The next few days I will be posting on different methods to help increase alternate income streams. That is, income received by you that is not from your primary job, whether it be active or passive. By the end, I also hope to develop plans for implementing some of these options.
One popular method, which I have been doing for at least seven years now, is completing surveys for cash. There are various companies out there, each one with a different type of payment system. Some give away prizes, some send cash, and some enter you into a pool with every survey filled out to win. I personally stick to programs that give cash rewards. Since I can only attest to the companies I've completed surveys for, below is a detailed list of companies and feedback on their program.
1. Pinecone Research: I've been a member for at least 7 years.
Length of Surveys - The household surveys they send out are quick, around 5 minutes. There typical surveys for cash last anywhere from 15 to 30 minutes.
Incentive - The current process pays $3.00 for every completed survey. They do send out frequent household information surveys, which are not included in the pay out, but you get entered into a pool to win bigger prizes for every one of the household surveys you fill out. There incentive recently dropped to $3.00 from $5.00.
Frequency - This probably depends on your profile, but I'd say there is at least one survey invite a week.
How to Sign Up - This is the tricky part. They don't allow the option of going to their website to sign up. As far as I know, they offer sign up through advertisements if you happen to catch it websurfing. Or, current members get emails a couple of time a year inviting them to offer this opportunity to friends and family. Yesterday I received one of the friends and family invitation email from Pinecone. If you interested in joining, leave me a message or email me and I will forward you the invite!
2. MySurvey (NFO): I've been a member for at least 7 years.
Length of Surveys - Their surveys range from 5 min to 30 min. There are a few rare opportunities of getting a survey that has you keep track of something over a few day period. With this type of survey the incentive is usually high enough for a payout.
Incentive - They use a point system. 1000 points is equivalent to $10.00.
Frequency - I've realized that these surveys come less and less frequently. This probably depends on your profile information, but I'd say I get a survey at least once a month, but the point values for these surveys can really vary from 10 pts to a couple of hundred. My mother, who is also a member, rarely gets survey invites. Like I said, I assume its based on demographics.
How to Sign Up - You can sign up with them directly on their website.
3. Global Test Market: I've been a member for a year now.
Length of Surveys - Again this really depends, and can range from 5 minutes to 30 minutes.
Incentive - Similar to MyPoints, they work on a point system, but 1000 points = $50.00. If you do not qualify for a survey, they credit your account 5 points for filling out the basic information. If you do qualify, the point range seems to be anywhere from 30 points to 100 points, depending on the length of the survey.
Frequency - Multiple survey invites come a week. I probably only qualify for 25% of the incoming invites. In a one year period, I believe I was able to cash out twice.
How to Sign Up - You can sign up with them directly on their website
3 e-Rewards - In conjunction with Upromise: I've been a member for 3 months. I believe you can sign up with them without being associated with Upromise. In that case, the incentive are different than described below.
Length of Surveys - Again, these seem to range from 5 tgo 30 minutes.
Incentive - They also use a point system, which they call e-Rewards Dollars. For the upromise program, there are different tiers for payout. For example, $25.00 e-Dollars payout $10.00 to your upromise account, where $100.00 e-Dollars pays out $50.00.
Frequency - Since signing up three months ago, I average about two surveys a week. I'm saving for the $100 level reward, and am about 75% there.
How to Sign Up - If you have a upromise account, go to the upromise website, log into your account, and there should be a link directly on their website. Otherwise, I'm not exactly positive which, but various vendors offer this opportunity for incentives as well.
Note that even if you belong to multiple panels, the amount of money coming is pretty minor. And because of the frequency that the surveys come, when you get payouts is not guarenteed. It really is just a little bit extra that seems to help every now and then.
You also have to take into mind how time consuming these survey can be. As noted above, these surveys can range from 5 to 30 miutes. When I was in college, the timing factor affected me alot less. This is probably more because I had very little funds to begin with, and this little bit of extra had a much larger impact. Now that I bring home a decent salary, in the overall scheme of things, this amount seems minor, and many times I find myself thinking my time would be better spent working on other projects. So far, none of the panels drop you if you reduce the amount of survey offers you accept.
Beyond Your Horizon
Saturday, December 6, 2008
Advertising Affects - Discovercard
Has anyone seen the recent Discovercard commercial? I don't think this is a new commercial, but last night was my first encounter with it. Or at least the first time I paid attention to it. And let me say it irked me. The fact that I thought about it last night, and I'm blogging about it this morning tells you how much it affected me.
The commercial states:
"We're a nation of consumers. And there is nothing wrong with that. After all, there's alot of cool stuff out there. "
Isn't it this thought process why so many people are drowning in debt? After you've read enough personal finance blogs, it's evident that it was this sentiment that got many into trouble in the first place, and now trying to climb back up the rabbit hole.
It also closes with the claim that the company helps you attain "Less debt and more fun".
Note that it doesn't say NO debt and more fun. Just less debt. What is less debt? Less debt than what? And is that to mean that without debt, you're not having any fun in life?
Just needed to vent.
And the worst thing about it, I own a discovercard. Ha. Guess it doesn't annoy me enough to want to cancel the card.
Beyond Your Horizon
The commercial states:
"We're a nation of consumers. And there is nothing wrong with that. After all, there's alot of cool stuff out there. "
Isn't it this thought process why so many people are drowning in debt? After you've read enough personal finance blogs, it's evident that it was this sentiment that got many into trouble in the first place, and now trying to climb back up the rabbit hole.
It also closes with the claim that the company helps you attain "Less debt and more fun".
