July Goals and Budget…

I get paid next Tuesday for July. Below is my budget. It's going to be super tight for the month and you will see that the part-time job came just in time.

Goals:

Bring my lunch 3 times a week.

Call State Farm to increase my car deductible from $250 to $500.

Workout 3 times a week.

Expense Breakdown/Explanation:

Utilities: Includes Cable, Cell Phone, House Phone, Internet, Home Security andGym Membership. At&t, the security company and LA Fitness automatically charge my credit card each month so I have been lumping the $45 gym membership into this category. The budgeted amount this month also includes my Quarterly Water Bill. Going forward, I will accrue or escrow $40 in a seperate account for this bill on a monthly basis.

Transportation: Transportation includes the train, 10 parking passes, gas/fuel and parking lot fees at the train. I work downtown about 45 minutes from home on the train and about an hour drive in the car. I attend after work events and now I have the part-time job. After 6:30, the train runs every hour and makes every flag stop so the commute can be in excess of an hour on the train. Since my schedule at my part-time job ends at 8:15 during the week, I don't have time to catch the 8:20 train and would have to wait an hour for the next train at 9:20pm only to get home after 10:30pm at night. I cannot do this for two several reasons. 1) It is not safe for me to ride the train that late at night by myself, 2) it is not safe for me to walk to my my car in the parking lot that late at night, and 3) I would be dead tired for the next day at work since it's already a long day working two jobs. By driving, I get home by 9pm. I am on the schedule 2-3 times a week in the evening so I am now purchasing ten discounted passes at $125/month instead of every other month.

Business: I worked a couple of years ago for an attorney downtown doing part-time legal work. She suggested that I set up a company to track my revenue and expenses related to the work that I performed. So, I still have to pay for my professional liability insurance ($106), business website/email ($40/quarter) and efax service ($12/month). I also pay my professional membership fees through the company. Since I am open to performing additional work, I continue to keep the efax service ($12/month) and the business email ($40/quarter) since it's tied to a domain should I ever decide to put up a website. The benefit is that I get to write off those expenses which also boosts my tax return each year. I also charged that CLE writing class and the annual filing report so the excess of the $200/month after the monthly expenses goes to reduce the balance on my business credit card. The class was $600 and the annual filing fee was $250 so the balance on the card is $900 right now. I am chipping away at the balance and I hope some business comes my way which will allow me to pay it off in full.

Bring Your Lunch Challenge...

Okay...who wants to participate with me in a Bring Your Lunch to Work Challenge next week?

I also am soliciting lunch ideas before I go grocery shopping this weekend. =)

$80 Challenge....

I am not doing too good with my $80 challenge. I just started yesterday and as of right now, I am at $35. If I counted the $25 Father's Day gift from Sunday, then my total would be $60 (ouch!!!).

1. I got bit by some awful mosquitos on Sunday. The bites are horrible and itchy. I took Zyrtec, bought Bennadryl cream (didn't work) and then I had to buy some Hyrdocortizone cream today after I went to the pharmacist looking for any help. I also called my doctor just in case. I have over 15 bites on my legs and no matter how much I scratch (I know I am not supposed to), they itch worse. I hope this hyrocortizone cream helps but both creams hit me for $10.
2. I don't have any ready to go groceries at home like sandwich meat, bread, etc. Everything that I have in the house requries cooking a meal and I haven't been home since Wednesday of last week for more than just time to sleep. I know I need to buy some groceries but I hate going into the grocery store since I spend so much moola. I am going to wait until next week so that I can participate in the Bring My Lunch Challenge. =)

So...$45 left. The challenge goes through Saturday and begins again on Sunday.

Allowance…

Do any of you use the allowance system? Do you allow a certain amount of money per week? I am thinking about trying this method and allowing myself $80/week or $320/month to start and see how it goes. In a perfect world, I would like $200/week or $800/month. I am going to try this out for a week and see how I do. I am going to take out $80 in cash and try to make it last through Sunday. Wish me luck!!!

On a side note…

My boyfriend stepped up for me big time this weekend! He knows money is tight and he finally received his tax return. Not only did he take me out to dinner and a show on Thursday to see the Conan O’Brien writers, he also purchased joint gifts for his Stepfather, my Dad and my Brother-in-Law for Father’s Day. I only had to spend $25 for a gift card to the local golf course for my Dad. I am so thankful!!!

Starting Fresh….

I am starting fresh next month. I did not track all of my spending this month which is why you haven’t seen any of my fancy little charts. I still think I will be able to put together a monthly recap.

Below is my budget based on my new part-time job. July will be a little different since I have to pay my annual home insurance premium and quarterly water bill. The budget above factors in an accrued amount for that going forward so I won't get hit with it all at once. With 12 hours per week, I should net approximately $400/month. I also think I have some ability to pick up additional hours but I don’t want to burn out too quickly. I am coming up on reporting month at work and we usually already work a least 50 hours per week.

I am going to focus again on bringing my lunch and/or keeping purchased meals under $10/day. I keep realizing that buying groceries is not relating to any reduction in dining expenses so I am going to minimize grocery/household shopping to pretty much just necessities.

I built in higher transportation. I assumed the need to purchase 10 discounted parking passes each month since I will be working until 9pm-10pm some nights at the part-time job.

Let me know your thoughts. Thanks!

Manicure…

My Sister introduced me to something called a No Chip Manicure from OPI. I tried it once and cannot wait until I am able to regularly pay for this luxury. Manicured nails for up to 2 weeks would just be wonderful. I looked at the chipped polish on my nails and thought briefly about going today to get one. Then I calculated how many hours I would have to work to pay for it and decided against it. I just grabbed the nail polish remover that I keep in my desk drawer, walked to the bathroom and took off my polish. I will probably paint them later myself.

Part-time Job & Roommate Update…

Well, I started the part-time job yesterday. I went in for all day training on the company, sales training and of course they trained us on the register. There were two new full-time associates, four new part-time associates and one new on-call associate in the training. They were all really nice people with their own tale of how they came to join the company. All in all, I am extremely grateful for the opportunity. The new position will add about $300-$400 per month to my cash flow after taxes. This job is a blessing to supplement my income and help me stay within budget.

I am still pursuing the roommate angle but there are no new developments. If I am able to get a roommate then that income will go directly towards debt repayment.

The woman who came to look at my place on Saturday loved it but was looking for a place with more light (I have western exposure). Also, since I only have one garage space, she would be giving up her current garage space where she is renting now. I cannot do anything about the western exposure and lack of morning sunlight but I do get a nice amount of afternoon sunlight. Unfortunately she came on a day when it was gloomy and storming. I told her that she is more than welcome to use my garage space when I am not home which is 2-3 times per week. Her concern is shoveling show at 4:30 in the morning when she heads to work. I cannot blame her since it was also my concern as a single woman. I moved there specifically because it was the only condo complex with an attached garage and it’s an extremely rare find.

So that’s it for now.

Quick Update....

I got the position with Macys but it's a part-time position instead of the on call position and it's at one of the vendors. I will be working about 12 hours a week on weeknights and weekends. They're starting me out at $10.75/hour with 3% commission. I took it and will probably go for training next Tuesday.

Second, I got an inquiry on my listing with the roommate site. The woman and I exchanged a few emails and she may come to see my place on Saturday.

That's about it. Have a great weekend. Go Blackhawks!!! :-)

Condo Value…

Please see my net worth chart to the right. I decided to revalue my condo at cost. There are two 3bd/2ba units on the market in my complex for $139,900.

I purchased my condo for $130,000 in 2003. It appraised for $165,000 in November 2008 but due to market conditions as well as a limited market for conventional financing since my complex is not FHA approved, I suspected the value would decline.

I think the conservative value is best. At least I am not underwater after the refinance.

Spending Report...

Happy Friday!!! I could scream and jump up and down because I am so glad it's Friday.

I lost my monthly metra train pass and it’s only the 4th of June!!! That sucker costs $130 so I am going to go home and search every inch of my condo and my car. Ugh!!!

