Thursday Thoughts

I was able to add 74.10 to my Emergency Fund for a total of 374.10 dollars. My employer reimbursed me for professional dues that I paid last year,(this was 60.00 dollars) and I also received a check from Ebates for 14.10 dollars. Tomorrow, I will get paid and before that check is deposited I will add what is left over in my checking account to my emergency savings account. I am trying to build my emergency account as quickly as possible so I can start my debt snowball.

I did get a little spendy today. I guess towards the end of the week I get a little lazy. So, I did a drive through for breakfast and lunch......at Chick Fil A. the breakfast sandwich was wonderful, but lunch was a chicken salad sandwich and that was just okay.

Work was crazy. The patients were wound up a little tight, and my co workers were on edge as well. A lot of energy that was less than productive. Actually it was exhausting!

~~Thursday Highlights~~

• Another beautiful day
• Dinner prepared by my husband
• A relaxing evening at home catching up on DVR programs...

Emergency Fund Update

Well it has been awhile since I updated the Emergency Fund. As I have mentioned before the progress has slowed down a bit for a variety of reasons. But I am making a deposit this morning and I wanted to post the new total.

Today I will be adding 75 dollars. 50 dollars is from the Bank of America Financial Rewards Credit Card. I have gone back to using this card due to the fact that BOA Financial Rewards is giving 5% on Grocery and Gas. ( More about that later) Previously I was using One from American Express which still has a reward balance of about 80 dollars. The balance is earning 5% interest so I am okay leaving it there for now.

I also received 35 dollars cash from work. I guess you could call it a late Christmas bonus of sorts. The company has a yearly Christmas Party but it is held at the managing Doctor's home every year. Apparently the corporate office was reimbursing him for holding the party this year and for whatever reason he refused the compensation. (It was an awesome party, and I can't wait for this year's party!)

Since he refused, our site manager took the check and cashed it. She the split it amongst all the employees at the site, so there you go.

The total was 85 dollars, but I tithed 10 dollars to church and the rest goes to the Emergency Fund. Previously the total was 4151.00 dollars. After today's addition the grand total will be 4226.00 dollars. If you will recall my new goal for this year is 7000.00 dollars. Still have a ways to go. But I am proud of the amount I currently have.

No Spend Days

As of late I have not been maintaining my "no spend" days. When I did do the "no spend" days I would put the money into My emergency fund and try to reach my goal of 5000.00 dollars

Well, along came YNAB, which was sugggested by my fellow blogger Maria at Life Goes On...... YNAB is shor for You Need a Budget, and it is a software program that helps to organize your money AND to eventually build up one month's of income that will alway be on hand.

The following is an explanation from the YNAB website....

"The concept of living on last month's income is critical to understand, and something I want you to be working toward. If you don't spend January's income until February, what are you spending in January? I highly recommend You save one month's expenses in your checking account as soon as possible!

Can I Use YNAB Before I Have One Month's Expenses?
Absolutely. I discuss how you use YNAB without one month's expenses in the setup guide. As you begin following Rules Two, Three, and Four of YNAB, you'll notice that you have more money. Some people call it magic, I just call it good ol' fashioned budgeting. With that increased awareness of your spending you will find the cash necessary to build one month's expenses in no time.

With one month's expenses saved you'll notice you:

Are less stressed about money
Can handle small financial storms without anything sinking
Will make better financial decisions (because you won't be as pressured)
Will no no longer be living paycheck to paycheck
Strive toward Rule One! You're going to have to begin doing something different or things will just stay the same."

Anyway, I am "striving" to build up one month of expenses to always have on hand or in reserve. For me that amount will be about 2600.00. Now I am no where near that number, but I do want to reach that goal of not living from paycheck to paycheck. I think it will be a great peace of mind for me.

So, do you think that cushion amount of one month's expenses can be counted towards my emergency fund total? Hmmmm... I would almost think so. But I don't know for sure.

So the no spend days are on hiatus.

Goals For 2007

It is the time of year when one evaluates their current situation financially and personally. I tend to think both are intertwined.

We all have goals for our future. Some are attainable and others may seem far fetched. Starting with realistic goals:

1. Maintain current percentage of contribution to my retirement accounts which is currently 14% of my gross income AND strive to increase the amount 4% this year.

This is a goal that is quite manageable. I will have a new employer in b January. The new employer will contribute up 1500.00 dollars to the 401(k). I will be setting up auto transfer from my employer for my Roth IRA at T.Rowe Price to max it out also.

