Lined paper. I still have $1.50. Also - from purchases I made in December, I had a $10 coupon/money from Shoppers Drug Mart. I needed a birthday card for my mom, got myself a beverage to quench my thirst, and splurged with a chocolate purchase as well. It cost me $1.59 for everything (after taxes and the $10 coupon/money) The $1.59 also came from the $14.68 I had returned to me.
With my $1.50 left I'll leave it in my wallet and see what comes up.
So basically, with previously budgeted money to the tune of $49.41 + $10 coupon/money, I was able to get for "Free" or Do the following:
$17.53 snowflake onto CIBC debt
$17.50 to locker buddy at curling, to give her back half of her full payment
Drinks at curling Thursday night
Birthday Card for Mom
Juice and Large Chocolate Bar
Bagel
2 packages of Hilroy Ruled/Lined Paper
And I still have $1.50 left from it. Not too bad. My budget hasn't changed. I've put $17.53 more towards my debt than I thought I would this month, and I've ticked off a few items on my To Do list.
I could have done something else with some of the money, but I'm good with what I've done with it.
I'm heading to my mom's this weekend, with a stop-over at my best friend's house to do "Christmas" together. With Thursday and Friday being technically No-Spend days, I'm eager to see if I can make Saturday and Sunday no spend days too.
Although the $17.53 works out to a payment of 0.07% of my debt, it's still money I don't have to pay back anymore!!
Budget looks like this:
Friday, January 07, 2011
Nothing says New Year Like a Purge Day!
Oh what a lovely start to the year!
I took a look at my closet and decided it was time to tame the beast. So a purge night I had. I've posted a couple pictures of my before mess and after results. I have a bunch of stuff to donate, some other things to give away.
How did I decide what to remove from my possession?
First I thought back. Anything I haven't worn in the last 3 years I'm not going to wear. Anything I didn't wear when I was thinner, I'm not going to wear when I'm thin again. My shoes are as is - three rows high and front to back in the closet. I switch it up depending on the outfit. I have a goal of wearing out my shoes as I go through the year. The only type I'm missing from my closet is a flat pair of black shoes. I have a shot boyfriend (short as in the same height as me), so I require a decent amount of flat shoes to go with outfits, just as I have heels for them all as well.
I didn't include pictures of my dresser - yes I have all those clothes in the closet, and on the bed, and have a dresser too. It is time to get my closet under control. As I get to debt free, I am also working on getting healthy - which is code for reducing my weight.
Now I have some items I'm not sure what to do with. Has anyone had any luck selling gently used items on ebay or Craig's list or something of that nature? Or do I simply donate them to Salvation Army and be done with them?
ah oops! Stay tuned for the pictures this afternoon!!
At last the pictures!
I took a look at my closet and decided it was time to tame the beast. So a purge night I had. I've posted a couple pictures of my before mess and after results. I have a bunch of stuff to donate, some other things to give away.
How did I decide what to remove from my possession?
First I thought back. Anything I haven't worn in the last 3 years I'm not going to wear. Anything I didn't wear when I was thinner, I'm not going to wear when I'm thin again. My shoes are as is - three rows high and front to back in the closet. I switch it up depending on the outfit. I have a goal of wearing out my shoes as I go through the year. The only type I'm missing from my closet is a flat pair of black shoes. I have a shot boyfriend (short as in the same height as me), so I require a decent amount of flat shoes to go with outfits, just as I have heels for them all as well.
I didn't include pictures of my dresser - yes I have all those clothes in the closet, and on the bed, and have a dresser too. It is time to get my closet under control. As I get to debt free, I am also working on getting healthy - which is code for reducing my weight.
Now I have some items I'm not sure what to do with. Has anyone had any luck selling gently used items on ebay or Craig's list or something of that nature? Or do I simply donate them to Salvation Army and be done with them?
ah oops! Stay tuned for the pictures this afternoon!!