My grandmother is in the hospital for the next 3 days for psych evaluation. She was basically kicked out of the nursing home last night. She was staying there for a week in respa care to give my mom a much needed break. Who knew alzheimers could be so nasty and turn a gentle person into the meanest person?!?! They definitely don’t show that side of alzheimers on television so I feel like I was duped. I thought she would just forget everyone and draw, paint or just stare and watch television for the rest of her days. Not the screaming and hollering that she does all day long. Goodness!!!

Anyway…I was at the hospital for several hours last night with my mom, dad and sister. This trip to the hospital may expedite her placement into a home. People…LONG TERM CARE INSURANCE!!! I don’t know all the nuances about the insurance but I sure wish my grandmother had it so that we had more flexibility in choosing the facility or even the possibility of keeping her at home with a full-time caretaker.

On to the next…here is my spending report and budget for June.

I had a cookout for Memorial Day. I originally planned to share the expense with my boyfriend but he hit a bad bump over railroad tracks that caused major damage to his car over the weekend. It cost him almost $1,000. Needless to say, he couldn’t share in the expense as planned.

This is also the first month that I am actually trying to budget in a draw from my savings. My parents offered to help and give me $300/month. We’ll see. My Dad actually came to the cookout and everything. He had a good time.

I don't have anything planned for the rest of the month other than Father's Day. There is a golf course nearby that is offering dinner, two rounds of golf and a bucket of balls at the range for $75. Coincidentally, this is also the golf course where my friend had her wedding a few weeks ago. This Father's Day deal may be my Dad's father's day gift since he likes the course. My sister may get it for my brother-in-law so we may just split the cost and get them both the same thing and spend $75 instead of $50/person. They love to golf together so it's perfect.

Stock Sale...

I sold ~ 22 shares of company stock in my ESPP. It should net me approximately $1,300 to help replenish my efund. I just did standard mail so I should get a check in about a week. I didn't liquidate my Sharebuilder Account. It is still valued around $250.

Interview for Part-time Job…

I had the interview with Macy’s yesterday. The position was an “on call” position in small fragrances. I will tell you what I told my reader Aaren. The position is not suited for me and I am not suited for the position. BUT…I didn’t turn it down. I will find out one way or the other next week. First, they would like someone with more flexibility so that if a full-time or part-time worker calls off, they can call you and ask you to work. You never know when they will call so there is no guaranteed money or schedule involved. Second, I don’t like perfume. It gives me a headache. I am the woman who says no thanks and holds my breath through the perfume section. I don’t take any samples and I happily go to Bath & Body and buy the fruity splashes. Cheaper and no headaches.

There were about four other women who looked like they were there to interview for the same position. They also looked like they didn’t have an office to go back to like I did, so an on call position or any position would be great. I realized how grateful I am for my full-time salaried position (with benefits). I may be underpaid and underemployed but I am still gainfully employed nonetheless.

I sabotaged myself in May. No doubt. I try too hard to please people and I end up with the shorter end of the stick. I know this has to stop but I don’t want to lose sight of the fact that I AM making progress. I am paying all of my bills on time and my debt is going down. I also have excellent credit scores so I am not shirking my responsibilities.

I work hard and sometimes I play too hard. Some people think this blog is about being frugal but it about financial independence and finding the balance on the road to financial freedom. Therefore, when I achieve it, I won’t ever retreat back into financial despair. Let’s be honest, I am 32 years old and it is going to take me 10+ years to pay all of these loans off short of a miracle. I am NOT going to sacrifice everything for the next 10+ years of my life and not live in the process. That may be for some people but that is not for me.

I have cut back on some things and I am looking for ways to eat and entertain for less. I subscribed to Groupon and another service. I bought two Groupons so far that are good for a year. The one Groupon cost me $20 and it includes 2 rounds of bowling and shoes for 4 people. The second Groupon cost me $30 and it is good for food and drinks worth $75 at one of my favorite restaurants. I included the amounts in my current expenses but I still have the Groupons for future dining/entertainment. Again, finding the balance between what I want and what I can afford.

I blew it in May. I make no excuses. I have to admit that some of the comments made me wince and for a while and I was discouraged to blog but I am going to get back on the financial wagon. I know I deserved some of the comments so I hope you’re still there along the road to support me. Thanks for all of your comments and encouragement.

May 2010 Racap...

Here is my recap for May. I am not going into a lot of detail. It was just bad.

My Emergency Fund is gone and it was not all spent on true Emergencies.

I bought 10 more parking passes in May. They reduced the price from $18.75/pass to $12.50/pass. Finally, a break.

Miscellaneous spending was the budget breaker. Below is complete detail.

Vacation...

I am on vacation this week from work. I am not traveling anywhere but I just needed a break from the office. My internet at home was down and the AT&T tech just left and got me back online. Thank goodness. I forgot how attached I am to the computer and the internet.

I am going to try to stay off my computer as much as possible this week to really get a break. I will be posting my May Recap soon and I am bracing for the storm. =)

Chitown is Alive…

Hi everyone! I am still alive and kicking. The month of May has taken a toll on me emotionally and financially. I am looking forward to taking next week off for vacation.

I stopped by my parent’s home last night and my grandmother was having a terrible day. For those that do not know, my grandmother has a severe case of Alzheimers. She’s lived with my parents for 20 years and has declined rapidly since November of last year. I need to help my mother look into assisted living for her next week. The cost for alzheimers care is expensive and of course, she did not have long-term care insurance.

I am wrapping up the month of May and I am dreading my monthly recap. I think my net worth will be down about $2,000 with market losses as well.

All of my student loans are now in repayment. I faxed in the request to put the new federal loans on an interest only payment plan for the next 2 years. They have yet to process the request so the new payment amount is not reflected on the system. As soon as I know the amount, I will be able to budget for June and the remainder of the year.

I have an informal interview on June 1st for a position with Macys on State Street. The position of for cosmetic sales, beauty advisor, on call. I am not sure what it will entail but I am going to see what they are talking about. I don’t think my current employment allows for the flexibility of an “on call” position but rather a set schedule for a part-time position. I am still going to participate in the interview and get all of the information and details. I worked retail for years in college for Structure (Express for Men) so I have some retail experience. I manage my own portfolio of Bank customers all day long so I have customer service experience. We’ll see.

My Boss is on leave dealing with a Bank acquisition so I have an interim Team Lead who was coincidentally my first Team Lead when I joined the group. I told him that I had a discussion with my old Boss about a year ago about my salary being below market and the income disparity with my coworkers. I also told him there was talk about me taking on additional responsibilities to justify an increase. I put out there that I was trying to get to $85,000 from $75,000 and I wanted to know what I need to do to make that happen. He agreed that they should have circled back to me by now with some decision and said he would follow up and talk to my Boss and the Head of our Group. Otherwise, I told him I may need some flexibility with my schedule so I can leave a little earlier to get part-time employment. He looked shocked but people with Money never seem to understand people without it, especially when the person without money has all the tools, education and drive.

I am very educated, driven, experienced and well…broke. We’ll see what happens.

Weekend…

I had a fantastic weekend. We drove through the night on Thursday evening to Tennessee and arrived around 9am for the 2pm graduation. The graduation was short and sweet and I probably spend about $30 while I was down there.

We drove through the night on Saturday and got home around 5:30am Sunday morning for the 2pm wedding. The wedding was beautiful. I gave the bride and groom $150 which covered our plates at the reception and gave a modest gift ~ $25. I went back and forth with the amount of the gift and this amount is what I was comfortable giving.

There is no doubt that this month hit the Efund hard...down to about $500. I am going to collect myself, dust myself off and have a terrific rest of the year.

Macy’s contacted me about setting up an interview so I need to go online and see what that process is all about. No bites yet on the Roomate site.

Chitown Reality Check…

As my reader Kris said yesterday…I am broke. I am $250K in debt. That is one-quarter of a million dollars!!! Like my reader Aaren said…GET IT TOGETHER!!!

Okay…I am going to get it together. I returned the dresses to Macys this afternoon. I am getting the A/C repaired in my car today. That will cost ~ $475. By the end of the month, I will have depleted my Efund by ~ 50% or $1,000.

Here is what I am thinking about doing...

I am thinking about getting a part-time job on the weekend. I applied to DSW and Macys online and I will continue to look for additional opportunities. I would love to work for Crate & Barrel or somewhere at the retail outlet.

