Dirty Laundry

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DJFlare99
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Re: Dirty Laundry

Postby DJFlare99 » Mon Sep 04, 2017 2:20 pm

I think that's just how your brain works. Nothing wrong with that. You just work better goal oriented style.

I'm the opposite. I don't have any specific savings category. I only have a general savings fund. I don't have any specific thing I'm saving for, except for financial freedom. It's nice to know if I ever wanted to do something, like take a vacation, I have enough saved.

FunSpeedAhead
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Re: Dirty Laundry

Postby FunSpeedAhead » Tue Sep 05, 2017 3:32 pm

Wanted to chime in on your thoughts about general savings categories as I am one of those people.

When I decided I needed to get serious about a budget, I signed up for Mint and ran reports, bought YNAB and created a budget, read some books and articles. I joined here too. 8)

I was able to go back a few years and see where my money was spent. Every year, I was spending money to repair or maintain my car(s).; The boys were having birthday parties. (Bdays are only 4 days apart. Luck, not planning.); We were taking vacation/visiting family on the East Coast.

I averaged what I was spending on these recurring expenses per year and started putting money away every month so that I could meet those goals. It is that simple.

I view these "accounts" as a type of secondary EF. The car maintenance fund is indeed an EF. But, if something bad was to happen, we could skip a vacation and use those funds for an emergency. And, if things *really* got bad, well, no bday parties for the boys.

Maybe my life is too boring. I know these things will probably happen and I plan for them to happen. |-)

LMoot
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Re: Dirty Laundry

Postby LMoot » Fri Sep 08, 2017 4:58 am

DJFlare99 I think you just shed some light. While I am saving for financial freedom, it is indirectly; I am saving to purchase physical tools to help me get to financial freedom...in my case, rental properties, so it makes sense why my focus is more on the tangible things I'm saving for. Financial Freedom is the eventual goal, but it's not the short term goal I am focused on.

FunSpeedAhead That sounds like a reasonable method. It sounds like your focus is on budgeting. Budgeting is something I have always personally struggled with (and honestly, stubbornly rebelled against). I have a general idea of what I will spend as a gift for a certain occasion or person, and then I just absorb the impact after the fact. fortunately I don't tend to go overboard, though I've had to cut back on monetary gifts to family, because ironically that was harder to quantify...and I always ended up giving away more cash than I would spend on a gift for a certain person.

WEEKLY UPDATE:

Spent more money this month due to prep for Hurricane Irma. Despite needing to get cash out (in case of loss of electricity....I live in central/coastal-ish FL), I was still able to meet savings goal for this week, due to the overtime I've worked. Future saving will probably be impacted by the extra spending this month. OT for FT job was cancelled this week (and probably next week) due to Irma, plus the zoo will be closed for the next several days as they prepare the zoo and shelter the animals for the storm. So I've spent more, and won't be earning as much, this month.

On to the numbers: Sent $500 to USAA cc1, 75% complete.


Credit Score: 638-643


6000/8000, USAA cc1, complete Oct 2017 (75% complete) (due April 2018)
0/5000, Cap 1, complete Jan 2018 (due June 2018)
0/1000, HD, complete Feb 2018 (due July 2018)
0/3000, Cap 1, complete April 2018 (due Aug 2018)
0/7000, Citi, complete July (due Aug 2018)
0/1000, HD, complete July (due Aug 2018)
0/6000, USAA cc2, complete and due Sept 2018
0/1000, HD, Jan 2019
0/2000, HD, Aug 2019
0/25,000, DP investment property, TBD

10,000/10,000 Amex, Oct 2017 (DONE)
10,000/10,000 EFund (DONE)


TOTAL SAVINGS $26,000

green = DONE/ grey = in queue/ red = actively saving

jdmartin
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Re: Dirty Laundry

Postby jdmartin » Thu Sep 14, 2017 8:04 am

So LMoot, did the hurricane get you at all?
"Money is better than poverty, for financial reasons" - Woody Allen

LMoot
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Re: Dirty Laundry

Postby LMoot » Fri Sep 15, 2017 10:18 am

We survived jdmartin! Thanks for checking up.

Nothing to report this week. No paycheck from zoo due to not being scheduled for 2 wks in a row (rarity), due to Irma, so no savings. No damage on my end, just lots of clean-up.

Only change, credit score went up by 1 point. woohoo.

Credit Score: 638-644

jdmartin
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Re: Dirty Laundry

Postby jdmartin » Mon Sep 18, 2017 7:20 pm

I hope Maria doesn't get you! How did the animals make out?
"Money is better than poverty, for financial reasons" - Woody Allen

LMoot
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Re: Dirty Laundry

Postby LMoot » Wed Sep 20, 2017 11:39 am

^ It looks like we' re clear so far! Everyone came out good.