At last the pictures!
 |
| Hanging Before |
 |
| Removed from Closet and ready for donation |
 |
| Folded before |
 |
| Folded After |
 |
| Hanging After |
 |
| Hangers now removed |
 |
| Shoes! (Three rows high - one heels row you can't see in the back corner |
Thursday, January 06, 2011
Hodge Podge Day
There are a few things I'd like to clean up, and a few things I'd like to announce.
First - yep I'm Canadian. And yep I get hit with silly banking fees, thus the reason for working so hard to get above my minimum balance.
Second - I'm working towards having $6,000 in my chequing account. This will be $3,000 minimum needed to squash those bank fees, and $3,000 as last months income. Effectively it'll all be my emergency fund.
Third - for those of you following on Google Reader - I've switched to Full. I hope this helps you see the entire post and make your life a little easier when you read away.
In my account as of this morning I have $2,603.70. I have my Life Insurance policies still to come out prior to my first paycheck on January 13, 2011. This will take my account to $2,574.45. (Rent and Car Insurance for the month came out, and I over spent a little in December.) This first paycheck is one I'm eagerly awaiting, as I'm not sure how much it will be!!
For now I can bank on it showing at least $1,495.24 (what I've been paid each paycheck for 2 years now). My hope is that it comes back in the neighbourhood of $1660.00. This means I''ll have a raise of $164.76 per paycheck AFTER taxes. The first paycheck of the year will give me my variable spending for a month. It will let me know how much I have to cover my expenses, and how much I'll be able to put down on the debt. Ideally, the last paycheck of each month I'll use to cover all my expenses, variable and fixed, and the first paycheck of every month, I'll be putting straight towards my debt.
Now, keeping in mind that I'm looking to have $6,000 by the end of the year in my checking account, so that I can live on last months money AND be out of bank fees completely. I'll be paying some for January, from what I can tell, as my account as dipped below the $3,000 threshold, until January 13th. It'll take a little juggling to get this accomplished, but the first goal is to always be above $3,000.
This will also mean that I may only be paying the minimum towards my debt this month, to make sure my account is in the best place it can be to go without bank fees for the remainder of the year.
So January will see me with a raise. I'll be safely buffered above $3,000 and I'll begin setting myself up to live on last months income - outside the $3,000 buffer I'll be leaving.
Wednesday was a no-spend day. A $17.52 was snowflaked to my CIBC card.
First - yep I'm Canadian. And yep I get hit with silly banking fees, thus the reason for working so hard to get above my minimum balance.
Second - I'm working towards having $6,000 in my chequing account. This will be $3,000 minimum needed to squash those bank fees, and $3,000 as last months income. Effectively it'll all be my emergency fund.
Third - for those of you following on Google Reader - I've switched to Full. I hope this helps you see the entire post and make your life a little easier when you read away.
In my account as of this morning I have $2,603.70. I have my Life Insurance policies still to come out prior to my first paycheck on January 13, 2011. This will take my account to $2,574.45. (Rent and Car Insurance for the month came out, and I over spent a little in December.) This first paycheck is one I'm eagerly awaiting, as I'm not sure how much it will be!!
For now I can bank on it showing at least $1,495.24 (what I've been paid each paycheck for 2 years now). My hope is that it comes back in the neighbourhood of $1660.00. This means I''ll have a raise of $164.76 per paycheck AFTER taxes. The first paycheck of the year will give me my variable spending for a month. It will let me know how much I have to cover my expenses, and how much I'll be able to put down on the debt. Ideally, the last paycheck of each month I'll use to cover all my expenses, variable and fixed, and the first paycheck of every month, I'll be putting straight towards my debt.
Now, keeping in mind that I'm looking to have $6,000 by the end of the year in my checking account, so that I can live on last months money AND be out of bank fees completely. I'll be paying some for January, from what I can tell, as my account as dipped below the $3,000 threshold, until January 13th. It'll take a little juggling to get this accomplished, but the first goal is to always be above $3,000.
