Things I should know about my money ~ Part 1

I came across a really interesting post in my Google Reader called 50+ Things Everyone Ought to Know About Their Money (And Hundreds of Questions to Ask Along the Way) at Saving for Serenity. Embarrassingly, there are a lot of the answers that I don't know off of the top of my head and I think I'm going to have to do a bit of research. I called my bank about the second second below and they were very helpful.

I will do this is a several part series since there are actually 52 questions. Don’t want this to be too long of a post! Below are my answers to the first 12 questions. Also, please note that there are a few parts that I estimated and used round numbers for ease of calculating.

Net Worth
1. Total Assets
What are your total assets? just about $86,000 (this includes my assets in the bank, mutual funds, bonds and retirement savings)
What is the approximate value for your home? N/A because I rent
Your vehicle? According to Arlington County and that Personal Property Tax Bill I just received, my car (a 2009 Honda Civic) is worth $15,620

2. Total Debts
What are your total debts (Car loan, mortgage, personal loan, line of credit, credit cards, etc.)? $0. I don't have any of those things.

Bank Account
I have 3 bank accounts: Free Checking (FC), High Performance Money Market Account (MMA), and Way 2 Save (W2S)

3. Monthly Fees
What is the monthly fee for your bank account? FC: none MMA: none W2S: none
Do you even have one? nope
Is there a minimum deposited amount required to negate the fee? N/A

4. Account Fees
What additional fees does your bank charge? I have to pay a fee if I use another bank's ATM. It’s a $2 fee. Other than that… nada.
Are there ATM limits, withdrawal limits, overdraft fees, etc? I have overdraft protection for my checking account from my W2S and MMA. No minimum. Pulls from W2S first, no fee if pulled from this account. I’ve never needed this, so it’s not something I worry about the fees. There is a transfer fee if I do it over the phone, but it’s free if I do it online.

5. Savings Interest Rate
What interest are you earning with your bank account? FC: N/A MMA: 1.09% W2S: 5%

6. Transfer Limit
Do you have a maximum withdrawal limit on your bank account? FC: none MMA: 6 withdrawals per month W2S: 6 withdrawals per month
When does it reset (daily, weekly, monthly?) It resets monthly based on my statement cycle (statement cycle is from 13th of the month to 13th of the month).

Budget
9. Total Monthly Income
What is your total monthly income? My salary is $2,533 after taxes and other contributions.
What is your family's total monthly income? N/A because it's just me
How much does it fluctuate? I generally make about $75-$200 more than that a month between medical reimbursements, gifts, selling stuff, babysitting, etc.
What is the minimum you will make in a month? $2,533.

10. Total Monthly Expenses
What are your total monthly expenses? I spend an average of $2,000 per month.
How much do they fluctuate? In the past year I've spent as much as $3,691 and as little as $1,400.
What is your minimum budget? My minimum for basics is probably about $1,300 (basics include: rent, electricity, food, car expenses, cell, cable/internet)
What is your dream budget? I'd love to have a higher salary, so I’d have the ability to have a little more flexibility. I’d probably want to spend about $2,500 a month in an ideal word. I’d live somewhere a little more convenient and have the freedom to do more expensive things. However, with my hypothetical larger salary, I’d still have money to save.
Are there any monthly expenses you can reduce? Possibly my cable. I also should spend less going to out to eat and on clothes.

11. Percentage of Housing Costs
How much of your monthly budget is spent on housing? 34% ($850 in rent divided by $2,500 after tax income)
Are you comfortable with that percentage? Absolutely! The DC area is an expensive place to live and I think I have a great deal!
Over the next 5 years, will that percentage go up or down? It will probably go up within 5 years, though I think I will stay in this apartment for at least another year. I plan to buy a place within the next 5 years.