I am now actively looking for a roommate. I signed up with an online site that tries to match those seeking a place to live with those looking for a roommate. I put out a request for $700/month and a $700 deposit but I would be happy to get $600. The money would go towards repayment of debt.

I was thinking about liquidating my ESPP and ShareBuilder account and applying the proceeds towards my Perkins Loan. The stock carries a value of ~ $1,500 and the balance on my Perkins loan is ~ $2,500 so that would leave just about $1,000 on the loan. Instead, I think I will continue to hold the investments in case I need to liquidate them and reestablish my Efund. That way, I don’t touch the $10,000 short-term savings.

I am working on it folks.

Damage Breakdown...

Okay, I tallied all of the damage last night. Here is my progress report for the month. I also provided a more detailed breakdown in an effort to provide fuller transparency.

So far, my Efund is down $600 and I don't have any funds in my checking account so any additional spending comes from the Efund the rest of the month.

Returns will boost my checking account. Everything has been paid for with cash.


Clothing & Shopping - $291:

Clothing and shopping is going down at least $120. I need clothing and undergarments (badly). I can't get everything all at once so I did buy ONE undergarment set on Saturday for $85.

I also bought two dresses from Macys with the idea that I was going to come home, try them on and decide which one to keep. Once I return the one dress, clothing and shopping will drop ~ $130.

Here is what I think I am going to do about the dress situation. I have a black dress (albeit a size 10) from about 5 years ago that I think I can squeeze into. I am going to go home tonight and try it on. If I can fit it, then I will also return the other dress. It cost $165 (with 10.25% Chicago sales tax) but I had a $100 gift card to Macy's that my parents gave me for Christmas so I only paid $65 for the coral dress. I do hate wearing Black to a wedding. I look more like I am going to a funeral.

So there you have it, Clothing and Shopping could drop by $195.

Personal Care - $225:

I got my hair chopped off...close to 2 inches. Due to stress and too much heat, my hair was badly damaged so I went to the hairdressor and she had to cut it. In an effort to never have that happen again, I purchased additional curly hair products so that I can wear my hair natural more often. I spoke with my sylist and she knows I will only be coming in on occassion just to get my ends clipped. I may go in every 8 weeks but she won't wash and condition it, just trim the ends so the cost should be around $20 every 8 weeks compared to $50/month.

I needed proactiv and I got a pedicure. Yes I did...I got a pedicure for $33 with tip. I am going to have my toes out this weekend in Tennesee for the graduation and the wedding. I won't go again for the rest of the month.

So, I made steps to reduce my hair appointments and monthly personal care budget by $50/month.

Miscellaneous - $1,312:

Here is the breakdown for miscellaneous:

1. Car repair - $615 (paid for by my parents)
2. Mother's Day - $209 (includes gifts and food)
3. Graduation Gifts - $100
4. Birthday Gifts - $193
5. Prescriptions - $178

My prescription was not covered by insurance but the cream should last at least 6 months. This was for the bad burn that I got last year.

Birthday gifts includes $25 for my little cousin's birthday and $168 for concert tickets to see Erykah Badu. I got the tickets for my boyfriend's birthday next month and it is also my June entertainment. His birthday is June 6th and I didn't plan to buy anything until next month but the notification for the ticket sale came out and he is a huge fan. So, I thought it would be a perfect birthday gift and entertainment for June. I just had to pay for it in May because the tickets would have sold out by June.

The Rest of May:

1. Wedding Gift - $150-$200
2. Car A/C Repair - $475 (getting it done tomorrow - dealership cost $700)

Here is the detailed breakdown:

Taking Time Off…

Chitown put in for a week of vacation. I need one bad but I couldn’t figure out the best time to go since I needed to be in the office for this training, that meeting, this project or that judicial sale, etc. I had Mandatory Customer Service Training to attend on May 25th and that seemed like the only week I could take off until the middle of June. I cannot wait until June….I might lose my mind.

So I went to my Team Lead and told him I needed some time off and asked him what would happen to me if I missed the training. Thank God for good management. He waived me off and said…Take it!!! So, I am going to take the week of May 24th off and come back after Memorial day on June 1st. I will get back just in time for one of my properties to go for judicial sale on June 2nd. Oh boy...

10 days off work!!! =)

Damage Control…

Chitown in doing damage control. I took a huge financial hit this month. I am so overwhelmed with my life that I am just taking care of stuff and dealing with it later. I know...bad planning and bad move.

Besides being under the weather and having little to no energy myself, my mother is half losing her mind with having to take care of my grandmother and father. This weekend, she completely lost it about Mother’s Day because she couldn’t make a decision. To top things off, my Uncle flew in to stay with my parents so he could visit with my grandmother on Mother’s Day. So, there was yet another person for my mom to take care of. Needless to say, it got to a point where my sister and I needed take the entire thing out of her hands because she couldn’t make another decision or do anything more.

We were combining Mother’s Day with my little cousin’s birthday celebration since he turns 10 today and everyone would be together. So, the whole day cost me between $300-$400 to plan a Mother’s Day/ Birthday dinner for 12 people and get gifts. I still have to tally the entire damage. My Mom usually takes care of everything and we just show up. So the money she and my dad gave me to fix my car pretty much went to pay for Sunday.

It’s been a mess. I took my car into the shop on Saturday for a second opinion on the air conditioner and I will need to replace the A/C lines. The inspection cost me $50. The shop is going to call me this morning with repair cost since the Nissan part shop was closed on Saturday.

I am traveling to Tennessee on Thursday for a graduation and I have a wedding to attend here in Chicago on Sunday. I tried going to look for a single dress to wear to both events because I have nothing to wear. NOTHING!!! I found a dress in Macys but it cost me about $80. The graduation present cost me $100. The graduation is for my boyfriend’s twin sisters. I went in with my boyfriend and got them gift certificates so they can get some work clothes to start their new life in the “real world.” My boyfriend’s parents rented a huge cabin so we are staying with them. I went in an extra $25 each for the gifts since their parents are paying for our accommodations. Good luck kiddos…the real world sucks.

Anyway, the wedding is on Sunday and I will be writing a check for that too. My boyfriend is attending with me so I need to decide on an appropriate amount. Proper etiquette dictates that I cover the cost of our plates and give a gift on top of that amount. They are having the wedding at a golf club but I don’t think the cost per plate it too high…something around $65/ person. I remember her saying something about the reception costing close to $4,000 and she is only inviting 62 people so that is about $65/person.

My net worth is going to take a hit this month, especially with the market down too. I haven’t had time to tally everything and I will know more once they call me with the cost of the car repair. Once the graduation, wedding and car situation is over…I will pretty much be done spending money for the month and my Emergency fund will hover around $1,200. I hope!

I swear, most days I just want to throw up the white flag and stop trying. I know I could be making smarter and better decisions but I feel like I am just going with the flow.

Chitown Down...Code 10...

I am home sick from work. Surprisingly, I am getting a lot of work done. Makes me want to shake my head but I tend to get a lot of work done when I'm at home. Go figure. I am also making a dent in my laundry. Yeah!!! This cold has me pretty down and out. I knew it was bad when I came into the office yesterday and my coworker asked if I got any sleep the night before. I ran to put on some eyeliner and mascara.

I will also be thrilled when this writing course is over next week. It was beautiful outside after work yesterday and here I was trudging to class. I gave up 4 years of my life in law school so I am done with class after work. Those days are over!!! Lake Michigan and the Beach were calling my name yesterday…Chitown, Chitown, Chitown. LOL

I am still on the fence about the help from my parents. I will probably give it all back to them by Sunday along with a long Thank You letter. I figure that if I need to replenish my $2,000 Efund then I can do it with the stock in my ShareBuilder and ESPP accounts. I am actually amazed that it remained intact through almost 6 months of 2010.

My blog is about getting this debt monkey off my back and part of that is learning to live within my means but still find a way to well…LIVE!!! It’s tough to say the least. It would be awesome to have someone to share expenses with but it would be even more awesome if it was someone I knew.

Car Update...