This will also mean that I may only be paying the minimum towards my debt this month, to make sure my account is in the best place it can be to go without bank fees for the remainder of the year.
So January will see me with a raise. I'll be safely buffered above $3,000 and I'll begin setting myself up to live on last months income - outside the $3,000 buffer I'll be leaving.
Wednesday was a no-spend day. A $17.52 was snowflaked to my CIBC card.
Wednesday, January 05, 2011
Rebates and Other Snow Flakes
Working hard to get myself into a good financial position has really begun to pay off. I'm a curler. I love the sport. Monday I went to the mail box and found that my income tax forms had arrived - now I can start penciling through everything to see what sort of rebate I'll be getting! I also found a lovely check from something I had paid for, but there wasn't enough room for me, so I get a rebate!!
It's the first extra money I've made this year. I wasn't expecting it back, as it had been budgeted for when I paid my fees to curl this season. But I'll take it back. Actually, part of it goes to the lady I am sharing a locker with (what a kind-hearted person she is!) I owe her half of the money for a locker - and now that the rebate is back I can give it to her. This means that of the $35.03 rebate check I got, $17.51 goes to my locker buddy, and $17.52 goes to my debt!
First snowflakes of 2011 and I love it!!
Monday - I ran out of Q-Tips and Toilet Paper, so i did a small shop.
Tuesday - Rent and Car Insurance finally came out of the bank (they were closed on Monday, hence the delay)
Thursday - I'm curling so there will be a beverage or two purchased that evening.
That leaves today as a No Spend Day this week. That will be three so far this year!!
Activities to speak of:
Monday - grocery shopping, laundry (stair climbing between loads), banana bread baking, gift preparation for my mom's birthday, and the Christmas exchange with my best friend on Friday.
Tuesday - out with a good friend before she goes back to South Africa
Wednesday - plan to Turbo Jam for two hours, then read my first personal finance book of the year, and begin my notes. It's called The New Frugality and I'm intrigued!
It's the first extra money I've made this year. I wasn't expecting it back, as it had been budgeted for when I paid my fees to curl this season. But I'll take it back. Actually, part of it goes to the lady I am sharing a locker with (what a kind-hearted person she is!) I owe her half of the money for a locker - and now that the rebate is back I can give it to her. This means that of the $35.03 rebate check I got, $17.51 goes to my locker buddy, and $17.52 goes to my debt!
First snowflakes of 2011 and I love it!!
Monday - I ran out of Q-Tips and Toilet Paper, so i did a small shop.
Tuesday - Rent and Car Insurance finally came out of the bank (they were closed on Monday, hence the delay)
Thursday - I'm curling so there will be a beverage or two purchased that evening.
That leaves today as a No Spend Day this week. That will be three so far this year!!
Activities to speak of:
Monday - grocery shopping, laundry (stair climbing between loads), banana bread baking, gift preparation for my mom's birthday, and the Christmas exchange with my best friend on Friday.
Tuesday - out with a good friend before she goes back to South Africa
Wednesday - plan to Turbo Jam for two hours, then read my first personal finance book of the year, and begin my notes. It's called The New Frugality and I'm intrigued!
Tuesday, January 04, 2011
No Spend Days
Something I started last year, that I'll be continuing this year. My No Spend Days. I'm a purist when it comes to these. A no-spend day for me will count when no money of mine moves anywhere. That includes automatic payments for things like Rent, Car Insurance, Life Insurance, RRSP contribution. It also means that none of my variable expenses money leaves my jars.
It's a little something but I've already had two for this year (Saturday and Sunday). These were fun to track last year. And this year, since I'm all about preparedness, it will be even more fun to plan my spend days around money already moving. Not to mention, my coupons.
I love coupons - and shopping when things are on sale. My favourite sale/coupon combo last year, was the Delissio Flat Crust Pizza coupons I got from Facebook, combined with a sale at Zehrs, when each pizza was $5.99. The coupon was for $5, so I got each one for $0.99!!
