Weekly Money Check-Up

Hi all :) I hope that your week and new year are off to a good start. Courtesy of My Pretty Pennies, here is my Weekly Money Check-Up:

1. The most I’ve spent this last week was on a credit card payment. As usual, this is our largest bill (aside from our rent). I know it sounds silly, but I look forward to the day when this bill is smaller than our car payment. It will help me see the progress we're making towards getting this monkey off of our back!

2. Today I feel challenged towards money. It's a new year and I'm hoping that we make a lot of progress. Although it's a constant challenge with money, it's one that I look at positively.

3. Money can’t buy happiness. One free/inexpensive thing I did last week that made me happy was painted my nails :) I'm not a super girly-girl, but once in a while I sit down and paint my short stubby nails and when I do, I feel so "put-together". Maybe it's a little inexpensive treat I should do for myself more often.

4. I will consider this week a success if I don't go to the grocery store again! My husband likes to really live in the moment and not plan out our meals. Because of this, we tend to hit the grocery store on the way home, more nights than not. We have enough for food at home and can make it through until the weekend just fine, so here's hoping we don't spend anymore money on groceries this week!

5. I don't like snow. Sure, the first snowfall is all pretty and stuff, but after that, it's plain old cold, wet, heavy and icky. I'm not a fan. I moved all the way across the country to one of the sunniest climates we have to get away from the stuff.

A guest post on debt consolidation...

Another PF writer, Nancy Smith, reached out to me online and asked that I let her be a guest on my blog and I agreed. Below is the article she asked that I share regarding credit card debt consolidation.

What you should know before getting help of a credit card debt consolidation program

You can think of getting help of credit card debt consolidation when you face difficulty in managing your multiple credit card bills. However, before doing so, make yourself aware of certain facts regarding a consolidation program.

Debt consolidation program – How it functions

When you enroll in a credit card debt consolidation program, a consolidator, on behalf of the consolidation company, assesses your financial situation. He then starts negotiating with your creditors to reduce the interest rates on your unpaid credit card bills. The consolidator also decides upon an affordable monthly payment and gets it approved by your creditors. When you make this payment to the company, the consolidator distributes it amongst your creditors on your behalf. Thus, you pay off your credit card bills within a stipulated time period just by making single monthly payments.

Consolidation program – What you should know

Before getting help of a consolidation company, it is better if you make yourself aware about certain facts in regard to credit card debt consolidation program. Here are some facts which you should be aware of.

· Must go for credit counseling first – Before getting help from a consolidation company, you should go for a credit counseling session. It will help you decide whether or not you should enroll in a consolidation program to repay your credit card bills.

· Need to stop swiping credit cards – You’ll never be able to get out of debt if you continue using credit cards when you’re enrolled in a consolidation program. So, do not use your credit cards before you get out of debt completely.

· Company can negotiate better – The consolidation companies usually have good terms and conditions with the creditors. So, they can negotiate better with your creditors so that they agree to the terms and conditions of repayment.

· Need to monitor credit accounts – Even if you pay off your credit card bills with the help of a credit card debt consolidation program, you should monitor the statements sent by your creditors. Doing so will make your aware whether or not the consolidation company is making the necessary payments on time.

Apart from getting professional help for the purpose of credit card debt consolidation, you can also consolidate and pay off your debts on you own. You can take out a consolidation loan and replace all your existing credit card bills with the new loan. With your creditors’ approval, you can also transfer your high interest debts to a card with relatively low interest rate. Referred to as balance transfer method, this consolidation method can help you become debt free all by yourself.

Interest / My Marathon!

So, today I decided to add up the interest we paid last month on our credit cards. It totaled $558.63! Five hundred, fifty eight dollars and sixty three cents. I'm a little sick to my stomach thinking about it. That's more than the monthly payments for both our brand new car and insurance. Throw in some gas and maybe we would get up that high! That's almost the cost we paid for my portion of our one week all inclusive honeymoon at an ocean-front Mexican resort. Jeepers!

Over one year, this would be $6,703.56. Wowzer! I know we can't pay this debt down in just one year, so it could be multiple years at this rate. Agggghhhhhhh! Okay, enough already. I need to stop.

What I need to do is really make progress this year at paying our debt down! I'm going to try to turn what I first thought of as frustrating, into motivation. Perhaps I'll put post-its around with the daily interest number on them (roughly $18.62), as a reminder of what we're paying. Maybe the next time we think about ordering a pizza or going out to dinner or something, we'll think about this number. I just had a funny thought, have you ever seen past marathon runners who get 26.2 tattooed on their legs... well, 18.62 may be my number! This whole get out of debt journey kinda feels like a marathon to me :)

Happy New Year!

I'm back and really happy to be here! I enjoyed a couple of days off at the end of the year and I'm glad to return. I think 2010 ended on a good note for me and I feel like a kid wanting the training wheels to be taken off of their bike! I'm ready for what 2011 has to offer :)

As an update, I went to traffic court on Monday and although I was able to get my fine for my ticket reduced (I used that word lightly), it was only dropped down to $450. The judge gave me 120 days to pay it off, so that was nice. I'm putting this behind me as a lesson learned and I don't plan to mention it again. On to better things!