So the Nissan Dealership was going to charge me $90 for the inspection on my car. They would not waive the fee but the fee could be applied towards a recommended service. Since that was pretty much the $100 I was going to save by going to the Mom & Pop shop, I told them to go ahead and fix my brakes.

I didn't get the air conditioner fixed or the fog light. I am going to still take it to the Mom & Pop Shop and pay the $50 to have them take a second look at the A/C before I spend $700 to get it repaired. Hopefully, it won't need anything major afterall.

The major update that I have is that my parents decided to bail me out of this car situation. The total cost for the regular maintenance and the brakes came to $615 and my parents wrote me a check for $600. I am NOT okay with this even though I wish at this moment I didn't have a conscience. I told them I had the money in savings but my Dad insisted and said he didn’t want to hear another word about it.

My parents are not wealthy. My Dad went back to work just to pay for his health insurance after retirement. They will never pay off their home and they both have car notes, one of which will be paid off this year and I believe the other one within the next 2 years. They are good people, decent people and only wanted the best for their children. I feel like a disappointment and a failure. I should be helping them out and not the other way around. They need to paint the house and get a new fence badly and they also need to pay for their vacation. I get the fact that my Dad got his first social security check last month but that is extra money for THEM and not ME. It’s just not right. They need to save some money for the house repairs and to pay for their vacation.

Should I give it back?

OMG...Car Update...

The guy at the Nissan Dealership just called about my car. I took it in this morning. The grand total for the repairs....$1,530!!! Oh Dear...I can't keep up for shit!!! I told the guy NOT to touch my car until I called him back. Oh my, Oh my, Oh my...I can't breathe.

Here is the breakdown:

Regular Maintenace and Inspection: $130
Repair Fog Light: $260
Repair Air Conditioner: $690
New Brakers and Roaders: $450

Total: $1,530

I can get away with not getting the fog light fixed for a while but NO A/C in Chicago during the Summer...Shoot me now!!! I have to be safe so there is no getting around the stupid brakes. Did I already say Oh My!?!? Damn Damn Damn!!! (Excuse my language...In my head, I am kicking and screaming like a spoiled 4 year old child).

*** I can use the EFund, liqudiate stock value at approximately $1,600 or charge the repairs. Ugh!!!

April 2010 Monthly Recap...

April was a decent month. My net worth improved for the 4th month in a row. That is a definite accomplishment.

My retirement account bounced back so that helped to improve my net worth considerably. I went over budget by $402. I used my Petty Cash Fund and the extra money I was holding in my Emergency Fund to cover the shortfall.

Beginning in June, you will no longer see the increase in my Federal Student Loans because all of my loans will be in repayment. While I am dreading the extra expense, I will be happy to see all of my liabilities decreasing on a monthly basis.

Below is my expense statement for April.

• I decided that my goal is to keep both Food/Dining & Grocery under $300/month. In April I spent $496 and that is still way too high. My grocery expense was a little higher since I tried out some new recipes.
• Transporation costs also hit me hard again in April. I decided to accrue $90/month towards my parking passes since I need them about every other month. This will reduce my expense from $450/month to $350/month.
• I also need to find a way to accrue for my quarterly water bill. It's about $120/quarter or $40/month. The next bill is due in July.
• I would really like to find a way to budget $100/month for both Personal Care and Entertainment - $200 total. When I look back at my expenses, this seems like a reasonable average amount that I tend to spend. I am going to cut back on the hair appointments even more from once a month and get just one pedicure each month and do one on my own.
• Credit scores remain strong and my credit history remains clean.

Blessed Friday...

My Dad went in this morning for his heart procedure. He actually did have a blockage where the stint they put in last summer started to collapse from scar tissue. They put in another stint but this time a medicated stint to ward off any further scar tissue. Hopefully this will work and he won't become a candidate for bypass. I stayed with him all day since my poor Mom has to juggle him and my grandmother with alzheimers. He was doing really well following the procedure but they kept him in ICU until tomorrow when he comes home.

Today was a very blessed day! It was also a NO SPEND DAY!!! =)

Payday...

I got paid today!

Time to get my budget together for May, pay bills and draft my April recap.

My budget for May will include a planned savings draw for the first time. I have some extraordinary expenses to pay. More on that soon.

Car Repair…

The Check Engine light came on this morning in my car while I was driving to work. My initial thought was…D*MN!!!

My 2002 Nissan Altima (The Green Machine) needs some work. I am going to call and try to get an appointment for my car. I know it needs the 85,000 mile service but I was trying to put it off and just get the oil changed and the tires rotated. It has about 84,000 miles on it right now. I am going to call them to see what the 85,000 mile service entails and make sure they will check/rotate the tires, change the oil, and find out what is making the “check engine” light come on. Also the air conditioner/heat doesn’t work properly so I need to find out what’s wrong with that too.

I have no choice but to make sure that baby runs for a long while to come.

Oh Boy!!!

Weekend Spending...

I got a pedicure on Friday. I planned a DIY pedicure but I used a gift card instead that I got for my birthday and paid the tip. It was the most relaxing hour that I'd had all week and the best $10 I spent all month. I also went to the movies as planned on Friday night for $15 and then went out for drinks. Unfortunately, the place also had a $10 cover so all together that was $20 that I didn't plan to spend.

Friday was a $45 discretionary spending day. Bad. I had only planned to spend $20 for the movie.

On Saturday, I didn't make it to Victoria Secret as planned to get the $25 gift card for my friend's bridal shower and I also realized I needed a card. So, I had to go to Walgreens to pick up a card and a $25 gift card. I resisted the urge to get the $50 gift card. I felt like I was being cheap with just a $25 gift but I had to tell myself that I will be writing a nice check for her wedding in just 3 weeks. So I still have the $25 visa gift card I got from Christmas to use for something else. I really heart gift cards. They come in handy. The shower gift ended up costing $32 with the almost $5 activation fee they charge.

To stave off a massive withdrawal headache, I made my first trip to Starbucks this month. Darn...$4.20 for a grande mocha. Won't be going back to Starbucks for a while. It didn't work either. I had to leave the shower early due to a massive headache. I stopped by the store on my way home as planned and picked up some bread, eggs and 3 bags of salad for the week. The entire grocery bill was just $9.20. I love Aldi!!!

Overall, I spent $57 more than I planned to spend this weekend. $10 for the pedicure, $20 for music/drinks, and $32 for the shower gift when I planned to use a gift card I already had to buy another gift. On the other hand, I still have the $25 gift card and I can use that to pay for something else.

Other than Metra train rides and $6 for parking on Wednesday for class, I plan on having another week of almost $0 discretionary spending. I get paid again on Thursday.

Weekend…

The weekend is here and I am truly grateful.

I just found out yesterday after my Dad went to the doctor that he will be having another heart procedure next Friday. He’s been having some discomfort/pain and since he had a massive heart attack last Summer, the cardiologist wants to go back in to check everything out. I believe the procedure will be relatively routine so I am hopeful and prayerful that he will have a very quick recovery.

I probably won’t be going to Kentucky for Derby next weekend since he’s having the procedure on Friday. If they need to repair anything, he may have to stay overnight in the hospital and I don’t want to be away. I know he’s going to be okay.

I may go to the movies tonight to see Death at a Funeral with Martin Lawrence. I could really use a laugh and I think it’s going to be pretty funny. Other than the bridal shower on Saturday, I will probably just hit the gym and relax this weekend. I may go over and sit with my Grandmother who has Alzheimers so that my Mom and Dad can go out to dinner and a movie.

I need to go to Aldi grocery store to pick up bread, eggs and potatoes for meals next week. It should cost less than $10. That’s about it. I am going to give myself a pedicure this weekend so overall, I don’t plan to spend more than $30 for the weekend with the groceries and the movie.

Have a terrific weekend everyone!!! Please say a prayer for my Dad. =)

Trudging Along…

Chitown is trudging along. I have another week before I get paid again on the 29th and it feels like a really long time away. LOL

I have another NO SPEND day planned today and it feels good. I cannot believe that I made it almost ½ a week with NO Discretionary spending. Yeah!!!