Note that it doesn't say NO debt and more fun. Just less debt. What is less debt? Less debt than what? And is that to mean that without debt, you're not having any fun in life?
Just needed to vent.
And the worst thing about it, I own a discovercard. Ha. Guess it doesn't annoy me enough to want to cancel the card.
Beyond Your Horizon
Friday, December 5, 2008
Freebies and Samples
Just wanted to share a couple of freebies I've found around the web tonight!
1. As recent post on Wisebread provided details on getting a one year, free subscription to SELF magazine!
2. Free sample for Gain laundry detergent. I have to admit I've never tried this brand, so a free sample is always a good way to test the product.
3. Actually, the Gain free sample came from Walmart's free sample page. There are other free sample offers, such as various female products. Check back there every now and then for updated products. Alot of the time these samples are accompanied by decent coupons!
Feel free to share any other goodies you come across!
Beyond Your Horizon
1. As recent post on Wisebread provided details on getting a one year, free subscription to SELF magazine!
2. Free sample for Gain laundry detergent. I have to admit I've never tried this brand, so a free sample is always a good way to test the product.
3. Actually, the Gain free sample came from Walmart's free sample page. There are other free sample offers, such as various female products. Check back there every now and then for updated products. Alot of the time these samples are accompanied by decent coupons!
Feel free to share any other goodies you come across!
Beyond Your Horizon
Thursday, December 4, 2008
November Net Worth
Right on the heals of my November spending, below is my updated networth status.
Although it's not huge progress, at least each sector is going in the right direction. Right now, my mantra seems to be slow and steady. I'll continue to work at this, and keep you updated!
Oh, and I'm still having issues with the header and my graphic .. so if anyone has any advise on how to fix it, I'm open ears.
Beyond Your Horizon
Monday, December 1, 2008
November Spending
Now that November has come to a close, posted below reveals our spending for November, and provides a comparison to Octobers' number's to see if there were any improvements.
It's obvious that the additional travel expenses related to work put us way over budget. This temporary expense will be duplicated again next month, with nothing much that can be done to curve it. The clothing category saw a big jump, as I'm trying to increase my work wardrobe. Overall, I am happy the trend we saw in most of the other categories.
We'll have to wait and see our progression next month!
Beyond Your Horizon
Monday, November 24, 2008
Header Note
Sorry for the header issues. I still haven't been able to work out those kinks. Either it's the correct size, until the page is minimized or its automatically shrunk to a portion of the size.
I'll eventually get it.. hang in there!
I'll eventually get it.. hang in there!
Searching for the best deals on flights!
My fiance has a few interviews scheduled next month scattered across the country, so the last few days have been busy around here trying to nail down all the arrangements. I pretty much took on the responsibility of making the arrangements, so he can take the time to focus on preparing for the interviews. For these plans, not only am I looking for the best monetary deal, but I take into consideration the ease of him getting around, with the least amount of stress and hassle.
I usually take great satisfaction in finding great deals, but I don't enjoy searching for the best flights deals. However, I do the best I can when the time arises. And since I am diligent in my searches, people tend to rely on me to find them the best flight prices too, which has given me alot of practice navigating this process.
I find that no one website is consistent at finding the best deals, and the prices seems to change daily, if not multiple times a day. I tend to start with kayak.com, playing with dates if this is a flexible option. Then I start looking at one way flights, seeing which airlines have the best deals in each direction on the dates I want. I may surf over to other 'discount' airline websites, but usually, from here, I go directly to the airlines websites to see if I can come up with an even better deal than found. Sometimes I'm sucessful, and sometimes I'm not.
After going through this process tonight, I had a "Doh" moment right after confirming my flight. When shopping online, there is usually a way to double dip and find other benefits or promotions. Since I have a upromise account, I try to always check their website right before paying for anything online. Forgetting completely to heed my own advice, I didn't check the upromise website before searching and booking my flight, and missed out on some additional savings. Not a huge bummer, but just something to keep in mind for next time. At least I did remember to take advantage of this by the time I got around to booking the car rental!
Once place we could have saved money would have been the optional rental insurance on the rental car. This fee was actually more than the charge for the car for two days!! Unfortunately, my fiances' car insurance is held by his parents, so we were unable to confirm if it included rental coverage. It is my understanding that it is included most of the time, but not wanting to chance it, we did pay for this option.
Oh, and one other thing to keep in mind when looking for best prices - discount cards. However, my advice is to not always assume you're getting the best deals with them! While searching for hotel deals, this is the pricing difference we got:
1. Hotel website, regular price - $80.00/night
2. Hotel website, with AAA discount - $84.95/night
3. Discount website, hotels.com - $80.00/night
I did a double take after I selected AAA discount and the price increased. Actually, I laughed out loud. Just something to consider!
So my overall advice:
1. Don't just assume that your discount card gives you the best priced deal. Try the same deal using multiple promotions and no promotion at all. For todays example, no promotion at all on the hotel booking gave me the best price.
2. If you see a great price, try not to hesitate. Before you know it, its gone, and has been replaced with a higher priced ticket. This happens to me all the time. I don't know if it's true, but when I end up oversearching for the best deal for a specific flight pattern, it seems to create a temporary artifical demand, and the prices inflate for a couple of days before returning back to the original price I spotted them for.
3. When flying, you don't need to take the same airline for both legs of a round trip segment. Using multiple websites, both the airline sites and discount sites, over a course of multiple days saved us $300! We actually booked the departing flight first, and didn't find a good deal on the return flight for another two days. We took a risk hoping flight prices would decrease, and this time it paid off.
