car insurance premium lower =)

I don't have to save as much money as i originally thought i would for my annual car insurance bill~! my car insurance bill is only 1213 for the whole year, not the 1500 i had expected =)

which means i need to re-configure everything.... (i love being on top of my finances)


Car insurance: Total needed 1,213
*have: 1,024.87 *need: 188.13 *MONTHLY GOAL- pay off 188.13
This means i can have this paid off in October!!!!!!!!!! woot woot woot. the extra $11.00 gets to go to tuition. =)



Winter Tuition: Total needed 2,466
*have 945.06 *need 1520.94 * MONTHLY GOAL 431.00
This means that the new goal for this month goes up a few bucks (11), and the rest change.
November: 770.00 (the 200 from Car insurance + 570 original goal)
December 319.00 (the remaining balance)

the great thing about this is that i can use my 400 CD which comes to term in December to pay for books. =) i heart me.

Maybe I'll take the extra 257 (the remaining December money and put it towards me car.

I can't wait until I find out what my new monthly income will be!!!!!

Sept Final Count

mom paid off- 800
winter tuition- 900 saved, 1,566 needed.
car insurance- Was able to put 200 more, 475 needed.
car payment for the month 400
emergency fund -0
Housing Deposit- 0



Goals For October:


Priority 1 goals:

• Winter Tuition- save $420.00 i have to bring my car in for its check up so this isn't as high as i would like it to be. I'll make it up in November $570, December $576
• Car Insurance- original goal 1500. (200 for month of October). (200 for month of November). (75 for month of December)

Priority 2 goals

• Car payment- 400. Possibly more, it depends on the new net take home after promotion goes into effect.

Priority 3 goals

• Emergency fund- 0 (still working on priority 1 goals)
• Housing Deposit- 0 (still working on priority 1 goals)

With every budget, there has to be some kind of "fun money" Money that you can spend on what ever you want and not feel guilty about it. I kind of have a fun money column... its my "grocery money". Since i live at home with my mom, my groceries are mostly bought and paid for... unless i go out with friends... i allot myself 40.00 a month for outings, 10 a week. sometimes it goes toward a movie, coffee, etc... for the most part, its spent.

Normally, in addition to the grocery money i get a little extra fun money... but not this month. To keep on track with the budget, I'm limiting myself to the 40... and whatever cash is in my wallet right now. So... that recycle money i got... the bills will probably be spent... sigh

but I'll to somewhat rectify the idea of spending the "jar money" i won't spend coins...



Hopefully the Total Saved for the month of October:
$620...
Total Amount remaining: 1,421...

a different promotion

Well, I'm still waiting to hear about the other promotion within the City... but i did receive a title change from my boss... (which should go into effect soon... couple of weeks or so.) I'm now a full time regular employee instead of a part time regular employee...


which means:


more hours i have to work... which means more take home pay.... and more benefit money that liquidates into my paycheck because I'm not married!!!! the joys of single living. =)


I think I'm going to put the extra benefit money towards my car, since this was unexpected and i really would love to start paying this off sooner... (the minimum payment is 278)... The extra money i take home from working more hours (after 10% goes to retirement) will go towards the tuition money i need to start stocking up on. The hours i need to work start right away, and the new benefit money will start to flow in after a couple of pay checks.


This will also reset the amount of my emergency fund... 

Once i figure out what my new monthly income is... then i need to work towards setting aside 3 months worth of that (a now higher amount to save).... at least this is a goal to hit after i hit the others.

Promotion, longer hours, cash on hand

I found out at work that there is a temporary job promotion opening up... So i applied. My old boss was "let go" so they need someone to temporarily do her job duties... so for 1-6 months i could possibly make double the amount I'm used to... which means that car payment could get a really good dent in it... =)

Cross your fingers world!!!!

But either way, they are letting me expand my hours, which means my pay check gets bigger since I'll be staying at work longer.... which in essence could dent that car payment too!!!!

On another note, I'm cashing in some recycle today... a friend of mine got me more environment conscious a while ago... and this one is slightly financial stimulating since i don't have to pay the CRV first (my mom buys it)... but i can cash it in!!!!

i think i might put the money i get today, plus the money in the jar on my desk towards the housing deposit... and also any cash i get.

I tend to be a very wise card user. i pay off my balance every month, i use online banking to see where every dime goes, and its easier then having cash all the time...

but this might e a good saving device for me... (even if i pay for something and get reimbursed in cash... maybe I'll throw the cash in the same jar...)

okay, I'm doing it... lets see how much is in there by the end of December... i have some in there already... but i won't count it.

this could be fun... I'm such a dork.

By Septmember's End...

Car Insurance- Need: $675.00


Winter Tuition- 300 (old mom Sept Payment) + 600 (refund check from school) = 900 Saved Need: $1,566


Mom Loan- PAID!!!!! (800 from refund Check)

______________



Car payment: For Sept, i paid 400.
Emergency fund Uncreated
Housing Deposit, nothing.



Amount still needed to be saved by December: $2,241

Lets get honest... my financial goals

Yes... they DO look daunting now...


Car Insurance-
Last year I only had to pay like 600.00 for the whole year with a '92, so this year I'm stocking away $1500.00 because i got a newer car ('04 same model as the '92)
I pay for the whole year upfront because its cheaper... well technically I pay my mom since I'm on her insurance plan which makes it also cheaper.

I have $825 already saved. I transfered the money to an ING Direct savings account from my BofA so I'm not tempted to spend it. I have until the end of December to stock up the rest of the money up. (ya, i know right after Christmas... but eh)

So... remainder needed $675.00



Winter Tuition
I'm trying to graduate from my private college in a total of three years, not 4 so i can
A) save money,
B) have my BA, and
C) start my credential program with the extra year of Federal Aid. (I'm lucky, that i qualify)

I'm planning on taking 6 units (originally three but they cancelled a class of mine)

Because it is a private college, it will cost me 2,466.00 of this I have Nothing.

So... remainder needed $2,466.00



Personal Loan from my MOM
When the tuition bill came in the summer, i was a little short, and instead of taking out a loan, my mom loaned me 1,400.00. Apparently they miscalculated the amount I owed, and I should be receiving a refund check... but for the time being, my mom still needs her money (and i only found out about the check on wed) SO, I have been paying her $300 a month, and i have only $800.00 left to go.

So... remainder needed $800.00




FUTURE GOALS TO CONSIDER ONCE THE TOP THREE ARE DONE...



Car Payment
I mentioned that new car right? well it has a payment too... 278 a month... I used to pay $300 i would like to pay 400 a month for now.



Emergency fund: 3 months worth of wages
I know I'm not likely to be fired, but everyone should have an emergency fund set up in the event that they cannot get paid... normally the recommend 6 months worth of wages put away, but for now my goal is 3 months worth of wages, $4,500



Down Payment on Property
While this is very far off for now, I'm 20 and still living at home with mom... I'd like to one day move out... so saving for a down payment is a good idea and a good investment.

the idea behind WIR

After much time wandering in the land of debt, (and reading the countless articles on MSN money about the "women in red" ) i decided to take the plunge, and get out of debt.

While I've been trying on my own for a couple of months, I've decided to create a blog to help chart my own success, and failures... to be real about money and lifestyle choices.

So, have at it. Lets begin to be accountable to our spending... to stop trying to keep up with the Jones and the Smiths.

I'm a 20 year old soon to be college graduate, and its time to start setting the example!