Sunday, November 8, 2009

Monthly Student Loan Debt Roundup!

I planned to publish my monthly student loan debt roundup on Halloween, complete with a scary pumpkin and something about how "spooky" it all was. Alas Halloween brought wedding dress shopping, partying and packing for our flight to Vegas and it never got done.

So here it is 8 days late, but the totals are from today, meaning miraculously more debt looks like it's been "paid off" since the lenders have yet to compute this month's interest. Frankly the math of it confuses me every month but as long as the totals continue to go done a bit each month I am satisfied (for now).



One of my 2009 goals was to eliminate the smallest loan, which is also the one with the highest interest, but even though I increased the payment I haven't been able to meet this goal and save for the wedding. I think I am going to start sending my recent raise towards this loan from now on. Stay tuned for next month's update which hopefully will be on time!

Friday, November 6, 2009

Thirteen Years in the Workforce?

I got my Social Security annual statement and it's the first year that I've been pretty excited about the results. It's funny looking back at my teenage earnings, summer and after school jobs, when compared to my three years of post-law school salaries.

What is not included in this statement are all the "under the table" jobs I've had over the course of my life, mostly babysitting jobs, and (I think) my work study as both an undergrad and law student. My first job was when I was 12 years old. I pushed a boy in a baby carriage for one hour a day over the summer, while his mother, a friend of my mother's, took a tennis class. That boy is now in college. Yikes I'm getting old!

I also got a sizable grant from my law school to do work for the school, which doesn't seem to be included in this statement either. Most of this grant went towards my tuition but the remainder I used to pay living expenses.

Anyway, here it is, a snapshot of 13 years of what the Social Security Administration considers my lifetime income:

1995: $942
1996: $904
1997: $1,974
1998: $3,250
1999: $3,350
2000: $6,210
2001: $7,112
2002: $0
2003: $13,707
2004: $0
2005: $5,000
2006: $8,084
2007: $38,680
2008: $42,634

Wow, finally my earnings don't seem so pathetic. I look forward to the day when my latest earnings seem as meager to me as my earlier earnings do now.

And, just for historical purposes, the statement includes my "estimated benefits" if I were to continue working until my full retirement age of 67 with my current earnings, I would earn a monthly benefit of $1,568 a month. If I continue working to age 70, my benefits would increase to $1,944 a month, whereas retiring at 62 I would only earn $1,102 a month.

I have been working long enough to be eligible for disability benefits of $976 a month.

The SSA also threw in a nifty little insert for young workers to learn about saving. That was nice of them, if not a little intimidating. If you're a young worker in the U.S. I bet you'll see yours soon, if not you can read it here.

Wednesday, October 28, 2009

Budget 10/28 - 11/10

I finally got my COLA!!! Woohoo, $34 more after tax. I'm excited, particularly since I was hit today with an unexpected $25 fee to have my cavity filled with a white filling instead of a silver one.

As for the remaining $14 I don't have much of a plan for. I have a feeling this will be a spendy two weeks because....

I'm going to Vegas!

No, not to get married, unfortunately (wouldn't that be so much easier?). My fiance has a business trip and I'm tagging along. Everything is mostly free since the hotel and flight is paid for. Yet I am going to need to amuse myself during the day while he is busy.

More on that later. Here is my "rough" budget for the next two weeks.

Starting Balance = $1280

Credit Card - 100*
Groceries - 75
Dentist - 25
Perkins Loan - 93
Law School Loan - 54
Laptop - 43**
Vegas - 200
Wedding - 500
Misc. - 165

*I have been putting a few things here and there on the credit card and then paying it off every month but I should stop doing this soon as it gets way too tempting. I thought maybe they would increase my measly $500 credit limit if I did this but it ain't working.

**Now paid off!

I have the feeling I'm forgetting something. But this seems to be right. I will be posting more about Vegas on a budget soon. And don't worry, I don't gamble! I've just never been and I'm excited to go.

