Monthly Goals

Despite having long term & short term goals, I also think it's a great idea to have monthly goals. Things that you can focus on over a period of 4-5 weeks. With that said...I'm going to make myself one goal for August, since today is the hmmm...21st!

August Goal

• Track my expenses (Mint makes this easier!)
• Do a more accurate budget for September based on these expenses

I'm MINTY

So I've recently decided to mint myself...I signed up for Mint a website that tracks all of your finances and categorizes them and also analyzes your spending patterns. It compares them to other people in the U.S. as well as in your area too. Kind of neat, huh?

The only thing that worried me at first was the security. However, after watching the demo video I decided that since they don't know my name, SSN or anything personal, it'll be fine. They only know what I do with my money...and I also got the opinion of a friend who specializes in internet security who informed me that it's just as safe as anything else out there.

So with that said...I quickly set up my account (less than 5 minutes). The only issues that presented problems were trying to find my credit union account, and linking the correct sites with my logins. (i.e. some institutions have more than one link, so you have to figure out which one is correct in order to login). I also discovered that if security questions pop up when trying to login, you have to answer those security questions, you can't leave them blank. Meaning I had to set security questions for two of my accounts, as well as answer all of the questions for each account, not just one.

The way the site displays and categorizes your spending is phenomenal. It was great to be able to click and in seconds have a pie chart that breaks my spending down, even offering the option to adjust the time frame. Also being able to compare my spending with others in my area was also another feature that's great. Especially with me being in DC, things are more expensive than they'd be for someone in say...Dallas.

You can even send support an email if you're having issues and they'll attempt to work through them with you. Not bad, not bad at all. I invite you to check it out...get minted.

Fabulous Thoughts

Last night at my investment group meeting, we discussed the importance of having one's financial life together & staying in the mindset. Meaning it's important to continuously seek new information on retirement, investments, savings, etc. no matter how weary you may get. Persistance is the key...if being disciplined enough to be rich were easy, everyone would be rich, right? Exactly! And that's why everyone isn't rich. Everyone doesn't want to take the time to write out goals and stick to them, budget and stick to it, invest regularly, or stay in the mindset of growing rich.

So from now on...my mindset is "Think and Grow Rich." Just like the book, which I'm currently reading. It's all about changing the way you think about things in your life and how if you consistently have money on your mind, you're bound to see and create opportunities that may pass others by.

Then I get on CNN and find the above referenced article about saving at a young age which inspired me even more. So I definitely feel like I'm on the right track, it's just about staying focused in order to continue my quest towards financial fabulousity.

Here are some thoughts that I read in my book, which I intend to write on index cards to stay focused:

• Wishing will not bring riches. But desiring riches with a state of mind that becomes an obsession, then planning definite ways and means to acquire riches, and backing those plans with persistance with does not recognize failure, will bring riches.
• ...there is one quality which one must possess to win, and that is definiteness of purpose, the knowledge of what one wants, and a burning desire to possess it.
• No one is ready for a thing, until he believes he can acquire it.

And finally, I'll end with Six Ways to Turn Desire into Gold from Think and Grow Rich:

1. First, fix it in your mind the exact amount of money you desire. It is not sufficient merely to say "I want plenty of money." Be definite as to the amount.
2. Second, determine exactly what you intend to give in return for the money you desire. (There is no such reality as "something for nothing.")
3. Third, establish a definite date when you intend to possess the money you desire.
4. Fourth, create a definite plan for carrying out your desire, and begin at once, whether you are ready or not, to put this plan into action.
5. Fifth, write out a clear, concise statement of the amount of money you intend to acquire, name the time limit for its acquisition, state what you intend to give in return for the money, and describe clearly the plan through which you intend to accumulate it.
6. Sixth, read your written statement aloud, twice daily, once just before retiring at night, and once after arising in the morning. As you read -- see and feel and believe yourself already in possession of the money.