I have a wedding shower to attend this Saturday. I have a Visa gift card for $25 from Christmas so I am going to use it to purchase another $25 gift card to Victoria Secret since it’s a lingerie shower. I think I already have a card at home. Her wedding is next month so I am also going to need to get her a wedding gift as well. I usually just write a check.

As for the next week, I think my primary expenses will be related to transportation. The weather is supposed to be pretty crappy here in Chicago this weekend so I hope that it will be a rather chill weekend with minimal spending. I need another 10-ride train pass ($40) and I need to fill up my gas tank since it is very close to empty ($40). I am going to focus on bringing my lunch next week as well so keeping my food & dining expense down will be key to minimizing the damage this month.

I have a lot of stuff planned for May.

My best friend is from Kentucky and she invited me down to Derby the first weekend in May. I asked her if it was going to cost a lot of money and she said everything was already paid for so my expenses would be minimal. We are staying with her Mom so lodging is also taken care of and they are cookers so I hope food expenses will also be minimal. We’ve been best buds for 14 years and I have never traveled down to KY so I am excited to see her world.

Mother’s Day weekend is going to be rather relaxed this year. I am only budgeting $50 for gifts for about 4 Moms so I am going to have to be creative. Any ideas??? I am also running a 5k fundraiser for the Black Alumni Association at my alma mater that will cost $25. I’ve been training for it a little and running so I hope the weather will be nice because my school and the running trail is right along Lake Michigan. Beautiful. =)

I need to get a prescription filled that is not covered by insurance. I can’t remember how much it cost before but I think it was close to $175. Ugh!!! I burned myself really bad when I dropped a curling iron on my chest about a year ago on vacation. The fade cream that my doctor prescribed does not come in generic nor is it covered by insurance. If the burn was anywhere else I would say forget it but the medication is working and I need to keep up with the regimen.

So….keeping my food/dining and grocery expense down in May will also be key to staying within budget.

On A Roll...

I went three days in a row without any spending. Go Chitown!!!

Seriously...cooking the pasta and stretching it with protein sides helped a lot. I cooked a pot of jambalaya last night so I can stretch that for a few days as well.

I tried a new recipe for this Cajun Blackened Chicken last night that I found on my iPhone app and it turned out pretty good. Best thing about it was that I had all of the ingredients. My best friend was pretty amazed on Saturday at how well stocked my kitchen was with utensils and seasonings. I just need to put them to work.

I stopped by my parent's house last night and thought I was just going to come home and make a turkey sandwich and soup for dinner and that I didn't feel like cooking. It was about 5 minutes after I started defrosting the chicken breast when I remembered my original dinner plan. Oh well right...I was in it for the long run. So I cooked and now I have food for at least 2 days.

It's crazy though because I will sometimes have all this food and all I want is a PB&J sandwich. lol

I have class tonight so other than $6 for parking...today will be another day of NO discretionary spending. =)

Housing Value…

I currently value my condo at $165,000 but I am not so sure that is market value today. I got my place appraised as part of my refinance in November 2008 and it appraised at $165,000. There is a 3-Bedroom, 2-Bath condo currently on the market in my complex for $139,900. I paid $130,000 for my condo back in 2003.

Perhaps it would be best to value my condo at cost rather than at $165,000. This would kill my net worth but it might be more accurate. If the place sells at $130M, at least I am still afloat since my outstanding mortgage debt is $122M.

Another problem many condo owners are facing is that our complex and similar complexes are not FHA approved. It is difficult to find conventional buyers in today’s market. Heck, many of us weren’t conventional homeowners either but got out financing through some 80/20, 80/10/10 program. I know I did but these loans are no longer available it seems in today’s lending market.

What does this mean? Well, owners of distressed condo units are going to unload their properties for much less than the market value and depress the values of similar condos in hopes of finding a conventional Buyer. Consequently, many owners are also going to find themselves stuck and unable to sell since they now owe more than their condos are worth.

Things are just tough. I am fortunate that I can rent out my condo in the event I cannot sell.

Progress Report...

I had a great weekend. I invited my best friend over on Saturday to watch the Bulls vs. Cavs game and she gave me a cooking lesson. Hey...good food, good wine, good game and good company. I couldn't go wrong except I needed to buy groceries.

My best friend taught me how to make spaghetti which is definitely a meal that I can stretch. She is from Kentucky and the girl can cook. She agreed to come over and give me a few more lessons over the next few months. She understands what I am trying to do and is really very supportive. Love her!!! My grocery bill was a little higher this time around because I needed a few staples to cook the meal that I won't need the next time around.

I brought my breakfast and lunch today and I am going to cook something for dinner. I am also going to ask my mom to teach me how to make a few things like chicken salad and a turkey breast. Those are also meals that I can stretch.

I am overbudget and the excess came from savings. Anticipated expenses for the week are gas for my car (only the second fill up this month), parking for class on Wednesday night ($6) and maybe another 10-ride train pass which will be the last one for the month ($41).

I plan to bring my lunch all week and cook dinner. Then, I can make it through the rest of the month just needing about $100-$120 which will come from savings but will still leave my $2,000 efund in tact. Since I have one more month without paying all of my student loans, I should be able to put the $300 back into savings.

Lastly, I spoke with my Mom over the weekend. She and my Dad are probably going to help me with $300/month come June or July when my student loan payments increase. I told my Mom that I was thinking about getting a roomate and she was not pleased (I knew she wouldn't be) but I told her that I am running out of options. Mentally I am zapped from work and just thinking about having to get a second job makes me want to cry. She just said that I need to speak up and tell them I need help. So, I said I did and I will tell my Dad this week. He is going to agree with the snap of a finger which is just going to make me feel like crap too but oh well. I couldn't even go play golf with him this weekend because that was $40 I didn't have.

• Utilities are $105 higher due to my quarterly water bill.
• Transportation costs are $190 higher for parking passes.
• Medical bill from physical therapy is under misc/irregular expenses.
• My blow dryer died. I purchased a new one under personal care.
• Food& Dining and Groceries are my main focus right now to reduce.
  
  
  
  

Financial Boot Camp...

This is the first time I am getting “real” about my finances. I don’t pretend that I have all the answers and my income and committed monthly expenses will not stabilize until July. Until then, I am rolling with the punches and establishing new spending habits.

How so you may ask since you spend $100/month on personal care, buy people gifts and go out to eat? All of my adult life, I spent with reckless abandon and enjoyed every single minute of it!!! I will not lie. Another thing I will not lie about…I miss it too!!! Since I know this, I come here to confess and I come here to celebrate my victories. It’s a sickness to an extent but I feel like I am winning the battle.

I got my hair done every week to the tune of $200/month. I got a pedicure every two weeks in the Winter for $60/month and every week in the Summer for $120/month. I got a massage every 4 weeks at the Spa and I ate out every single day, sometimes taking a taxi just to get to my favorite restaurant. I was ridiculous and my spending was so out of control.

It is really hard to change all of that imbedded spending behavior overnight but I am making great strides. For some, my progress may not be fast enough. For ME, progress is something I never made before so I am delighted and encouraged.

What’s different now…well now is relative because it’s only been a few months since I got “real.” I get my hair done once a month for $50/month. I don’t get massages and I get a pedicure every two weeks for $50/month. That is my $100/month bill on personal care. This month, I cancelled my hair appointment.

I bring my lunch 2 times a week. I will do this more in the Summer because I can then go out into the courtyard, sit outside, read and enjoy the Chicago weather. When I buy my lunch, I aim for under $10/day whereas I used to go to a sit down restaurant and the tip alone would be $5. When I buy lunch, I don’t buy dinner. I cook more. I never used to cook. My oven still looks brand new and I’ve lived in my place since 2003. This is the kicker though…I am finding that I like to cook and I like to eat what I make so I am sure there will be more of that on the horizon.

I don’t give the extravagant gifts that I used to give. I used to spend at least $100 on my parents for Christmas, Birthdays and Mother’s and Father’s Day. I budget $50 now and everyone else gets a gift worth ~ $25 whereas it used to be $50. I look for other ways to give a gift and I am not ashamed to say that I have re-gifted a nice bottle of wine or a gift card to Macys. I just did this in February.

