Posts Tagged ‘Financial Planning’

So I know everyone is just itching to know how things are going – nothing has changed work-wise for me – still working the retail job and its going well, we’re getting into our busy time of year – albeit slowly – so things are cranking along well there.

Still do not have a car – ugh – and the public transportation system in our area is just forming a more and more sour taste in my mouth – they seriously need to work on getting their ish together, it is near impossible to hold onto steady riders, who also need to hold onto steady jobs, with the crud schedule they are running.

1507010_future_socialsecurity-jpg-crop-promo-xlarge2

Lastly, some good news 0 my husband was APPROVED for his disability, to the tune of $1,107.00/month, WooHoo!!! So stoked about that!  Our plan for now is to pay down the utilities and then use what we can afterwards to put toward the purchase of a vehicle. I am adamant that I DO NOT want another car payment, just gas and insurance every month.  So once tax season rolls around we’re going to put together what we’ve saved with some of our refund to pay cash for a vehicle.  We’ll also need to set aside some money for the taxes & registration.  I am hopeful we can also find someone reliable to give whatever vehicle we have considered a once over to ensure mechanical stability.

So that’s where we’re at right now!

Today it finally happened – Silver was repo’d – we’re back to square one – no vehicle – no transportation, no nothing.

We’ve been down this road before – once many years ago our Pontiac Vibe was Repo’d and we went five months without a vehicle – it was difficult and we had a very hard time finding work due to the lack of reliable transportation.  So now we’re trying to figure things out, slowly.  We’ve outlined a plan using my last two checks as a basis for the budget so we can ensure we have funds every month with some leftover for saving for a new vehicle.  We’re looking for something decent – and something we can pay cash for – last time we had a group helping us – this time we’re on our own.

I have also dictated to my husband that now we’re out of a vehicle we need to talk about replacing our washer/dryer so we can run laundry.  Ugh.

It’s become so overwhelming in the last couple of weeks – and its finally come to a head….

Wish us luck!

Ugh Ugh Ugh…

We do this time and time and time again – we overextend ourselves and we get ourselves into situations financially that we just can’t overcome…

I’ve done the math with the payments and financials for the new van and I must say I am less than pleased with where we’re at and where we’re going to be.

Here’s the breakdown using our last four (4) paychecks are the basis of our overall budget

W/E Date  Lara  Jimmy
12/21/2014  $    512.23  $    290.12
12/28/2014  $    550.68  $    307.58
1/4/2015  $    471.34  $    286.22
1/11/2015  $    490.92  $    263.42
 $ 2,025.17  $ 1,147.34
Average Weekly Pay  $    506.29  $    286.84
Combined Weekly Pay  $    793.13
Combined Monthly Pay  $ 3,172.51
Expenses: Monthly Weekly
Mortgage  $    860.14  $    215.04
Car Payment  $    538.30  $    134.58
AT&T  $      85.00  $      21.25
Progress Energy  $    125.00  $      31.25
CFPUA  $    180.00  $      45.00
Groceries  $    640.00  $    160.00
Brigades  $    240.00  $      60.00
Dinner  $    100.00  $      25.00
Jimmy’s Money  $    100.00  $      25.00
Cat & Dog Food  $    120.00  $      30.00
Gas  $    140.00  $      35.00
Planet Fitness  $      19.99  $        5.00
Hulu.com  $        7.99  $        2.00
Oster  $      57.97  $      14.49 One more Draft for Feb 2014 – Then Done
Music & Arts  $      33.80  $        8.45
State Farm  $    148.68  $      37.17
Banfield  $      24.95  $        6.24
Tate & Kirlin  $        5.00  $        1.25
 $ 3,357.51  $    856.71
Difference:  $  (185.00)  $    (63.58)
OT Hrs Needed to Break Even          (7.83)          (2.69)

In order for us to break even every month one or both of us is going to have to bust out some major overtime…I know that once the final Oster (hubby’s grooming tools paid on a 6-Month payment plan) payment is made then we’ll be better off.  What’s worrying me more than anything right now is that with everything surrounding the wreck & buying our new car has hindered our ability to make the final payment on our trial plan – here’s how it all breaks down:

Rental Car #1 = $98.83

Rental Car #2 = $675.52

Deductible/Repairs = $390.00

Down Payment on New Van = $500.00

Sum total paid out in the last month for vehicle stuff: $1,661.35 – OUCH

I have right now $860.14 due to CitiMortgage on Tuesday 01/27 and IF we want to, oh I don’t know, EAT this week and feed our furbabies + put gas in the van I can set aside all of $250.00 on this week’s paychecks…ugh…

I went to balance the checkbook this morning and discovered we were hit with overdraft fees because of piss poor financial planning on our part and hoping the rental #2 wouldn’t draft until today (it drafted on Wed) therefore causing my payment to Brigades ($40.00), the DMV ($10.00) for Jimmy’s new ID + the down payment on the van ($500.00) to cash out and overdraft our account to the tune of $105.00 (3 Fees @ $35.00/ea).  I’m not sure how I am going to pay this payment to Citi + everything else I have to pay out on next week’s paycheck – BUT OH wait Citi wants their payment on Tuesday the 27th and I am coming up $610.14 SHORT.