4. On previous trips, we have saved by ordering a package deal with flight and hotels, or flight and a car rental. This sometimes does the trick. Sometimes, it doesn't. In our case, we needed a specific hotel, which was not an option in any of the package deals.
All this work, and only one trip scheduled. Two more to go! It is a positive that these interviews are going on, but on the flip side, I think (know) this will blow the November goals..
Beyond The Horizon
I usually take great satisfaction in finding great deals, but I don't enjoy searching for the best flights deals. However, I do the best I can when the time arises. And since I am diligent in my searches, people tend to rely on me to find them the best flight prices too, which has given me alot of practice navigating this process.
I find that no one website is consistent at finding the best deals, and the prices seems to change daily, if not multiple times a day. I tend to start with kayak.com, playing with dates if this is a flexible option. Then I start looking at one way flights, seeing which airlines have the best deals in each direction on the dates I want. I may surf over to other 'discount' airline websites, but usually, from here, I go directly to the airlines websites to see if I can come up with an even better deal than found. Sometimes I'm sucessful, and sometimes I'm not.
After going through this process tonight, I had a "Doh" moment right after confirming my flight. When shopping online, there is usually a way to double dip and find other benefits or promotions. Since I have a upromise account, I try to always check their website right before paying for anything online. Forgetting completely to heed my own advice, I didn't check the upromise website before searching and booking my flight, and missed out on some additional savings. Not a huge bummer, but just something to keep in mind for next time. At least I did remember to take advantage of this by the time I got around to booking the car rental!
Once place we could have saved money would have been the optional rental insurance on the rental car. This fee was actually more than the charge for the car for two days!! Unfortunately, my fiances' car insurance is held by his parents, so we were unable to confirm if it included rental coverage. It is my understanding that it is included most of the time, but not wanting to chance it, we did pay for this option.
Oh, and one other thing to keep in mind when looking for best prices - discount cards. However, my advice is to not always assume you're getting the best deals with them! While searching for hotel deals, this is the pricing difference we got:
1. Hotel website, regular price - $80.00/night
2. Hotel website, with AAA discount - $84.95/night
3. Discount website, hotels.com - $80.00/night
I did a double take after I selected AAA discount and the price increased. Actually, I laughed out loud. Just something to consider!
So my overall advice:
1. Don't just assume that your discount card gives you the best priced deal. Try the same deal using multiple promotions and no promotion at all. For todays example, no promotion at all on the hotel booking gave me the best price.
2. If you see a great price, try not to hesitate. Before you know it, its gone, and has been replaced with a higher priced ticket. This happens to me all the time. I don't know if it's true, but when I end up oversearching for the best deal for a specific flight pattern, it seems to create a temporary artifical demand, and the prices inflate for a couple of days before returning back to the original price I spotted them for.
3. When flying, you don't need to take the same airline for both legs of a round trip segment. Using multiple websites, both the airline sites and discount sites, over a course of multiple days saved us $300! We actually booked the departing flight first, and didn't find a good deal on the return flight for another two days. We took a risk hoping flight prices would decrease, and this time it paid off.
4. On previous trips, we have saved by ordering a package deal with flight and hotels, or flight and a car rental. This sometimes does the trick. Sometimes, it doesn't. In our case, we needed a specific hotel, which was not an option in any of the package deals.
All this work, and only one trip scheduled. Two more to go! It is a positive that these interviews are going on, but on the flip side, I think (know) this will blow the November goals..
Beyond The Horizon
Sunday, November 23, 2008
Learning the Couponing Ropes
Before this month, I rarely, if ever, used coupons. I've known about them, but never seriously considered integrating them into my shopping. Guess I always thought of them as 'old ladyish' or part of the responsibility of a mother. How often do you see people in their twenties with folders of coupons at the grocery store. Now that I've calculated how much we're spending on just food (and toiletries) in one month, I've started at looking at ways to trim down our grocery bill.
Now, I've read around the blogosphere the two arguments of couponing and have taken them both into consideration on how I'm approaching shopping with them.
The pro: The manufacturer's are giving you free money that you should be taking advantage of. If you're going to buy the product anyway, why not get it at a discount. There are people who are saving hundreds of dollars at the grocery store on a weekly basis with putting into it just a little bit of work!
The con: The main argument most people make against using coupons is time. Time is money. It takes time to cut coupons and find the best deals in town. It takes time and gas to drive around to all different places to get the best deals, which cancels out the savings you earn. Then there is the fact that using coupons to buy things you normally don't or wouldn't ends up costing you more. Its great when you save $5.00 on four boxes of cereal, but you spent $4.00 to buy products that you wouldn't normally buy. And the food products you do buy with coupon's tend to be pre-packaged food, usually meaning bad for your health.
I understand both sides to what people argue. What I've realized is that you have to coupon smart and not just look for the best deals on products you dont need. The time is money argument holds true if you are doing something with that lost time that is actually making you money. If that time is spent doing something like mindlessly surfing the web (in my case), well then it is beneficial to consider taking an hour a week to cut coupons.
As a newbie to the coupon world, this is what I found works for me:
1. On Sundays I get the paper for the coupons. It takes about an hour to go through the coupons, and cut out the ones we would use, and organize them in my binder. That is all the time I spend on cutting coupons. One hour a week.
2. I make my grocery list based on the things we need in the house, and the meals we plan on making. I do not take into consideration the coupons I just cut, because they would influence what I think we need.