Except my best friend...which brings me to this week's update. She didn't come out so well from Irma. A large tree fell on their house, knocking a hole into their roof, and collapsing part of the 2nd floor, causing leaks all the way down to the 1st floor, and the entire house is unliveable at the moment. She, her husband, and her 2 children (under the age of 3) have been bouncing between family member's homes, and the occasional hotel room. She put on a brave face that everything was fine but when I prodded, she broke. She said she is exhausted (had to take 2 year old out of daycare) so now has to split attention, by herself, between two babies, the insurance deductible is more than they can afford right now, they've maxed out their credit cards and cash since the birth of her youngest and the start of her husband's business; husband's business is going through a seasonal (hopefully temporary) slow down at the worst possible time. They are pretty frugal, live in the husband's house he's owned for about 20 years, but are a family with 2 young children, and she has been a SAH mom for several years now, so only one income. Quietly, she admitted they can't even afford groceries right now. And the sound of shame in her voice just killed me.

So I wrote a $2000 check and mailed it, along with some grocery store and toys r us gift cards as gifts for the kids. Then called her and told her I sent it, and pay me back when she can. I know she needed it because she could barely say thank you between the sobbing. I am writing it off as a gift in my mind, but I know they are good for it. They've always been in a good place, but are just going through it now. I took it from the $10k efund, and I consider this a family emergency. I'll just work more overtime to replenish it. I know the standard rule is don't lend money to friends or family, but we've been through alot and done alot for eachother in the 26 years we've been friends, and there was and is no hesitation on my part. She has never asked me for money (and wouldn't, which is why I sent it without offering first). I still have $8k left in the efund, and am more confident in my work situation. Working the max OT, I should have it replenished and be able to meet my other savings goals, within 3 months. It will work more for her and her family, than it would sitting in the bank earning me 1.4%.

So this means my efund is down to 80% complete, and has been moved up in priority. The timeline to get it back to 100% is simply ASAP.

8,000/10,000 EFund (80% complete)
6000/8000, USAA cc1, complete Oct 2017 (75% complete) (due April 2018) PAUSED
0/5000, Cap 1, complete Jan 2018 (due June 2018)
0/1000, HD, complete Feb 2018 (due July 2018)
0/3000, Cap 1, complete April 2018 (due Aug 2018)
0/7000, Citi, complete July (due Aug 2018)
0/1000, HD, complete July (due Aug 2018)
0/6000, USAA cc2, complete and due Sept 2018
0/1000, HD, Jan 2019
0/2000, HD, Aug 2019
0/25,000, DP investment property, TBD

10,000/10,000 Amex, Oct 2017 (DONE)


TOTAL SAVINGS $24,000

green = DONE/ grey = in queue/ red = actively saving[/quote]
Last edited by LMoot on Fri Sep 22, 2017 1:19 am, edited 2 times in total.

jdmartin
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Re: Dirty Laundry

Postby jdmartin » Wed Sep 20, 2017 8:36 pm

That was a very kind thing you did, LMoot. That's one of the advantages of being financially independent/secure: you have options. Being able to provide charity without going broke yourself is one of those advantages.

You are right to consider it a gift, as there is a reasonable chance you will never see the money again. The unfortunate thing in that is that you may learn more about your friend than you cared to know. On the other hand, it might be a cheap investment.
"Money is better than poverty, for financial reasons" - Woody Allen

LMoot
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Re: Dirty Laundry

Postby LMoot » Fri Sep 22, 2017 1:49 am

^ Thanks jdmartin. I have never lent or given so much to anyone before, but felt no hesitation or regret. They are both extremely prideful people (that's how I knew it was bad when she made the grocery store comment). Anyway, she received the check, and she and her husband are keeping it as a last resort until the insurance pay-outs and everything gets settled, in the hopes they won't have to use it. They got the trees off the house and were able to bill insurance directly so they may be able to move back in while repairs are made.

WEEKLY UPDATE

My final AMEX bill ended up being $11,900 ($1900 over my projected balance of $10,000). I took $1000 from USAA 1 savings, and absorbed the difference of $900 from checking, meaning that for the next couple weeks I will not be able to save. And to compound things, I wasn't scheduled at the zoo for 2 weekends in a row (which means I didn't get a paycheck last week.