Another update, "Santa" brought us a new antenna for our car to replace the one that was stolen when we were on our honeymoon. It's great being able to hear music clearly now!

One final update, I ended up reducing the minutes on our cell phone from 1400 to 700. It looks like I'll save about $20 per month. I know it's not a ton, but it's progress!

Here are my goals for 2011 -

Financial

Stick to our budget : We're starting to get the hang of paying in cash and zero based balancing, but there were some slip ups along the way. I really want to continue to make progress this year by better budgeting for expenses I didn't think about last year.

Replenish our emergency savings account : We were lucky enough to fund our emergency savings in 2010 but unfortunately, we depleted it. One of our big goals this year will be to replenish this back up to $1000 minimum.

Pay $20K towards debt : This is really aggressive and probably only possible if my niece doesn't need as much help with college this year, but we're going to try! If we are successful, that will reduce our debt by 1/3... I really hope we are successful.

Continue to find creative ways to lower our budget / increase our income : We've looked at getting a new (read - cheaper!) apartment, closer to our jobs, but haven't been successful... yet! The search for one will continue in the new year. I was able to lower or eliminate a few bills in 2010 and I hope to do more in 2011. I also keep toying with the idea of a side job to increase our income, but haven't quite come up with what will work yet. I hope to make progress on that as well this year.

Personal

Read more books : Since we've cut our cable and internet, I definitely have more time on my hands to read. I hope to read at least one book per quarter. Starting with finishing that book from early last year that I started! First, I need to find where I put it, then wipe the dust off...

Scrapbook : I've started a great scrapbook but have yet to finish it. I really enjoy being creative and want to spend time this year doing this.

Speak my mind more : At times I back away from confrontation and let things fester. My goal is to work on speaking my mind more before things become a bigger issue.

Learn to forgive more and really let things go : Overall, I am a pretty easygoing and forgiving person, but I have a couple of things that I have been holding onto. I know that if I can find a way to forgive and let these feelings go that I will be a better person for it.

Start a family : My husband and I have decided to start trying for children :) It's taken me a while to get here mentally (since I do enjoy our carefree lifestyle) but we both agree, that we'd like to have a family. As much as I'd like to be in a better situation financially before having a new addition, I am not getting any younger and more complications can arise with each year that we wait.

Professional

Continue to advance in my career : As I'm the breadwinner, I need to continuously think of my career and ways to advance. I hope I can continue to grow here with my current company, but if not, I'm prepared to move along to someplace I can grow with.

Those are my goals (so far) for 2011. If I come up with more, I'll add them to the list. I hope you'll join me on this journey of paying down our debt and enjoying our life along the way. Happy New Year all!

Reflecting on 2010

It's the end of the year and I find myself spending a few moments looking back at 2010 and being grateful for some good memories and some lessons learned.

I plan to sit down next week and write up my goals for 2011, but until then, I wanted to close off this year right and share my thoughts. If you're interested, please feel free to join in on the fun and share as well :)

2010 in one word : Accountability. This was my year to take a good, hard look at my finances and finally be accountable for them. This is the year, I decided to come up with a plan of attack. Sure, there's been some ups and downs along the way, but it's progress and for that, I'm proud.

Best Lesson Learned : Cut yourself some slack. I learned that progress is progress, even if it's a baby step - it's a step! I'm my worst critic and I hold the bar the highest on myself, so when I don't achieve things on the first attempt, I am hard on myself. This year, I learned to cut myself some slack.

Best Memory : Marrying my sweetheart! We had a great wedding and honeymoon. I made memories that will last me a lifetime :)

Best Item Purchased : Lipgloss. I'm not a super girly-girl, but man oh man, do I love this lipgloss! The color is perfect and it must have menthol or something in it that makes my lips tingle and get puffy. I just feel so pretty when I have it on. It's my best purchase of 2010 and it really wasn't that expensive!

Something I'm Proud Of : This blog :) Although I don't get on here every day, I do try to provide regular updates on our progress. I'm proud that I've started it and plan to continue it in 2011.

Merry Christmas!

Just wanted to wish you all a very Merry Christmas! I'm not sure I'll be able to get on here much between now and the New Year, so please be safe and have a wonderful holiday! Here's to starting off 2011 on the right foot!

PS - Wish me luck... I go to traffic court on January 3rd, to hopefully have my fine reduced. We'll see how it goes!

Weekly Money Check-Up

Here's my Weekly Money Check-Up, courtesy of My Pretty Pennies :)

1. The most I’ve spent this last week was on our credit card payment. I will be so happy when we pay off our debt and I won't have to think about this anymore!

2. Today I feel okay towards money. After a tough week last week, I'm feeling okay towards money. There are going to be ups and downs along the way but I can't let it get me down. There will always be more money along the way.

3. Money can’t buy happiness. One free/inexpensive thing I did last week that made me happy was wrote out my Christmas cards. I got my peppermint hot chocolate, listened to holiday tunes and wrote out my cards. It was great!

4. I will consider this week a success if I don't buy any more Christmas presents. I have spent enough on gifts and will be proud of myself if I stop now. I tend to be the type of person who wants to buy "just one more gift"...

5. My favorite holiday movie is It's A Wonderful Life. This movie really makes me appreciate life and the people around you. It puts it all in perspective. Life is short, be good to people you care about.