Budget Update

So, my $25 budget for groceries was slightly overblown by about $5...and that's only because I bought dinner for myself & boyfriend one night. So...with that said, I'm very pleased with my $30 worth of food for one week.

Entertainment: $50 discount tickets to Six Flags & helped with parking

Food: $27 groceries to make brunch for boyfriend & I on Sunday...I guess that probably means I didn't really accomplish the $25 budget for groceries, huh? lol...I just thought about this....

I'm also suddenly addicted to McDonald's Egg & Cheese bagels, at least they're only $1.64 with tax...can I make breakfast for myself that cheap?

I've also committed to getting coffee from the free coffee bar in my apartment complex before leaving for work, this saves me at least $1/day, more if I buy a medium coffee.

Chuggin on....

Budget Buster

Grrr, see just when I decide to commit and fully make and commit to a budget...extra line items fall from the sky!

I got a blasted bill from the dentist for $63.60! Which is interesting considering I haven't been since earlier this year and I have overlapping insurances. Ahh well, such is life. I paid it and I'll adjust accordingly.

I also received a personal property tax bill in the mail. Double Grrrr. That blasted thing was close to $300! Talking about I received $600 worth of relief. WHATEVER! The only relief will be when my car isn't worth as much and I don't have to write them checks for large sums of money. Foolishness, commonwealth of VA foolishness.

The $25 Grocery Quest

Okay...so earlier this week I said I was going to attempt to spend only $25 in a week on groceries. Well...today is Thursday and I haven't been to the grocery store yet! I started eating all of these packs of instant oatmeal for breakfast that I had at work. Lunch, yeah...I did pizza for two days, the second day it was a little hard but I'm penny pinchin!Then dinner has been random food from home as well.

Although last night I did spend $15.91 for boyfriend & I to have dinner from Harris Teeter. I had sushi & red velvet cake (it was HUMP day so deserving of a treat) and he had boneless buffalo wings & mac 'n cheese. So...that dropped me down to $9.09 until Monday.

I think I can
I think I can
I think I can
tooot toooot...

Death by Budget

This budget is going to be the death of me...I'm telling you. This thing is tough, not to mention the fact that I'm trying to eat on a minimalist grocery budget. I suppose the first step to actually conquering the skill of budgeting is to track your expenses, so I'm being conscious of every penny I've spent since Friday.

Let's see:

• $30 ATM withdrawal (went to a tip for the bartender at boyfriend's birthday & pizza Sunday)
• $30 Gas for boyfriend's car when I drove it to Towson
• $3.17 McDonalds breakfast and medium coffee
• $33.15 Washington Gas bill (of which my roommate owes me $3 or so...should I get it back?)

Not too shabby...But that's also about $100 in a weekend...YIKES! Money sure does disappear quickly. Barf!

Still no update on the grocery budget, I stayed with boyfriend and he bought dinner. YAY! I also saved $3.35 in Metro fare because he came and got me from work. YAY again for fabulous boyfriend, he's the best ever. So that leaves groceries for Wed-Mon on $25, yeah, I think I can swing that. Especially since I still have some random tidbits of food left at my apartment, that I have yet to eat. I guess this is what Dave Ramsey means by a "beans and hotdog" diet. I think that's what he uses...I know he says beans.

This week is restaurant week in DC, so I already know I'll be spending at least $30 for dinner because I have reservations with friends. That's not too bad...but no more! Unless I go with boyfriend, in which case, he'll pay (hehe). So that's another $30 that I'm already committing to spend. So I've spent about $130 up to this point and a week and a half to go!!

This thing is busted already :-/

Boyfriend's Birthday!!!