12. Percentage of Transportation Costs
How much of your monthly budget is going towards transportation costs? More than I’d like… I spend an average of $50 per month on gas, $83 per month on car insurance and $30 on misc. things like maintenance and oil changes. That works out to about 6% ($163 in car expenses a month divided by $2,500 after tax income).
Are you comfortable with that percentage? I think that’s pretty good, considering I was in an accident earlier this year and my insurance went up quite a bit.
Over the next 5 years, will that percentage go up or down? I’m not sure. There are a lot of variables that go into this. It depends where I’m living and working and if I can take public transportation to a future job. I may not even need a car since DC public transportation is so good. Hopefully it will remain pretty consistent.
What can you do to reduce that percentage today? Not get in any more car accidents!!!

Today I'm grateful for: winning my first blog giveaway, a book called "So Many Shoes, So Little Money! Thanks My Life ROI! Hopefully I'll get my act together and do a book review for this book after I read it!

Get Rid of Stuff Sunday #7

(1) Athletic bikini. I went white water rafting the other weekend and wore this bathing suit because I thought it would offer a little more support. The top is like a sports bra, but it doesn't fit correctly anymore. And the bottoms were wedgie central! Not comfortable. Not keeping it! Method of disposal: Goodwill.

(2) Wire hangers. I prefer plastic hangers, but I keep getting wire hangers with my dry cleaning. I don't dry clean all that often, but I have a ton of hangers in my closet that I don't use and won't use. Method of disposal: bring them back to the dry cleaner.

(3 and 4) 2 dresses. They were cute once, but I don't like them anymore. I have a little black dress that I like more and I feel like the other dress just isn't flattering on me. Method of disposal: hopefully consign, otherwise Goodwill.

(5 and 6) PJ set (a top and bottom). I prefer to sleep in a t-shirt and men's pj pants or boxers. This set is very cutesy and very not me. Method of disposal: Goodwill.

(7) Wedding magazine (or wedding porn as I like to think of it). You know it's a guilty pleasure when it's face down at the bottom of a drawer. I mean, it might as well be Playboy, right? I'm not getting married anytime soon, so I shouldn't keep this magazine. Method of disposal: recycle.

Today I'm grateful for: slipping in a little spontaneity. I went to the Arlington County Fair last weekend on a whim and had a great time while spending just $3!

How saving $30 is saving me hundreds!

I hate Comcast. So I get my bill in the mail yesterday and it's $30 more than last month. I look at it line by line and they started me on a premium channel promotion without me authorizing it. $10 bucks a month without me saying go for it. Who does that? Then on top of that, my internet promotion ended and the cost went up about $20 a month.

I called and spoke with a very nice lady and she took off the premium channels and found me a deal where I get faster internet for $34 a month (I was paying $33 a month before). Win! I made some small talk and stayed calm and she totally hooked me up. I probably should've seen if I could lower my cable price also, but I didn't want to push my luck.

Yes, it was a good deal to get those premium channels for $10, but that's how they rope you in. I would get hooked on some shows and then when they jacked up the price I would do it. Saving that $10 is really saving me hundreds down the line, not to mention how fast the extra $20 a month for internet adds up. I was tempted to stay with the premium channels, but I resisted. I have 20 shows on my DVR right now and I don't need too add to the list.

I really hope that next month that change is reflected in my bill. I've had several occurrences with Comcast where it was not reflected and many hours of time of the phone were necessary to clear things up. I will be sure to check my bill extra next month!

Moral of the story: check your bills!


Today I'm grateful for: sitting outside for dinner on a cool summer night.

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Another Distraction...

I'm enjoying my get rid of stuff Sundays and I hope you are too. Math tells me that I got rid of over 42 items already (6 get rid of stuff Sundays times 7 items, minimum, each time). And I haven't missed a single item yet. It's nice to have the extra room in my closet and on my shelves.

However, I'm realizing that getting rid of stuff has become a distraction from my real goals of this blog, figuring out my financial life. I've been tracking my spending religiously, but I haven't been thinking about what to do with the money in my Roth IRA, alternative streams of income, or my long term investing goals. Basically, I haven't been looking at the big picture about how I can become a millionaire for real. I know that I need to find an additional stream of income because I certainly am not going to get rich on my $43,500 salary. I need to get back on financial track.

