Some may call it the "Golden Ticket" and others will call it stupidity, but I am happy and relieved to have dropped off my final payments to Bank of America. Now before you get all excited for me, all I did was transfer the balances to another card. The good news is I went from 27% to 3.99% which will save an incredible amount of money. Essentially, I will be paying less than $40 per month in finance charges compared to ever $300. The bad news is this is not my credit card that I transferred it to; it's my mothers and I have 23 months to pay it off.
I'm not worried about paying it off in time. The payments equal what I'm currently paying every month. Any follower of Dave Ramsey knows that you should never lend money to family unless you're prepared to gift it or accept that you won't see it again. I took over a month to accept my mother's offer because of my concern on how it would affect her credit rating and the fine print her bank would put into such an offer. To guarantee that my actions will to adversely affect my mom's good credit, I am giving her an extra payment up front to act as a cushion. I will also roll over the payments I've been making towards my LASIK surgery as soon as that's paid off in October.
Showing posts with label Goals. Show all posts
Showing posts with label Goals. Show all posts
Monday, July 13, 2009
Thursday, July 2, 2009
Goal Progress
After 6 deliveries in one day last week, I'm happy to report an extra $100 payment to one of my credit cards as well as an extra $100 payment for my LASIK. I realize I should have put all $200 towards the LASIK, but the balance on the credit card is so small it will be easy to snowball once its out of the way.
Tuesday, June 23, 2009
Goal Progress
I took back pop cans for the $.05 refund and earned a nifty $4.00. It may seem like a waste, but every bit helps! On a more positive note, I am set up for deliveries next Saturday. Wahoo!
Friday, June 19, 2009
Announcing My Newest Goal!
Dave Ramsey has coined a term the "Idiot Tax." Basically, the Idiot Tax is the true cost of an item after all of the interest you've paid is added into the original cost. One example is a$400 sweater that was originally on sale for $14. Another example is the $70 dinner that ends up being $568. All of this because many people do not pay off their credit cards every month.
While I don't follow Dave Ramsey's program and I disagree with him on some of the advice he provides to his audience, I do tune into his radio program in the evenings when I'm driving and you can't argue with the numbers. Families following his program are successfully getting out of debt and learning about fiscal responsibility.
So how does this all tie into announcing my newest goal? First, most articles you read on setting goals say that you are more likely to succeed if you let people know what your goals are. Telling people what you are working towards holds you accountable. If you let your support network know, they will even help you work towards those goals, cheering you on in victory or supporting you in getting back on the horse.
My personal Idiot Tax has not occurred yet... but the deadline is coming quickly. I had LASIK surgery done a little over a year ago. I signed up for my flexible spending medical savings account through work, but could not pay it all in one year. I was offered financing at 0% interest if I paid it within 18 months. After 18 months, all of the interest will be tacked onto the bill. Unfortunately, things always come up when your emergency fund isn't adequately funded. I have been making payments faithfully every month, but I'm coming up short by about $1,600. Essentially, I have to earn an extra $400 per month for the next four months in order to avoid $1,200 in interest. It's not as difficult to do as it sounds. During the summer I have a delivery job that brought in an extra $2,300 last year. My challenge is, thanks to the recession, this year is slower. I will be working on my creativity in order to meet the challenge, but I'm determined to do it. I'll be posting updates regularly and feel free to post any challenges you may be working on.
While I don't follow Dave Ramsey's program and I disagree with him on some of the advice he provides to his audience, I do tune into his radio program in the evenings when I'm driving and you can't argue with the numbers. Families following his program are successfully getting out of debt and learning about fiscal responsibility.
So how does this all tie into announcing my newest goal? First, most articles you read on setting goals say that you are more likely to succeed if you let people know what your goals are. Telling people what you are working towards holds you accountable. If you let your support network know, they will even help you work towards those goals, cheering you on in victory or supporting you in getting back on the horse.
My personal Idiot Tax has not occurred yet... but the deadline is coming quickly. I had LASIK surgery done a little over a year ago. I signed up for my flexible spending medical savings account through work, but could not pay it all in one year. I was offered financing at 0% interest if I paid it within 18 months. After 18 months, all of the interest will be tacked onto the bill. Unfortunately, things always come up when your emergency fund isn't adequately funded. I have been making payments faithfully every month, but I'm coming up short by about $1,600. Essentially, I have to earn an extra $400 per month for the next four months in order to avoid $1,200 in interest. It's not as difficult to do as it sounds. During the summer I have a delivery job that brought in an extra $2,300 last year. My challenge is, thanks to the recession, this year is slower. I will be working on my creativity in order to meet the challenge, but I'm determined to do it. I'll be posting updates regularly and feel free to post any challenges you may be working on.