Let me tell you, date night is even better knowing we got a whole pizza for $0.99. Pair it with a tasty salad and a dressing you enjoy, add a really good movie and a little mood lighting, and suddenly dinner and a movie takes on a whole different meaning! Cheap, easy, and fast on a Friday night!
Not that I'm cheap or easy or anything but after a long week at work, something you can toss in the oven for 10 minutes, whip up a tasty salad to go with, and pop in a movie or choose one from On Demand, and movie night suddenly costs $8 for two people!! You can't beat that! Well you can I guess, since I have rental coupons from Blockbuster for a movie a month $2 off, we could have done it for $6 instead, but hey, even $8 for two people is way better than the $25 you usually spend just to watch the movie at the theatre!
I'll be updating about my no-spend days throughout the year, and tracking them in my day planner so I can keep better track of them this year.
Monday - had to go for a light grocery shop as there was no toilet paper left in the apartment, I needed eggs so I could back my banana loaves, and Q-tips were also done. I thought I might have been able to wait until today when the banks finally released my rent and car insurance payments, but alas, no toilet paper is hard to deal with, and baking can't happen unless there are eggs.
It looks like Wednesday will be the first day this week that I get in a no-spend day!
It's a little something but I've already had two for this year (Saturday and Sunday). These were fun to track last year. And this year, since I'm all about preparedness, it will be even more fun to plan my spend days around money already moving. Not to mention, my coupons.
I love coupons - and shopping when things are on sale. My favourite sale/coupon combo last year, was the Delissio Flat Crust Pizza coupons I got from Facebook, combined with a sale at Zehrs, when each pizza was $5.99. The coupon was for $5, so I got each one for $0.99!!
Let me tell you, date night is even better knowing we got a whole pizza for $0.99. Pair it with a tasty salad and a dressing you enjoy, add a really good movie and a little mood lighting, and suddenly dinner and a movie takes on a whole different meaning! Cheap, easy, and fast on a Friday night!
Not that I'm cheap or easy or anything but after a long week at work, something you can toss in the oven for 10 minutes, whip up a tasty salad to go with, and pop in a movie or choose one from On Demand, and movie night suddenly costs $8 for two people!! You can't beat that! Well you can I guess, since I have rental coupons from Blockbuster for a movie a month $2 off, we could have done it for $6 instead, but hey, even $8 for two people is way better than the $25 you usually spend just to watch the movie at the theatre!
I'll be updating about my no-spend days throughout the year, and tracking them in my day planner so I can keep better track of them this year.
Monday - had to go for a light grocery shop as there was no toilet paper left in the apartment, I needed eggs so I could back my banana loaves, and Q-tips were also done. I thought I might have been able to wait until today when the banks finally released my rent and car insurance payments, but alas, no toilet paper is hard to deal with, and baking can't happen unless there are eggs.
It looks like Wednesday will be the first day this week that I get in a no-spend day!
Monday, January 03, 2011
To Complete a Goal Requires Planning
At the end of 2010 I spoke about giving myself preparedness for Christmas. I'll be using preparedness today to outline the steps I'll be taking to complete the first financial goal of 2011.
The Goal: NO BANK FEES IN 2011
The Steps:
1. Maintain a minimum of $3,000 in my bank account at all times, every day of 2011.
This will allow me to waive that pesky $12.95 charge at the end of each month.
2. Remove cash from my account, only from my bank ATM's.
This means I won't have any weird $1.95 charges when I take the cash out, plus the $1.50 for a non-my-bank-transaction. It may not be a huge amount, but sit down an look at all the times you spent an extra $3.45 to take out your money.
3. Increase the buffer in my account to include one months income, on top of the $3,000 buffer I'll be working towards.
This will give me the ability to properly use the buffer, and live on last months' income. It also means I have a nice bit of emergency cash more readily available in cash of a real emergency.