3. After my grocery list is made, I compare what we need and what we have coupons for, and the deals going on at the grocery/convenience stores that week. This takes anywhere from an hour to an hour and a half. Most of this time is spent creating the grocery list, which I would have done anyway.
Believe it or not, this has netted us a decent savings in our grocery bill. We may not be getting $100 saving in our grocery bill, but we are still eating healthy and saving money at the same time. I've realized the biggest place we are saving money is not necessarily food items, but toiletries and household supplies. And all of these stores that I visit are all in the same shopping plaza or across the street from each other. I usually hit up two stores once a week. So, no extra gas used to drive from one side of town to the other.
Now that I've been applying this technique for three weeks, I have to admit that I'm hooked. I nabbed a few great deals on toiletries and household supplies, which have actually gotten me excited. I've turned into a couponing nerd overnight. So, now that I'm a convert, I'll list the best deals I got on the things I would normally be purchasing!
1. Razors - This has been my best category of savings so far. Two reusable razors, three cartridge refills and two packages of disposable razors for free! Most of them were accomplished combining store sales, with store coupons and manufacturers coupons. An added bonus on some of the items was when I got money from upromise, using their ecoupons. Since these deals were all last month, it doesn't benefit anyone to post the exact details. But next time I find a deal like this, I'll try to remember to post it! (Savings: $42.00)
2. Shampoo and Conditioner - Good branded items for $1.00 each, by combining store sale, store coupon and manufacturer's coupon. This may not be as great as other people are able to accomplish, but for items that I usually pay $3.50 for each, I thought this was a fantastic savings. (Savings: $5.00)
3. Cleaning Supplies - Windex and Fantastics for $0.50 each. Better price than generics at the dollar store! Store sale and coupons got me this deal. (Savings: $4.00)
Sometimes it really is those little things in life that make you happy! For me, it's getting a good deal every now and then.
Beyond Your Horizon
Now, I've read around the blogosphere the two arguments of couponing and have taken them both into consideration on how I'm approaching shopping with them.
The pro: The manufacturer's are giving you free money that you should be taking advantage of. If you're going to buy the product anyway, why not get it at a discount. There are people who are saving hundreds of dollars at the grocery store on a weekly basis with putting into it just a little bit of work!
The con: The main argument most people make against using coupons is time. Time is money. It takes time to cut coupons and find the best deals in town. It takes time and gas to drive around to all different places to get the best deals, which cancels out the savings you earn. Then there is the fact that using coupons to buy things you normally don't or wouldn't ends up costing you more. Its great when you save $5.00 on four boxes of cereal, but you spent $4.00 to buy products that you wouldn't normally buy. And the food products you do buy with coupon's tend to be pre-packaged food, usually meaning bad for your health.
I understand both sides to what people argue. What I've realized is that you have to coupon smart and not just look for the best deals on products you dont need. The time is money argument holds true if you are doing something with that lost time that is actually making you money. If that time is spent doing something like mindlessly surfing the web (in my case), well then it is beneficial to consider taking an hour a week to cut coupons.
As a newbie to the coupon world, this is what I found works for me:
1. On Sundays I get the paper for the coupons. It takes about an hour to go through the coupons, and cut out the ones we would use, and organize them in my binder. That is all the time I spend on cutting coupons. One hour a week.
2. I make my grocery list based on the things we need in the house, and the meals we plan on making. I do not take into consideration the coupons I just cut, because they would influence what I think we need.
3. After my grocery list is made, I compare what we need and what we have coupons for, and the deals going on at the grocery/convenience stores that week. This takes anywhere from an hour to an hour and a half. Most of this time is spent creating the grocery list, which I would have done anyway.
Believe it or not, this has netted us a decent savings in our grocery bill. We may not be getting $100 saving in our grocery bill, but we are still eating healthy and saving money at the same time. I've realized the biggest place we are saving money is not necessarily food items, but toiletries and household supplies. And all of these stores that I visit are all in the same shopping plaza or across the street from each other. I usually hit up two stores once a week. So, no extra gas used to drive from one side of town to the other.
Now that I've been applying this technique for three weeks, I have to admit that I'm hooked. I nabbed a few great deals on toiletries and household supplies, which have actually gotten me excited. I've turned into a couponing nerd overnight. So, now that I'm a convert, I'll list the best deals I got on the things I would normally be purchasing!
1. Razors - This has been my best category of savings so far. Two reusable razors, three cartridge refills and two packages of disposable razors for free! Most of them were accomplished combining store sales, with store coupons and manufacturers coupons. An added bonus on some of the items was when I got money from upromise, using their ecoupons. Since these deals were all last month, it doesn't benefit anyone to post the exact details. But next time I find a deal like this, I'll try to remember to post it! (Savings: $42.00)
2. Shampoo and Conditioner - Good branded items for $1.00 each, by combining store sale, store coupon and manufacturer's coupon. This may not be as great as other people are able to accomplish, but for items that I usually pay $3.50 for each, I thought this was a fantastic savings. (Savings: $5.00)
3. Cleaning Supplies - Windex and Fantastics for $0.50 each. Better price than generics at the dollar store! Store sale and coupons got me this deal. (Savings: $4.00)
Sometimes it really is those little things in life that make you happy! For me, it's getting a good deal every now and then.
Beyond Your Horizon
Saturday, November 22, 2008
After a three week break... a new commitment.