2. Increase my Emergency Fund Amount.

My Emergency Fund is currently at approximately 4000.00 dollars. My new goal for 2007 is going to be 7000.00 dollars. I think that over the course of 12 months that I can reach that goal. Let me rephrase that, I KNOW I can meet that goal in 12 months. That is only 250.00 dollars per month, OR 58.00 dollars per week OR 8.00 dollars per day.

3. Get a Will, Power of Attorney, and Living Will (last minute addition) And Life Insurance.

I know better,,, I work in the health care industry. I know what can happen to people, and what can happen to their families if things are not taken care of. But I have yet to get these important papers drawn up. What is that about? Denial. Do I really think I will live forever? And if something did happen to me and I could not speak for myself, do my loved ones REALLY know what I will want to happen to me?? As of now, all of these questions are officially unanswered. I need to make this goal a BIG priority.

Life Insurance is something I "know" I need, but have yet to get around to. I am a procrastinator of sorts.

4. Plan For A Little Fun.

As a health care provider I am in daily contact with a wide variety of patients. What I find interesting is that the majority of the older patients, (60 and older) will during the course of our conversation ALWAYS will tell me DO NOT wait until you are old to travel. IT will be too late. DO it now.

I am taking this advice to heart. This year I am planning a trip for my hubby and myself to visit Jackson Hole, Wyoming in December. December is our Anniversary month. We don't ski but Hubby has never been out west, and I want to experience snow. I have lived out west, but it has been a very long time ago.

We will still make quick trips to the beach and other places close by through out the year , but I am Extremely excited to go to Wyoming this winter. !!


5. Improve My Current Weight, Which Will Improve My Overall Health.

I like food!! And I am an emotional eater! Too very bad combinations! I will be getting back on track with the weight loss program that I was on in the fall. I lost about 35 pounds, from 228 to 193 using Transformations over 4 months. But I let major family issues get in the way of my progress and I was back in the cookie dough hot and heavy. Not to mention regular Coca-Cola which is my absolute favorite addiction.
I am back up to 201 lbs currently. (Sigh)

I will find a way to rework my budget to go back to Transformations and get back on track.

6. Consider And Implement a Plan for Room Addition.

This is where my goals start getting a little far fetched. I want to add a family room and a new master bedroom with full bath on to my house. This is doable. It will require a 2nd mortgage or a complete refinance. That is fine. I am content in my location. I really want MORE space. WE have looked into moving, but it is not something we can both agree on at the same time.

We do agree on adding more space. But we will have to agree on how to pay for it. I will keep you posted the developments of this situation. Should be interesting!
And in case you wanted to know, I am willing to take on this extra debt. For me it is worthwhile. My hubby is very handy and we will do a great majority ourselves. My sons are electricians so we have that covered. And hubby is in Air Conditioning. The putting on a new roof was a family project. Yes , even I was up there ripping off the old shingles destroyed by the 3 hurricanes of 2005. All in all, we are a pretty handy bunch. I think I have a good grip on funding my retirement, and I do need to live in the present not always in the future.

7. Research the Possibility of Acquiring Rental Property.

Yep, I have thought about this for quite a while. Hubby and I have talked about it for even longer. This goal is definitely doable, but it is the fear of failure that stops me. Must overcome the fear.

Well, I think that is just about it for my goals for 2007. I know this list will change a great deal in the coming year, but for now it is a start.

Emergency Fund Update

A quick update, I received a 100.00 dollars from Bank of Americafor opening a checking account. It was a reward for opening a checking account using a code (here is the code) which expires on December 31, 06.

I was a little concerned that I would not get the reward as it did take about 2 months to deposit into the account. It definitely was a nice surprise! Anyway, the 100.00 dollars plus the automatic transfer of 30.00 from checking is being added to the Emergency Fund. Grand Total is $3966.00!! Roughly 21% away from my current goal of $5000.00!!

You might wonder if I do use the checking account, and I currently do. I keep the rent money the kids pay me and stash it seperate from the "house" money. The rent money is for my tuition. Just easier to keep track of.

Emergency Fund

After picking up a check from a consignment store that was selling some of my stuff I am able to add 144 dollars to my Emergency Fund. The New Total is $3827.00 !!!!
The check was for about 160 dollars, but after tithing, I put the remainder in the Emergency Fund.

This close to Christmas, I am not expecting to make any additional payments except for the bi-weekly auto transfer from checking. But back on track in January.

