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

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

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