Thursday, September 4, 2008
September Goals
The journey to debt repayment isn't always an easy one. For me there have been many trips and stumbling blocks along the way, but my determination still stands. I look at the stock market and think, "Now is a great time to scoop up some of those bargains." I'm looking at the housing market and think, "If I hadn't gotten myself into this mess, I could be purchasing a home now." Its difficult to keep the enthusiasm up when you deprive yourself even if the goals in sight are what you really desire.
During this quiet period, I've picked up a second job to help pay down my debt quicker. While my determination to get on top of my debt is strong, I took a look at my spending lately and realized that I haven't gotten very far and its because I've been taking care of those things I put on the back burner. You may think you remember where your at in your plans, but it often takes a look at the hard copy to get the real picture. So, with that said...
My Goals for September ~
- Take parking down to $40 for the month (If I get reimbursed for it, that's even better.)
So far I've only driven once this month and my mom paid for it because I was her taxi.
- Take my lunch four times a week. Limit dining out to 1 lunch per week.
- Pay off 401k loan. I know, I know, BIG MISTAKE to take a loan out against your 401k!
- Create Christmas list so I can take advantage of sales over the next 3 months.
- Add $50 to Emergency Fund
- Add $50 to Roth IRA
During this quiet period, I've picked up a second job to help pay down my debt quicker. While my determination to get on top of my debt is strong, I took a look at my spending lately and realized that I haven't gotten very far and its because I've been taking care of those things I put on the back burner. You may think you remember where your at in your plans, but it often takes a look at the hard copy to get the real picture. So, with that said...
My Goals for September ~
- Take parking down to $40 for the month (If I get reimbursed for it, that's even better.)
So far I've only driven once this month and my mom paid for it because I was her taxi.
- Take my lunch four times a week. Limit dining out to 1 lunch per week.
- Pay off 401k loan. I know, I know, BIG MISTAKE to take a loan out against your 401k!
- Create Christmas list so I can take advantage of sales over the next 3 months.
- Add $50 to Emergency Fund
- Add $50 to Roth IRA
Saturday, June 7, 2008
If Its Not A Recession Why Is It So Difficult To Pay The Expenses
Forgive me for taking two months off, but my frustration level with my financial situation reached new heights. Its during those periods, when I go "off the wagon," that I get into lots of trouble. The good news is I didn't go out and spend lots of money. I did get the LASIK surgery so that's made a dent in my repayment plan. I also took a small vacation to Kauai, Hawaii, but thanks to generous parent of a friend and a flight certificate from United for a botched trip in December I only spent about $500.
So it looks like I've got a fresh start or at least that's what I'm focusing on to counter the frustration factor. During my two month hiatus I've been checking into green alternatives to everyday living. I'm most interested in those things that save money which includes trying to eliminate prepared foods and cooking more from scratch. I also remember an article I read some time ago that discussed the cost of clutter. In an effort to cut costs I'm evaluating all the things I own. The first step was to donate an old mattress, box springs, and frame to a local non-profit that gives household items to low income families getting back on their feet either because of leaving everything behind in a domestic abuse environment, getting a first apartment after living on the streets, or helping fire victims. To keep up momentum I took a few clothes to a consignment store. Tomorrow I'll be pulling things out for eBay and a yard sale. It's also time to start menu planning again. I've been guilty of living at restaurants lately and not shopping enough.
In reading through my blog roll I ran across a posting that introduced me to www.lovefoodhatewaste.com. Its a website that addresses the problem of throwing away an average of 1/3 of all groceries purchased. That's a huge waste of money as well as resources. The site provides suggestions on stocking a pantry, refrigerator, and freezer. It then provides dining suggestions and has a great tool that suggests recipes when you click on foods that you need to use up before it goes bad.