457 Gains 40% This Year!

Seriously, I'm not a math person. My 457 quarterly report came in and I just kind of stared at it for a while. But the one figure that stood out to me was that my account had earned a rate of return of more than 40% for the calendar year.


I guess what they say about investing in a down market is true.

Anyway, I still see my retirement savings as kind of lacking since I'm pushing 30....but if I play my cards right I will also have my pension to fall back on (not that I'd ever rely on just that but it's good to know). I keep telling myself I didn't enter the workforce until 26 so it's really the best I can do right now.
But anyway, remember a little over a year ago when I posted this? I only had $611 in my 457. And now here's what it says:



Woohoo for growth! Hopefully this will keep up. My fiance says it's time to diversify. I need to look more into that.

I Paid Off My Laptop!

Ahem.


Notice the sidebar update. I have just finished paying off my new laptop courtesy of Best Buy's 0% financing, which is still in effect.

There was a bunch of negative comments when I first made the purchase. And I admit, it's best to save up for big purchases, but sometimes life just throws a curve ball at you. I am working on building my emergency savings in addition to the wedding savings but really the 0% interest offer really helped out a lot.

Is this a lesson that credit can be used responsibly? I hope so. I'm just glad it's paid off so I can free up another $75 a month towards other goals.

Where it Went 10/14 - 10/27

Man am I busy these days! Wedding planning, dieting, working out, work, life, etc. I have to get my wisdom teeth removed. We're going to Vegas! Oh lots and lots of things going on that I can (and hopefully will) write about.

But for now...here's where my money went for the past two weeks compared to the budget I set:

Budgeted/Actual

Friend's Birthday Party - 110/120
Sallie Mae - 407/407
Defaulted Student Loan - 260/260
Nice Collection Agency - 125/125
Sprint - 73/73
Groceries - 75/75
Misc. - 193/220
Clothes - 0/100

Ok so I got some clothes but that is more of a neccessity then a luxury as I got rid of a lot of stuff that didn't fit me anymore. And I had to buy some "accessories" to try on wedding dresses, which was a major FAIL by the way.

I got the heels on a few of my shoes reinforced, which hopefully will end up saving me money in the end.

I got a Halloween costume.

That's about it.

Look for a post on the evil evil wedding gown industry in the near future!

Sunday, October 18, 2009

Part Time Blogging and Unemployment Benefits

This article from Forbes caught my eye and I figured would interest many of my readers:

Does writing a blog constitute work? That appears to be the position of the New York Department of Labor, which recently declared a laid-off attorney ineligible for unemployment benefits because she was bringing in $1.30 a day from blog ads.
It seems this woman, a 2008 law school graduate, was laid off from a New York firm after only six months on the job, moved to St. Louis and started a blog about restaurant deals. She was collecting unemployment from New York State when she received her first check from Google AdSense for $100. Like any good lawyer, she thought New York would like to know about this financial development. Nope. First they reduced her benefits by $100 and then they stopped them entirely while they determined whether she was unemployed.

The good news is as of yesterday the situation was remedied. I'm thinking the attention from Forbes might have helped. Ruling that the blog was more of an online portfolio for the blogger to search for work and the income residual, New York restored her unemployment benefits.

I'm glad the situation worked out for her. It sucks she was laid off so soon from graduating law school. I have heard so many similar stories of lawyers who graduated in the class of 2008 and 2009 either being laid off or unable to find work. I can't imagine having to pay back these kind of student loans and not having a job. Well actually I can imagine it, but it wouldn't be good.

Wednesday, October 14, 2009

Budget 10/14 - 10/27

My friends are starting to turn 30! I guess this should come as no surprise as my own thirtieth is just around the corner. And, like the celebration of other milestones, this one comes with a price. Not that I mind SO much....it's just one more thing to budget for.

So this weekend we are hitting the town with a friend. Renting a limo and going bar hopping. I'm excited to celebrate with my friend but I always regret leaving my night in the hands of other people. First, it's hard to control what you will spend when every move is dictated by others. Second, this group of friends loves to stay out late and I just can't party like I used to. Oh who am I kidding? I haven't been able to stay up late for about a decade.

