Financial Update -- May 2011

A little financial update for everyone since I just got around to moving some money here and there. 

Hubby got paid today (a bit early because of the holiday on Monday) so I decided to get the ball rolling on some transfers. 

Some of the money I already had set aside and the rest was added with this paycheck.

• Transferred $450.00 to our mortgage savings for 1/2 of the monthly mortgage payment (it's actually more than 1/2 our regular payment, but I like to have the account padded a little in case homeowner's insurance or property taxes go up)
• Transferred $501.07 to our credit card
• Transferred $240.82 to my college loan savings (loans not due until end of 2011/beginning of 2012, but starting to make "payments" to get a head start)
• Transferred $501.08 to our emergency fund
• Transferred $534.00 to our vacation savings (have to keep up with it if we want to go to Italy next year)
• Transferred $50.00 into my IRA (automatically deducted every month)

All of our bills are paid until the middle of June.  The emergency fund is almost back to the pre-layoff amount, which we'll finish next month.

Finally...

I have never been so happy to see a pay period get here!  OK...that's not exactly true because all pay periods are good...more money always helps!  But this time with DH's mistake I was really looking forward to this one.  

And there are NO BILLS due for these next 2 weeks!  I can really put some money aside for DH's tires and hopefully he'll be able to get them really soon!  I've already replaced all the money I've "borrowed" from the other accounts.  Plus the normal transfer of $442.60 into the savings account for our mortgage payment.  

Getting into the routine of transferring 1/2 the mortgage payment every two weeks into the savings account it automatically gets pulled from was a great idea!  The mortgage is the first thing I "pay" every pay period.  I have never made a late payment or missed a payment!  And I know the money is always in the account when it's time for it to come out.

I don't expect to have any problems paying my bills, but if I did I would pay my mortgage and heloc first because I would never want to lose my home.  Second, I would make the truck payment because DH needs to get to and from work (though if we were really that bad off we would probably sell the truck and get a cheap, reliable vehicle--unless it was already paid off).  Lastly, I would pay the credit card.  Of course mixed in all that would be buying food, prescriptions, and paying for utilities.  Those would also be before the credit card.  

Of course all of this really doesn't matter if you plan well.  That's why we have an emergency fund.  If DH loses his job we don't have to make decisions on what to pay and what to not pay.  

And someday our plan is to not ever worry about it at all!  Our plan to payoff all our debt including our mortgage is a long term one for now, but once I can go back to work that will turn into a short term plan.  

• Everything I make will go towards debt!  
• Anything over what we've been currently living on from DH's paycheck will go towards savings.  

Right now it's just send whatever we can to pay down or off our debt.  Living below our means definitely helps though we don't deny ourselves either.  I have 2 more years (Spring, Summer, and Fall terms) of college to complete my B.S. degree along with my double minor and 3 certificates.  Once that is done I'll volunteer for a few years to get my foot in the door of my new career and still be available for my youngest son, who will still be in elementary school.  I'll be able to get a job again when he gets into middle school (my oldest will be in high school by then).

I can't wait to see how fast the debt disappears once I'm working again!  I almost want to see about getting a job sooner because of it, but I know I have to concentrate on my schooling and children first. Though if the right opportunity came along that still allowed me to do all the things I do with my boys, then I would consider it.

Woohoo!

DH paid $2.799/gallon for gas this morning and I paid the same at a different station this afternoon!  Usually we've been paying up to $65.00 to fill up DH's truck and about $40.00 to fill up my car.  But today it was $44.50 and $27.02!  I am so happy!  I know it would be better if it went even lower, but for now this is exciting to me!

On another note...DH made a mistake and bought something using the debit card instead of using the credit card that I told him to use to replace a piece of important computer equipment that died on us.  It totally threw off my entire budget for these two weeks.  Especially since things were already tight because it was a 2-week period where it seems all the bills decided to be due.  In the next 2-week period coming up there are absolutely no bills due!  So I've had to borrow from our blow money "accounts" and will replace it when we get paid later this week.

Suze Orman on AC360

Last night Suze Orman was talking to Anderson Cooper on CNN.  Everyone has a different opinion on her.  Some people like her and some don't.  I'm more in the middle, but that could be said about any financial personality out there.  