I quickly found that keeping up with blogging is challenging once I started working full time again. Everyone knows how it is when you first start a new job... it's tiring. My brain has been on overload trying to soak in all new information, learning new skills, socializing with new people and being 'on' all day long. By the time I get home, I'm exhausted. I've been dragging myself into bed not too long after dinner and getting prepared for the next day. With that said, I can't use that as an excuse. I was for the last two weeks, considering it an adjustment.. but its too easy to rely on that excuse. I have to break that habit... and now.
I have, however, been good at keeping tabs on our expenses as the month goes on. I do try to calculate that two to three times a week so to keep my goals in sight. So far, we're doing ok. Not as well as I would have liked, but definately better than last month so far. However, the month is not yet over, and we have to keep that into consideration. With the holidays around the corner, there are probably going to be alot more little expenses quickly adding up. I also anticipate last minute travel plans.
Looking at the short term goals I set up for myself four weeks ago, this is where I stand:
1. Increase Savings: I've only had one paycheck so far, which a portion did go into savings. On the right track.
2. Roll-over: Have not even looked into this. Stalled!
3. Eliminate PLUS loan: Made a payment using available cash from first paycheck. On the right track.
4. Track Monthly Spending: As noted above, On the right track.
In my other category... well, as you can see, the time spent working on the blog is a thumbs down. Also, with wedding planning, havent even put the key in the ignition yet... Le sigh.
Well, as this is just the beginning, there is alot of room for improvement. (Which should mean I have alot to write about :-) ) We'll see better progress as time goes on!
BeyondYourHorizon
I have, however, been good at keeping tabs on our expenses as the month goes on. I do try to calculate that two to three times a week so to keep my goals in sight. So far, we're doing ok. Not as well as I would have liked, but definately better than last month so far. However, the month is not yet over, and we have to keep that into consideration. With the holidays around the corner, there are probably going to be alot more little expenses quickly adding up. I also anticipate last minute travel plans.
Looking at the short term goals I set up for myself four weeks ago, this is where I stand:
1. Increase Savings: I've only had one paycheck so far, which a portion did go into savings. On the right track.
2. Roll-over: Have not even looked into this. Stalled!
3. Eliminate PLUS loan: Made a payment using available cash from first paycheck. On the right track.
4. Track Monthly Spending: As noted above, On the right track.
In my other category... well, as you can see, the time spent working on the blog is a thumbs down. Also, with wedding planning, havent even put the key in the ignition yet... Le sigh.
Well, as this is just the beginning, there is alot of room for improvement. (Which should mean I have alot to write about :-) ) We'll see better progress as time goes on!
BeyondYourHorizon
Saturday, November 1, 2008
October Spending
As part of improving our finances, it is important to understand where our money is being spent. Below is all of our expenses for the month of October. Seeing these numbers in black and white was really shocking, and really points out the need to change our behaviors.
Monthly Expenses:
Auto: $169.96
Restaurant: $199.21
Bills: $236.15
Entertainment: $219.50
Grocery: $304.24
Clothing: $13.08
Household Supplies: $63.08
Postal: $34.22
Gifts: $99.68
Total: $1339.12
Wow. Even though this is for two people, it is obvious which categories we can cut back in!
1. Our restaurant, grocery and household expenses totals to $565.53. I know that we can do better in this category. I would like to get this combination down to $350 or less. Since I start working on Monday, I hope to see this total decrease since I will have less time to go to the grocery store. I currently go every few days and do small shopping trips, which will probably change to once a week soon. Currently, we tend to eat out once a week. I don't see a change in that pattern right now. And until recently, I have not encorporated coupons into my shopping. I hope for a big change in this number next month!
2. This months auto included a new battery for my car. As long as there are no unexpected car expenses, this category should see a decrease in November.
3. Entertainment: As addressed in my last post, this was the cost of traveling for vacation. I have a planned expense for November, but this category should also see a decrease.
3. With the holidays coming, I expect the gifts category to be a little higher. We haven't yet set a budget, so will have to work on that before purchasing gifts.
Totaling up our spending was really an eye opener. After seeing this, I am sure that there is room for improvement. I look forward to minding our expenses throughout November and posting our progress.
BeyondYourHorizon
Monthly Expenses:
Auto: $169.96
Restaurant: $199.21
Bills: $236.15
Entertainment: $219.50
Grocery: $304.24
Clothing: $13.08
Household Supplies: $63.08
Postal: $34.22
Gifts: $99.68
Total: $1339.12
Wow. Even though this is for two people, it is obvious which categories we can cut back in!
1. Our restaurant, grocery and household expenses totals to $565.53. I know that we can do better in this category. I would like to get this combination down to $350 or less. Since I start working on Monday, I hope to see this total decrease since I will have less time to go to the grocery store. I currently go every few days and do small shopping trips, which will probably change to once a week soon. Currently, we tend to eat out once a week. I don't see a change in that pattern right now. And until recently, I have not encorporated coupons into my shopping. I hope for a big change in this number next month!
2. This months auto included a new battery for my car. As long as there are no unexpected car expenses, this category should see a decrease in November.
3. Entertainment: As addressed in my last post, this was the cost of traveling for vacation. I have a planned expense for November, but this category should also see a decrease.
3. With the holidays coming, I expect the gifts category to be a little higher. We haven't yet set a budget, so will have to work on that before purchasing gifts.
Totaling up our spending was really an eye opener. After seeing this, I am sure that there is room for improvement. I look forward to minding our expenses throughout November and posting our progress.
BeyondYourHorizon
Friday, October 31, 2008
Happy Halloween!