Goals:
* Make an investment statement (which I've been putting off since I accidentally deleted it in May or June)
* Figure out where to put the money in my Roth IRA. Research different funds and share the info here. Learn about how to compare funds. Start contributing regularly
* Find additional sources of income. Aim for $150 minimum per month. Start a small business? Learn more about ebay? Find a way to earn passive income so that I eventually don't have to work. Take a few risks. The more risk, the more potential reward, right?
* Read investing books that go beyond the basics. Educate myself. I'm getting bored and I need to not be complacent.
* Figure out ways to make my money go farther. How can I save even more money than I am currently?
* Meet people who have similar financial goals to myself who can help me along the way.
* And figure out how I can do all of this while still maintaining a normal social life, not alienating my friends and not seeming like a cheapskate.

I'm not going to stop getting rid of stuff, but I resolve to do more with my finances than just spend less than I make. Will you help me stay on track?

Today I'm grateful for: looking forward to a beach vacation with my parents. I love the beach!

Get Rid of Stuff Sunday #6

Stuff I got rid of this week:
(1) Papers from my bookshelf. I still have a bunch of notes from college. I'm not there to get rid of alllll of them yet, but I did decide to get rid of all of the notes from writing my thesis plus a few additional things. It's probably about 500 sheets of paper, at least! Method of disposal: recycle.

(2) Purple button down shirt. I haven't worn it in awhile. It's time to let go. Method of disposal: Goodwill. (3) itrip. I tried to use this in my old car, but it was always static-y and the sound quality was terrible. My new car has an auxiliary jack to plug in the ipod/iphone, making this little gadget very unnecessary. Goodbye! Method of disposal: maybe I can trade this in? otherwise Goodwill.
(4 and 5) Nike Presto Cee Watch. This is my favorite watch, but they stopped making them (possibly because they break like no one's business)! I ordered a whole bunch on ebay after my last one broke. Two of the ones I ordered were not the correct size (one is too big and the other is too small... the rest I ordered are just right ;) ), so there's really no point in keeping them. Method of disposal: consign? or Goodwill.

(6) Sunglasses. I have other ones I like better and I really have stopped wearing this particular pair. Method of disposal: consign.

(7) Purse/beach bag. I got it for "free" with purchase at Limited a coupole of years ago and I really loved it at the time. Sad story about this purse... the wooden handle broke in my move to my current apartment. Daddy shut it in the trunk of his car. A little gorilla glue fixed it right up and you can't really tell, but that little break changed the way I felt about the bag. Plus I don't really have a use for this bag. It's pretty big and hard to store.

Today I'm grateful for: problem solving

Just Say No to Clutter

Five Types of Clutter I'm Saying No to:

(1) Shopping Bag/Plastic Bag Clutter: Reusable shopping bags have minimized the number of plastic bags I use. I've also been trying to minimize the number of ziploc-type bags that I use. I use tupperware for a lot more items than I used to and a lot of times I'll just bring in the full sized box of crackers or bag of chips. I'll eat what I want and bring the box home. That's especially easy because I drive to work.

(2) Free T-shirt Clutter: Going through my t-shirts under my bed showed me that I have way more t-shirts than any one person needs. I'm saying no to free t-shirts that (a) aren't my size (b) aren't attractive (c) that I can't see myself wearing. And I'm certainly not planning on paying for any t-shirts!

(3) Tacky Crap Clutter: my sister and I like to call the souvenier shops "Tacky Crap Stores." It's where you go and buy a keychain or shot glass or something else that you will probably never use and will just take up space. They're cheap, tacky and will probably break soon after you get home from vacation. I don't want it in my apartment!

(4) Movie Clutter: I'm not the type of person who watches movies over and over again. I subscribed to Netflix and I got rid of the few DVDs that I owned. I never watched them anyway. Hello more space on my bookshelf!