Was ABSOLUTELY fabulous! I don't think the night could have gone any better. My outfit was fabulous as well I must say, thanks to my fashion team (wink, wink). Although I had to drive 50 miles to get the shoes, they were definitely worth it and accomplished the look I was going for. I loved it, he loved it, the girls loved it...that's all that matters. It was a great night and I didn't have to spend an outlandish amount of money on my outfit, although I did look like a million bucks (hehe). My outfit came in under $200 and considering that the dresses I was looking at before were, err...$178 without tax or shoes, I feel proud. Maybe I should post my outfit...I mean, I was proud kids, real proud. LOL. Okay...that's enough about that. My outfit was under budget, so that's the point.

Now back to the grind, or death as I like to call it, the budget! What's a reasonable amount to spend on food per week. For single people eating out is almost the same, if you eat fast food & carryout. I'm not very good at planning meals for myself. My pantry is full of food that I buy because I call myself planning & then don't eat. So I need to learn how to plan for the week & stick to it. Boyfriend suggested only buying one week at a time that way I don't get too bored, but even that's hard for me. So I'll be going to the grocery store today, hoping I can get this right. What's a reasonable amount to budget for groceries & eating out anyway? Considering that I eat a large breakfast, usually enjoy coffee or tea because I'm either drowsy or freezing at work, a large lunch, and then a snackish dinner. I'm not a big evening eater, I did train myself on that when I first started working. And it's worked, except if I can't eat within 2 hours of waking up, I'm NOT a happy camper! Other than that, it's a good habit I suppose that way I do all of my heavy eating while I'm the busiest at work. Although I've read that it doesn't matter, but I would think it does...I mean if I eat a bunch and walk all over DC then that's better than eating a bunch and sitting on my tail bone. So there! All you critics. Back to grocery budget...I'm going to try to do this thing with $50...yeah $50! For TWO WEEKS! CHALLENGGGGGE! For those kids out there who grew up watching Cosby like I did.

Okay, so I'm going to go the grocery store today and take $25 cash. That's it. Cash, once it's gone, it's gone. That way I'll be forced to think twice about whatever I pick up. $25 for Tues-Mon groceries. Eggs will definitely be on my list because they're cheap, and fill you up, and they have protein and a lot of other things as well, haha. Hmm, what else...Maybe some sushi (my guilty pleasure). I'm steering clear of red velvet cake, although I absolutely love it. Wait, I can't do sushi...not on a $25 budget. Good grief! I'm taking this offline, I'll let you know how it goes.

Still Returning & Buying :-(

Okay, I have a confession...I found some items at H&M that I bought. There's a grey blazer ($34), I can wear it for work & play and a silver bracelet ($3.90) which I wore to boyfriend's birthday and some silver hoops ($5.90)...I'm seriously thinking I should make a list of things I want/need and ONLY buy those items if I find them while I'm out. I did however find a pair of Citizen jeans that are ankle length, I've been dying for a nice pair...for...you ready....50% off the retail price, so that made them $79 or so. Now I am SERIOUSLY not going near the mall any time soon. I've realized that whenever I go, I find something I just HAVE TO HAVE or A STEAL. So until I can learn some self control, or until I get a majority of these financial goals accomplished, I'm going to attempt to avoid the mall at all costs.

I did return 2 of the dresses that were "no-go" for boyfriend. And I have 3 pairs of shoes, a pair of earrings, and ahhh yes Mr. Seersucker left to return. I can do this...I can do this...I can do this!

Updated Goals

Short Term Goals (2008)

• Make a budget
• Track my expenses with the budget
• Stick to the budget
• Seriously commit to paying off my credit card (this will be the fourth time I've paid that sucker off)
• Pay more on my car to speed up the payoff
  

Long Term Goals (2009/early 2010)

• Pay off my credit card
• Pay off my car
• Save for a house (this is after the first two have been accomplished)
• Start a Roth IRA (after my credit card is paid off since I already have a 401K that gets a large % of my income)

First go at the grind

Okay...I did it!!! YAYYY!!! I did my budget through the end of the year. The hardest part will be actually tracking what I spend and sticking with what I've outlined for myself.