Goals for June:
So it looks like I've got a fresh start or at least that's what I'm focusing on to counter the frustration factor. During my two month hiatus I've been checking into green alternatives to everyday living. I'm most interested in those things that save money which includes trying to eliminate prepared foods and cooking more from scratch. I also remember an article I read some time ago that discussed the cost of clutter. In an effort to cut costs I'm evaluating all the things I own. The first step was to donate an old mattress, box springs, and frame to a local non-profit that gives household items to low income families getting back on their feet either because of leaving everything behind in a domestic abuse environment, getting a first apartment after living on the streets, or helping fire victims. To keep up momentum I took a few clothes to a consignment store. Tomorrow I'll be pulling things out for eBay and a yard sale. It's also time to start menu planning again. I've been guilty of living at restaurants lately and not shopping enough.
In reading through my blog roll I ran across a posting that introduced me to www.lovefoodhatewaste.com. Its a website that addresses the problem of throwing away an average of 1/3 of all groceries purchased. That's a huge waste of money as well as resources. The site provides suggestions on stocking a pantry, refrigerator, and freezer. It then provides dining suggestions and has a great tool that suggests recipes when you click on foods that you need to use up before it goes bad.
Goals for June:
- Hold garage sale
- Pay off 401k loan
- Catch up on expenses
- Earn an extra $200 to snowflake
Friday, February 1, 2008
Resolution Update for January
- Cutting back on the amount of money going out The second half of the month was easier than the first. I was on vacation for the first half of the month, but since I was visiting family I wasn't paying for meals out. The problem was the exchange rate is $2.00 to the pound.
- Eliminate NSF fees. This is just a stupid fee after all. So far, no NSF fee.
- Cut back ATM Withdrawal fees to a maximum $5/month for emergencies only. Better planning and sticking to my budget should eliminate the need to use other bank's ATMs. The only problem I see is while traveling. Because of the trip I did use the ATMs, but I only had $3.50 at home.
- Cut back on meals out. Another area where better planning will help. I need to work on that menu planning thing. Well, I need a lot of work on this. Jet lag stopped me from shopping for groceries and I didn't have anything in the fridge because of the trip.
- Pay off Visa #2. This will take a bit of work since my budget is pretty tight right now, but if I make sure that the snowflake money goes to it instead of getting used before it makes it to the bank. This will save about $1,000 in interest fees in the next year. I only put the normal amount towards the card, but I'm working on creating snowflakes.
- Contact credit card companies about lowering interest rates. Okay, I'm going to do this tomorrow. I promise!
- Increase Savings- Continue putting $25 per paycheck to IRA January I put $100 towards my IRA because I wanted to take advantage of the market crash. I got 10 more shares of Intel. Yeah!
- Build Emergency Savings to $1,000 I'm working on it, but I may have to use some of it this month.
- Create savings for new tires for the car Nope. This one was a dud.
- Increase Income I've been working on market research opportunities and I have a taste test coming up for $20.
- Look for other employment opportunities with additional compensation Nope
- Invest more time in compensation for hobbies (photography, knitting...) Third Nope
- Look for other income possibilities I am looking, but I did add the Google Adsense to the blog.
- Eliminate NSF fees. This is just a stupid fee after all. So far, no NSF fee.
- Cut back ATM Withdrawal fees to a maximum $5/month for emergencies only. Better planning and sticking to my budget should eliminate the need to use other bank's ATMs. The only problem I see is while traveling. Because of the trip I did use the ATMs, but I only had $3.50 at home.
- Cut back on meals out. Another area where better planning will help. I need to work on that menu planning thing. Well, I need a lot of work on this. Jet lag stopped me from shopping for groceries and I didn't have anything in the fridge because of the trip.
- Pay off Visa #2. This will take a bit of work since my budget is pretty tight right now, but if I make sure that the snowflake money goes to it instead of getting used before it makes it to the bank. This will save about $1,000 in interest fees in the next year. I only put the normal amount towards the card, but I'm working on creating snowflakes.
- Contact credit card companies about lowering interest rates. Okay, I'm going to do this tomorrow. I promise!
- Increase Savings- Continue putting $25 per paycheck to IRA January I put $100 towards my IRA because I wanted to take advantage of the market crash. I got 10 more shares of Intel. Yeah!
- Build Emergency Savings to $1,000 I'm working on it, but I may have to use some of it this month.
- Create savings for new tires for the car Nope. This one was a dud.
- Increase Income I've been working on market research opportunities and I have a taste test coming up for $20.