4. Track my expenses to keep ensuring I'm on track to complete this goal.
Seems simply right? I don't take anything for granted anymore. I'm prone to procrastination, laziness, and general feelings of not wanting to do something, so the biggest part of this goal will be keeping it in focus.
I'm not doing too badly so far.
As further preparedness, I'm also taking some time each evening to think about my posts and my goals and ensure that I'm using my time better. Case in point, I actually wrote this yesterday!
Happy first day to work in the New Year, to some of you. To the rest, Happy Holiday!!
The Goal: NO BANK FEES IN 2011
The Steps:
1. Maintain a minimum of $3,000 in my bank account at all times, every day of 2011.
This will allow me to waive that pesky $12.95 charge at the end of each month.
2. Remove cash from my account, only from my bank ATM's.
This means I won't have any weird $1.95 charges when I take the cash out, plus the $1.50 for a non-my-bank-transaction. It may not be a huge amount, but sit down an look at all the times you spent an extra $3.45 to take out your money.
3. Increase the buffer in my account to include one months income, on top of the $3,000 buffer I'll be working towards.
This will give me the ability to properly use the buffer, and live on last months' income. It also means I have a nice bit of emergency cash more readily available in cash of a real emergency.
4. Track my expenses to keep ensuring I'm on track to complete this goal.
Seems simply right? I don't take anything for granted anymore. I'm prone to procrastination, laziness, and general feelings of not wanting to do something, so the biggest part of this goal will be keeping it in focus.
I'm not doing too badly so far.
As further preparedness, I'm also taking some time each evening to think about my posts and my goals and ensure that I'm using my time better. Case in point, I actually wrote this yesterday!
Happy first day to work in the New Year, to some of you. To the rest, Happy Holiday!!
Sunday, January 02, 2011
A New Year means 365 days...
...to change your life, the world, your circumstance or anything else. A new year is like getting told you have infinite time to complete your goals and attain your dreams. So beginning this year I'll be working with purpose to accomplish many of the goals and aspirations I have for myself.
I am fortunate, in that I have my health. Could it be better? Absolutely! Am I going to make it better? Yes!
I've reset my YNAB for 2011. I checked my net worth. It's still negative, but it's a lot less negative at the beginning of this year than it was at the beginning of last year.
This year, I'll be endeavouring to complete a few of my personal goals. Some are small, some are mighty. I"ll be adding some of the smaller goals to a sidebar, so I can track them more easily. I've added a section to this blog to include some of my major goals for this year. Once I know a little more information about a couple of things, I'll be updating that page as well.
A new year also means that I can reset some of my thinking, tracking forms, and my mind to coincide with my overall thought and outlook for 2011. I've begun changing my behaviours in my financial life. I've got some further work to do with that, but I'm in a really good position to realize a few more of my financial goals this year. The first one I'll be tackling is the "NO BANK FEES PAID IN 2011". This will give me back a real sense of control over my world. My account, as of today, is sitting at $3,200.00 (and change). I still have Rent, and Car insurance to come out of the account for January.
My raise is still pending. I'll know what it will be on January 13th - seems like a long time away from now!! It's only really 11 days, but it's one of those things that I'm excited/anxious about. It's bugging me now that they haven't said anything, nor have them talked to me about performance or anything either. On top of my rent, and car insurance, life insurance will be coming out of my account before my first paycheck. I"m in a really good spot this year, since I've gotten myself into a position to be using income from last month for my expenses for this month. Though, one can always do better. my goal for the end of this year is to be sitting at a $6,000 buffer in my account. This will leave me with a $3,000 buffer, and one months income in the account to use for the next month.
The next goal I want to work on is reading a couple of personal finance books for the year. I have started one, so the goal will be to get through it this month, and to offer a review of the book. On top of this I'll be looking to accomplish 6 personal reading books this year. I have a total of 9 books that I want to get through this year. Some will be fast reads, some will take some time to get through, others will be critical thinkers that will allow me a chance to expand my mental capacity (or at least that's the theory!). That's about a book a month for 9 months. The rest of the time will be spent completing 2 more courses for my degree.
