I just can't say NO...

/sigh

So this month has been really great financially. I took time to prepare a budget, I figured out ways to maximize the amount of debt I'd be able to pay off for the month and organized all the funds so that I am using each of my three debits cards for a specific purpose ("fun money", bill pay & groceries/gas). 

Unfortunately, I made the mistake of depositing money into a previously unused checking account...one that happens to a be a joint account with my dad. 

My dad recently received a traffic ticket. He got caught "California rolling" through an intersection equipped with cameras, and now has to pay for a $381 ticket + the cost of traffic school. When I called him earlier today to confirm that he received my transfer for my share of our cruise, he mentioned this ticket, and asked if he could use the remaining $ in my account to pay for his ticket and traffic school. And of course, I said yes. He's my dad! Besides, I've never been able to say no to him, ever. 

So now, I have to rework my budget for the month, to account for the missing $300 gas & grocery funds. I don't mind helping my dad out, it's just tough I'm so financially strapped myself. The BF is completely annoyed b/c he feels as if I'm bailing my father out of a mess that he should be responsible for.../sigh 

so I just signed up for mint.com

and i'm overwhelmed...in a good way =)

Mint is A.MA.ZING.

I'm currently uploading all my account information, and I have to admit, that it's a bit discouraging to see all my debt in one area....but at the same time, it's extremely motivating!

The goal (and I'm not sure how feasible this is) is to have all consumer debt paid off by December 2009, when I turn 27. More details on this plan will be posted once I fully assess my current employment situation.

Regardless, this website will be a great resource for completing this challenge

I'm really making an effort to track exactly where all my money is going! That way, I can accurately revise my budget and will know what to cut out!

Also, here is a list of my goals for August :

• Work on Budget. Figure out what can be cut. Keep an extra eye on grocery costs.
• Track every $ spent
  
• Revise savings goals.
  
• Pay off $1k of debt. Debt snowball begins this month!
  
• Work on resume
• Renew Alumni Association membership, so that I can make an appointment with the career counselor
• Think about current job situation. Talk to employer about changes that may need to be made
• Keep an eye out for bigger and better opportunities. When one arises, act on it!
  
• Consider a PT job?
• Attend workshops such as "how to ace an interview"
• Rethink retirement options
• Begin taking classes that will help me acquire more job skills and make myself more marketable (Photoshop, InDesign, etc.)
• Resume GRE prep
  

3 days late ...

but here is my PROPOSED August Budget

Rent 450
Utilities 50
Cell Phone 100
Laptop payment 200
Gas 150
Groceries 150
Fun Money 160
Savings 200
Credit Cards 800

TOTAL 2260

I'll try to see if I can move some #s around and hopefully have them work in favor of paying off more debt. My student loan is not included b/c it has already been accounted for this month.

what's four cents?

Last night while running errands with the BF, we stopped by the gas station to fill up my car. As I started pumping the gas, I noticed that gas was a little more expensive than I remember it being (but still far less than it had been a few weeks ago! I'm very thankful for that!) I realized that we were at a different gas station than the one we used earlier (for his car) so I asked him how much gas was there...turns out it was 4 cents cheaper. Rather than fill the whole tank up, I actually stopped 3 gallons in. I don't plan on using the car until Monday morning and I can stop by before work, especially since that station is on the way. Or I can wait until Monday afternoon, and gas up at Costco for even less.

Was it worth it to wait to save 4cents/gallon?

Efund vs Credit Card Debt

For those who are unaware, I am 25 years old and currently have ~$14k in credit card debt. Can you believe it? Neither can I. Never in my life have I been this deep into debt. Combine this with ~$25k in student loans (and mayhaps even more once I get into graduate school) and it's easy to see why I have a - net worth.

The silver lining of all this is that I have ~$9k in my Efund. Clearly I have spent more time saving money than paying off debt, and that's not alway a decision I am proud of.

Sooo. Should I take money out of Efund and use it towards paying down debt? Should I just stop putting money into the Efund and aggressively tackle the debt? Should I try to find a balance between both?

bleary eyed

6am on a Saturday morning, and I'm not sleeping in (or at least longer than I normally do during the week)? eesh!

I'm currently getting ready to head out for a FREE Photoshop workshop. It is through the community college district and it is a prereq for the Interactive Multimedia Certification program that I am currently on the wait list for. Yes. I'm trying to get certified. I've dabbled with Photoshop in the past, but I'd like to know enough to be able to list it on the resume and not feel like I was lying. I need to acquire new job skills and make myself more marketable for future employers right? I shouldn't just sit around and complain that no one has responded to my resume. I need to get out and make things happen!

Anyways, I gotta hurry or I'll be late. Punctuality is a good trait, right? haha.

whoohoo!