- Look for other employment opportunities with additional compensation Nope
- Invest more time in compensation for hobbies (photography, knitting...) Third Nope
- Look for other income possibilities I am looking, but I did add the Google Adsense to the blog.
Wednesday, January 16, 2008
Better Late Than Never - New Year's Resolutions for a Prosperous Tomorrow
Its easy during the holidays to let your financial goals slip, but there's always that New Year's Eve to remind us that its time to renew goals and make resolutions for the New Year. I spent the last two weeks with my father across the pond. It gave me a unique perspective to be not only in another country, but also in a fairly poor area. Christmas presents tend to be simpler and the emphasis in on spending time together is more relaxed and enjoyable. Its a great time for self reflection.
For the upcoming year my New Year's Resolutions include:
- Cutting back on the amount of money going out
- Eliminate NSF fees. This is just a stupid fee after all.
- Cut back ATM Withdrawal fees to a maximum $5/month for emergencies only. Better planning and sticking to my budget should eliminate the need to use other bank's ATMs. The only problem I see is while traveling.
- Cut back on meals out. Another area where better planning will help. I need to work on that menu planning thing.
- Pay off Visa #2. This will take a bit of work since my budget is pretty tight right now, but if I make sure that the snowflake money goes to it instead of getting used before it makes it to the bank. This will save about $1,000 in interest fees in the next year.
- Contact credit card companies about lowering interest rates.
- Increase Savings
- Continue putting $25 per paycheck to IRA
- Build Emergency Savings to $1,000
- Create savings for new tires for the car
- Increase Income
- Look for other employment opportunities with additional compensation
- Invest more time in compensation for hobbies (photography, knitting...)
- Look for other income possibilities
I'm sure I'll have other goals throughout the year, but this seems like a good start.
For the upcoming year my New Year's Resolutions include:
- Cutting back on the amount of money going out
- Eliminate NSF fees. This is just a stupid fee after all.
- Cut back ATM Withdrawal fees to a maximum $5/month for emergencies only. Better planning and sticking to my budget should eliminate the need to use other bank's ATMs. The only problem I see is while traveling.
- Cut back on meals out. Another area where better planning will help. I need to work on that menu planning thing.
- Pay off Visa #2. This will take a bit of work since my budget is pretty tight right now, but if I make sure that the snowflake money goes to it instead of getting used before it makes it to the bank. This will save about $1,000 in interest fees in the next year.
- Contact credit card companies about lowering interest rates.
- Increase Savings
- Continue putting $25 per paycheck to IRA
- Build Emergency Savings to $1,000
- Create savings for new tires for the car
- Increase Income
- Look for other employment opportunities with additional compensation
- Invest more time in compensation for hobbies (photography, knitting...)
- Look for other income possibilities
I'm sure I'll have other goals throughout the year, but this seems like a good start.
Sunday, December 30, 2007
December Review
I started off the month with a bit of realism, but maybe not enough. It was way too easy to get off track with even the best laid intentions. So how did I do with my goals?
- Focus on high interest credit card. Well, I focused. Unfortunately, I didn't make any headway. The good news is I'm not any worse of than I was.
- Call the company and see if they will lower the interest rate. Well, that didn't happen. I will have to put that at the top of my list for 2008.
- Snowball payments from debts I've paid off in November to this card. In trying to get through Christmas without going further into debt, I ended up putting extra money towards the holidays instead.
- Choose Christmas presents that are useful even a year from now. Wrapping should also be reusable, recyclable, or a gift in itself. This I was successful at. I kept costs to a minimum. I shopped at my favorite non-profit store that sends all profits to area organizations. I also purchased locally from artisans and used reusable wrap.
- Bump up my monthly contribution towards my Roth IRA to $75. Done.
I'm still working on those New Year's Resolutions, but as I'm leaving tomorrow for the trip I missed Christmas Eve, I'm not sure when those will get posted. If I'm not able to post until I get back, I wish all of you and yours a very prosperous, happy, and debt free New Year!
- Focus on high interest credit card. Well, I focused. Unfortunately, I didn't make any headway. The good news is I'm not any worse of than I was.
- Call the company and see if they will lower the interest rate. Well, that didn't happen. I will have to put that at the top of my list for 2008.
- Snowball payments from debts I've paid off in November to this card. In trying to get through Christmas without going further into debt, I ended up putting extra money towards the holidays instead.
