Tuesday, July 1, 2014

June Spending Recap and July Goals

I've had several changes in my financial habits lately and have decided to get back on track using methods that I have used before.

What I focused on last month was tracking my spending for an entire month.
At the end of each day, I would write down each purchase.  There were some that I purchased with a gift card, but I wrote it down also.  At the end of each week, I would tally up my totals in each category and put it in a spreadsheet.
Tracking my spending this way was very quick.  I think it's because instead of writing down where I spent the money each day, I wrote the category instead.  

As you can see in the spreadsheet above, my spending was horrible.  I didn't even pay rent or a car payment and still was way over budget.  Of course, dining out was a killer for me...always has been.  Gas and travel were higher because I had to drive out of town to check on my apartment (more on that mess later).  Health and beauty is high due to two $60 pedicures along with other things I did not need.  I usually don't spend on gifts, but that was for Father's Day.


My goals for July are to (1) decrease all variable spending by 50% - based on my current situation this is definitely doable (2) put 10% of each paycheck in savings - I need to build my emergency fund back up and (3) make debt payments an even $150 for the month.

I plan on allocating more towards my debt, but my funds are pretty low this summer.  Once school starts back I plan on working more so I can put more on debt repayment.

Saturday, May 24, 2014

What goes up must come down...

I remember being so excited after seeing my credit score.  Unfortunately, as a result, I applied for and was approved for a Discover and American Express card.  Of course, old habits came back and I am not back in credit card debt.  I am so disappointed in myself.  After working so hard I am back in a rough spot again.  My new goals are to maintain/improve my credit score, pay off my debt, and not fail another semester in pharmacy school.

Yep, this last semester was rough and I earned a D in one of my classes.  We can't make anything lower than a C, so now I am on academic probation and my graduation date is now pushed back a year.  I was going to take a leave of absence in the fall (I have to make up my class in the spring) but after putting some numbers together I do not think I will be able to work enough to make what I need each month.  Full time work is not guaranteed in the area where I attend school.  Therefore, I have decided to take some classes over part time so I can receive federal aid for living expenses, as well as work part time to pay off my credit cards.

I know it sounds silly paying off debt with debt, but I really do feel that this is the best option for me at this point.  With me taking fewer classes this year, I should be able to work much more often and pay off my debt more quickly.  I have a summer internship that starts next week and I plan on saving money for now in case something comes up or I am not able to work as much as I think I'll be able to in the fall.

Until I receive my first check from my internship, I'll still be living off my credit cards.  I barely made my car payment for May and hopefully I'll have enough paychecks in June to cover it.  One good thing about this summer is that with paychecks showing full time work, I should be able to refinance my car loan because the payments are really killing me.

Here are the quick numbers that I put together...I will start with my new variable expenses allotment in June...

Rent...400 (paid through August)
Car...590.26
Car insurance...94
Renter's insurance...15
Cell Phone...86.18
Electric...100
Internet...29.99
Entertainment (Netflix and Hulu)...8.75 + 8.15
Debt (CC Payments)...100
Cancer Insurance...17.90

Total fixed payments (not including gas and food):  1450.23

Food...$150
Gas...$200
Clothes...50
Entertainment...25

1875.23...New total to live!!!

Monday, December 2, 2013

Credit Karma Update

I know its been a long time and I have much to share, but my first semester of pharmacy school has been kicking my butt.  I'm excited to share this though...

When I started this blog my credit score was around 510.  I've come such a long way.

Saturday, April 27, 2013

Dreaming of Big Money....Is this a sign?



So I just woke up from the most amazing dream ever.  I dreamed that me and my close friend went to the casino and I won big.  I mean really big.  I went with only $30 and left with $800,000 just from playing blackjack.  Some type of way my friend was dealing, but she had no clue what she was doing.  It was kinda like how you play a video game against a guy and you are just pushing buttons and then all of a sudden you win.  (That's why guys don't like playing video games with girls)

In my dream, I surprisingly stuck with my plan.  I paid off my last 2 credit cards, paid off my car, purchased a home in the city where my school is (paid cash), and saved the rest.  I don't know why I didn't pay off school in the dream but thinking about it I would do that too.

I know I won't be balling like that this summer, but I do plan on cashing out my retirement accounts.  I know this is always the #1 think people tell you NOT to do, but doing so will help me stay afloat during school.  By taking out my retirement, I will be able to pay off my last two credit cards, pay rent for my current apartment (the remainder), survive the summer with my pay slashed in half, and pay for moving expenses.  After all that I may have just a little left over, but I won't be in the red from month to month once school starts.

Thursday, April 11, 2013

Payday checkup

It's not quite Friday yet, but payday is tomorrow so I figured I'll check in with my progress so far.  To be honest, the past two weeks have been such a bust.  I eat out entirely way too much!  My total of eating out/groceries (mostly eating out) is...well...way over my budget of $120.  It's more like $320 or more!  I can't access my bank's website now to tell you.  Since I spent so much and exceeded my food budget within 2-3 days of receiving my paycheck, I've tried to do better this week.  I still went out some, but much less than before and I have been eating at home more.  Because I've overspent on eating out, I have to allot some money for groceries with this paycheck.  That amount will be $60.  I think that is very doable especially since I've had nothing to drink but water lately.

Another plan of action is to disperse all funds immediately.  What I mean is if I say I'm going to put a certain amount in savings then I'll do it instead of letting it sit around in checking.  I figure if I move all my money around, I won't be able to access it on food or other excessive areas of spending.

I had a little setback but the key is not to let it get me down.  Just keep moving forward.

Thursday, April 4, 2013

100% Tuition Free (until August)

Well I said that I was going to do it and now it is done.  My tuition for both schools are now 100% paid for.  I hate I had to pay for classes I didn't take, but you live and learn.  I am so glad to have this monkey off my back.  Next debt hurdle to attack:  IRS.  Payments to them begin this month on the 20th.  I plan on rereading my paperwork to see if I can pay early.