I can’t even schedule the payment to be delayed until the 30th (Friday) because Citi wants to ensure their funds are drafted & applied before the end of the month…so I can’t even put it on next week’s pay (Pay Date: 01.30.15) – so we’re basically SCREWED! Anyone want to generate a miracle here????

I QUIT!!!!  

Hello One & All – Its been ages since I’ve been in the post here, been super busy with work and getting ready for the Holidays!

Our Holiday season was a busy one, and one that closed out with some HUGE financials burdens being laid at our feet – seems to happen every year at that time, I don’t understand it seriously – why does something go wrong with the car at the holidays every damn year!?!?!?!? This year it was a wreck – something happened 5-Days before Christmas and I managed to hit a pole! A totally learner’s permit move, but it happened – ugh – a lady told me that my front drivers side tire didn’t turn right and thus caused me to hit a pole on that side of Bessie (aka our van) – BUT its a pole with a yield sign that EVERY single friggin’ person hits!  Frustrating as Hell!  So I have incurred for this a charge for a tow truck, $65.00, a rental car, cost TBD and a deductible on the car repairs, $250.00 + an Oil Change + a Coolant Flush, cost TBD from the dealership…ugh! And we have one more payment on our trial period for the mortgage to make on the 15th, $860.14.  Ugh someone has decided we’re bleeding money that time of year….happens every damn year and frankly I am sick & tired of it.  Curious who we pissed off in terms of the financial karma’s that has cursed us and caused us to consistently be struggling?!? We do everything we can to make things work – do everything right and inevitably we hit trouble financially ALL the DAMN TIME!

Ok so where does that leave us financially for the New Year? Well currently at a stand still until I know for sure where we are in terms of the cost of the rental car + the oil change and coolant flush from the dealership – I’m waiting on an estimate from the dealership and won’t know how much the rental will be until I turn it in – I got an estimate when I opened the contract, $90.68, but that was for only 4-Days and now I am sitting here on two+ weeks, it’s $21.00/day = roughly $294.00, then there’s taxes + fees, etc…so I am looking at about $350.00…so not happy about this!  Not sure where to go from here…

We are doing something, or more taking on a challenge of sorts – we’ve decided to join the millions doing the 52-Week Savings Challenge and keeping the funds in a jar here at work so we’re less tempted to use it, see the image here

52 Week Money Challenge

I’ve deposited the 1st Week’s Amount into this jar – if all goes well, maybe by the end of the year we’ll have a decent amount of money saved and we can use that money to start our Emergency Funds account! Or even start saving toward a vacation – we haven’t decided exactly how to use that money yet – in fact, we haven’t even discussed it…for now it’s just a matter of budgeting smart so we can make those contributions weekly.

Well enough from me – hope everyone is having a good week! I’ll try to get back in here weekly to bi-weekly to update!

New Year 20143

 

I hope beyond all hope everyone had a Great Holiday Season! Santa was good to you and yours, and that your New Year Celebrations were everything you hoped they would be!  We spent ours as per usual at home watching Transformers 3 and playing Skip Bo after I did my at home Zumba Workout!

With the New Year comes many thoughts flooding into my head about what I want our finances to look like for 2014, and I can honestly say I have lofty goals and that probably only 10% of them will be met, so here goes, I am posting them here for accountability purposes:

1.  Get Caught up on the Mortgage, we are currently behind once again, owing somewhere around $2,400.00 with another month being due posting 01/15/14…so this is Goal #1.  I haven’t completely figured out yet how we are going to catch up on this – for now I have built into the budget a weekly payment of $225.26 to at least cover the current month.

2.  Get Caught up and PayOff the car loan, we are currently behind once again, owing somewhere around $504.00 with another month being due posting 01/06/14…so again Goal #2 here.  And again I haven’t figured out how to catch up on this until tax time when I plan on using the tax refund to pay the back due balance and then as much as we can towards paying off the loan.  According to my math we owe something like $2,600.00 so I feel this is completely doable! Once the car is paid off we’re going to hold onto it for another year until we receive our refund in 2015 in hopes that without the car payment we can be more consistent with making our mortgage/utility payments.

3.  Get Caught Up on All Utilities! – We are once again behind on both the water and electric bills to the tune of about $400.00, so my ultimate goal here is to pay them off – I have worked again into the budget a weekly allotment to pay once utility something every week until tax time when I can zero them out – on the other side of this however is finding ways to lower said utility bills which may be semi-difficult, we’ll see!

4.  Build an Emergency Fund – Be it the monies we have left over at the end of each week, or we find a way to build with separate savings, this is a Necessity to prevent car repairs coming from our general funds – even if I have to split up what’s left in our checking account two ways every week I will find a way to do this!

5.  Start a Christmas 2014 Savings Fund – This will be for our travel and purchase of gifts for next Christmas! I so did NOT like being home alone this year – while our Christmas was nice & quiet with just the four of us, I still prefer the chaos and family time in Maryland! Call me crazy but that’s the way of it…to do this I have built into the budget each week a small amount of money to deposit into our savings account to help fund this account!

