Update September 5, 2006
Posted by irishmadness in Credit cards, Debt, Saving.6 comments
My plan this month is to give my CC balance a big hit because I get an “extra” paycheck in September. So I’ll be able to put an extra three weeks worth of money toward knocking down that debt. 🙂
My initial ING Direct deposit cleared, and my first weekly payment goes in tomorrow. (Yay!) I’ll move a chunk over to my CC shortly before the low interest rate goes away so I get as much interest from ING Direct as possible, then knock the CC balance down as low as possible before the rate goes up.
(For anyone interested in opening an ING Direct account, clicking on a link below will get you a $25 bonus when you deposit at least $250. I’ll get a $10 for referring you.)
If the links are either used or expired, e-mail me at colorguard@mac.com and I’ll post more.
I’m also starting to plan for Christmas and birthdays. (My immediate family’s birthdays are ALL in December and January.) Of the 11 family presents I have to buy, four are purchased. I have a price estimate for the three others selected – $55. That leaves four presents for two people. I suspect my post-Thanksgiving shopping trip will take care of the remaining four. But I’m in good shape for me, both progress-wise and budget-wise.
Also in good news, my electric bill will go down below its current $25/month now that the weather’s cooler, and gas prices are dropping dramatically, so that should allow me to stash some extra money during the next few months.
Back again June 27, 2006
Posted by irishmadness in Admin, Credit cards, Debt, Uncategorized.add a comment
I’ve returned from my weekend helping a friend with home repair-type projects, and gained much fodder for the blog in the process. For now, the brief update is I will be able to put an extra payment of $400 toward my CC later this week – once a check for the bulk of that amount clears – which will drop my balance below $7,000. (Go me!) That’s even with dental bills, etc.
I should be back later today with a longer post, but I wanted to at least update those interested in my progress.
Priceless June 17, 2006
Posted by irishmadness in Credit cards, Frugal living.add a comment
As cheesy as the MasterCard commercials are, I have to admit they do have a point. Sometimes counting the dollars and cents cost misses the intangible benefits of an experience.
I was thinking about this today because I have my Red Sox uniform-style jersey on. (Schilling, for the curious, because they were out of Wake and Varitek.) I bought the jersey – yes, putting it on my MasterCard – in October 2004 when I drove up to Boston for the World Series victory parade.
I’ve never been a big one for spending excessive amounts of money on any one clothing item (except running sneakers), and I’m usually content with the less-expensive T-shirts. In fact, on that same trip, I picked up an official WS champions T-shirt. But I’ve always wanted a game jersey and in the euphoria of the once-in-a-lifetime victory, I decided to go for it.
I wore it under my jacket on that drizzly October Saturday when my sister and I woke up in the middle of the night to take the T into Boston and get good spots for the parade. I had it on when the duck boats rolled past, each carrying a few players and coaches. And every time I’ve worn it since then, I remember not only those memories, but the moments at the end of Game 4 when I sat in the newsroom, watching the game on TV and finally realizing my beloved Sox weren’t going to blow it this time. I was speechless after the last out, a condition those who know me will tell you I’m rarely if ever in. Instead of jumping around, cheering and screaming like I always thought I would, I just stood there in shock, watching the players celebrate on the field. When my boss (who had been looking for his camera to capture my reaction at the time they made the last out) asked me how they won, I had to search my brain for the words.
It’s a moment I’ll never forget, and slipping the jersey on never fails to remind me of it.
A lot of my credit card debt is for truly stupid stuff, stuff I had no business buying if I didn’t have the cash. But there are a few things that were worth every penny of interest, and the jersey is one of them.
Counting coins May 29, 2006
Posted by irishmadness in Budgeting, Credit cards, Debt, Frugal living.1 comment so far
The only problem with rolling coins is that if you aren’t spending much money, you don’t have much change. I haven’t been able to get enough coins for a roll in a few weeks now, and it’s frustrating. But I have saved a bunch during the last week, and I’m hoping I’ll have enough tonight to get a roll or two, even if it’s just pennies.