- Choose Christmas presents that are useful even a year from now. Wrapping should also be reusable, recyclable, or a gift in itself. This I was successful at. I kept costs to a minimum. I shopped at my favorite non-profit store that sends all profits to area organizations. I also purchased locally from artisans and used reusable wrap.
- Bump up my monthly contribution towards my Roth IRA to $75. Done.
I'm still working on those New Year's Resolutions, but as I'm leaving tomorrow for the trip I missed Christmas Eve, I'm not sure when those will get posted. If I'm not able to post until I get back, I wish all of you and yours a very prosperous, happy, and debt free New Year!
Sunday, December 2, 2007
December Goals - The challenge of the holidays without adding debt
December is an interesting month because its a new month for goals, but its wrapping up 2007. My goals for this month are going to be simpler because of all the craziness that is around the corner. I have to juggle work expectations and prepare for a long vacation as well as get ready for Christmas in two places and a long trip. So, the December goals are...
- Focus on high interest credit card. Call the company and see if they will lower the interest rate and snowball payments from debts I've paid off in November to this card.
- Choose Christmas presents that are useful even a year from now. Wrapping should also be reusable, recyclable, or a gift in itself.
- Bump up my monthly contribution towards my Roth IRA to $75
Now to plan for those 2008 goals.... but thats another post.
- Focus on high interest credit card. Call the company and see if they will lower the interest rate and snowball payments from debts I've paid off in November to this card.
- Choose Christmas presents that are useful even a year from now. Wrapping should also be reusable, recyclable, or a gift in itself.
- Bump up my monthly contribution towards my Roth IRA to $75
Now to plan for those 2008 goals.... but thats another post.
Saturday, December 1, 2007
November Goals in Review
The Reduce A Bill Challenge at Working for Financial Freedom comes to a close for a second month. I committed to 10 No Spend Days and upped the anti by limiting days I dine out to no more than 3 a week that I pay for. I made it for 11 no spend days but I only made the paying for meals out no more than 3 days a week for half the month. So I will chalk this goal up to successful, but at an 80% success rate. We will have to see if Working for Financial Freedom is up for another month of the Reduce A Bill Challenge. I think I will try a different bill if she does.
My personal goals included adding another $100 to the emergency fund. I paid off my Personal Line of Credit so I would check that one as a success and as soon as I receive payment for house sitting, I will be able to deposit that.
My second goal was to pay off the first of three credit cards. It was really close, but I did it and I can't tell you how happy I am for that. Now I get to switch focus to a more difficult card.
Finally, I sent off another $50 to my Roth IRA. Its a slow process, but I know that everyone is going to be selling off some stocks at the end of the year to take profits or losses for their taxes and I want to be in a position to buy some bargains if they are available.
My personal goals included adding another $100 to the emergency fund. I paid off my Personal Line of Credit so I would check that one as a success and as soon as I receive payment for house sitting, I will be able to deposit that.
My second goal was to pay off the first of three credit cards. It was really close, but I did it and I can't tell you how happy I am for that. Now I get to switch focus to a more difficult card.
Finally, I sent off another $50 to my Roth IRA. Its a slow process, but I know that everyone is going to be selling off some stocks at the end of the year to take profits or losses for their taxes and I want to be in a position to buy some bargains if they are available.
Thursday, November 1, 2007
And the New Goals for November Are...
First, I've recommitted to the Reduce A Bill Challenge at Working for Financial Freedom. Last month I committed to 10 No Spend Days. I admit that I got close, but I didn't quite make it. This month, I'm sticking with the 10 No Spend Days, but I'm upping the anti by limiting days I dine out to no more than 3 a week that I pay for.
Next, I am going to add another $100 to the emergency fund.
After that, I am working on the first of three credit cards. If I really buckle down, it would be an early Christmas for me if I paid that off. Its set for payoff in December.
Finally, I am going to send off another $50 to my Roth IRA.
Next, I am going to add another $100 to the emergency fund.
After that, I am working on the first of three credit cards. If I really buckle down, it would be an early Christmas for me if I paid that off. Its set for payoff in December.
Finally, I am going to send off another $50 to my Roth IRA.