But let me focus on the this: I JUST PAID OFF $11,900 OF DEBT! I won't have that $100 minimum to pay anymore, and my current spending will be paid off each month (instead of rolled into a 0% card...the Amex), which means my debt will continue to steadily decrease by several hundred dollars per month, with no adding of debt. I can't wait to see what my score does. It's been in the dumps lately, which put me in the dumps, and I need some lifting, both in score and spirit.

True to my methods, I couldn't stand having a partially funded bucket floating around while I addressed my reduced efund, so I went ahead and replenished the efund by taking $2k from USAA. Poor USAA cc1 has been getting picked on this month. First it got shook down for $1000 to Amex, now it's getting raided for the $2000 "Irma's a bitch" check....that's the actual reason I wrote on the check. So it's down from $6k, to $3k. Total savings is halved to $13,000.

Credit Score: 637-643

3000/8000, USAA cc1, complete Nov 2017 (38% complete) (due April 2018)
0/5000, Cap 1, complete Jan 2018 (due June 2018)
0/1000, HD, complete Feb 2018 (due July 2018)
0/3000, Cap 1, complete April 2018 (due Aug 2018)
0/7000, Citi, complete July (due Aug 2018)
0/1000, HD, complete July (due Aug 2018)
0/6000, USAA cc2, complete and due Sept 2018
0/1000, HD, Jan 2019
0/2000, HD, Aug 2019
0/25,000, DP investment property, TBD

10,000/10,000 EFund (DONE)

TOTAL SAVINGS $13,000

green = DONE/ grey = in queue/ red = actively saving

LMoot
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Re: Dirty Laundry

Postby LMoot » Fri Sep 29, 2017 3:16 am

Nothing to update really. Like predicted I won't be able to add to savings until at least next Fri. I will likely not be able to add an extra $500 from the 1st paycheck of the month (making a total of $1000) anymore...as now I need to pay my Amex bill in full each month; this is why I like using 0% credit cards....even though it's earmarked for future payment, I love being able to put that money into savings to earn interest, and just pay the min at a fraction of the bill. For example...instead of my min payment of $100-something, my next Amex bill is going to be around $1400. I had a $400 vet bill, and $250 in gifts/atypical expenses so I expect it to be less than $1000 most months. Other than for gas, I charge to/bill from my Amex, for most of my monthly expenses. #1 rule of using credit cards....DO NOT SPEND CREDIT AND CASH. I always spend credit and save cash.

Next cc due will be USAA in April of 2018, but I need to save that up way ahead of schedule (even if I won't actually pay it off until it's due), so I can start saving for all of the other due dates coming right behind it, practically every month of summer, into fall. Even though I just paid off a whopping debt ($12,000), I hate seeing my savings below $20k...especially since it was almost to $30k. Oh well, it's not for naught.

Smurfette
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Re: Dirty Laundry

Postby Smurfette » Sun Oct 01, 2017 1:10 pm

That was so generous to help your friend out the way you did. So kind of you!
"A goal for every dollar and a dollar for every goal."

jdmartin
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Re: Dirty Laundry

Postby jdmartin » Mon Oct 02, 2017 12:13 pm

LMoot wrote:Nothing to update really. Like predicted I won't be able to add to savings until at least next Fri. I will likely not be able to add an extra $500 from the 1st paycheck of the month (making a total of $1000) anymore...as now I need to pay my Amex bill in full each month; this is why I like using 0% credit cards....even though it's earmarked for future payment, I love being able to put that money into savings to earn interest, and just pay the min at a fraction of the bill. For example...instead of my min payment of $100-something, my next Amex bill is going to be around $1400. I had a $400 vet bill, and $250 in gifts/atypical expenses so I expect it to be less than $1000 most months. Other than for gas, I charge to/bill from my Amex, for most of my monthly expenses. #1 rule of using credit cards....DO NOT SPEND CREDIT AND CASH. I always spend credit and save cash.

Next cc due will be USAA in April of 2018, but I need to save that up way ahead of schedule (even if I won't actually pay it off until it's due), so I can start saving for all of the other due dates coming right behind it, practically every month of summer, into fall. Even though I just paid off a whopping debt ($12,000), I hate seeing my savings below $20k...especially since it was almost to $30k. Oh well, it's not for naught.


Looks like you're going to be really busy in 2018 :rofl:
"Money is better than poverty, for financial reasons" - Woody Allen

LMoot
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Re: Dirty Laundry

Postby LMoot » Wed Oct 04, 2017 2:35 am

^ Tell me about it! I'm getting the sweats looking at that conveyor belt of due date. I'm getting busy NOW though, working as much OT as possible to make up for my "bad" behavior (recapped in my weekly gab, below).