In other news, my birthday weekend went well, even if part of it was at work. I now have a working toaster oven, thanks to my parents. They gave me a Target gift card for twice as much as I needed, so I took the chance to stock up on shampoo, conditioner and Gatorade, plus pick up a reusable drink bottle for my post-workout soy protein shakes. Since I have plenty of soy powder, the shakes should not only help me eat better and recover better from my runs, they’ll also fill me up for minimal cost and cool me down. (Milk, powder and frozen fruit mixed in a blender)
I enjoyed my meal out yesterday, and was so full from the appetizer that I brought most of the entree home, giving me lunch and dinner today. So that was a nice savings there. I still have most of the meals I froze at the begining of May still in my freezer, plus that pork loin is in there as well. Since I got a larger toaster oven, it will be big enough to cook the pork, which will save on the electric bill. It cooks remarkably quickly, probably because it’s a convection oven. (Well, everything but toast. That it does slowly.)
My dentist appointment is tomorrow, so I’ll find out what the damage is going to be there. It’s going to send my CC balance up again for several weeks until I pay it off from money that normally goes to my pinch-point account, but by the end of August I should be back on track.
Oh, and I have one gift card still unused (book store), one in the mail (craft store) and at least two presents that haven’t arrived yet. (I know one’s not a gift card, but I’m not sure about the other.) So I still have a couple of small splurges left from my birthday, and am thinking of ways I can use them to help me in my quest to vanquish this debt. More details to come once I know the final tally…
Hidden benefits May 25, 2006
Posted by irishmadness in Credit cards, Debt, Frugal living, Saving.add a comment
One of the benefits of working for a big company is, well, the list of benefits. I’m sure there are ones I don’t even know about. Several of them provide discounts on goods or services purchased for personal use, which is a nice way to save money.
One that I’ve used before is a discount with Apple. I’ve been debating over what to do about internet at home because a Web site I maintain is done in FrontPage on my PC desktop. Meanwhile, my laptop and other computers I use are all Macs.
It finally occurred to me today to check out pricing on iLife, Apple’s software suite that includes iWeb, its home Web publishing software. (My laptop pre-dates iWeb, so my iLife suite doesn’t include it.) Then I could just transition over to the new program (and do a much-needed redesign of my site).
The price is reasonable – $79. Then I remembered my discount. Turns out I get 17 percent off (the amount varies by product) and it’s only $65. That’s only six weeks of internet service – definitely worth the cost. So I’m going to cancel my broadband and start stashing money for the software so I can buy it by the end of the summer. (I won’t need to update before then, which gives me some flexibility.
I know how much that will let me add to my weekly payments, but I’m still waiting for tomorrow’s paycheck to figure out how much I can adjust with the change in withholding. Check back tomorrow afternoon if you’re curious to see what my new repayment schedule looks like with the adjusted amounts.
May net worth May 24, 2006
Posted by irishmadness in 401(k), Credit cards, Debt.1 comment so far
I sat down last night and figured out where I stand as the end of May approaches. Thanks to the beating my 401(k) has taken the last week or two, I’m not as good as I should be, but my overall net worth is up to -$5,662. If my 401(k) bounces back to where it was, I’ll be around -$5K, which isn’t bad.
My credit card balance continues to drop. Tomorrow’s to-do list includes bringing my cable modem back to Adelphia and canceling service, so that will let me increase my weekly payments. I’ll also find out Friday how the adjusted withholding affects my take-home pay. So next week’s payment should be up significantly.
My goal for June is to get my net worth up to about -$3,500, though that depends some on how my 401(k) does. That will get my CC balance down under $6,500.
Managing expenses May 23, 2006
Posted by irishmadness in Credit cards, Debt.add a comment
I’m actually choosing to put something on my credit card – and think it makes sense financially. No, I’m not nuts.
I have my dentist appointment next week, and normally payment is due that day. I’m going to put it on my CC, then funnel my weekly pinch-point account money ($50) toward my CC until it’s paid off. (Two months, I think.) That allows me to continue making my same weekly payments to the CC to pay off the existing balance, and since the rate is so low, the interest cost will be minimal. It also allows me to remain on good terms with my dentist, who would object to payments being strung out over that long a time period.
In the end, I think it will cost about $3 in interest, and greatly reduce the complexity of paying the money owed. Once that’s done, I can stash enough money for the next tooth and hopefully get that done in September – and pay cash.
Net worth for the week May 18, 2006
Posted by irishmadness in 401(k), Credit cards, Debt.add a comment
Thanks to the stock market’s not-so-great week, my 401(k) is down far enough so that my net worth is actually worse this week by about $75. Fortunately, I have about 40 years until I retire (the advantage of truly loving my job is I have no desire to take early retirement), so I’m not worried. It just means my paper numbers don’t look as good this week.
