It’s amazing to see all the bloggers out there that are joining forces to donate funds to the various Haiti relief causes!
I cannot fathom being in a situation like this. And really, unless you have witnessed a situation similar to this, regular people like me can only watch the news with wide eyes and think about what it might be like. As we sit in our warm homes, eat dinner or talk on the phone to family or friends, it is hard to believe the hundreds of people have lost their own homes, loved ones and yearn for basic needs such as food and water.
We are blessed in that we are in a position to offer something. It doesn’t necessarily have to be money. Crystal over at Money Saving Mom encourages readers to give prayers. You can leave comments different blogs and bloggers will donate money for each comment given—you don’t have to spend a dime. If you want to give money-give what you feel comfortable with giving. If average people like you and I just gave $1, $5 or $10-we may be able to give resources to people that desperately need them!
I want to be able to help in my own small way. I don’t have a lot to give at this point, but doing something is certainly better than nothing! I will donate a quarter to the American Red Cross for every comment that is left on this post (for up to 100 comments) that describes what you are doing to help the Haitian relief effort .
So how are you going to help those in need?.....
Friday, January 15, 2010
Thursday, January 14, 2010
My Total Debt
So that I may be accountable and honest with myself (and all of you)….it is time to share my total debt with you! Luckily I do not have any credit card debt (yay!) and if I ever use a credit card, I pay it off in full. However, my student loans are enough to make me sick when I look at the balances! And I have a car loan….
As stated in a previous post, one of my goals is to pay off my car this year. Then I can attack the student loans. I am taking this approach for two reasons:
1) The interest rate is higher on my car than my student loans. And my smallest student loan is approximately the same as what I owe on my car.
2) I am in enrolled in a loan assumption program for up to $11,000. I am anticipating two payments on my loan from this program in the amount of $4500. I should see these payments applied within the next two months.
So here we go…..
Debt #1: Car Loan
$13, 214.03
Debt #2: Student Loan 1
$12,693.91
Debt #3: Student Loan 2
$14,773.01
Total: $40,680.95!!!!!!!!!!!!
Wow, that was like ripping off a band-aid! I mean, I don’t know if I have ever really added up my total debt and let it sink in my brain!
So, I am taking a quasi-Dave Ramsey approach for my “money makeover”. I am currently using the “debt snowball” method and I am working on my car loan first. I currently have $2,000 in my emergency fund, and while Dave says that $1,000 is sufficient, deep down I don’t feel like that is enough money. I think I would feel better with about $5,000, but we’ll see as my balances get lower and a payoff is in my reach!
Do you really want to know what I am most excited for? I will be so excited to review my progress in December 2010 and see this number reduced by close to $18,000, God permitting. This is very doable as I plan to pay off the car this year, I will continue paying down the student loan, I will receive the loan forgiveness payments and my upcoming marriage will improve my financial situation (more on that later).
As stated in a previous post, one of my goals is to pay off my car this year. Then I can attack the student loans. I am taking this approach for two reasons:
1) The interest rate is higher on my car than my student loans. And my smallest student loan is approximately the same as what I owe on my car.
2) I am in enrolled in a loan assumption program for up to $11,000. I am anticipating two payments on my loan from this program in the amount of $4500. I should see these payments applied within the next two months.
So here we go…..
Debt #1: Car Loan
$13, 214.03
Debt #2: Student Loan 1
$12,693.91
Debt #3: Student Loan 2
$14,773.01
Total: $40,680.95!!!!!!!!!!!!
Wow, that was like ripping off a band-aid! I mean, I don’t know if I have ever really added up my total debt and let it sink in my brain!
So, I am taking a quasi-Dave Ramsey approach for my “money makeover”. I am currently using the “debt snowball” method and I am working on my car loan first. I currently have $2,000 in my emergency fund, and while Dave says that $1,000 is sufficient, deep down I don’t feel like that is enough money. I think I would feel better with about $5,000, but we’ll see as my balances get lower and a payoff is in my reach!
Do you really want to know what I am most excited for? I will be so excited to review my progress in December 2010 and see this number reduced by close to $18,000, God permitting. This is very doable as I plan to pay off the car this year, I will continue paying down the student loan, I will receive the loan forgiveness payments and my upcoming marriage will improve my financial situation (more on that later).
Saturday, January 9, 2010
2010 Goal Setting
2010 Goals
If you don't know where you are going, you will probably end up somewhere else. ~Lawrence J. Peter
2010 will bring about a lot of personal changes in my life. The most apparent change (but most exciting) is that I will be getting married in the summer! Therefore, I will be setting new financial goals with my DF as we get a little closer to our wedding date because obviously, our financial situation will change dramatically with the combining of our incomes. The fun and personal goals are important to me and are things I have wanted to do/maintain for quite awhile!
Financial
5,000 in Emergency Savings
**I currently have $2,000.
Wedding Paid for in Cash
**We are close to having enough saved at this point already! We got engaged in August so we were able to save up quite a bit of money fairly quickly. =)
Pay off my car= $13,444
**I am aiming to paying $1,000/month minimum. This coupled with a few extra payments should have the car paid off by the end of the year.
Fun & Personal
Learn to sew
**I have been saying I am going to do this for the past two years! Now is the time to just do it. I really want to be able to hem my pants (I’m Short), mend clothes, and make other fun basic projects like pillow cases, curtains, blankets, etc.
Take another “domestic skill” by taking a fun class at Joanne’s Craft Store
**If you have a Joanne’s store in your area, have you ever looked at their class schedule? They have so many fun classes—cake decorating, jewelry making, etc. I want to take one to learn a new fun skill.
