Tuesday, August 3, 2010

Money Honey

So part of this blogging experience for me is going to be writing about my finances and how I am working on improving them. So to start I will list all my accounts and debts. I work with two banks but use Wells Fargo as my primary, the second bank is a Credit Union in my hometown. I try to through some extra money when I have it just because.
Credit Union
Credit Card-$1165.71 12.5%

I am planning on rolling my IRA over to a another bank and get back on track with putting money in it regularly.
Wells Fargo
Emergency Fund-$50
5 Dollars a Day Fund-$105**
Joint account with boyfriend- $0
Credit Card-$1155.62

I just opened the Joint account with my boyfriend Monday and they are processing everything so that money should show up by the end of the week and I will update it. We still need to get together and make some goals for this account and figure out what we want to save for.
The 5 dollars a day account is something new I am trying after reading this post at the Simple Dollar http://www.thesimpledollar.com/2006/12/27/a-financial-plan-for-2007-the-abraham-lincoln-plan/.
Today is pay day and I got a windfall of $400 dollars that I will be putting in the bank tomorrow so my checking will go back up and so will my savings. I will update on that later.
I want to learn how to put sidebars on my blog, with my saving accounts and credit cards so I can see the savings go up and the debt go down.
I am also going to be rolling all my change which should add up to a pretty penny and be throwing it all at my credit card debts.
So there is a book that I have been reading, The Millionaire Next Door, http://www.amazon.com/Millionaire-Next-Door-Thomas-Stanley/dp/0671015206/ref=sr_1_1?s=books&ie=UTF8&qid=1280855952&sr=1-1, and it is so interesting. It is all about how people who look like average Americans are really the ones who can be classified as millionaires because they live below there means and the people who drive fancy cars and where expensive clothes usually do not have any money. Right now it is talking about how most millionaires have goals and know what they are saving for and how they want to get there. So that is on my to-do list.
I am currently a waitress and a student. I love being a waitress because getting cold hard cash every day lets me utilize the envelope budgeting system. In the accounts listed above they all get funded with my paycheck, and I try to live day to day with my envelope budgeting. The savings accounts and credit cards are all on automatic payments and I am working on fine tuning all of the above and will give more details on that later. So in my envelopes I have :
A 5 dollar a day fund-I started this one and decided that I needed to have one in the bank too. So far I have $305. I think I want to get it to $800 or maybe $1,000 dollars and then I will stop funding this one. Do you think $800-$1,000 is too much to have in the house?
Hair-$7 I just got my hair done last week ($150) so I am starting over. I really love having my hair done so this is something that I know I could cut back on and save money but if I save a couple bucks a day in there I can afford it.
Nails-$7 Just got these done too. Every two weeks I spend $25 getting them done.
Buckle-$47 I LOVE this store, but wow it is so expensive. So I have promised to stay out of there until I have enough money saved.
Makeup-$37- I have super sensitive skin and have to wear a special makeup that is expensive. So slowly but surely I save up for it.

This was all my savings goals until last week when I added a whole bunch more envelopes. The above envelopes get a couple extra $1 or whatever I have extra every day. The following get funded whenever no real system yet.
Nail School-I will discuss this later in detail. But in nut shell I would like to have a side job that I can earn some extra money with a flexible schedule and nail school was calling my name.
Bob Berg-This is a jewelry designer and I am lusting after a bracelet for about $600
Medical Fund-You never know when a hospital visit will arrive! I am starting with a envelope savings system but will eventually move it to a bank when I do some more research and see where the best place for it will be.
New Place-For right now the BF and I don't live together but it is going to happen in the near future.
Elliptical-I want a really nice one that folds up and is light so I can take it out and do an hour while watching T.V. and put it back so it does not have to become part of the room decor.
New Car-This should probably be among my more serious saving accounts but I need to get my credit cards paid off first and then I will re prioritize my savings.
Lunch w/ the Ladies-Every couple weeks me and a couple girlfriends meet up for lunch to catch up. So I put a couple bucks away for it every day and lunch is paid for!!
Car Wash-
Taking good care of your car makes it last longer so I try to wash it. I always use a coupon ( I am on the VIP list and get specials and coupons sent to me) and if I throw a couple bucks in there randomly by the time my coupon comes my car wash is funded.
Vacation-One day...
Date Night-Just started this Yesterday! BF treated me to an AMAZING date night so I figured I should pay him back. So when this gets built up I will do just that.
CD Savings-I am still learning about CD's and investing in them so after some more research I will put this in the CD of choice and watch it grow.

WOW!! This is a long ass post. I hate long posts on blogs too :) After looking this over I realized maybe I took the envelope budgeting/saving too far. Hmmm....What do you think?


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