I'm going to pay for my share and my fiance's share of the limo, about $85, and my fiance will pay for our drinks. I don't think there's a dinner involved (phew!) but I also want to get a small gift. So my total will come out to be $110.

And here's where the rest of my paycheck will be going over the next two weeks:

Starting Balance = $1246

Birthday - 110
Sallie Mae - 407
Defaulted Student Loan - 260
Nice Collection Agency - 125
Sprint - 73
Groceries - 75
Misc. - 193


Out of miscellaneous I may finally get a hair cut and buy some new pants. And to get wildly optimistic I may buy an early Christmas present.

Easy come, easy go. The good news is this will be the last paycheck before my raise kicks in!

Where it Went 9/30 - 10/13

I am happy to announce that over on Her Every Cent Counts, I was listed as one of the Top 100 Female Personal Finance Bloggers! Check out the list, you will probably find a few new blogs to add to your reading list.


And now time for some accountability. Here's where my money went over the past two weeks. Nothing too exciting. Mostly saving for the wedding. Two family birthdays and traveling to a friend's wedding. Really want a hair cut and some new work clothes but haven't had the time nor the money to get them.

These are the numbers compared to the projections:

Ticket - 135/135
Credit Card - 100/100
Groceries - 75/70
Perkins Loan - 93/93
Law School Loan - 54/54
Gifts - 75/100
Wedding - 500/400
Laptop - 0/75
Misc. - 214/240

I think I only have about $50 more to pay on my laptop so I may take care of that today.

I am also traveling with my fiance to a business/pleasure trip at the beginning of November so I want to put aside a little cash. I'll pontificate on all this for a few hours before I post my next budget.

Thursday, October 1, 2009

Six Months at the New Job!


Today marks six months since I took my new job. I wouldn't say the time has flied by but I'm happy nontheless to reach this milestone, especially since it comes with a pay increase!

When I first got the job they told me my new salary would be $47,500 but that statement turned out to be slightly off. My starting salary was $47,000, which was $3400 more than I was making when I left my old job. Now with a 3% cost-of-living increase, my salary is $48,410. Overall this represents an increase of $6,410 more than I was making when I started my old job in May of 2008 and $9,077 more than when I started my first job after law school in September of 2006.

And luckily due to the way things work in my position, my salary will continue to rise in the years to come. After I have been here for two years (18 months to go!) I will earn around $55,000. I can't wait until my salary is more than $50,000. Even though it's close now, being in the 50's just seems like a lot more money than the 40's. Do you know what I mean?

It feels great to be in a job where I have some security with (almost) guaranteed pay increases on the horizon.

Thanks to the handy calculators at Paycheck City, I was able to figure out that this raise amounts to about $30 more per paycheck. Sure that seems like a small amount, but it also means I will be contributing $100 more per year to my 457 retirement plan.

Wednesday, September 30, 2009

Budget 9/30 - 10/13

Figuring out this budget was harder than usual as the Extra Paycheck meant I have already paid all of the bills that come at the end of the month and I'll get paid again before the litany of bills that are due on/around the 15th are due. But I guess that's a good problem to have.

I decided to pay my two smaller student loans again even though they're not due for several weeks. That way I have two less bills to pay with the next paycheck. I am also shopping for a present for my little sister's 17th birthday. I like buying her gifts because she's such a great kid.

So here's where money will be going for the next two weeks when I swear I really will pay the old ticket (fourth times a charm?).


Starting Balance = 1246


Ticket - 135
Credit Card - 100
Groceries - 75
Perkins Loan - 93
Law School Loan - 54
Gift - 75
Wedding - 500
Misc. - 214

Some of the money out of miscellaneous I may use to mail out the Save the Dates for our wedding.

Hey, speaking of weddings, Stacking Pennies and I are both thinking about wearing blue shoes under our dress. (Granted I haven't even looked at dresses yet but that's a whole other story.) What do you think?