I was checking my Wamu online statements tonight and realized that the APY for my Wamu online savings account has increased by .45%! That's great! That prompted me to check both Emigrant Direct (o.25% increase) and ING Direct (no increase, but that's ok b/c it has the least amount of savings in it. To be honest, I opened that account simply for the sign up bonus. I am not that impressed by the "subaccount" feature and will most likely keep the majority of my savings with Wamu and Emigrant).

That being said, now this has caused me to reconsider my options. Next year, I am planning on going on a cruise to the Britsh Isles with my family. This is going to be such a steal, b/c our family friend works with a cruise ship, and get us an Ocean view cabin for a little under $300/person. 10 days, $300. Sweet! So basically I am just saving to cover the cost of airfare + spending $. I was planning on securing some cash in an 8 month Wamu CD. The last time I checked, the rates were 4.25% with a minimum deposit of $1000. Easy peasy. I don't locking my money up, b/c I figure that the exchange rate will probably NOT be in my favor (as I learned when I studied abroad 3 years ago). Might as well let interest collect on until I'm ready to use it!

Should I wait to see if the CD APY will increase as well?

I will ponder that over dinner (the BF and I are going to try this amazing Beachside seafood restaurant, but don't worry...it's his treat!). Perhaps I'll even check the rates when I get back!

Have a g'night, to all of my phantom (read: non-existent) readers.

not living within my means

a year ago, i was very serious about getting myself of debt (not that I'm fooling around NOW but I had a better sense of what I could and could not afford). I budgeted every last cent for up to nearly a year ahead of time1 I was two years out of college, at my first serious job (note I don't refer to my place of employment as a career, b/c I now know that I can no longer consider staying in this field for many years to come), and set to clear out my last $4k of (consumer) debt by April 2008.

It is now August 2008, and I've moved so far in the opposite direction, I want to pull my hair out and scream. I am now ~$14k in consumer debt, and what do I have to show for it? Clothes? Shoes? a laptop (which isn't even charged on my own CC, so that's another $2k in debt to my mother!)? I make approximately $10k more than I did last year, and this is what I have to show for it? Although, to be fair, I was laid off for awhile earlier this year, and was given a severance package that was pretty much equivalent to 1.5 weeks pay. Can you believe that? And unemployment benefits took so long to kick in, I was already employed again (by the same employer...long story)! So, that does account for a lot. Plus the rising costs of gas and food surely has an effect, right?

Hardcore budgeting begins right now! It may take me a few days to figure out what I'm going to do, but my budget will be up ASAP. I'm going over my 2007 budget and attempting to figure out what changed.

One of my roomies moved out but that only accounts for an additional $30 in rent (I live in So Cal and pay ridiculously cheap rent to my "landlord" aka the BF's father).

Utility costs are roughly the same. The cell phone bill is slightly higher, due to the fact that I added my mother to my family plan.

The cost of food has definitely gone up, even without the fact that I know live with a BF and dog, and haven't really taken the time to figure out how much I exactly need to budget for food.

Ah...the BF. he was not around last year, so obviously $ goes towards gifts, going out, etc.

Shopping...i avoided it for so long, and now it's my kryptonite!

Time to work on the budget. eesh.

end of the month

and i've spent FAR more than I had anticipated in July. This was mostly due to frivolous spending (some items are pending return).

All I can do from this point on is focus on the future, right?

I'm currently working on my August budget & goals and I hope to have that posted by tomorrow.

G'nite!

didja feel that?

I couldn't believe that I felt the quake more than 100 miles away! I was somewhat worried about my family back home, since the quake was centered about 5 miles away from them, and the phone lines were all clogged up. But all is well, and my Dad even thought to ask me whether or not I paid the Chevron bill for the month....which of course leads me to my NEXT topic.

I may have a tendency to rack up debt, but I am extremely diligent with making payments on time. At times, I may be swimming in debt, but I always make efforts to pay off the most I can for each biling cycle. My father is the complete opposite. He is notorious for making the mere minimum payments, usually right before the statement is due (sometimes even on the day it's due).

Long story short, my father has added me as an authorized user on his Chevron account. We stopped using the card months ago, but with minimum payments on a card that accrues 22 % interest, it's difficult to get yourself out of the hole. Turns out that we are over our limit by $40! I don't take care of payments on this card, as I haven't used the gas card in over a year, but I found this information out when I was calling around to get my APRs lowered. Apparently it's been over limit for at least two months, but thankfully they have not reported it to the credit agencies. Of course, this freaked me out, b/c I don't want this affecting MY credit history. So I made a withdrawal from my EFund to cover a large chunk of the balance.

Should I take myself off as an authorized user? Would it matter whether or not the balance was paid off in full when I do so?

Wow...that was easier than I thought it would be!

I finally got over my fear and contacted all my credit card companies today...and you know what? The process wasn't as bad as I thought it would be!