So that's one goal that I can cross off of the list, now I just have to track and commit to the budget (or death as I sometimes like to call it.)

So here's another random tidbit...I also realized that I snagged another STEAL while in the mall the other night. A seersucker suit...for a mere $87! The pants are a classic fit with a cuff and the suit jacket is also adorable, well made and has a split in the back of it. Ahhh, fashion finds make me feel soo good. But....after doing some soul searching, perhaps I have to take her back. I was in the mall looking for a dress for boyfriend's birthday party, not a seersucker suit, and even though it was a steal, it's still an impulse buy. Grrrr, this may be the end of my seersucker suit. I had already pictured her (the suit) with a nice crisp white shirt and some bright peep toes. Then separately of course they'd be adorable as well...only I hadn't gotten that far in my planning.

THEN last night...went shopping with my SPBFF and I believe I found the PERFECT dress for boyfriend's birthday. She (the dress) was $135 and hot pink....ssssss! I also found the perfect clutch to go with it and with the dress purchase, it was $10.50!!! Happiness. Then we were off to shoe hunt. I'm going for this kinda Hollyweird look that's very trendy so some people will love and others will hate, but that's cool with me. Anyway...so now that I have my dress (it needs hemming, which I'm going to attempt to do to save $$...YES!!!) I can return the hmmm 3 others. One of them I have to keep since it was on clearance, but it's my favorite and I bought it knowing that it was a keeper regardless. So the other three and the shoes that were to accompany them are headed back to the store. YAYYYY!!! I think adding up my returns will make me happy...I don't have exact amounts but I'm going to guesstimate:

• BCBG Black Patent Peep Toes (these gals were KILLER) $95
• Blue Satin Dress from Dillard's (yes...Dillard's!) $79
• Bebe Two Tone Shirt (it was a dress for me...I'm short, not hoochie) $79
• Bebe Purple Dress $129
• Carlos Santana Leopard Peep Toes $89
• Aldo Black Patent Leather Pumps (they were a STEAL, but I've gotta give em up) $40
• TOTAL (drum roll please...): $511!!!!!!!!!!

OH MY GOSH!! How did that add up so fast, seriously. Man...I'm glad I committed to taking this stuff back. Thank you very much Mr. Merchant, but I'd rather have my money for hmm, saving! Oh and just for kicks, let's throw Mr. Seersucker back in there too, that's $598! Yep...I think I just convinced myself that he's going back too. See ya, sucker. If you go on sale further, perhaps I'll come back and consider you at a later date. Then I can store you in my closet for next summer. You were awfully cute...but I'm gonna say no.

TSP Contributions

Okay, I'm slightly annoying because I can't find ANYWHERE on our company website how much they contribute to our TSP. Isn't that annoying? And I can't look on the TSP website because that's for all government agencies, and I'm assuming they have different policies about their contributions. Not to mention, that it's just not really advanced. Oh government...how I love thee.

Anyway, so back in October '07 I got promoted and at the time I was contributing 10% of my gross pay tax free to my TSP. Well, I believe my company matches 3% dollar for dollar and then $0.50 on the dollar after that up to 5%. I'm going back over my TSP statements and I just can't tell...at the time I was contributing 10%, they added 4% and the automatic 1% so 5%. Then when I changed it back to 5%, they still matched 4% plus the automatic 1%, although I thought it was fifty cents on the dollar, so it should've been 4%...unless they take the most they can give you and give it to you....I'm confused and I'm sure I'm confusing you.

So...I had this bright idea to scale my TSP contributions back down to 5% and pay the additional money on my car in order to speed up the payoff. BOY, was I wrong!!! I have NOT paid anything extra on my car since I did that. In fact, I think I just jumped off the DR train all together, but never fear...I'm BACK!! So, my question is do I move my contribution back up to 10% or leave it at 5% and commit to paying the additional money on my car? Of course, upon paying off my car I'd move the contribution back up, perhaps even higher...who knows. But at this point...what's your advice? 5% and extra to the car loan or 10%? Either way I get the same measly 5% from my employer, but it's free, so I'm taking!