I know I have a long way to go but I am encouraged and I know that better days are coming. As I get comfortable with my spending and my new budget and paying on my student loans, I know further cutbacks are on the horizon. Stick with me…Chitown is going to make it and not just make it…Thrive!!!

Chicago...

It is a beautiful day in Chicago. I am going to get out and enjoy it.

Struggling...

I am seriously struggling. Work is beyond crazy. I mean seriously!!! I have a portfolio of 30 clients and they are all mad…just mad!!! I want someone to act right!!!

My 1 year old nephew got tubes in his ear yesterday and thankfully he is just fine.

I am tired of thinking about money!!! I know I don’t have a choice but I am tired!!!

I went back to my tracking and created a custom report from my last paycheck on March 30th through today and here is where I “really” am for this pay period. I’ve been looking at things on a monthly basis but I kept thinking…why don’t I have more cash in my checking account??? Well that would be because I spent some of my paycheck the last 2 days of last month!!! I should really report from paycheck to paycheck and not just monthly. I must do this going forward.

There is no way I am going to meet budget this month. I have another 15 days before I get paid again.

Monthly Progress Report...

I went grocery shopping this weekend and went over budget. I forgot I had to adjust my budget down from the usual $100 to $70 to account for the higher utilities this month. Consequently, I am adjusting my dining budget and I will just have to make it work. I need to accrue for my quarterly water bill. I also need to accrue for my yearly homeowner's insurance. I will have to pay roughly $250 for that in June or July. Thankfully, I have an extra $250 in savings already.

The weekend was cool. I make it to the gym a couple of times and I also met my Dad at the golf range. Thankfully, he paid for the range.

• Utilities are $105 higher due to my quarterly water bill.
• Transportation costs are $190 higher for parking passes.
• Medical bill from physical therapy is under misc/irregular expenses.
• My blow dryer died. I purchased a new one under personal care.
• Blew my grocery budget so I readjusted my dining budget.

No Spend Day...

Today was my second NO SPEND DAY of the month!!!

Spending Formula...

Oprah had Jean Chatzky on her show a while back when she was doing the Debt Diet. Jean suggested the following as the ideal spending formula.

I am completely out of balance and I have a lot of work to do.

Right now my housing expense is 41% and my debt level is at 38%. Thankfully my car is paid off so I fall below the 15% transportation goal to just 8%. The sad thing is because I am overextended in housing and debt, I also fail to meet the 10% saving goal and I am only able to allot 13% for personal spending compared to the 25% goal.

Below is how I will stack up against the spending formula for the rest of 2010.

Credit Cards...

Slowly BUT Surely, it is getting a lot easier for me to use cash and debit for all of my purchases. I wish I never used my credit cards and cannot wait to be free.

I have a goal this year of no additional debt. I have kept that goal thus far and intend to keep the streak going. I know it may seem like I go back and forth with my finances but this is the first time I have truly buckled down to make a difference in the right direction.

I am so grateful for my Blog Readers and for those that leave comments and ask questions. Thank you, Thank you, Thank you.

Anticipated Budget…

Here is my budget for the rest of 2010 unless rates change, I get a roommate, I find another job or I get offered a trip to the Moon. =)

I am evaluating the roomate scenario. I have emails out to several friends/family members to see if they know anyone who needs a place to stay. I would feel better with a direct referral than going through a service.

On another note, the new ex misses me. The breakup was sudden. He admitted that we didn't have a bad relationship but just not a great one and that he loves and misses me. I don't know what to do. He had become my best friend too.

Early Student Loan Repayment…

I am a little bummed that my student loans are going into repayment a month earlier than I expected. On top of that, they were talking on the news today about when Bernanke was going to start raising interest rates again. I swear my heart started to palpitate.

One No Spend Day....

I didn't spend any money on Easter Sunday and I spent $10 for lunch over the last two days. I badly need to go to the grocery store. I really really don't want to but I know I need to get some staples. My fridge is absolutely empty...such a bachelorette pad.

I went to McDonalds today and got a Cheeseburger Happy Meal with an Apple Dipper. The entire meal was less than $4 and less than 700 calories. Now I know why McDonalds stock is still doing so well.

I will be in the gym this evening. I just need to stop at home first to defrost salmon for dinner. I am going to try to make Thursday another no spend day. I have class tomorrow so I will need to pay at least $6 for parking in yet another garage.

Weekly Progess Report...

April is here and today is the first day of my new life. Change is in the air. My boyfriend of a year and a half broke up with me on Friday. Apparently the feelings weren't mutual. Enough said there right? So now I am starting over and starting new.

A lot of my dining, entertainment and transportation expenses increased with the relationship. For the first six months of 2009, my ex was unemployed and I superficially picked up the slack with dating expenses using debt. Since I will no longer be traveling into the city to stay/visit with him, my transportation expenses will decline. Just this month, I bought another 10 parking passes so I won't need them as often.

After a long and tearful weekend and some really kind works from my new friend and blog buddy Aaren, I am going to close the book and start anew with better choices.

Here is my monthly progress report thus far. Remember that I only get paid once a month so I pay ALL of my bills at the very beginning of the month and then I have to budget carefully until I get paid again at the end of the month. My next payday is not until April 29th. I am going to try for a lot of "no spend" days this month so I will often bring my lunch to work so that I can meet the $200 budgeted amount.

• Utilities are $105 higher due to my quarterly water bill.
• Transportation costs are $190 higher for parking passes.
• Medical bill from physical therapy is under misc/irregular expenses.
• My blow dryer died this weekend so I purchased a new one under personal care.

March 2010 Report...

1. Net worth improved from $153,834 to $151,994.
2. 401k and Investment Accounts bounced back.
3. Overall debt down $585. Come June that will be ~ $800/month.
4. Cash accounts took a hit due to overspending.
5. No additional debt or credit card use.
6. Cashed in Capital One miles to boost my E-fund by $175.

Here is a further Spending breakdown for March and my Credit Scores. Credit scores improved this month most likely due to debt reduction on my credit card. I am 90% to max on the card so that is definitely a negative.

The End of March is Here...

Month end is here. I get to report the tragic financial report for March soon...just kidding. It won't be that bad.

I am feeling the Windy City Financial Blues but the Weather in Chicago is simply gorgeous today!!!

Keep the Change...

I was able to transfer $19.20 into my savings account by using my Bank of America debit card in March. My checking account automatically rounds each purchase to the nearest dollar and transfers the difference into savings. Pretty sweet.

Monthly Progress Report...

Below is my monthly progress report. I lost it this weekend.

My friend’s birthday was on Friday. I was originally going to skip the birthday dinner but felt bad since she’s been to my last two birthday dinners. OF COURSE it was at an expensive Chicago restaurant, OF COURSE I had to take a taxi to get there, OF COURSE we split the bill, OF COURSE it ended up costing me $60 and OF COURSE, 5 out of the 6 people at dinner were women attorneys working at firms so it was a drop in the bucket for them. I did bum a ride off one of my friends back to the parking garage so I saved myself another taxi ride there.

On a side note, my best friend knows I am strapped for cash so we just met up on Friday for a $27 Thai lunch instead of going to an expensive restaurant. That was her birthday gift. She even told me I should skip the dinner when we were out at lunch. I should have listened to her.

My other friend who wanted to go on vacation was at the birthday dinner on Friday. I finally told her the "real deal" and I think she finally gets that I am pretty strapped financially. She is also coincidentally the friend who gave me ride back to the garage. Her firm pays for her monthly parking downtown.

I get paid tomorrow. It’s been 33 days since my last paycheck. I tend to lose my focus in the last week before I get paid again because it seems like it’s never going to happen.

April should be a better month but it is going to be very tight. I have to pay my quarterly water bill ($107), a straggling medical bill ($45) and for parking passes ($190). I got another medical bill in the mail for $30. I am going to call them because I don’t think they accounted for my $30 co-payment. I can get a copy of the cancelled check for proof if needed.

• The deficit is the reason for my low $100 checking account balance.
• No additional debt and everything paid for with cash and debit.
• I allotted more for transportation and Food & Dining in April.
• I am going to talk to my family & friends about gifts and let them know I have to cut back.
  
