I finally got off my ass tonight after work to sit down and work on my finances. As depressing as it is, it does feel good to reassess the situation and get some goals in place for the next 9 months.
First off, my Quicken file for my checking account does not match what BofA says online that my balance should be. I have no idea what's missing, but there's money there. Luckily, I took out $275 cash from my checking account back when that whole debit card drama was going on. This was supposed to be cash for visiting a friend of mine in the city (who was there on a business trip), but those plans fell through (kinda luckily). So, I've been using that cash for just about all my purchases for the past couple of weeks. I do plan to print out my transactions since my last statement and double check the Quicken tomorrow.
Basically, I revamped my goals for the next 9 months tonight. There are now two sets of goals (short term and mid term). Short term goals are for the end of this year: getting my savings accounts beefed up and paying down credit cards and loans. The mid term goals are paying off my taxes (both state and Federal) before April 15, 2010. I'm well on my way for the state taxes. Federal is going to take a lot out of me to get it done, but I know that I can do it. The big pull on the Federal taxes is going to be filing my 2009 return as soon as I can. If I'm going to get a refund, all of that will go to paying down my 2008 balance. But, I was able to get myself onto a payment plan, so I'm hoping that will get all this finished sooner.
Of course, the MAJOR goal here would be to live within my $100 per week without using any credit cards and still working towards these new goals. I'm sure that it'll be tough, but I'm used to tough. Really, I just need to get off my ass and motivate myself actually to do this. I think I can.
Showing posts with label Bill Day. Show all posts
Showing posts with label Bill Day. Show all posts
Tuesday, August 18, 2009
Tuesday, June 30, 2009
Bill Day (July 2009)
Today was payday, which can only mean one thing... it's also Bill Day.
This is the first "official" Bill Day since starting my blog. I anticipate that this will be easier than usual, since I've been putting my receipts in the Quicken each week for my Where'd my money go? posts.
(1) Balance checking account
(20 minutes later...) Starting Balance: $4,016.29
(2) Ordinarily, this is where I'd transfer the difference between my paycheck and the balance to savings. But, as I'll post about once this is finished, I'm going to try something new for July. So, we'll leave the full balance where it is... for now.
(3) Bills
Rent: $925 (I posted before about my rent being annoyingly cashed late. So, today I got a money order at the bank. Luckily, I know the people at the bank really well, and they waived the $5 fee for me.)
Insurance: $75.16
Care Credit: $1,176.26 (Balance Paid in Full! Thanks Laura for the advice, and thanks mom, for the money.)
CitiLoan: $217.19
Cell Phone: $50.97
CitiCard: $170
Student Loan: $105.66
Gas: $38.45
Cable: $70.85
Electricity: $65.09
Mastercard: $131.00
Netflix: $18.01
TiVo: $13.08
Total Bills: $3,056.72
Money Left for July: $959.57
This is the first "official" Bill Day since starting my blog. I anticipate that this will be easier than usual, since I've been putting my receipts in the Quicken each week for my Where'd my money go? posts.
(1) Balance checking account
(20 minutes later...) Starting Balance: $4,016.29
(2) Ordinarily, this is where I'd transfer the difference between my paycheck and the balance to savings. But, as I'll post about once this is finished, I'm going to try something new for July. So, we'll leave the full balance where it is... for now.
(3) Bills
Rent: $925 (I posted before about my rent being annoyingly cashed late. So, today I got a money order at the bank. Luckily, I know the people at the bank really well, and they waived the $5 fee for me.)
Insurance: $75.16
Care Credit: $1,176.26 (Balance Paid in Full! Thanks Laura for the advice, and thanks mom, for the money.)
CitiLoan: $217.19
Cell Phone: $50.97
CitiCard: $170
Student Loan: $105.66
Gas: $38.45
Cable: $70.85
Electricity: $65.09
Mastercard: $131.00
Netflix: $18.01
TiVo: $13.08
Total Bills: $3,056.72
Money Left for July: $959.57
Thursday, June 4, 2009
A Good Start (well, a start)
As a first run at getting this PF blog up and running, here's my thought. In my original thinking, I would have started this on May 31st to go over my bills and my routine, but I dawdled and hemmed and hawed. So, we'll just have to be content with doing this a week late. Sue me.