But by Monday my CC balance will be down to $7,700, a full $300 under last week’s milestone. And in another week, I’ll be able to increase my weekly payment again after I see what my paycheck looks like now that I’ve adjusted the withholding.
I’m also still chasing down my friend who hosts my Web site to check some details there. I might be able to get away with not using my PC to upload files, which would eliminate my need for internet at home. That would save me about $50 a month. And if I cut the service before June 6, Adelphia will actually owe me money. 🙂
That’s my weekly update, and overall it’s not bad. As I was telling one friend this week, my April/May expenses were higher because of two gifts I hadn’t planned for ($240), plus the root canal ($100 and counting). I also spent $180 on spring clothes, which I had planned for, but then the gifts sucked up that money and then some.
But I figure if I can make budget in a month with about $350 in extra expenses, and take a mini-vacation and stash almost $100 in savings ($60 for CC, $35 for sneakers), I’m in pretty good shape.
Almost there May 17, 2006
Posted by irishmadness in Credit cards, Debt, Frugal living, Uncategorized.1 comment so far
Well, the good news is I was way under my budget ($15 left of $40) for my Richmond trip. The bad news is part of that is because my friend got sick so I headed home a day early.
I was going to go back to work today and save the vacation day, but my sweetie convinced me I needed the day off. So instead I’ve been vegging. But I did make time for a trip to the bank to deposit $60 I’d saved, then came home and set up an extra payment on my CC for Monday for the same amount. It’s not the full $75 I’m planning for, or $100 I’m hoping for, but there’s time left in the month.
Oh, and I’m getting lunch on the company’s dime tomorrow because we have a job candidate in. If I pick the right place and order well, I can get enough leftovers for dinner out of the deal. 🙂
All in all, not a bad money week so far.
A few dollars here, a few dollars there May 12, 2006
Posted by irishmadness in Credit cards, Debt, Frugal living.add a comment
It’s amazing what a difference a little money can make over time. I was looking back at my earlier post when I said my original payoff date was late June 2007 and realized that wasn’t right. So I added a new sheet in Excel and actually redid my old plan. The actual date was the end of August 2007.
Upping my payment by $15 a week – $60 a month – brings it to the end of May, saving me three months. That’s where I am now.
Using my model plan, where I add in savings from a few other lifestyle changes, plus a guesstimate on my annual raise, plus some lump sum payments I think I can get through various means (selling stuff, a second job, etc.), the payoff date moves to Dec. 28 of this year, about nine months earlier.
Now that’s a powerful incentive!
It’s not going to be easy to hit those goals to end the calendar year with no credit card debt, but wouldn’t that be a nice way to ring in the New Year. 🙂
How am I doing it? Well, in my model plan, the weekly payments are actually up $65 from my original plan, plus I’m trying to find about $150 a month extra. The $65 is coming from cutting internet ($15) plus increasing my withholding rather than waiting for a refund in February. I won’t know for two weeks how withholding affects my paycheck, but I’m guessing anywhere from $30 to $60 based on some playing with the IRS calculator. Also, my annual raise in July should let me add $15 to $20 a week. None of those are big sums (well, OK, the withholding could be), but added together, they really make a difference when applied week in and week out. $65 times 28 or 29 weeks is more than $1,800.
It’s powerful psychologically because when I see what a couple of dollars here and there can do, I’m motivated to keep spending low so I can add more dollars to kill that darn debt even quicker.
Who wants to spend $20 on a pizza when there’s “free” food in the freezer at home – and the $20 will help me save the extra money I need this month to hit that New Year’s Eve goal? In two years when I’m traveling cross-country with a friend on my birthday vacation, will I even remember the pizza? Not likely. Why grab a snack from the vending machine for 60 cents when I can buy a bag of regular (not baby) carrots at Kroger for 89 cents and munch on them all week? (Yes, I’m weird. I actually like snacking on raw veggies over chips.) And who wants to spend $5 on a bottle of shampoo when Suave works just as well for 89 cents?
You get the idea. Find the small stuff and think about whether you’ll notice the difference when you’re debt-free. Most of the time, you’ll go for the less expensive version and use the difference to attack that debt.
As for me, I’ll have a better idea of how close I’ll come when I get my next paycheck in two weeks with the withholding adjusted. Then I can figure out what else I need to do.
Debt $ense 