  
  

Rethinking 401k…

I am rethinking my 5% 401k contribution with the disappointing news about my raise and the upcoming increase in student loan payments. My checking account is pretty low and I am wondering if I should try to build it back up with the extra $250 over the next 2 months.

I have until next Tuesday to cancel.

Withholdings…

I increased my Federal Withholdings from 2 to 3 but the change only amounted to a $76 increase in my paycheck.

Every little bit helps though right?

Disappointing Raise…

My raise was a disappointing 4% this year from $72,700 to $75,600. I don’t want anyone to get me wrong and think I am not grateful but I am grossly underpaid. My Boss knows it and has acknowledged it to my face. Additionally, I am paid at least $10,000 - $15,000 less than my peers who are doing the same work and have comparable portfolios. Add to that, I have the most education, I volunteer for special projects, I mentor and I have been with the Bank for going on 11 years. I don’t like to cry discrimination but I am also the only Black female working in the Department and there is only one other Black male working here and he makes at least $10,000 more (confirmed). Additionally, I am the ONLY attorney working in the group and people ask me for advice all the time.

I had this discussion with my Team Lead in August of last year and was told that it was difficult to make a mid cycle adjustment without creating a new position or adding additional responsibilities. My first reaction was…Why the hell do I have to do more to get paid equitably but I said forget and told him I would be willing to take on more responsibility. That never happened and they made a conscious choice (in my opinion) not to fix the disparity at the annual review period where increasing my salary would not have amounted to an out of cycle adjustment.

He said we could discuss further and I said I would like that and I proceeded to state my case. It doesn’t matter. I could tell he knew I was disappointed because I cut the meeting short. We just lost two other Portfolio Managers in our group and we were already in a hiring mode. They are going to have to pay at least $15,000 to the next person to replace me soon. I already started looking for a new job because the increase after taxes will not be sufficient to pay the increase in my student loan payment come June.

At the end of the meeting, I just said Thank You, gathered up my portfolio, got up and went to the bathroom and balled. I don’t like to cry but I just felt defeated and pissed off beyond measure.

Investments & Perkins Loan...

I am going to focus on long-term investments instead of long-term savings whenever I get the opportunity. In the past, I opened a ShareBuilder account (now ING) and took advantage of the opening bonus. Occasionally when I have an extra $25, I transfer the funds to my ING account and make a $21 investment (after the $4 fee) into the S&P 500 Index Fund.

I also used to contribute 1%-2% into my Employee Share Purchase Plan. It is a pretty sweet deal because I am able to pay for company stock with a 20% discount. Not bad at all. I currently hold about 22 shares valued today at $1,345 and I would like to go back to contributing at least 1% ($60). The combined investments total $1,600 or 8% to my new $20,000 goal. Not bad.

I decided to attack my Perkins Loan first out of all of my student loans. It has the smallest remaining balance at $2,500, originally $3,000. There is a fixed monthly payment of $31.86 per month so I am hoping to eliminate that loan sooner rather than later.

Monthly Progress Report

Below is my monthly progress report. This is the first time I really tracked my expenses so closely. I have to say that it is helping out a lot. Seriously! I can really see where my money is going and I think I will be able to make some adjustments going forward.

• I definitely need to allocate more for Food & Dining and Transportation.
• Credit card buster is a one-time carry over from past credit card use.
• No additional debt and everything paid for with cash and debit.
• Overspent but doing much better.
• Decided against vacation next month.

Good News…

I am really excited for the weekend. I was supposed to take today off but I am still negotiating a deal. I am going to take Monday off instead. Yeah!!!

Some of you know, my Dad suffered a massive heart attack last Summer and he was also was diagnosed with Type II Diabetes a year before that in 2008. He went to the doctor yesterday for a follow-up appointment and he is doing really well. Thank God!!! We thought he might have to go on the pill form of insulin since his numbers haven’t been too good but he is still just borderline. He has to exercise more and go back to the doctor in 3 months.

I feel so happy. Such terrific news!!! =)

I Want Federal Help...

Call it what you want but I would love some help from the federal government with my student loans. I am not talking forgiveness here but I would absolutely love and appreciate the ability to refinance all of my student loan debt including my private loans into one loan at 3% for 30 years. I would even pay a reasonable origination fee.

Imagine…a new loan for say $235,000 at 3% for 30 years. Come June my student loan payments will be about $1,200 per month and some of those loans are just interest only. Under this scenario, my principal and interest payment would be about $1,000/month and I wouldn’t have to worry about variable interest rates ever again.

The total amount of interest paid to the government would be roughly $121,700. The loan is not able to be discharged in bankruptcy so the government would get their money and we all know the government will garnish your wages if you don’t pay on your loans and take any tax return you ever hope of receiving…

I know I am dreaming but...Stimulus for Chitown. =)

Student Loan Payment Increased…

I got notice this morning that my student loan payment with Access group is increasing from $768 to $781. I am not exactly sure why since three of my loans are still in forbearance until June.

Swamped...

I am swamped at work. Oh my....

I will be back this afternoon to post. Hang in there with me. =)

Upped My 401k Contributions...

So I went online and changed my federal witholdings from 2 to 3 and I upped my 401k contributions back to 5%. The changes won't show up until my paycheck at the end of April since I only get paid once a month. That will give me at least 2 months of 401k contributions before the rest of loans go into repayment. That's $1,400 in contributions to my 401k in 2 months!!!

I will find out about the raise by the end of the month. If I get a raise, I believe I will be able to keep my contributions at 5%.

Thief...

Someone stole my yogurt at work from the fridge and it has been confirmed that somone else's yogurt was also recently stolen. Boo!!!

Giving Up Free Money...

I feel bad about scaling back my 401k contributions from 5% to 1%. My employer matches 100% up to 5% of my salary which means I could be contributing about $700/month to my 401k or $8,400/year based on my current salary. That monthly contribution could significantly help to improve my net worth in addition to the debt reduction.

One of my readers Aaren (thank you Aaren) suggested that I change my withholdings since I received such large tax refunds over the past few years…around $3k. Based on my spreadsheet, I believe that changing my withholdings from 2 to 3 would allow me to bump back up my 401k contribution to 5% and cause minimal impact to my current budget.


Hopefully, I will find out in the next few weeks if I will get a salary increase. It is my hope that the increase in my salary will cover the increase in my student loan payment come June. If all goes well, not only will I be contrubuting 5% to my 401k but I will also be repaying all of my student loans and credit card debt without minimal impact to my current budget.


Fingers Crossed!!!

Golf…

Is one of my favorite hobbies but it is also an expensive hobby. Why oh why?

My boyfriend and I took my Dad to the indoor golf dome near my house on Sunday. We paid for my Dad and split the bill among the two of us to the tune of $24/each for just 30 minutes on the range. Thankfully, you could chip and put all day for free.

We are all outdoors people in my family and thankfully my bf enjoys to play golf. I picked up the sport right after taking the bar in 2007 and since I am a natural athlete, I did pretty good right off the bat and fell in love. It’s just really expensive. If we went out every week, it could easily cost $200/month just in green fees alone. My park district course is even $45 for residents….ridiculous.

I wonder how much I am going to be able to play this Summer.

Monthly Progress Report...

Below is my monthly progress report. The budget is officially blown.

• Transportation will likely increase another $60. I will need to pay for parking at the concert on Thursday and I will also need to fill my gas tank at least once more this month.
• I am right at budget on Food & Dining, Grocery and Personal Care.
• I don't anticipate any further expenses under personal care. I think I have enough Proactiv to last me the rest of the month.
• I may need another $100 for Food & Dining to last the rest of the month.
• I don't anticipate that I will any groceries that will cost more than $25.
• My best friend's birthday is on March 25th. I may see if I can push getting her a gift off until the following next week when I get paid again.

Getting paid once a month is tough for budgeting my money. Overall, I think I need another $200 to get through the month. I have the money in my checking account so I will not have to pull from Savings or use Debt. Despite blowing my budget, this is probably the best month that I have had in over 2 years. The iReconcile checkbook app on my iPhone really helps me track my expenses and keep me on track.

Dreaming...

In a perfect student loan paying world, I would have an extra $300/month.

