Hey folks,
I just created an account at Quicken (http://quicken.intuit.com/) and it was able to categorize, almost seamlessly, all of my expenses and my spending habits. I'm fixing a couple of "uncategorized" entries right now, but wanted to share this with you as soon as possible!
The program tracks my spending and my bills, and even alerts me when one is coming due! The membership is free and is certified secure by Verisign and TrustE.
Soon I'll post the outcome of my "spending trends" as Quicken calls it, and will see when I need to shave off my spending!
Thursday, May 14, 2009
Wednesday, May 13, 2009
I just saved a bunch of money on my car insurance...
Today I set out to lower one of my expenses: my car insurance. And it worked!
I went to a bunch of different websites like Progressive and Geico, and called three companies locally for quotes. I ended up going with Geico, and in the end I'll be saving $300 a year on a policy with the same coverage as my old one.
I also looked into some CD's, and revisited www.bankrate.com for more information, as well . GMAC has a 1-year CD at 2.8%. Forgive me for saying this and correct me if I'm wrong, but doesn't that only add up to a $14.00 gain over a one year period? I also went on Wikipedia (scholars would shoot me for doing this) and got some more information about the particulars of investing this way. Here's the link to that: http://en.wikipedia.org/wiki/Certificate_of_deposit
As always, I am open to suggestions and comments.
I went to a bunch of different websites like Progressive and Geico, and called three companies locally for quotes. I ended up going with Geico, and in the end I'll be saving $300 a year on a policy with the same coverage as my old one.
I also looked into some CD's, and revisited www.bankrate.com for more information, as well . GMAC has a 1-year CD at 2.8%. Forgive me for saying this and correct me if I'm wrong, but doesn't that only add up to a $14.00 gain over a one year period? I also went on Wikipedia (scholars would shoot me for doing this) and got some more information about the particulars of investing this way. Here's the link to that: http://en.wikipedia.org/wiki/Certificate_of_deposit
As always, I am open to suggestions and comments.
Wednesday, May 6, 2009
Blogged Down in Debt - My Debut
I am a 26 year old full time student. I also hold two part-time positions, 2 executive board positions, and am active in organizations at school and in my community. I just happen to also be a 26 year old woman who lives in a room in the basement of my parents house who's in a ton of debt. Yes, it may sound tragic, but trust me, it could be worse.
My motivations for moving back into the nest were two fold: one, I have a heaping scoop of debt from my irresponsible spending that I am starting to climb my way out of, and two, this location is closer to school and allows me to focus on my education while saving money on gas, tolls, and the other incidental expenses of living in an apartment with my boyfriend.
It's not all peaches and cream. For example my mother and father, whom I love with all my heart, are not exactly the people I want to see when I walk in the door every single night. My boyfriend Marc is. Formerly, we shared an apartment in the créme de la créme of areas in the city and I enjoyed preparing complex nightly meals that we would share upon his arrival from work. I miss the "Honey, I'm home! How was your day" type fare, and I certainly miss our pillowtop queen size bed...though I must admit that I selfishly stole the mattress warmer when we split our living arrangements. It is a comfort beyond words in the cold basement of my house. I also miss having a place to entertain, and being the envy of my friends because of my fancy apartment with the top-shelf view of the city skyline. As they say though, desperate times call for desperate measures, and here I am, blogging from my basement. Marc and I have liquidated most of our furniture and other luxury items, and he has downsized as well, moving to a quaint, and adorable little apartment about 45 minutes away from me. We are both now comfortably living within our means :)
The purpose for this blog is to share the hardships and victories I encounter over the next 12 months as I try to shave down my spendings habits and pay off my credit cards and other expenses. I will also be contributing money into a savings account.
So, what's the damage, you ask? Here is my current monthly payments:
Credit Card - $163.00 minimum
Cell Phone - $122.50
Car Insurance - $217.00
Car Payment - $277.00
TOTAL - $779.50
Net income per month - $2217.00.