But last night she made some very good points that I believe a lot of people forget.  Before I get started on them I just want everyone to know they can find the transcript for the show here.  You have to scroll down some--about halfway down the page to find the section with her, then Ari Velshi talks for a little bit and back to her again.

Here are some points:

• "If you need the money in one year to retire, to generate income for you, and it's all in growth stocks, yes, you betcha. You come out of the stock market right now." and "But, if you don't need the money for 10, 15, 20 years, and you're in good, quality stocks, stocks that aren't going to go away, then of course you stay here."  

Let's face it most of us are in it for the long haul.  You're 401K is there for the future and over time they end up growing.  The media reports make it sound like it is so bad that you're going to lose everything!  The big thing is to keep on contributing, don't put everything into one basket, and if it really makes you nervous--don't look at your account too often right now.  It can get really depressing if you do.  Be patient!  In my case, I try not to look at it because I know it's going down, but I have another 27 years until I really need it!

• "Look at your own lives. Look at what you have got going on. There's only one thing, Anderson, you have control over in this life. And that is your own personal finance, as what you do with the money you have, what you do with the money that you don't have.  Look at your own lives. Look at what you have got going on. There's only one thing, Anderson, you have control over in this life. And that is your own personal finance, as what you do with the money you have, what you do with the money that you don't have. And that's where you have to focus right now" 

Again I have to agree here.  How can the average person control what is going on outside of their own finances?  The average person cannot!  So the only thing anyone can do is take care of your own finances to make sure you can survive in a time like this.  You cannot worry about others (examples: government spending, stock market, bank closures and bankruptcies, etc) when you don't have your own finances in order.  Make sure your money is safe in FDIC insured accounts, pay off or down high interest credit cards and loans, have an emergency fund, know where your money is going and/or figure out where it should be going.

So how are you dealing with the current financial situation?  Do you watch it constantly and panic/get depressed?  Or are you patiently waiting for it to be over because you know you're in it for the long haul?  

I admit it can get pretty depressing always hearing about decreasing home values, decreasing home sales, increasing foreclosures, increasing bankruptcies, businesses going under or being bought out, stock market crashes, increasing gas and grocery prices, etc.  But the media also isn't talking about people that are making it in these "hard times", who were smart enough to not get themselves into a bind by paying off debt, not panicking, not buying more house than they could afford, etc.  I know that some really fell into trouble because of others or emergency situations, but we also have to be responsible for our own personal finances at some point.

PF Goals, Survey Companies, Expected Future Expenses, Considerations

PF Goals

I haven't talked about my 101 Personal Finance Goals for a while.  I guess it's because I'm still stuck at #46.  *sigh*  I need to spend some time thinking about what else I'd like to accomplish, though I suppose I don't have to think of them all at once.  I still welcome any ideas on the subject and would love to hear if you've started your own personal finance goals!

Survey Companies

I updated the money earned online section in my sidebar.  I'm seriously considering paring down quite a few of them once I hit their next payouts.  A few take way too long to earn any money and probably are not worth my time.  Others have me spend too much time on surveys and then tell me I'm not qualified without giving a partial payment or points.  