Just wanted to share with you our pumpkin carving skills! Haven't carved a pumpkin since I was a child, and overall, pretty proud of the results. Now just have to work at taking quality pictures!!BeyondYourHorizon
Family, Vacation and Spending
I've just returned from an extended weekend away visiting my mother, and wanted to touch upon the relationship we have, the cost of visiting her, the psycology of our spending and all the added expenses.
I was raised as an only child, in a single parent household, and I always feel that I should cover all the costs when I'm visiting my mother. I try to pay for everything, from the travel expenses, to our dinners out, shopping trips, coffee runs and groceries. Part of it is that its my way of saying thank you for all the things you sacrificed to raise me. Another part of it is knowing my mom doesn't make alot of money, lives paycheck to paycheck, and is still struggling. She is very open with her finances, and we've analyzed her income and budgeting, and have determined that she has to find a way to increase her income. But in the meantime, I tend to take financial responsability to cover our time together.
Even with restricted budgets, when we are visiting, we have a habit of enjoying in events together that blow both our budgets. Although individually we are both financially aware and practice good financial discipline, when we are visiting together, all logic goes out the window. It's almost as if we encourage bad decisions. I've never taken the time to actually calculate how much I spend in one weekend visiting, so here is my chance at honesty.
Travel: $220.00
Eating Out: $36.00
Grocery: $18.00
Gift: $43.00
Financially speaking, this visit was better than most. Minus the travel expenses, I spent about $100.00 for the weekend. I know that this total is better than most other visits, as all dinners over the weekend were cooked at home. This was our attempt at a frugal weekend. For us, this is not the norm. However, I have to admit it was a nice change.
I do feel like it is my responsibility to help out where my mom's finances fall short. I don't mind giving (not lending) money to help her out, especially when I know that typically she does live a very frugal life. I also like to give her gifts that she wouldn't buy for herself because they are too expensive, but I know she really wants. She struggled so much in her life, and I like knowing I can provide her enjoyment or make her life a little easier. But, is there ever a point where a line should be drawn to say it's not my responsibility? Are my actions hurting her in the long run? How do I help my mother increase her income so I don't feel like its my responsibility to cover her expenses?
I was raised as an only child, in a single parent household, and I always feel that I should cover all the costs when I'm visiting my mother. I try to pay for everything, from the travel expenses, to our dinners out, shopping trips, coffee runs and groceries. Part of it is that its my way of saying thank you for all the things you sacrificed to raise me. Another part of it is knowing my mom doesn't make alot of money, lives paycheck to paycheck, and is still struggling. She is very open with her finances, and we've analyzed her income and budgeting, and have determined that she has to find a way to increase her income. But in the meantime, I tend to take financial responsability to cover our time together.
Even with restricted budgets, when we are visiting, we have a habit of enjoying in events together that blow both our budgets. Although individually we are both financially aware and practice good financial discipline, when we are visiting together, all logic goes out the window. It's almost as if we encourage bad decisions. I've never taken the time to actually calculate how much I spend in one weekend visiting, so here is my chance at honesty.
Travel: $220.00
Eating Out: $36.00
Grocery: $18.00
Gift: $43.00
Financially speaking, this visit was better than most. Minus the travel expenses, I spent about $100.00 for the weekend. I know that this total is better than most other visits, as all dinners over the weekend were cooked at home. This was our attempt at a frugal weekend. For us, this is not the norm. However, I have to admit it was a nice change.
I do feel like it is my responsibility to help out where my mom's finances fall short. I don't mind giving (not lending) money to help her out, especially when I know that typically she does live a very frugal life. I also like to give her gifts that she wouldn't buy for herself because they are too expensive, but I know she really wants. She struggled so much in her life, and I like knowing I can provide her enjoyment or make her life a little easier. But, is there ever a point where a line should be drawn to say it's not my responsibility? Are my actions hurting her in the long run? How do I help my mother increase her income so I don't feel like its my responsibility to cover her expenses?
Friday, October 24, 2008
So what about those goals?
My last post exposed to everyone where I stand financially. This was the first time I've actually added together my student loan debt, and at the start of this blog, my net worth is tallied to -$18,723.16. Ouch. Today, I want to outline my goals to tackle increasing my net worth, and address other goals I think should be considered.
As I will be joining the work force in about a weeks time, my salary is marked for three things,
1. Savings
2. School Loan Repayment
3. Fun
and pretty much in that order. My fiances' pay is marked for household bills and savings. So, with that being said, below I set some short and long term financial goals:
Real Short Term Goals (3 month):
Financial
1. Increase cash available in savings to $12,500.
2. Roll-over: I have a non-vested pension that is doing nothing for me where it is now. Since I do not plan on returning to that field/company for future employment, there is no reason to keep it where it is. I have been dragging my feet (2 years now) about rolling it over, since I have not done the research on how and who to roll it over with. This needs to be done now!
3. Eliminate the balance on the PLUS loan that my mother is paying, balance $3,300.
4. Track monthly spending.
Other
5. The wedding planning needs to begin. We've both been dragging our feet, as neither of us are interested in planning this event. The only thing we've determined so far is that we want to have a smaller, personal gathering.
a) Determine location. This is our biggest hump. We both think if we figure out location, we will be more motivated to start on all the other plans.
b) Determine Venue
c) Find dress
d) Determine guest list
e) Find engagement ring
6. Blog- Its definately challenging to blog everyday, especially as schedules get hectic. Right now, I'm trying to log on three days a week to work on my blog. Beyond writing, the things I need to focus on are:
a) Fix the aesthetics of my blog. Right now, the header size is skewed, and I need to figure out how to resize it so its more appropriate.
b) Figure out how to add goal bars to the side of my blog to track my networth, financial and debt goals.
c) Add links to my favorite blogs.
d) Consider monetizing blog with advertisements.