Then I would save $100 in a vacation fund, $100 in a Christmas fund and $100 towards my long-term savings goal.

In a perfect world...

Forecasting...

It’s hard for me to forecast my debt payoff to see how long it will take me to repay all of my debt. First, I am on a graduated repayment schedule on most of my loans which means that I am paying interest only for 2 years before I start principal and interest payments on some of my loans. Not all of them qualified because the loan balance was too low. So, I am paying principal and interest on those loans. Second, a lot of things in my life are up in the air. Will I finally land a higher paying law position, will my current employer finally pay me market (I am grossly underpaid…more on that later), will I ever get married and share expenses? If I got married, would I sell my condo and use the equity to pay down my loans. Will I, Would I, Will I….

Assuming things pretty much stay exactly the same, with minimal salary increases and the application of my annual bonus ($7k after taxes this year), it would take me about 12 years to pay off all of my debt.

If you look at the snowball calculator below….I used the custom method to determine my order of payoff. Now that I have a short-term emergency fund, my immediate concern is the payoff of my credit card debt. The promotional rate is set to expire at the end of January 2011. All of my private student loans pretty much carry the same interest rate so I placed those in the order of principal amount due. My federal loans may have a higher interest rate right now but those rates are fixed. A few years ago, the rate on my Private Loans were over 10% variable so paying off the variable rate loans take priority.

I am not at all concerned right now about the $64,000 in federal loans that I have consolidated at 3.5%. If it took me the entire 30 years to pay that off, I wouldn’t be too upset. The rate is so low as well as the payment. Push come to shove, once the other loans are paid off, I would rather focus on my retirement savings instead of the $300 payment on the consolidated loans. That’s neither here nor there because I have so many other loans to pay off first.

With Bonus - 12 Years

Without Bonus - 19 Years

Forecasting 2010 Progress…

One my readers Kris gave me the idea to do a little forecasting.

Here is what I think the picture will look like by year end from January to December (rounded) if all things stay the same. We'll see how I do at the end of the year.

Savings – $9,300 to $13,300 (Change of $4,000)
Student Loans – $232,300 to $229,900 (Change of $2,400)
Credit Card Debt – $23,000 to $18,600 (Change of $4,400)
Net Worth – ($157,400) to ($143,500) (Change of $13,900)

Vacation...

I really want to go on vacation. Two of my friends have been talking about taking a small trip to Puerto Rico in April. The thought was that we would have some extra funds from our tax returns so we could afford to go. Now we all know my financial situation. My mental situation is not so good either. I would love to get away to just escape for a few days, get my head together and disconnect from it all responsibly. I did a little research today and the cost of the trip would be about $800/person and I would need to factor in my dining and entertainment costs as well.

I have $2k in emergency savings, $10k in short-term savings, $250 in long-term savings and $500 in my checking account. The $250 came from my state tax return and change from my piggy bank that I need to deposit this weekend.

The only irregular expense that I anticipate in April is my quarterly water bill which is usually about $100. There are no birthdays in April so I don't need my budget for gifts. I am going to run the numbers and see what I can come up with because I really want to get away for a few days and have some fun.

I Played the Lottery…

Yes I did and I want to win!!!

Depending on the amount....At a minimum, I would pay off all of my debt including my mortgage, pay off my sister and my parent's non-mortgage debt since that would put them back into solvency, stay in my condo and travel for a little while. Then I think I would come back and start a small law practice of my own.

I would live modestly and I would love to have a family of my own.

I Want a New Job….

I know the job market is tight but I want a new job and I want a new job today. I am ready to leave and move on to a new experience. I’ve been with my employer since I interned in 1999 and I’ve never really worked anywhere else. I am just ready to go. I am underpaid and overworked just like everyone else…except some of my colleagues who think they are above the rules, when administrative tasks of the job are beneath them and when they make $20,000+ more than I do and do the exact same thing. It's time to go.

Parental Support…

How many of you get help from your parents?

I wish my parents had deep pockets but that’s not the case. They’re retired and living on a fixed income. I know my Mom and Dad wish they could help but I don’t think I would ever ask them for help unless it was absolutely necessary. I certainly don’t think I could do it with good conscience while still having cable and eating out. I know my Mom has offered to help now that my Dad is getting social security. She said that if it gets too tough to let them know. I just shook my head okay but I felt bad that she even had it on the brain.

So do you get parental support? How do you feel about it?

Dental Claim Processed…

I paid $149 for ½ of my dental services last week. The claim has already been processed by Aetna and I am only responsible for $16. I should receive a reimbursement check from the Dentist office for $133.

Monthly Progress Report…

Below is where I am compared to my budget. It’s close. I don’t know if I am going to make it but I am going to try really hard. The chart does not include the $149 I paid at the Dentist last week because that I reimbursable. I expect to receive a check by the end of the month.

The extra $136 in credit card payment is a holdover from when I was using my credit cards. I use one credit card where AT&T charges my phone, cell phone, cable and internet and my home security gets charged on the card as well. I pay the card off in full each month as part of my utility payment. So there is no extra balance on that card now.

I am finding that my transportation costs are a lot higher these days with gas prices, the additional networking which requires parking downtown, taxi rides, etc. My boyfriend also lives in the City so if I stay with him on any given night, I have to drive in to work the next day which means I also have to use one of my $18 parking passes. I try not to do that more than once or twice a month.

I am over on gifts as well and my best friend’s birthday is on March 25th.

$160 Friday…

Today was an expensive day.

I bought my assistant at work a $20 gift card for her birthday tomorrow and my Mother a $50 gift card for her Birthday today. Once I added birthday cards and activation fees, I walked out of Walgreens $90 lighter.

Then my Sister called on my way home to ask me to pick up the pizza since it was on the way to my parents' house. That also totaled $50. She and I are going to split the cost but it hit my checking account pretty hard.

To round off the day, I needed to stop at Walgreens this evening to pick up my prescription and a few toiletries totaling another $20.

I am going to have to tighten my purse strings for the rest of the weekend. It’s only the 5th of March and when you only get paid once a month…payday is a long way from now.

WordPress or Blogger…

Is WordPress or Blogger better and why?

Come on Weekend…

I am really looking forward to the weekend. I went to the Alicia Keys concert last night and I didn’t get to bed until almost 1 o’clock this morning. Since I had a meeting at 7:30 am, I had to get up at 5 am and drive all the way downtown to work. It usually takes about an hour to get downtown from the suburbs with morning traffic. Thankfully the expressway was pretty open but now… I am just TIRED!!!

My Mom’s 61st Birthday is tomorrow. I am going to pick her up a gift card this evening and split the cost of a new pair of walking shoes with my sister. I will probably make dinner on Saturday night and go out to a movie with my boyfriend. What to see? What to see?

My Dentist Office Sucks...

My dentist office which is affiliated with a Major Well Renown Hospital here in Chicago and my alma mater (hint…Go Cats!!!) has a policy where you must pay up front now for services. They changed the policy about a year or so ago. I've been putting off x-rays for a year because who the hell has $500 to pay up front for the teeth cleaning, the Dr. visit and the x-rays?

So I just called the office to see if I could pay for the Dr. visit and the cleaning up front and if they could bill the insurance company for the x-rays. The woman comes back and asks if I could pay at least ½. So, I asked how much would that be today and she said something to the tune of about $300!!! Umm….NO!!!!

Let’s not even mention that I have to take a taxi from the South Loop to the North Loop just to get to the office to the tune of another $20. I love my dental hygienist which is the only redeeming quality of this office but unfortunately I will have to say farewell. Today is my last visit and now I have to find another Dentist.

Goals for March 2010…

Here are my goals for March. Wish me luck. =)

• No new debt other than accrued interest on my loans in forbearance.
• Spend less than my monthly income of $4,340.
• Improve my net worth for the third straight month.
• Workout 2-3 times per week.
• Blog 4-5 times per week.

Moved My Savings…

I am boycotting Chase after they closed my checking account last week due to inactivity. BOO!!!

I moved my $2,000 local savings account to Bank of America. Once I finally pay off my Chase credit card, I will probably just simplify things and stick to using Bank of America. Besides, I like their online banking and their mobile banking applications.

See ya Chase!!!