THE CREDIT CARD
As you can see, my take home pay far exceeds my monthly payments, so in an effort to speed up the payoff of my biggest debt, a credit card with a total amount due of $8900.00, over the next 12 months I will be paying $800.00 a month. I used a rate calculator from www.bankrate.com to estimate my payoff needs. According to that, I will absolve my debt for that card by May 2010, perfect! Additionally, I have cut up this card so that my desires to spend will be mitigated.
This brings my total monthly expenses to $1416.50. I will then have an excess of $800.50 per month.
SAVINGS
I've always heard old people talk about this whole "save, save, save" concept and never understood it. Why save when you can spend, right? SO wrong. I'll be depositing $266.00 into a seperate checking account at my local bank until I find something more lucrative.
I found another blog that pretty much lays out why we should save our money here: http://www.whatithinkabout.com/why-you-should-start-saving-money-today/
Makes sense right?
INCIDENTALS
Of course, I need money to eat, play, and live, so after all my expenses and the savings I contribute, I will have $534.50 leftover. $150.00 I plan on giving to my parents for food (and pity), but the other $384.50 will be for all the other stuff.
So, I'll keep posting if you keep reading and please feel free to share any of your advice on saving and paying off this debt...I sure do need it!
My motivations for moving back into the nest were two fold: one, I have a heaping scoop of debt from my irresponsible spending that I am starting to climb my way out of, and two, this location is closer to school and allows me to focus on my education while saving money on gas, tolls, and the other incidental expenses of living in an apartment with my boyfriend.
It's not all peaches and cream. For example my mother and father, whom I love with all my heart, are not exactly the people I want to see when I walk in the door every single night. My boyfriend Marc is. Formerly, we shared an apartment in the créme de la créme of areas in the city and I enjoyed preparing complex nightly meals that we would share upon his arrival from work. I miss the "Honey, I'm home! How was your day" type fare, and I certainly miss our pillowtop queen size bed...though I must admit that I selfishly stole the mattress warmer when we split our living arrangements. It is a comfort beyond words in the cold basement of my house. I also miss having a place to entertain, and being the envy of my friends because of my fancy apartment with the top-shelf view of the city skyline. As they say though, desperate times call for desperate measures, and here I am, blogging from my basement. Marc and I have liquidated most of our furniture and other luxury items, and he has downsized as well, moving to a quaint, and adorable little apartment about 45 minutes away from me. We are both now comfortably living within our means :)
The purpose for this blog is to share the hardships and victories I encounter over the next 12 months as I try to shave down my spendings habits and pay off my credit cards and other expenses. I will also be contributing money into a savings account.
So, what's the damage, you ask? Here is my current monthly payments:
Credit Card - $163.00 minimum
Cell Phone - $122.50
Car Insurance - $217.00
Car Payment - $277.00
TOTAL - $779.50
Net income per month - $2217.00.
THE CREDIT CARD
As you can see, my take home pay far exceeds my monthly payments, so in an effort to speed up the payoff of my biggest debt, a credit card with a total amount due of $8900.00, over the next 12 months I will be paying $800.00 a month. I used a rate calculator from www.bankrate.com to estimate my payoff needs. According to that, I will absolve my debt for that card by May 2010, perfect! Additionally, I have cut up this card so that my desires to spend will be mitigated.
This brings my total monthly expenses to $1416.50. I will then have an excess of $800.50 per month.
SAVINGS
I've always heard old people talk about this whole "save, save, save" concept and never understood it. Why save when you can spend, right? SO wrong. I'll be depositing $266.00 into a seperate checking account at my local bank until I find something more lucrative.
I found another blog that pretty much lays out why we should save our money here: http://www.whatithinkabout.com/why-you-should-start-saving-money-today/
Makes sense right?
INCIDENTALS
Of course, I need money to eat, play, and live, so after all my expenses and the savings I contribute, I will have $534.50 leftover. $150.00 I plan on giving to my parents for food (and pity), but the other $384.50 will be for all the other stuff.
So, I'll keep posting if you keep reading and please feel free to share any of your advice on saving and paying off this debt...I sure do need it!
Subscribe to:
Posts (Atom)