(5) Beauty Product Clutter: I'm not a super girly-girl when it comes to trying a million types of lotions and make up and shampoo and... I use it if I like it and if I don't like it, it goes in the trash. I might have two types of lotions or shampoos, but I like and use them both. My bathroom is definitely not big enough for an overflowing amount of product.


Today I'm grateful for: things looking up.

July Spending

I just got my credit card bill in the mail from July, so here is my July spending update:

Quick Snapshot:
Total Income $3,019.76
Total Expenses $1,727.15
NET (Income - Expenses) $1,292.61

Breakdown on Income:
Wages: $2,561.02
Medical Reimbursement: $438.08
Rebates/Free Money: $20.66 (I don't recall what this was...)
Monthly Total: $3,019.76

Breakdown on Expenses:
HOME EXPENSES
Rent: $850.00
Electricity: $22.60
Cell: $78.33
Cable/Internet: $111.05

TRANSPORTATION
Gas: $50.38
Bus/Taxi/Metro/Toll Fare: $55.00 (the tolls from the trip home last month were billed to my credit card for this month, plus I put money on my smarttrip card-the dc card for the metro)
Maintenance/Upkeep: $12.99 (car wash)

DAILY LIVING
Groceries/Drug Stores: $198.77
Dining/Eating Out: $129.73
Clothing: $95.45 (I'm weak! I can't stay away from shopping for two months in a row!)

HEALTH
Rx/OTC: $15.00
Co-pays: $40.00

ENTERTAINMENT
Netflix: $9.44
Gifts: $2.41 (card)
Salon/Beauty Supplies: $70.00 (haircut and tip... it'd been at least 5 months since my last haircut)

MISCELLANEOUS
Cash -$14.00 (still spending the cash from last month)

Total Spent $1,727.15


I was able to save a comparable amount of my in July as I did in June. I'm okay with that! I think it's a good goal for me to shoot for saving $600-$1000 of my after tax income. I'd really like to have my average monthly savings be $600 at the end of the year. That looks realistic if I continue to save a minimum of $600 per month. In the last few months I've been supplementing my income more with selling stuff, getting gift cards from various stores and babysitting (only once, but I have another date scheduled). That's really helped in getting my savings per month number higher.

Here's how my average monthly savings looks so far for the year:
January: $553.57
February: $1,193.65
March: -$683.04 (don't get me started on last March...)
April: $500.67
May: $749.79
June: $1,119.56
July: $1,292.61

The average of these 7 months is $675, so I'm doing good!


Today I'm grateful for: spending the weekend with my sister. Even though she can drive me craaaaaaazy!

Get Rid of Stuff Sunday #5

I went through the bins under my bed and I got rid of 2 hoodies, 2 sweaters and 1 more t-shirt. I have 3 bins under my bed and I've now de-cluttered all of them. Let's check that area of the apartment off the list! Another one of the hoodies had ex-boyfriend memories attached. It's good for me to get rid of all of the memories with him.

Then I started to go through a basket that sits on top of one of my book shelves. I found two phone chargers for phones I must've traded in earlier this year on flipswap or gazelle. Those can definitely be gotten rid of!

Today I'm grateful for: new and different experiences. I went hiking with the boy and it was superfun!

Update

Thing are ho hum with the finances. I'm trucking along and trying to stay aware of where my money is going.

I'm pretty psyched though that I got $35 for filling two prescriptions. I love the $10 coupons for filling a prescription at Target! And a Walgreen's just opened nearby and they had a coupon for $25 for a new or transferred prescription. Score! I managed to slip in right under the wire for both deals... the coupons were about to expire.

My other great deal was a $19.99 container of generic Prilosec at Rite Aid. There was a $5 off coupon in the circular plus I got a coupon for $5 off a $20 purchase online for watching some videos. I also bought a thing of $.99 pantyliners. I was hoping to get those for free, but the store wouldn't accept my computer generated manufacturer's coupon. Lame-o. I wound up paying $11.03 for both items and I'll get reimbursed for the full $19.99 with my flex spending health account. Win!