Tuesday, October 30, 2007
October Goals In Review
Goals for October:
Pay back my stepfather for that emergency loan in June. There is $400 left. I have a $100 check for him that will make a dent. I also have a $200 check coming in from some contract work that will go to him as well. Its not the full $400, but its a good start.
Put $100 into my emergency fund. Thanks to the No Spend Day Challenge, I have that $100 to put towards this fund. That brings it to $300 in the fund.
Cut my meals out to twice a week and no more than $25 per week. Not a great month for this. I will need to work harder at this which includes reevaluating my menu planning and expanding choices to eliminate boredom. I am house sitting again this month so it also means planning for that time I'm not at home. Keep an eye out for an upcoming post on how many meals you can make from rotisserie chicken.
Pay off $300 debt. I am happy to say I put another debt to bed so count this one a success!
Pay back my stepfather for that emergency loan in June. There is $400 left. I have a $100 check for him that will make a dent. I also have a $200 check coming in from some contract work that will go to him as well. Its not the full $400, but its a good start.
Put $100 into my emergency fund. Thanks to the No Spend Day Challenge, I have that $100 to put towards this fund. That brings it to $300 in the fund.
Cut my meals out to twice a week and no more than $25 per week. Not a great month for this. I will need to work harder at this which includes reevaluating my menu planning and expanding choices to eliminate boredom. I am house sitting again this month so it also means planning for that time I'm not at home. Keep an eye out for an upcoming post on how many meals you can make from rotisserie chicken.
Pay off $300 debt. I am happy to say I put another debt to bed so count this one a success!
Sunday, October 21, 2007
When You Are Out Of Your Routine
I am a creature of habit. It's not the obsessive compulsive type, but it can become very disconcerting if I'm out of my routine for very long and wreaks havoc on my efforts to limit eating out or spending money. I've been house sitting for almost three weeks. My cats are being very needed even though I'm spending a few hours at home each night. There have been no planned menus and any lunch that I've taken to work has been leftovers from a dinner out. The bonus is that I've been able to catch up with people I haven't seen for awhile. I'm also earning extra money to pay bills.
Unfortunately, addressing my issues doesn't fix the time I've lost working towards my goals, but it does point out a weakness that we all have to address from time to time. Like giving up smoking or loosing weight there are triggers that you need to recognize in order to prevent going down the same path and making the same mistakes. What triggers your backslides? What can you do to prepare to prevent them?
Unfortunately, addressing my issues doesn't fix the time I've lost working towards my goals, but it does point out a weakness that we all have to address from time to time. Like giving up smoking or loosing weight there are triggers that you need to recognize in order to prevent going down the same path and making the same mistakes. What triggers your backslides? What can you do to prepare to prevent them?
Wednesday, October 3, 2007
It's Not Easy Keeping Momentum Sometimes
Fall can be a fantastic season... the changing color of leaves on the trees... trips to the country to pick up fresh veggies at the pumpkin field... starting back to school for parents and children. Unfortunately, it can also be an extremely difficult time. The days are getting darker earlier, the rain is coming down, stress is ramping up as the summer lazies become a memory.
Fall is a mixed bag because I find it a great time to get organized and set goals, but my hibernation instincts kick in as well. This week has been difficult to keep to my food budget. It may be due to being housebound with the ick. It definitely has something to do with a lack of menu planning. So how do you insure against a backslide?
First, let me use an example that I saw many years ago from the Cosby Show. Bill Cosby for those who are not aware has a PhD in Education, something that gives him a bit more credibility for family hour solve-it-in-20-minutes shows. The episode in question has Bill and Theo sitting on the bed in Theo's room discussing energy used to be successful in school. Bill's analogy is to picture a jet plane. A tremendous amount of energy is used to take off and land. It takes much less fuel to maintain its traveling altitude.
The same can be said for any endeavor we undertake. More energy is used to research, plan, create, and implement a project than it does to keep a project going. The question then comes up, is it possible to program an auto-pilot for those times that we need to take a coffee break? The answer is yes.
Fall is a mixed bag because I find it a great time to get organized and set goals, but my hibernation instincts kick in as well. This week has been difficult to keep to my food budget. It may be due to being housebound with the ick. It definitely has something to do with a lack of menu planning. So how do you insure against a backslide?