Monthly Student Loan Debt Roundup

Howdy Debt Cowboys! It's time for my monthly student loan debt roundup! Nearly $700 worth of debt was cleared in September of 2009 from my rather large and scary student loan debt. The total is not as much as it was in August, which is odd since I paid the same amount on all of the loans that I usually pay....AND Aunt Sallie Mae told me signing up for automatic bill pay would mean I paid more of the principal.

Anyone have an expensive Math degree and think they can solve the riddle? Compare this post to last months and tell my why the Stafford loan principal didn't go down as much. August may have been a weird fluke I guess since July's total show the Stafford loans going down the same amount and I hadn't started automatic bill pay before that.



So that's where I stand right now, just chugging away with my expensive brain.



Where it Went 9/16 - 9/29

I won the office football pool! I know most of my readers frown on gambling and I generally don't like it myself but office pools are kind of fun and I love having a reason to read up on football. And since I correctly guessed all thirteen games this week (and the score of the Monday night game!!!) I was declared the winner! Sure it's only $16 but it will pretty much subsidize my weekly $2 buy-ins for the rest of the season. And maybe, just maybe, I will win the grand prize too. Anyone got any picks for Week 4?

Anyway, back to budgeting. I once again managed to not send in my friggen late ticket money. I don't know why. I have just been pretty bad keeping myself accountable lately. I took my fiance out on a date and that came to about $70. I spent $40 on an Avon order I placed with a co-worker. It all adds up I guess. (All of this spending is labeled under miscellaneous in the budget breakdown.)

Luckily today is payday and I get a fresh start. I will have a little more money to throw into Wedding Savings as well as the ticket due to the Extra Paycheck Month. So here's where my money went for the past budgeting period:

Sallie Mae - 406/406
Perkins loan - 93/93
School loan - 54/54
Sprint - 73/73
Old ticket - 135/0
Laptop - 75/75
Groceries - 75/70
Wedding - 200/200
Misc. - 135/240

So stay tuned because I have my Monthly Student Loan Debt Roundup coming up, my new budget, and a friend's financial dilemma to ponder.

Monday, September 28, 2009

My Fitness Splurge: Balance Ball Chair

As I posted last, I've been on a mission to shed some pounds for the wedding and just be in better shape over all. It's a new mission but I've already seen some progress and I feel great. (Okay the whole drinking 8 glasses of water a day thing isn't awesome, but I digress.)


And like all new endeavors this one has presented me with temptation to spend money. Sure you don't need to spend any money to lose weight. I could run up and down the street with two cans of Campbell's Soup in my hands if I wanted to, but I find that signing up for gym classes keeps me motivated. Also Spark People is awesome, check it out if you need some motivation and advice for free!


But I ended up treating myself to a bit of a splurge that I already think was worth the investment. For $78 (plus free shipping!) I got a Balance Ball Chair for my desk at work. I saw this on a website months ago and was intrigued. You know those inflatable exercise balls that are all the rage? Well imagine sitting on one all day. I just started using it today and I love it! I may have started a trend at my office. Sure you feel a little silly sitting on a bouncy ball (in a frame) but it forces you to sit up straight, strengthening your back and core muscles. Note: there is more impressive terminology elsewhere on the web, I'm a fitness newb. Anyone else out there try this chair?

So yes, it does seem like a gimmicky thing to spend money on but I can do exercises at my desk when I'm not working and hopefully it will also help with my posture.

Has anyone else noticed how the more activities you do, the more stuff you want? Next up will be new workout clothes when I lose a few more pounds.

Tuesday, September 22, 2009

Wedding/Life/Fitness Update

First of all, where did everyone go?

I logged into my Google Analytics today for the first time in a long time and saw much to my dismay that I have experienced a 99% page view decrease in the past month. Seriously I hope something is just wonky with my code but if you are still reading please let me know!!!!

Anyway, maybe it's my fault. I haven't had too many interesting blog posts in a while. Life has been pretty busy and my finances are (thankfully) pretty static. No overdrafts, no fear of losing my job, no crazy collection agencies coming after me. Yay! I still would like to be making more progress but am glad to marvel at the baby steps along the way.