Citibank
My previous APR for this account was a whopping 18.9%! It used to be considerably lower than this, but I received a letter in the mail explaining that they were raising the APR. Of course, I used this to my advantage. I was slightly nervous, as this was my first call. As I listened to the hold music, I must have re-read all the information on "how to lower your APR" 3 times! When i finally spoke to them, I explained that I was trying to pay off the balance on my account and noticed that the APR had gone up. I told the representative that I had been offered a desirable APR to transfer my account to another company, but would prefer to stay with Citibank if it was at all possible. She checked my account, informed me that I was in good standing with them and lowered my APR to 15.4%. Not as low as I would have liked it to be, but hey it's a start!

American Express
Spoke to someone there, gave them the same story. Looked at my account, lowered it from 14.99% to 12.99%. Sweet.

Nordstrom
I decided that I was totally brave and contacted Nordies. Being that I had the store credit card, and not the Visa, I felt that it might be a lost cause. Store credit card APRs are notoriously high. But I figured that I would try. The worst they'd say was NO, right? And I wouldn't be worse off. Besides, after my Nordies Anniversary sale binge over the past weekend, I needed to do what I could to lower costs! Turns out that calling Nordies was the best decision ever. They lowered my 21.9% APR to 11.99%! Woohoo!

Best Buy
After the longest time spent holding (over 20 mins), I was politely informed that they were not negotiating APRs for any customers at this time. Oh well!

Wells Fargo
Turns out my APR was lower than I thought it was (11.99%). I was on the fence about calling them (how much lower would they be willing to go?) However, they did lower it to 7.9%! AND they informed me that I was eligible for an credit increase ($3000ish more than my previous limit). Don't worry though, i don't intend on taking advantage of it. It's just to keep my balance to limit ratio somewhat low!

I feel super accomplished today. Tomorrow I'll try tackling my Chevron card (actually it's a joit account with my Dad. To be honest, I'd like to take my name off that account, as I don't ever use the card and don't want the debt to be associated with me. How would that affect my credit score?).

At some point this week...

I should get around to telling a short little background story as to why I am in the situation I am today.

My primary goals at the moment is to calculate just how much I am in debt (specifically to credit card companies) and then figure out what the debt ratio is, prioritize them in order of interest rate and most importantly, contact these companies and see what I can do about negotiating a lower APR....

I'd be lying if I said I wasn't nervous. I am actually not sure what I should tell them. Alright, I must formulate some plan of attack. The worst they can do is say no...eek.

The madness must stop

As you may have guessed by the previous post, I was a slave to fashion this weekend. Way too much money was spent towards clothing, shoes and other various accessories, all in the name of Nordstrom's Anniversary Sale.

And for what? All in the name of getting Nordstrom Rewards certificates. Stupid double rewards points weekend! I'm such a sucker. I totally fell into the trap of NEEDING to charge items, simply to qualify for my measly $20 worth of certificates. Nearly $1000 spent, for $20 back? I am clearly out of my mind, and will need to get off my personal finance soap box.

I spend countless hours every week, balancing out my budget, and just trying to make the money stretch between paychecks.

A lot of time will have to be spent evaluating my spending habits. I can't do anything about this weekend (well realistically, I could return stuff...but we all know that my love for quality items + my recent 30 pound weight loss will prevent me from doing so), so change is going to happen from this point forward!

First things first...give the BF my credit cards to hide...and stick to it! I did this a few months ago, and managed to get quite a bit of my debt down. Obviously I somehow managed to convince him to give them back...hmm. OK scratch that. First things first, give the BF my credit cards and make him promise not to be such a pushover about it!

Financial To Do List for this week :

• Hide CC
  
• Calculate amount of CC Debt =(
• Contact at least 2 CC companies and try to get APR lowered!
• Set monthly debt reduction goals
  

in desperate need of an intervention...

Nordstrom is having their Anniversary Sale. Oh dear God. Someone help me. Someone please take away my credit cards...and make sure that all Nordies staff get the memo that I am NOT allowed to look up my account information!

I've been reading PF blogs for quite some time now, and even started this blog awhile ago...but I never posted b/c I never felt like I NEEDED to. I'm been really strict with myself....there's been no shopping or extravagant spending. Why reach out for help when I was perfectly fine?

Then friends started linking me to items on sales at Nordies...they started inviting me to go shop with them. Hello?!?! Linking me to items on sale, items that I've been obsessing over for MONTHS...that's just CRUEL! It's like waving a plateful of FRESH BAKED chocolate cookies in front of someone on a diet....imagining what would my feet would look like in those AMAZING black patent flats with the silver buckle...i could practically smell the chocolate.

I caved. 6 pairs of shoes, five shirts, 4 coats/sweaters, 1 pair of shorts and a Marc Jacobs tote later, and now my shopping hiatus has turned into a fullout shopping binge..And the weekend (not to mention the sales) is far from over. One pair of Gucci sunglasses and a Marc Jacobs wallet are still calling out to me!

/sigh

I'm in desperate need of shopping REHAB.