First, let me use an example that I saw many years ago from the Cosby Show. Bill Cosby for those who are not aware has a PhD in Education, something that gives him a bit more credibility for family hour solve-it-in-20-minutes shows. The episode in question has Bill and Theo sitting on the bed in Theo's room discussing energy used to be successful in school. Bill's analogy is to picture a jet plane. A tremendous amount of energy is used to take off and land. It takes much less fuel to maintain its traveling altitude.
The same can be said for any endeavor we undertake. More energy is used to research, plan, create, and implement a project than it does to keep a project going. The question then comes up, is it possible to program an auto-pilot for those times that we need to take a coffee break? The answer is yes.
- Keep track of the menus that you've planned so you can reuse them rather than creating a new one each week. Make about 6-8 and rotate them.
- Put your savings on autopilot. If you have direct deposit, make sure you have a set amount put into your savings be it emergency, travel, retirement, college fund, etc.
- Sign up for on-line bill pay. Forget writing out checks and remembering to put them in the mail. Talk to your bank or credit union for more information.
- Consider DRIPs (Dividend Reinvestment Programs) to make your investments automatic. DRIPs are set up directly with large cap companies where you can invest a set amount each month directly with the company. The amount does not have to equal a full share and you are not charged a brokerage fee. The dividends you would earn off of the investment is then reinvested into the company's stock.
- Invest regularly in your retirement by signing up with your company's 401k program. If you have a company match, make sure you are maxing out your contribution they will match. This is like getting a raise without having to bother your boss.
Do you have other great ideas? I invite you to share them by posting a comment.
Sunday, September 30, 2007
A Month In Review - Goals
Week Goal
- Limit my meals out to $25 including lunches and nights out (I was lucky to be taken out quite a bit this week, so I only spent $11 for the week.)
- Sort through and find three items to sell on ebay (I'm working on earning Christmas money.) (Still not successful, but I did sell a DVD.)
- Send $50 to Roth IRA (Done!)
- Earn and snowflake $25 from "other" projects including taking back pop cans, selling on ebay, focus group, or selling back books (I made an effort, but only made $6.50. I'll keep working at this one.)
- Pay back my stepfather for that emergency loan in June. ($600) He’s allowing me to paint a portion of his house to help pay it off. They may not be charging me interest, but I’m going to feel a lot better nixing that debt quickly. So far I have repaid $180. (I didn't get anywhere on this one, except paying $20 for an oil change on his car. That levels the debt to $200 paid and $400 owing.)
- Put $100 into my emergency fund and get that puppy started. (Okay, I confess that my plan is to pay off my Line of Credit that is attached to my checking account as part of my emergency fund. I’ll kill two birds with one stone.) ($200 paid on my Line of Credit.)
- Cut my meals out to twice a week and no more than $25 per week. (This is an area that needs a lot of improvement. I was successful for one week out of the month.)
Thursday, September 27, 2007
Goal Progress
I did it! I avoided temptation. I may have offended a friend, but I stuck to my goals and ate the lunch I brought to work. Today was almost a successful no expense day except that I refilled by prescription for allergy medicine. Tomorrow is another day. Unfortunately, I wasn't successful in adding any snowflakes.
Wednesday, September 26, 2007
Goal Progress
Today I made $4.00 selling back a DVD. That makes it a grand total of $6.50 so far this week. I did spend money today because a group of friends and I went out to dinner. Before you give me too hard of a time, I only spent $11.00 for the entire dinner and I took home leftovers for lunch tomorrow. Luckily, my friends are trying to save money as well. Tomorrow night the Food Bank has teamed up with Regal Cinemas for the "Cans Film Festival." For three cans of food you can support the food bank, get free admission to a movie and a free popcorn. Now that's a good deal!
Have you put together your list of free activities in your community yet?
Have you put together your list of free activities in your community yet?
Tuesday, September 25, 2007
Goal Progress
I didn't earn any extra money today unless you want to count the $5.25 I will get for being a witness in a trial. I was successful in making it a no expense day. I brought my lunch and breakfast. I made dinner at home. I rode public transportation in the "free" zone to get to the courthouse from work.
Monday, September 24, 2007
Goal Progress
I was proactive today! I turned in receipts for FSA reimbursement which will bring me $30 and I returned pop cans earning $5.60. (Confession, I spent $3.00 of it on a pint of Ben and Jerry's Oatmeal Cookie Dough Ice Cream!) I won't count the $30 until I actually receive it, but the $2.60 will. That's $17.40 left to earn for the week.
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