Of course the wedding planning has taken a lot of my focus and that is intrinsically linked to my finances. We are on track to make payments of about $2000 split between December and January. I don't know the exact amount. I should check. See, I need my readers to keep me accountable!!!

The other area of my life that I am concentrating on right now is my physical fitness. Right now it's not so good. I've put on weight over the past year or so and it's really depressing me. But...I am turning a bad situation into a good one. I used to be able to eat whatever I wanted and not work out and still be in good shape. That fantasy world is no longer with me but losing it has meant I have gained an understanding of what my body needs and DOES NOT need.

So I joined a gym class, signed up for Spark People (a great site!), and have been working overtime in the gym. I'm counting my calories and drinking 8 glasses of water a day. After all, do I want to spend $4000 on wedding pictures I never want to look at? Heck no!

Sorry I've been a bad blogger but if you're still with me stay tuned because I have lots to say about wedding planning and working out!

Wednesday, September 16, 2009

Budget 9/16 - 9/29

So I have already announced I plan to save $800 from this paycheck for the wedding. Can it be done? Actually, I don't know what I was smoking when I posted that. With the $406 payment due to Aunt Sallie Mae tomorrow, I only have $840 left from this paycheck. But I plan to save as much as possible. Here is my (very late I'm sorry) budget for the next two weeks:

Starting Balance = $1246

Sallie Mae - 406
Perkins loan - 93
School loan - 54
Sprint - 73
Old ticket - 135
Laptop - 75
Groceries - 75
Wedding - 200
Misc. - 135

I guess every little bit counts but this isn't the first time I've overestimated the impact of the Extra Paycheck. I have to stop doing that. Yes there's more money coming in this month but really if you're just shifting payments around it doesn't make much of a difference. Oh well.

Anyway there should be a few miscellaneous expenses in the next couple of weeks that I can post about. I also want to share some wedding plans/ideas soon.


Where it Went 9/02 - 9/15

I'm gonna pay my traffic ticket, I swear. I just keep forgetting to do it and spending the money elsewhere. One of these days I'll get to drive my shiny new car.


My budget estimate of two weeks ago was off due to the fact that I forgot it was Extra Paycheck Time. Then I had to get new contact lenses. I also spent more than I planned at the music festival. Oh well, I didn't end up doing too badly and luckily the extra paycheck is giving me a bit of a fresh start.

So here's how I did on my budget compared to my plan:

Sallie Mae - 407/0 (it's not due yet!)
Defaulted Student Loan - 260/260
Nice Collection Agency - 125/125
Driving Ticket - 135/0 :-(
Office Picnic - 34/34
Groceries - 75/70
Festival - 100/200
Misc. - 111/100
Contact Lenses and glasses - 0/226

I ended up with about $75 left over which I am saving for Christmas spending. Stay tuned for my new budget. I seem to be crazy busy today!

Thursday, September 10, 2009

Finally Got New Contact Lenses

Yesterday morning I wake up to discover my very last pair of contact lenses had dried up. As I had previously written, my fiance and I had been sharing lenses for a while and even though my crappy vision plan said I was eligible for a new benefit as of January this year, I put off the visit for as long as possible. The reason: all the hidden out of pocket expenses they hit you with.


Luckily the extra paycheck has afforded me some extra cash and I was able to walk out the door with a year's supply of contact lenses, new glasses, and a bonus pair of sunglasses! The total: $225.

I expected to pay $200 so it was just a little higher than I predicted (feared). If I had been able to find glasses that were entirely covered by my plan benefit of $120 I would have been closer to the total. Alas they don't sell many glasses that don't look really really stupid for less than $120. Even though I got the more expensive frames I didn't opt for the extra anti-glare coating that would have cost $45 more. Out of pocket cost = $35.

The contact lenses were the biggest cost. I debated only getting a six month supply but the discount for buying a whole year's worth lured me in. Also one less thing to worry about paying for six months from now. My plan pays $120 after a $40 copay, so really $80, which would have only gotten me 1.5 boxes per eye (and they don't sell half boxes). So I paid more to save more. Out of pocket cost = $180.