Run/exercise @ least 3x’s/week
**I am already doing this- I just need to keep it up and not feel guilty about going for longer runs. Also, sometimes I don’t feel like running and just enjoying a long walk or a Zumba class, so I figure as long as I’m moving it is good for my heart and body. My job gets very hectic in the spring time and it gets easy to make excuses!
Participate in at least one 10k race and another 5k race
**Ideally, I would like to do more, but my work schedule often interferes with 5K races held on Saturday’s. I participated in one race in December and would like to do another next year. I would also like to improve my distance running and aim for a 10k race.
What are your goals for 2010?
If you don't know where you are going, you will probably end up somewhere else. ~Lawrence J. Peter
2010 will bring about a lot of personal changes in my life. The most apparent change (but most exciting) is that I will be getting married in the summer! Therefore, I will be setting new financial goals with my DF as we get a little closer to our wedding date because obviously, our financial situation will change dramatically with the combining of our incomes. The fun and personal goals are important to me and are things I have wanted to do/maintain for quite awhile!
Financial
5,000 in Emergency Savings
**I currently have $2,000.
Wedding Paid for in Cash
**We are close to having enough saved at this point already! We got engaged in August so we were able to save up quite a bit of money fairly quickly. =)
Pay off my car= $13,444
**I am aiming to paying $1,000/month minimum. This coupled with a few extra payments should have the car paid off by the end of the year.
Fun & Personal
Learn to sew
**I have been saying I am going to do this for the past two years! Now is the time to just do it. I really want to be able to hem my pants (I’m Short), mend clothes, and make other fun basic projects like pillow cases, curtains, blankets, etc.
Take another “domestic skill” by taking a fun class at Joanne’s Craft Store
**If you have a Joanne’s store in your area, have you ever looked at their class schedule? They have so many fun classes—cake decorating, jewelry making, etc. I want to take one to learn a new fun skill.
Run/exercise @ least 3x’s/week
**I am already doing this- I just need to keep it up and not feel guilty about going for longer runs. Also, sometimes I don’t feel like running and just enjoying a long walk or a Zumba class, so I figure as long as I’m moving it is good for my heart and body. My job gets very hectic in the spring time and it gets easy to make excuses!
Participate in at least one 10k race and another 5k race
**Ideally, I would like to do more, but my work schedule often interferes with 5K races held on Saturday’s. I participated in one race in December and would like to do another next year. I would also like to improve my distance running and aim for a 10k race.
What are your goals for 2010?
Friday, January 8, 2010
Welcome to Life and Finances!
In my college days, I used to define my life by “stuff”. I dreamed about what I would accumulate when I had “a real job”- nice house, horses, a BMW, jewelry, designer clothes. Fast forward a few years and I realized that “stuff” didn’t mean all that much to me and my financial freedom is far more important. I work too dang hard to let my money slip through my fingers! And I had wayyyy too much crap!
You see, I was that girl that had closets full of stuff and a zero balance in the savings account. And that is after considering that I make a healthy salary each year. What a rude awakening! An even ruder (is that a word?) awakening is that I was cleaning out my closet twice a year and giving my “stuff” to Goodwill! Wow. Seriously? So…I realized it was time to put on my big kid clothes and make some changes……
When you focus on what you have instead of what you don’t, life becomes much more exciting. I have many blessings in my life: a family that loves me, a fabulous fiancé, great friends, the best dog ever and a “secure” well paying job.
Don’t get me wrong, I am a female and like most women I still enjoy stuff: quality clothes, fun shoes, good food, and trips with friends. However, now I am smarter (at least I try) in making those kinds of purchases and I’ve realized I can afford most things I want if I plan for them in my budget. I have also learned the financial planning and frugality are not synonymous with depriving oneself or going without. Rather, I can lead a more fulfilling, stress-free, meaningful life by being honest with myself financially, living within my means and spending my money on things that truly matter to me.
I am using this blog as an outlet to post topics that are meaningful to other young professionals or anyone else who is also digging themselves out of debt to help secure a better future. We deserve better than to owe thousands of dollars to other companies (credit cards, student loans, etc) while we never pay ourselves. Join me in my journey to pay off ~$40,000 in student loan and car debt. Join me as I discuss ways that I have used to save money and live a great life on the cheap. Join me as I discuss life, weddings, careers, etc. Thanks for being here, let the journey begin!
You see, I was that girl that had closets full of stuff and a zero balance in the savings account. And that is after considering that I make a healthy salary each year. What a rude awakening! An even ruder (is that a word?) awakening is that I was cleaning out my closet twice a year and giving my “stuff” to Goodwill! Wow. Seriously? So…I realized it was time to put on my big kid clothes and make some changes……
When you focus on what you have instead of what you don’t, life becomes much more exciting. I have many blessings in my life: a family that loves me, a fabulous fiancé, great friends, the best dog ever and a “secure” well paying job.
Don’t get me wrong, I am a female and like most women I still enjoy stuff: quality clothes, fun shoes, good food, and trips with friends. However, now I am smarter (at least I try) in making those kinds of purchases and I’ve realized I can afford most things I want if I plan for them in my budget. I have also learned the financial planning and frugality are not synonymous with depriving oneself or going without. Rather, I can lead a more fulfilling, stress-free, meaningful life by being honest with myself financially, living within my means and spending my money on things that truly matter to me.
I am using this blog as an outlet to post topics that are meaningful to other young professionals or anyone else who is also digging themselves out of debt to help secure a better future. We deserve better than to owe thousands of dollars to other companies (credit cards, student loans, etc) while we never pay ourselves. Join me in my journey to pay off ~$40,000 in student loan and car debt. Join me as I discuss ways that I have used to save money and live a great life on the cheap. Join me as I discuss life, weddings, careers, etc. Thanks for being here, let the journey begin!
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