So, the best place to start this off is to present my routine. I've been working in academia for quite some time, which typically means a monthly paycheck instead of biweekly (which I understand is how "normal" usually get paid). When this started for me, it was a bit of a shock -- having access to a month's worth of money all at once was exciting, but it wasn't until I ran out of money mid-month a few times to get in the habit of getting myself under control. So, here's what I do.
I get paid on the last working day of the month. That evening, when I get home from work, I balance my "checkbook" (I use Quicken, so it's all electronic... no book.), and pay ALL my bills at the same time. This was the key for me that I learned a while back to avoiding overdrafts and late fees (for the most part). Now, all my bills are due between the 1st and the 15th or 16th of the month, so it's a bit easier. Used to be that some were due before I was paid, so those were always late. But more about the past later.
Moving on... Here's what happened last Bill Day:
Checking Balance: $3229.92
June 2009 Pay: $2906.30
Difference: $323.62
This difference is immediately transferred to my ING savings account, which (in theory) should earn me some interest. This also forces two things: (1) forces me to save money and (2) forces me to subsist for the month on only my paycheck. This I have learned is a good thing.
The next step is to pay all the bills and see what's left for the month:
Rent: $925.00
Gas: $41.02
Cable/Internet: $70.85
Electric: $64.16
Cell Phone: $51.17
Insurance: $75.16
CitiCard: $150.00
Mastercard: $131.00
Student Loan: $105.66
CitiLoan: $217.19
Netflix: $18.01
TiVo: $13.08
And that's it for monthly recurring bills. Mastercard, Netflix, and TiVo are automatically deducted from my account each month on a set date, so all I have to do is note it. Most bills I can pay online, which saves checks and stamps. Getting this nailed down took me several months. I keep an Excel file with all my bills listed out with URLs, usernames, and passwords, so each Bill Day, I simply have to go down the list clicking and paying. It only takes about 90 minutes to go through the whole routine, and it spends about 1/3 of my monthly pay. It's depressing, but really it's just one really painful day followed by 30-ish days of not having to worry about it. This really works for me.
So, the best place to start this off is to present my routine. I've been working in academia for quite some time, which typically means a monthly paycheck instead of biweekly (which I understand is how "normal" usually get paid). When this started for me, it was a bit of a shock -- having access to a month's worth of money all at once was exciting, but it wasn't until I ran out of money mid-month a few times to get in the habit of getting myself under control. So, here's what I do.
I get paid on the last working day of the month. That evening, when I get home from work, I balance my "checkbook" (I use Quicken, so it's all electronic... no book.), and pay ALL my bills at the same time. This was the key for me that I learned a while back to avoiding overdrafts and late fees (for the most part). Now, all my bills are due between the 1st and the 15th or 16th of the month, so it's a bit easier. Used to be that some were due before I was paid, so those were always late. But more about the past later.
Moving on... Here's what happened last Bill Day:
Checking Balance: $3229.92
June 2009 Pay: $2906.30
Difference: $323.62
This difference is immediately transferred to my ING savings account, which (in theory) should earn me some interest. This also forces two things: (1) forces me to save money and (2) forces me to subsist for the month on only my paycheck. This I have learned is a good thing.
The next step is to pay all the bills and see what's left for the month:
Rent: $925.00
Gas: $41.02
Cable/Internet: $70.85
Electric: $64.16
Cell Phone: $51.17
Insurance: $75.16
CitiCard: $150.00
Mastercard: $131.00
Student Loan: $105.66
CitiLoan: $217.19
Netflix: $18.01
TiVo: $13.08
And that's it for monthly recurring bills. Mastercard, Netflix, and TiVo are automatically deducted from my account each month on a set date, so all I have to do is note it. Most bills I can pay online, which saves checks and stamps. Getting this nailed down took me several months. I keep an Excel file with all my bills listed out with URLs, usernames, and passwords, so each Bill Day, I simply have to go down the list clicking and paying. It only takes about 90 minutes to go through the whole routine, and it spends about 1/3 of my monthly pay. It's depressing, but really it's just one really painful day followed by 30-ish days of not having to worry about it. This really works for me.
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