The eye exam was free. They tried to convince me to get some high tech x-ray picture of my eye taken for $30 but the model picture alone was enough to scare me away from doing that. Out of pocket cost = $0.

The sunglasses were a cool bonus as I was in need of a good pair. They're non-prescription and the tech convinced me to get them since my insurance would cover it. I only had to pay the taxes on them. Out of pocket cost = $3.

Paying for stuff like contact lenses sucks but ,today I am seeing very clearly out of my fresh new lenses so in the end it was worth it.

Thursday, September 3, 2009

It's Extra Paycheck Time Already!

Woohoo!!! Right after writing up my budget yesterday I looked at a calendar and realized there were 5 Wednesdays in September this year and thus I had arrived magically in a 3 paycheck month without even realizing it. Previous 3 paycheck months I had waited anxiously for, so it is, I think, a positive sign that this one snuck up on me. I've extolled on the virtues of the Extra Paycheck before (and have heard the response of how it's not really extra money but we won't go there right now).


In April I started my new job and used the extra paycheck to update my wardrobe, bolster my savings and go to DisneyWorld. Six months before that, I used a extra paycheck to attend a destination wedding.

This time a lot of the money will be saved up for our wedding, which is a good thing because the money just doesn't want to save itself.

I am also going to save some money for Christmas! Christmas is coming whether I like it or not. I've blogged about how I really should set aside a little each month for Christmas. I even made this one of my 2009 Resolutions. So I am transferring $200 to my Other Checking Account where it will be hang out until I start looking for gifts. I think my fiance and I will buy gifts for most of our families together this year but I can't very well make him buy his own gift. He, on the other hand, has been saving for Christmas all year (atta boy!).

So here's my Extra Paycheck Plan:

9/02 paycheck

$100 - credit card (I keep putting a little on this card and paying it off)
$200 - Christmas savings

9/16 paycheck

$800 - wedding

9/30 paycheck

$800 - wedding

So that's my current plan. We have a couple of installments to pay to our wedding vendors in the months of December and January so I am glad the three paycheck month came now so I can plan ahead.

Wednesday, September 2, 2009

Missing my Engagement Ring

Hey check out my new engagement ring. It cost me $9 at the mall. I guess I didn't really need it but I had talked about getting a fake engagement ring for when we travel abroad so now I have one to act as a place holder for while my ring is in the repair shop. Yup my real engagement ring is in the shop.


It started out a uneventful day at the mall where my fiance and I had planned to use free movie tickets to see a show. On the way there I figured we should take a gander at the wedding rings at one of the jewelery shops. The saleslady was nice and let us try on a bunch of rings even though we told her we were just browsing. She complimented my ring and offered to clean it for me for free. Then she put it under the microscope and realized the stone (i.e. the heirloom diamond) was loose. My fiance could see it shifting around as she poked it without even looking under the microscope.

So we are having the setting fixed, tightened, whatever they do in such a circumstance. We couldn't go back to where he bought the ring (out of state) so we let the chain store at the mall send it away for us. I almost had a panic attack when I saw my ring go into a little paper envelope. I guess I never knew how much I loved the ring until it wasn't on my finger anymore.

The good news (and I'm sure I'll appreciate this when the ring has been safely returned to me) is that the repair is only going to cost $25 and then it comes with a lifetime warranty (meaning they will fix the setting for me indefinitely).


In the meantime the search remains for the ring wedding ring to go with my engagement ring. We will probably return to the store when he bought it because I can't seem to find anything that matches my ring quite right. I have been looking at the chain jewelry stores online mostly (though we are going to pick it out in person). Our budget for my ring is about $800. This ring at Kay's looks almost exactly like what I want, except it must look really different in person because I've never seen something like that for $500 on any of browsing sessions.

But back to the engagement ring (which should be here in a little over a week now), the woman at the jewelry store suggested I have the ring taken in every six months to have it cleaned and the setting checked. Is this something I should have known about? Do you take your ring into the store and if so, how often?

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