Short Term Goals (6 month):
Financial
1. Increase savings to $16,500. My goals is to save $4000 every three months. After I see my progress for the first three months, I'll consider adjust this accordingly, but based on what I believe my monthly income is, I think this should be possible.
2. Once I have established $12,500 in savings, I want to open a retirement account, which I need to do alot of research prior to actually opening an account. So the steps I need to accomplish prior to having the financial goal is:
a) Research retirement options: 401k, Roth, or Roth-IRA
b) Research companies
c) Know and be confident in investment options
d) Open account, rolling over $3,000 from my savings
3. Eliminate one of my unsubsidized loans that has not been consolidated. I currently have two unsubsidized loans, the lower balance of the two is $3,556.
4. The rates from my graduate loans seem high given the current offers, and is at 6.8%. I don't think consolidating will offer any benefits, since how I understand it, the rate just gets averaged over all loans. Research other options for my educational loans. Is is possible to decrease the interest rate?
5. Analyze expenses, consider setting a budget, see where we can cut back on expenses.
Other
5. Wedding - Have everything planned in its entirety. Since I don't know everything that goes into this yet, I really don't know what to set as smaller broken up chunks.. I'll get back to this.
Right now, this list looks small, and I feel as though I should have some other substantial things to work towards. However, I think this is a good start and believe that everything stated here is reasonable and accomplishable. I plan to analyze my progress monthly, to keep me focused on accomplishing the goals outlined.
I would consider working on my blog this weekend, but I'll be away for the next for days! Yay! So you can look forward to seeing some aesthetic changes on the blog next week.
BeyondYourHorizon
As I will be joining the work force in about a weeks time, my salary is marked for three things,
1. Savings
2. School Loan Repayment
3. Fun
and pretty much in that order. My fiances' pay is marked for household bills and savings. So, with that being said, below I set some short and long term financial goals:
Real Short Term Goals (3 month):
Financial
1. Increase cash available in savings to $12,500.
2. Roll-over: I have a non-vested pension that is doing nothing for me where it is now. Since I do not plan on returning to that field/company for future employment, there is no reason to keep it where it is. I have been dragging my feet (2 years now) about rolling it over, since I have not done the research on how and who to roll it over with. This needs to be done now!
3. Eliminate the balance on the PLUS loan that my mother is paying, balance $3,300.
4. Track monthly spending.
Other
5. The wedding planning needs to begin. We've both been dragging our feet, as neither of us are interested in planning this event. The only thing we've determined so far is that we want to have a smaller, personal gathering.
a) Determine location. This is our biggest hump. We both think if we figure out location, we will be more motivated to start on all the other plans.
b) Determine Venue
c) Find dress
d) Determine guest list
e) Find engagement ring
6. Blog- Its definately challenging to blog everyday, especially as schedules get hectic. Right now, I'm trying to log on three days a week to work on my blog. Beyond writing, the things I need to focus on are:
a) Fix the aesthetics of my blog. Right now, the header size is skewed, and I need to figure out how to resize it so its more appropriate.
b) Figure out how to add goal bars to the side of my blog to track my networth, financial and debt goals.
c) Add links to my favorite blogs.
d) Consider monetizing blog with advertisements.
Short Term Goals (6 month):
Financial
1. Increase savings to $16,500. My goals is to save $4000 every three months. After I see my progress for the first three months, I'll consider adjust this accordingly, but based on what I believe my monthly income is, I think this should be possible.
2. Once I have established $12,500 in savings, I want to open a retirement account, which I need to do alot of research prior to actually opening an account. So the steps I need to accomplish prior to having the financial goal is:
a) Research retirement options: 401k, Roth, or Roth-IRA
b) Research companies
c) Know and be confident in investment options
d) Open account, rolling over $3,000 from my savings
3. Eliminate one of my unsubsidized loans that has not been consolidated. I currently have two unsubsidized loans, the lower balance of the two is $3,556.
4. The rates from my graduate loans seem high given the current offers, and is at 6.8%. I don't think consolidating will offer any benefits, since how I understand it, the rate just gets averaged over all loans. Research other options for my educational loans. Is is possible to decrease the interest rate?
5. Analyze expenses, consider setting a budget, see where we can cut back on expenses.
Other
5. Wedding - Have everything planned in its entirety. Since I don't know everything that goes into this yet, I really don't know what to set as smaller broken up chunks.. I'll get back to this.
Right now, this list looks small, and I feel as though I should have some other substantial things to work towards. However, I think this is a good start and believe that everything stated here is reasonable and accomplishable. I plan to analyze my progress monthly, to keep me focused on accomplishing the goals outlined.
I would consider working on my blog this weekend, but I'll be away for the next for days! Yay! So you can look forward to seeing some aesthetic changes on the blog next week.
BeyondYourHorizon
Saturday, October 18, 2008
Personal Finance ... Exploring the "Personal".
Of course, I would love to just jump right into stating my short and long term goals. But with the fear of burning out too quickly or being unrealistic, I will be taking baby steps to get there. Before setting financial goals, it is first necessary to understand my current financial situation. This requires being honest with myself regarding my assets, debts, incoming funds and spending. Now, I find this easier said then done, especially in a public realm. Putting myself on display to the whole world (albeit anonymously) is a little challenging, but more so because I have to honest with myself about the reality of my funds.