So that is the main list of 2014 Financial Goals – while I’d also love to find a way to fund a small vacation for all four of us, I just don’t see that happening right now – it just isn’t in the books.  I said something a couple of weeks ago that if anyone wanted to nominate us for one the Ellen Show “Surprises” I wouldn’t be offended – ugh I would so love some sort of miracle to come into our lives to help us out here!

So what are your 2014 Financial Goals?

Roadsigns for Financial Goals

You know it seems to me that every time I think we’re ok, we get pushed behind…now that’s not to say that we’re 100% behind the eight ball so to speak here, it’s just that we were cruising along ok for awhile, then we get benefits through my husband’s employer and while we’re happy about that, it would be immensely helpful to have that money in our budget each week – I try to deflect by keeping up with the overtime, but that’ll only truly last us through the end of June if we’re lucky then it’ll die down over the summer and pick back up again in the fall die down at Christmas and pick up again in the spring – it’s cyclical with the outage seasons.  That being the case, we have to try and get ahead while we’re getting that extra money, and maintain during the down times, while rough it’s doable.  I just keep telling myself this, that’s what keeps me rolling, that and the possibility of building up the EF Accounts.  With that said I think what we’ve decided to do for now is the take the $115 cash we have and dump it into the Merrill Account – I am going to speak with my previous employer, who is a financial planner, and see if he can make some suggestions on diversifying that money so it begins to make money, instead of staying parked at just Cash.

This weeks budget has me on edge – I am not pleased whatsoever with it, nor am I happy that so much seems to be going out all at once – the car payment you’ll notice is missing, why? Well we’re still holding onto hope that we’ll be able to purchase something new at the start of next month, if not the the funds we have sitting for a down payment will be used to pay the car payment and then we’ll re-organize to rebuild that money back up in hopes we can maybe hold off for awhile and pay down more on our current loan before trying again later this year (that is if the car we have lasts that long…we shall see)…right now it all hinges on Citi’s Decision which we have yet to get…ha that rhymed…I have to follow-up with them today.

Alright so here we go, the budget this week:

 $165.72 Remaining from W/E 04/28/13  $538.89 Lara W/E 05/12/13 Salary
 $51.00 Amt. Spent  $229.50 Jimmy W/E 05/12/13 Salary
 $114.72 Avail. Starting  $768.39
 $8.58 Wal-Mart  $114.72 Avail. Starting
 $7.49 Amazon.com  $768.39 Total Pay
 $6.40 McDonalds  $883.11 Avail. For Bills
 $5.10 WilcoHess
 $5.00 To Ashley’s Savings
 $4.68 KTC
 $6.11 Target
 $3.05 Target
 $4.59 Rite Aid
 $51.00

Ok again first the line-item break down:

 $883.11
 $20.00 DB Plumbing
 $863.11
 $70.00 Brigades Boys & Girls Club
 $793.11
 $5.00 OT Solutions
 $788.11
 $17.00 Savings for Car
 $771.11
 $7.99 Hulu.com, 04/21 Auto-Draft
 $763.12
 $5.00 WHA, 5/22 Auto-Draft
 $758.12
 $5.00 LCA, 5/22 Auto-Draft
 $753.12
 $21.39 Blockbuster, 5/23 Auto-Draft
 $731.73
 $170.00 Groceries
 $561.73
 $ 40.00 Gas
 $521.73
 $25.00 Cat & Dog Food
 $496.73
 $25.00 Jimmy’s Money
 $471.73
 $25.00  Dinner, 5/10
 $446.73
 $90.00  Progress Energy
 $356.73
 $275.00  Citi
 $ 81.73  $81.73
7%  $5.72
 $5.72  $76.01

And now with the lump sum cash withdrawal that seems to be staying pretty consistent week to week – can you tell we’re not doing much in the way of shopping, or other items…that’ll change soon though – the kids will need their summer wardrobes amped up before Summer Camp…that’ll mean shorts, t-shirt, and flip flops for when they are home…should be fun right?

 $883.11
 $20.00 DB Plumbing
 $863.11
 $70.00 Brigades Boys & Girls Club
 $793.11
 $5.00 OT Solutions
 $788.11
 $17.00 Savings for Car
 $771.11
 $7.99 Hulu.com
 $763.12
 $5.00 WHA, 5/22 Auto-Draft
 $758.12
 $5.00 LCA, 5/22 Auto-Draft
 $753.12
 $21.39 Blockbuster, 5/23 Auto-Draft
 $731.73
 $300.00 Cash for Week
 $431.73
 $90.00 Progress Energy
 $341.73
 $275.00 Citi-Mortgage
 $66.73
 $5.72 Merrill Acct
 $61.01

So there we go! The budget for the week!  No real words of wisdom, but some good news – I’ve been asked to Guest Blog on finance for the Adult Rated Blog, and I am totally stoked about that! Can’t wait to do this – has me feeling very flattered!

So enjoy your Weeks and we shall return next week! In the mean time I am going to finish my work day, take the kiddos for our pizza dinner tonight and go hang at the beach tomorrow!

Anyone have any exciting Weekend Plans?