Setting Goals

So the first step I suppose would be to set some goals for myself. Or is it to make a budget? I hate that word...BUDGET! YUCK!!! It sounds soo creepy, like it's going to come tie you down forever and you'll never be fabulous again. So constricting and limiting...that means no picking up steals, deals, must haves, or anything else for that matter...besides food, rent, saving, gas...blah, blah, blah. Oh yeah, the goals...

Okay, seriously...short term and long term goals are probably appropriate that way I don't get bummed out or tired trying to accomplish them.

Short Term Goals (2008)

• Make a budget
• Track my expenses with the budget
• Stick to the budget
• Seriously commit to paying off my credit card (this will be the fourth time I've paid that sucker off)
• Pay more on my car to speed up the payoff

Long Term Goals (2009/early 2010)

• Pay off my credit card
• Pay off my car
• Save for a house (this is after the first two have been accomplished)
• Start a Roth IRA (after my credit card is paid off since I already have a 401K that gets a large % of my income)

Okay, I think those are realistic...and I feel like I can accomplish and commit to them. I'd also like to increase my contribution to my Thrift Savings Plan (that's the government version of a 401K) but that may not be reasonable since ultimately I plan to have both a TSP (tax-free contributions) and a Roth IRA (after tax contributions) that way I can have money that's already taxed hence no more taxes upon withdrawal and money that's allowed to grow without my current income being taxed. How financially savvy am I sounding today?!!! Haha...Okay, off to create my budget.

And so the grind begins...

Where to start...How about with the fact that it's my boyfriend's birthday this weekend and I've spent...hmmm about $700 on potential outfits. Not to mention the pair of BCBG peep toes that I just HAD to have, they were on sale for $46.20 down from $110...A STEAL! Or the two shirts from Bebe, 65% off of one that was $20.99 or the one on special for $29. Then there's the Bebe trench coat, again 65% off down to $35 from $129!! These were purchases I just couldn't pass up!!!!

Then there is the aforementioned topic of my boyfriend's birthday, for which I was "shopping" in the first place. For that occasion, I picked up four dresses, I'm taking at least two of them back! Let's see one was 65% off, and just too cute to pass up, at $42 a SERIOUS steal! And then the other three...not on sale, but tax free! They were $79, $79, and $129. Then I had to have the proper shoes (black patent leather with a SKY HIGH heel to be exact) so I purchased one pair in Aldo, clearance for $40 and another pair of BCBG that are PERFECT and oh so sexy for....errrr....$95. I know, I know...ridiculous, but they're perfect for my dress (if I wear that one) and I'll get TONS of wear out of them. It's not like they're melon pink or something. These are everyday black shoes.

Then there is also the thought that I have to get boyfriend a birthday gift, so that just ADDS to the never ending costs of this occasion. So...I started thinking, perhaps I should get back on my "Dave Ramsey" kick, believe it or not at one point I was SERIOUSLY committed to DR's principles. And what better way to become more financially responsible than to write a blog about it?! Everyone writes them, and I could certainly benefit from having to write my progress/thoughts even if no one reads them. I can tie emotions to impulse purchases, or not, and seriously have a grip on how much I'm spending on frivolous things (I'm sure more than I'd EVER be willing to admit).

So...here we are! Now, let me say this...I make excellent money, like seriously, one credit card balance, a car loan, and rent that's sky high. All of which are up to date and taken care of, but I still spend money where I shouldn't be...I'd MUCH rather be saving for a house or my wedding (which did I mention...I'm not even engaged, but they're still expensive) or just putting money aside to capitalize on the wonders of compounding interest! So hopefully this blog will help me do just that. Ready? Here we go... or is it Here we go!