• American Consumer Opinion--I think I'll keep them on there.  They don't send many requests, but the few they do are usually worth my time.
• ClearVoice Surveys--Like American Consumer Opinion they have few survey requests, but are pretty worthwhile, though it does take a while to earn enough.
• Clixsense--Not worth it.  Would probably be better if they sent me reminder emails so I know what is available, but they don't so I miss out on a lot of them.  I may just cancel it now and call it a loss.
• Deals'n'Cash--I just started with them so I may give them some more time.  But it doesn't look good for them either.
• Ebates--Oh I'm keeping them!  I love shopping through them and getting cash back on items I would have bought anyway!
• epoll--I'm split with them.  They've been good in the past...nice short surveys, but I haven't been getting them lately.
• Global Test Market--I like them.  Their surveys can sometimes be on the long side, but the ones I don't qualify for still get me reduced points.  Plus I love the payouts--$50 for 1000 points and I've been getting a lot of survey requests so even if I don't qualify it adds up.
• Hits4Pay--It's like Deals'n'Cash (same company) and I may get rid of them once I get the payout because the emails are not really compatible with what I selected.
• InboxDollars--Takes too long to earn money.  I've been working for this first payout since last year and that's just too long!  $5.09 more and bye-bye to them.
• Lightspeed Panel--I like them, too.  Survey requests can be spotty, but overall they are a keeper.
• Mindfield Online--I used to like them, but since I've switched to Mac they don't like my browser, Safari, so it's taking longer to earn the payout.  Too bad!
• MyPoints--KEEPER!
• Netwinner--They are pretty much just for fun.  I don't expect to ever win anything though it would be nice if I did.  I don't play often, but I'll leave them there for fun.
• NFO MySurvey--I like them, too.  Nice short surveys when I get them and the points add up sufficiently for payout.
• Opinion Outpost--I used to love them, but I'm just not getting any survey requests anymore.  It's been almost a year since I've gotten one and I updated my profiles, too.  It's a shame, but they'll have to go, too.
• RewardTV--I just started with them, but like Netwinner they are just for fun.
• Send Earnings--Like InboxDollars they'll be out of here when I earn the payout...only $20.46 to go!  It'll take a little longer to get rid of them.
• SurveySavvy--I just started with them and so far I like them alright.
• SurveySpot--I'm not sure about them.  Still thinking about it.
• SurveyTeam--They'll probably be gone.  It really wasn't set up how I thought they were and I don't like them.
• Synovate--LOVE THEM!  They increased their points value recently and also give partial points depending on how much of a survey you qualify for and complete.
• Testspin--I'm getting pretty sick of them.  I liked them in the past, but they are getting ridiculous now.  I just need $4.00 to close them out.
• Zoompanel--They are great!  They give 5 points if you do not qualify and the surveys are pretty good, too.

I think I got them all listed there.  So anyway...the list on the sidebar should be getting smaller little by little as I get a payout with some of them and others will just be going away.

Expected Future Expenses

I'm expecting a few extra expenses soon.  I know I'll be getting a bill soon for my last endocrinologist appointment in June.  That is usually in the $100s because he's a specialist and I haven't reached my deductible yet...and probably never will.

I just made the boys each a much needed appointment for a new pediatric dentist here in town.  Unfortunately, they don't accept insurance so I'll need to pay in full and get reimbursed.  They do sometimes put insurance claims in as a courtesy, but I may want to do it myself and know it's done correctly and I have a copy of the claim in case something goes wrong.

School supplies will be coming up soon as they go back to school in 4 1/2 weeks!  YAY!  Did I just say that?  I meant: "Oh darn!  Now I won't be enjoying their wonderful presence during the day!"  That sounds good, right?

Considerations

So I'm considering whether or not to buy a domain name for this blog (not necessarily Ditch My Debt because it's already taken...I've checked so I have some ideas) or just keep it where it is for now.  

I'm in the process of considering the pros and cons for both.  I'm not much for programming and stuff so I'm a little leery of that, but my husband is a programmer.  I'm just not sure I want his hands on my blog...LOL.  I can do little things in HTML, but not full programming.  But if I find a good template, then I won't need to worry much about that.  *sigh*  It would be nice to have my own domain, but I wonder if it would be more work than I'm willing to give right now or not.  I obviously have some more research to do in the area.  

Any suggestions, clues, tips, hints, information...you get the idea...would be welcome!

Forgot to Mention

I forgot to mention in the last post that I'm up to 44 out of 101 in my 101 Personal Finance Goals challenge.  Go check it out and let me know if you have any ideas of others I can add!

101 Things

I recently found a blog that lists 101 things the blogger wants to accomplish.  Isn't that great?!

I thought it was terrific and would certainly motivate me to get things done!  But I wonder how hard it would be to come up with 101 personal finance things I want to accomplish.

I figure I'm willing to take a spin at it and see how it goes!  I'll replace my Financial Do-To List with 101 PF Goals and let's see:

1. How many I can come up with? (and how long before I can come up with 101!)
2. How many can I accomplish by let's say this time next year?

I'll gray out the ones I've accomplished to show they've been done.  Some will be probably be simple goals and others more long term.