Emergency Fund

Additions have been made to my Emergency Fund. These include 30 dollars that is automatically transfered every paycheck. An early Christmas present from my dad of 100 dollars, and interest of 13.00. New Total is 3681.00 dollars!!!

Emergency Fund

Additions are being made to the Emergency Fund. For the last two week I have avoided using the TOLL road in the morning on the way to work, and I have not made a trip to the 7-11 either. Before I would make a daily pilgrimage to the 7-11 next to work and spend at least 5 dollars a day. NOw I bring my water, soda and lunch from home. (Why didn't I do this before??) I have now decided to put this money into my Emergency Fund to grow it to 5000.00 dollars. Many books say you should have at least three months of your wages put away for an emergency so I have a way to go yet.

I have put in the Emergency Fund a total of 178.00 dollars. 25.00 dollars is an auto withdrawl from my checking account to the Emergency Fund and 34.00 dollars is the amount of money my dad gave me for gas (again), 61.00 is from the change jar I keep that collect all the spare change I find or that hubby gives me and 58.00 dollars is the money I saved by NOT taking the toll road in the morning and by not going to the 7-11 for two weeks.

So there you go, a new total of 3539.00 dollars for the Emergency Fund. Yoo Hoo!
I am 1461.00 short of my goal of 5000.00. Not a problem, I can do it.

Rain, Rain, Go Away..........

Yes, It's Raining here in the "sunshine" state. What's that about? For the nex two day, cloudy with a great chance of rain. so far they were right about today. Lots of rain! Why is this a big deal? Well, in order to lower my electric bill, I bought an umbrella clothesline to hang clothes on. So far, I haven't had the chance to use it. Maybe later this week.

So, today I did NOT take the toll road into work and I avoided the 7-11 as well. This is a savings of $5.00 at the 7-11 and .75 cents for the toll. Grand total to add to my emegency fund at Emigrant is $5.75. Woo Hoo!! I did spend 13.54 at the grocery store today, but my budget for groceries for two weeks is $200.00. This is for 5 adults and sometimes one grandchild. Total so far is $179.41. So, for now I am under budget. Hmmm... that does not really happen a whole lot. A step in the right direction. Accountability. Plan the meals, take a list to the store and use coupons if you are inclined to do so.

It's Monday..............

I was driving into work today thinking how I could find "hidden" money to fund my emergency savings. So, I decided to NOT take the toll road in this morning and that is a savings of 75 cents. Not a lot initially, but it will add up. I WILL be taking the toll road home, the 75 cents is well worth the quick trip home.

Also, since I am no longer visiting the 7-11 daily and spending at least $5.00, I will add that to my account as well. Oh, and another plus today, My wonderful dad filled my gas tank up, ( yes, I am spoiled) so that is an additional $33.50. The grand total is $39.25. Yoo Hoo!! I will be making the transfer tonight. Where else can I find "hidden" money? I will be on the lookout and I will let you know!

Well, as I stated in a previous post I have a clothesline up and ready to go. What is the forcast for the next 2 days? yep, you guessed it. RAIN. So I will wait until Thursday to try it out. We are able to keep the windows open and not run the AC, so that is a plus.

Yes, the update on the Christmas shopping I did this weekend. For 5 Grandchildren, I spent a total of 180.00. Not too bad, definitely room for improvement. And I did charge it. But I have money coming in from PayPal ( I sold a bunch of kitchenware on Ebay), so that will cover it.

And I have to budget for my classes next sememter. I am taking 4 online classes at the university so that should run around $1100.00 to $1200.00. I need to register to get a total. Where is that money coming from? Well, If you remember I have 2 adult children back home, and the rent that they pay is paying my tuition. Don't tell the Kids!!!

One adult child is very good about paying, but the other is struggling with personal problems and well ..... I don't know. Anyway, I will have enough by the time is it due.

So there you go, my Monday. Have a good night.

Building My Emergency Fund

Oh yes, I know that everyone needs an emergency fund, but what determines when you have enough. Well, I have decided to set my goal for $5,000.00. This is a short term goal as I think my emergency fund should have at least $10,000.00. But for now I will strive to reach the $5,000.00 mark in one year. My current balance in my emergency fund is $2,820.63 and I keep it at Emigrant. So, I will have to put away at least $182.00 a month.

I also just started a 1,000.00 CD at Emigrant, yes it was a spontaneous decision. Story of my Life. If nothing I am impulsive!!