Thank you Smurfette :)

I don't talk about investing much, but I have always contributed up to my employer's 401k match, since my 1st full time job in 2009 (and have never ever ever borrowed or cashed out from it, or any rollover). After I purchase another rental property (or when I turn 35, which ever happens 1st), I will start maxing out my HSA and ROTH. I added up all of my retirement accounts a few weeks ago and I am at $40,500 (rounding down to nearest $500). I know many people by their 30s in the PF circle, have over $100k but at least my net worth is now around $125k, thanks to minimal debt. Yes I have $35k in cc debt (which will mostly be gone by end of next year), but no student loans, no car loan, and a small mortgage balance of around $40k. So total debt, mortgage included, is $75k. My property value is more than double in value (and has been going up by nearly $1000/wk) what I bought it for 8 years ago, so a lot of my net worth comes from that. But even without the house, I am still positive networth, despite the cc debt.

Yes I have done some things that people here might call financially stupid (like lending money to a friend, quitting full time work for recreational pursuits, racking up cc debt, and not contributing more to retirement funds), but I am proud of myself. I didn't even realize that I was working full time for less than 10 years, until I wrote the date of my 1st permanent full time job. 8 years this year....just 8 years. It feels like a lifetime.

Happy to report that due to my manic working of OT I was actually able to send my $1000 from first paycheck of the month, to savings (though that will probably be a rarity going forward since now I am paying for my expenses monthly, and no longer deferring them via a 0% interest cc). This brings me up to 50% saved for USAA cc1. After all the losses, I needed that big win.

Credit Score: 637-643 (AMEX hasn't reported my pay off yet, so the score remains the same)

4000/8000, USAA cc1, complete Nov 2017 (50% complete) (due April 2018)
0/5000, Cap 1, complete Jan 2018 (due June 2018)
0/1000, HD, complete Feb 2018 (due July 2018)
0/3000, Cap 1, complete April 2018 (due Aug 2018)
0/7000, Citi, complete July (due Aug 2018)
0/1000, HD, complete July (due Aug 2018)
0/6000, USAA cc2, complete and due Sept 2018
0/1000, HD, Jan 2019
0/2000, HD, Aug 2019
0/25,000, DP investment property, TBD

10,000/10,000 EFund (DONE)

TOTAL SAVINGS $14,000

green = DONE/ grey = in queue/ red = actively saving[/quote]

jdmartin
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Re: Dirty Laundry

Postby jdmartin » Thu Oct 12, 2017 10:16 am

Hey, didn't you miss an update last Friday?
"Money is better than poverty, for financial reasons" - Woody Allen

LMoot
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Re: Dirty Laundry

Postby LMoot » Fri Oct 13, 2017 2:15 am

^ jdmartin noooooo. Well, I did it early, last wed instead of fri. For my full time paycheck I can see it on wed, so sometimes I'll update then.

Sadly I don't have an update today though. I only have $404 after paying cc's and bills, so not enough to send to savings (I only transfer increments of $500 or $1000...makes it easier to budget). I would have had enough, but I had to send $100 to family as my portion to help out with my cousins' college costs. I'm interested/nervous to see how my budget does with now having to pay my Amex bill in full every month. I happened to have several large and odd expenses last month, so my first Amex bill is going to be a whopper ($1500). I had to order a new Cap 1 card bc I lost mine in the house somewhere and just now getting around to replacing it. That should help in spreading out my payments so that I can save more consistently.

Two big costs contributing to the Amex bill was a $400 vet bill for the birds, and $350 for an adjunct naturalist course from a local university. I want to grow in my role as an environmental/wildlife educator and gain as much knowledge as possible even though I can't go back to school for a science degree anytime soon. Even though I'm working full time in a job that doesn't fit into my future plans, doesn't mean I can't be working on the side to set up my next "life". I have more than 5 years work experience in the industry I want to "retire" to, thanks to my part time job at the zoo, and am gaining extra experience and knowledge on my own. It feels empowering to know that when I switch careers, I won't be left feeling like I'm "starting over". I want to be more well-versed in my new career, before I start, than I am in my current one when I leave. That's a challenge, and means a lot of independent study and pursuits since I can't go to school right now.

It's an investment in my sanity. Plus I got to play in the forest for 5 days, which is my happy place :) I signed up for another class next month, at 1/2 the cost of the 1st, fortunately.

Ending on a positive note! I found an unclaimed $104 utility check. I check my state's unclaimed property site several times a year. I've found money for family and friends, and once even found a 10 year old paycheck from my first job in high school.


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