Penguin's Financial Log

New! Use this space to post your goals, accomplishments, and setbacks on your path to get rich slowly. Others can read about your situation, and provide critiques and motivation. Look here to find somebody who has experienced a situation similar to yours!

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Monocled Penguin
Posts: 7
Joined: Tue Nov 29, 2011 1:00 pm
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Penguin's Financial Log

Postby Monocled Penguin » Tue Nov 29, 2011 1:25 pm

Hello,

I am starting this log to track my spending/savings and eventually investing habits, and also to keep track of resources that I find for frugal living.

About me -

I'm a 22 year old recent mechanical engineering graduate.

Total Debt

Student Loan Debt (had to defer for one year): $23,066 (one federal loan)
Car Debt (current amount owed as of today): $11,945 (APR: 0.9%)

Monthly Expenses

Rent: $600 (utilities included)
Car Payment: $262
Insurance: $198
Bank Loan: $158 (will be making my last payment this December)
Student Loan: $245


Current Income

Day Job: ~$1900/month after taxes. I work a temp/contract job (I am still job-hunting for a permanent job). This job will be done at the end of February

Night/Weekends Job: ~$500/month after taxes. This is a seasonal position that I'm working Nov-Feb

11/29: Fiscal fitness? Poor

Monocled Penguin
Posts: 7
Joined: Tue Nov 29, 2011 1:00 pm
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Re: Penguin's Financial Log

Postby Monocled Penguin » Tue Nov 29, 2011 1:32 pm

To Do: Open a savings account to put away emergency money (especially since I don't have much job security) [+10] Goal: To motivate myself by watching my savings grow, and invest the interest into more savings

Find a cheaper place to rent by sharing an apt / house with others (goal is to pay ~$400 / month) [+50] Goal: To pay for my expenses with just my retail job

Finish paying off the bank loan so that I can focus on making larger payments for car and student loans [+20] Goal: To focus only on the most expensive debt and minimize it.

Continue to avoid credit card / other personal debt (probably the only thing I'm doing right :D) [+0.5] Goal: Obvious..

Learn how to clip coupons / grow food (more posts on container gardens) [+30] Goal: Stop eating out, par down monthly expenses as far as possible.

Find a job ... [+100] Goal: Obvious ...

Continue to apply / interview for overnight positions (can keep up my current schedule and have days free when I go back to job hunting full time [hope I won't!]) [+60]

Sharpe
Posts: 65
Joined: Wed Sep 07, 2011 3:07 pm
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Re: Penguin's Financial Log

Postby Sharpe » Tue Nov 29, 2011 2:19 pm

Good on you. Stay focused and you'll reap the rewards.

peachy
Posts: 1148
Joined: Mon Feb 04, 2008 7:35 am
Location: Maryland
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Re: Penguin's Financial Log

Postby peachy » Tue Nov 29, 2011 2:53 pm

I think you should open a savings account today (or tomorrow when the bank is open) and score 10 quick points.

How do people live without a savings account?

geoff_tewierik
Posts: 232
Joined: Mon Aug 08, 2011 9:13 pm
Location: Brisbane, Australia
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Re: Penguin's Financial Log

Postby geoff_tewierik » Tue Nov 29, 2011 5:19 pm

Start a savings account, NOW!!! :D

Work out a better budget, there's nothing in your current info about food/entertainment/fuel and so on.

Quick maths says you've got ~$1k spare a month until Feb. that's can't be right as other expenses aren't included.

Sharpe
Posts: 65
Joined: Wed Sep 07, 2011 3:07 pm
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Re: Penguin's Financial Log

Postby Sharpe » Tue Nov 29, 2011 5:29 pm

I carry a notebook with my running totals. I find it helps me focus, as well as using this blog. :D

Monocled Penguin
Posts: 7
Joined: Tue Nov 29, 2011 1:00 pm
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Re: Penguin's Financial Log

Postby Monocled Penguin » Wed Nov 30, 2011 10:51 am

geoff_tewierik wrote:Start a savings account, NOW!!! :D

Work out a better budget, there's nothing in your current info about food/entertainment/fuel and so on.

Quick maths says you've got ~$1k spare a month until Feb. that's can't be right as other expenses aren't included.


Fuel: $40 for every week to week and a half (especially now that I drive more with the extra work) = $120-160 / month

Food: $30 for every week for groceries + ~ $30 / week for eating/going out = ~$60 / week or $240 / month

Toiletries / Non-Food Items: ~$30-60/month (I don't go clothes shopping much)

Cellphone: $10-20/month. I use a Google Voice/VOIP for longer calls like calls w/ potential renters (I'm looking for a new place), or for job leads. I use a VirginMobile pay as you go $10 phone for when I'm on the road or need to take a personal call (family, etc), and "Top Up" about twice a month.

I expect to spend around $150-200 on Christmas presents, btw.

So I probably spend about $400-500/month on things that I could par down / scale back on. Wow. Hate to see it laid out like that ... :oops:

11/30 +10!

Signed up for an ING Direct savings account.

To add to to do list: Figure monthly expenses (got to sit down w/ my receipts) [+20]

Set up Automatic Savings w/ said account [+5]

Monocled Penguin
Posts: 7
Joined: Tue Nov 29, 2011 1:00 pm
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Re: Penguin's Financial Log

Postby Monocled Penguin » Wed Nov 30, 2011 11:03 am

Sharpe wrote:I carry a notebook with my running totals. I find it helps me focus, as well as using this blog. :D


That's not a bad idea - especially keeping my savings account balance in mind will help me not want to touch it at all, and I can also use it as a game - whatever costs I cut can be funneled into the ING account. :D


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