I got a $50 gift card at work which was nice. Though I got $100 after the same project last year. I was kind of annoyed about that because I took on way more responsibility this year than last. But I guess I can't really complain about free money, right?

I'm hoping to do some stuff selling to make some extra cash. I have 4 tickets to Madam Tussaud's Wax Museum in DC that I'm def not going to use and two gift cards that I'm looking to get rid of (Ticketmaster and Starbucks--I'm the only person in the world who doesn't drink coffee, I think!). Craig's List here I come!

Hopefully between all of that "found" money (Target, Walgreen's, work gift card) I can get about an extra $100 this month. So far I'm at $85... not too shabby for the first half of the month! Oh! And I just realized that I'm babysitting this Saturday (something I haven't done since I was a teenager!). I will definitely be over $100 this month! Maybe $150 is a better goal?

Today I'm grateful for: my sister who is my best friend. I'd seriously be lost without her in my life.

Get Rid of Stuff Sunday #4

Another Sunday, another chance to get rid of stuff. I'm focusing right now on my bedroom (drawers, closets, under bed storage, and night stands), so that mostly means clothes! I went through the two drawers in the right night stand and I'm getting rid of 3 pairs of sweat pants/lounge pants, 1 bikini and 4 more t-shirts for a total of 8 items. I'll take all of that stuff over to Goodwill at some point in the near future.

I'm slowly getting rid of the stuff from an ex-boyfriend from my life. On get rid of stuff Sunday #2, I got rid of a my boyfriend box. One of the pairs of sweats I got rid of this week were "boyfriend pants." They were his sweat pants, oversized and worn in perfectly. He's engaged now. Not to me. So I really, really have no excuse for keeping these sentimental things. I have other sweatpants with far less emotional attachments, so his pants were just taking up room in my drawer and in my life. Goodbye.


Today I'm grateful for: sleeping late. 11 hours of sleep was just what I needed to feel like a person again!

What do I want?

My problem is that I'm not sure exactly what I want. I have a bare outline, but haven't filled anything in. And I don't know how or even where to start.

I've said it before... I want to have a lot of money, but not have to work very hard. I want to make my money work for me, so I don't have to work for my money. I want to be married to a man I love and want to be with forever. I want to have babies and have the flexibility to stay home with them. I want to stay in Arlington and keep building my life here. I want to embrace happiness and the positive side of life. I want to surround myself with love and with people who I love.

All of that is so vague. There are no clear steps to making those things actually happen. I'm a list person. A plan ahead person. It kills me a little that I don't know how to make these things happen.

However, I do know that I stress less when I get enough sleep. I think my last post and all of the anxiety I was feeling was a result of lack of sleep and lack of yoga. So with that being said... goodnight!


Today I'm grateful for: feeling super full after a yummy dinner at a new restaurant.

Anxiety

It's hard to know when I'm spending because I need to versus spending because it's a "good deal." Is it really a good deal if it's something that I don't need or won't use? I'm having trouble right now differentiating between the two. But is it really necessary to always get a "good deal"?

I need groceries. But reading all of these blogs is giving me anxiety over spending money. I want to be like all of these women who spend $8 OOP and get $100 worth of groceries and supplies. They get all of these items for free and I spend money on them. I'm beating myself up over what I'm doing wrong. I'm not doing anything wrong. I need groceries. I need to eat.

Something is feeling off with the boy lately. He's not good with feeling and emotions and I'm not the best either. We're side-stepping around something, but I'm not sure what it is. It's that 6 month slump. We're either going to move forward or we're not. I'm hoping on moving forward, but I just don't know. Is this relationship a "good deal" or am I giving myself anxiety over nothing?

It's hard to tell about these things when other people's experiences are influencing me so much. These blogs... All of the weddings I've been to recently with the boy...

I just want to get married and have a lot of money. Sheesh! Why is it so hard???


Today I'm grateful for: a wonderful colleague who makes sure I'm well-fed