Since I have not yet determined how to link-in an excel file, I'm starting small with writing out my current standings. Proceeding onto baby step #1:
Assets:
Checking - $78.51
Savings - $8,634.52
Retirement - $4,966.83
Investments - $86.87
Car - $7,220.00
Total $20,986.73
Baby step #2... being honest about the debts. I fortunately have no credit card debt, as I pay off my credit card monthly. However, I have alot of educational debt ... which before today, have not totaled it up.
Debts:
School Loans (undergrad) - $16,042.05
School Loans (grad) - $20,296.00
School Loan (parent) - $3,371.84
Total $39,709.89
Since I have not yet determined how to link-in an excel file, I'm starting small with writing out my current standings. Proceeding onto baby step #1:
Assets:
Checking - $78.51
Savings - $8,634.52
Retirement - $4,966.83
Investments - $86.87
Car - $7,220.00
Total $20,986.73
Baby step #2... being honest about the debts. I fortunately have no credit card debt, as I pay off my credit card monthly. However, I have alot of educational debt ... which before today, have not totaled it up.
Debts:
School Loans (undergrad) - $16,042.05
School Loans (grad) - $20,296.00
School Loan (parent) - $3,371.84
Total $39,709.89
Ouch. The parent loan is listed up there seperately, as it is a plus loan my mother took out for me to assist me through the undergrad years. I feel that it is my responsibility to resume payments, and my goal to pay off first, which it is why I list is seperately.
I've actually recently graduated with my masters degree, and will start working in two weeks. With that said, I haven't yet estimated what my monthly income will total.
Then, like everyone else, there are fixed expenses that I am trying to currently reduce. I intend on looking at these on a monthly basis to offer insight to where our money is being spent. I know in advance that the expenditures I will be portraying will be skewed in comparison to my goals. I am responsible for maintaining all the finances in my household between my fiance and I, and will display our spending as such. However, the assets and debts are solely mine. I will talk about this most likely at a later time.
So, I welcome anyone who wants to join me on my journey and welcome any comments or advice. This blog is like my personal diary, and hope to use it to my advantage to learn more information and better my financial self.
BeyondYourHorizon
Thursday, October 16, 2008
Welcome ... To the world beyond your horizon!
Hello world.
Hello myself.
I've been a blog lurker for almost two years, and have decided that it is my time to make myself at home within this community. In this time I have found so much wonderful and inspiring information, and have also learned a great deal. However, I now think it is my time to put a plan in action and this is my attempt at becoming more accountable. I am one who likes to list my goals and see them completed over time, and think this forum will allow me to expand my goals beyond my own horizon.
So, with that being said, I'm laying out for you (and myself), plans for Beyond Your Horizon.
Main Focus: I have a passion for personal finance but definately consider myself a novice, so this will be a major focus in my writings. This includes accomplishing financial goals, financial education (especially when it comes to investing), and increasing financial stability. But this is also to include ways of saving and practicing frugality in this consumer driven world.
Other Mentionables: As with others, my interests do not strictly lie in personal finance, so you expect other parts of my life to show up on this blog. I think its easy to get so wrapped up in our daily lives, that we forget (or don't seem to have the time) to live life to the fullest. So, with that being said, a few topics that I can pre-warn you that will be found here from time to time is:
a) Life Goals - Goals beyond the financial realm. I am looking to step outside my comfort zone, and be a little adventurous.
b) Wedding Planning - As I recently am engaged, I will be discussing my thoughts on the industry, and possibly part of the planning process. I think of myself as non-typical when it comes to the bridal industry and find it not only overwhelming, but alot of it very unnecessary.
c) Hobbies - This may be sporadic, but I plan on having times of indulging in sharing best recipes, projects completed, lliving a healthier life style etc. Maybe a one a week thing.... this is pending.
Again, welcome to Beyond Your Horizon, and thanks for stopping bye!
BeyondYourHorizon
Hello myself.
I've been a blog lurker for almost two years, and have decided that it is my time to make myself at home within this community. In this time I have found so much wonderful and inspiring information, and have also learned a great deal. However, I now think it is my time to put a plan in action and this is my attempt at becoming more accountable. I am one who likes to list my goals and see them completed over time, and think this forum will allow me to expand my goals beyond my own horizon.
So, with that being said, I'm laying out for you (and myself), plans for Beyond Your Horizon.
Main Focus: I have a passion for personal finance but definately consider myself a novice, so this will be a major focus in my writings. This includes accomplishing financial goals, financial education (especially when it comes to investing), and increasing financial stability. But this is also to include ways of saving and practicing frugality in this consumer driven world.
Other Mentionables: As with others, my interests do not strictly lie in personal finance, so you expect other parts of my life to show up on this blog. I think its easy to get so wrapped up in our daily lives, that we forget (or don't seem to have the time) to live life to the fullest. So, with that being said, a few topics that I can pre-warn you that will be found here from time to time is:
a) Life Goals - Goals beyond the financial realm. I am looking to step outside my comfort zone, and be a little adventurous.
b) Wedding Planning - As I recently am engaged, I will be discussing my thoughts on the industry, and possibly part of the planning process. I think of myself as non-typical when it comes to the bridal industry and find it not only overwhelming, but alot of it very unnecessary.
c) Hobbies - This may be sporadic, but I plan on having times of indulging in sharing best recipes, projects completed, lliving a healthier life style etc. Maybe a one a week thing.... this is pending.
Again, welcome to Beyond Your Horizon, and thanks for stopping bye!
BeyondYourHorizon
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