After that - the rest of the goals are of a personal nature - doing 4 things I have don't before - whatever those may be. This is the mystery category. And I like it! It means that by the end of the year I'll potentially have completed four items on my bucket list.
I hope you all rang in the New Year doing something or with someone that means a great deal to you in life. My New Year's was spent hosting a party for 7 of my really good friends, in my apartment. It was a great evening - and in one way I actually completed something new and different. First we hosted a party in my apartment. Second we were able to sleep 7 people in our living room, cook a healthy and nutritious breakfast for them all, and recover from a lovely evening of games and drink and festivities. Third, we learned the number for the White House, and called the number to verify. The trivial pursuit game that we were playing may have been 20 years old (or more) but the number in the question still worked!! So, one thing I've done that I've never done before....CALL THE WHITE HOUSE!!
Stay tuned for a post on the steps I'll be taking to get myself into a position to be Bank Fee Free in 2011!
I am fortunate, in that I have my health. Could it be better? Absolutely! Am I going to make it better? Yes!
I've reset my YNAB for 2011. I checked my net worth. It's still negative, but it's a lot less negative at the beginning of this year than it was at the beginning of last year.
This year, I'll be endeavouring to complete a few of my personal goals. Some are small, some are mighty. I"ll be adding some of the smaller goals to a sidebar, so I can track them more easily. I've added a section to this blog to include some of my major goals for this year. Once I know a little more information about a couple of things, I'll be updating that page as well.
A new year also means that I can reset some of my thinking, tracking forms, and my mind to coincide with my overall thought and outlook for 2011. I've begun changing my behaviours in my financial life. I've got some further work to do with that, but I'm in a really good position to realize a few more of my financial goals this year. The first one I'll be tackling is the "NO BANK FEES PAID IN 2011". This will give me back a real sense of control over my world. My account, as of today, is sitting at $3,200.00 (and change). I still have Rent, and Car insurance to come out of the account for January.
My raise is still pending. I'll know what it will be on January 13th - seems like a long time away from now!! It's only really 11 days, but it's one of those things that I'm excited/anxious about. It's bugging me now that they haven't said anything, nor have them talked to me about performance or anything either. On top of my rent, and car insurance, life insurance will be coming out of my account before my first paycheck. I"m in a really good spot this year, since I've gotten myself into a position to be using income from last month for my expenses for this month. Though, one can always do better. my goal for the end of this year is to be sitting at a $6,000 buffer in my account. This will leave me with a $3,000 buffer, and one months income in the account to use for the next month.
The next goal I want to work on is reading a couple of personal finance books for the year. I have started one, so the goal will be to get through it this month, and to offer a review of the book. On top of this I'll be looking to accomplish 6 personal reading books this year. I have a total of 9 books that I want to get through this year. Some will be fast reads, some will take some time to get through, others will be critical thinkers that will allow me a chance to expand my mental capacity (or at least that's the theory!). That's about a book a month for 9 months. The rest of the time will be spent completing 2 more courses for my degree.
After that - the rest of the goals are of a personal nature - doing 4 things I have don't before - whatever those may be. This is the mystery category. And I like it! It means that by the end of the year I'll potentially have completed four items on my bucket list.
I hope you all rang in the New Year doing something or with someone that means a great deal to you in life. My New Year's was spent hosting a party for 7 of my really good friends, in my apartment. It was a great evening - and in one way I actually completed something new and different. First we hosted a party in my apartment. Second we were able to sleep 7 people in our living room, cook a healthy and nutritious breakfast for them all, and recover from a lovely evening of games and drink and festivities. Third, we learned the number for the White House, and called the number to verify. The trivial pursuit game that we were playing may have been 20 years old (or more) but the number in the question still worked!! So, one thing I've done that I've never done before....CALL THE WHITE HOUSE!!
Stay tuned for a post on the steps I'll be taking to get myself into a position to be Bank Fee Free in 2011!
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