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The $72 Check

August 12th, 2007 at 10:53 am

So I know I told everyone I would be sending all of my babysitting money straight to my crecit card. Last night, however, I started thinking about my emergency fund. I've read over and over about how important it is to have an EF. This I do not have. My emergency fund has been praying for no emergencies! And, in the back of my mind, knowing that I have two open credit lines with several hundred dollars available in case of an emergency. But seeing as I am trying to wean myself off credit cards, I have decided I can't rely on them for emergencies either (but I am still not closing either of those accounts - just in case)!

With that being said, I've decided to start up an EF. Hopefully no major emergencies come up, because it is going to be a slow-growing account! But I've decided to stash $25 a paycheck into the account, and then just $5 or $10 whenever I run into some extra $$$. So I will be starting my EF with a whopping $5!

But I'm not stopping there. I've also realized that I have a couple of trips coming up that I need to set money aside for. So, I will be following my EF guidelines and stashing the same amount of cash to these funds as well.

Along with my EF, I will have "My Best Friend's Wedding Fund" - and no, not like the movie. In October, I will be a bridesmaid in a beach wedding (luckily - cheap shoes!), but I know there will be bar tabs and that sort of thing, so I need a little bit saved up.

Then the very next weekend (translation: no time to save up more money) is what I will call "My Tim Tebow Weekend." Yes, I am a UK alum, and yes, I love UK football, but hello - have you seen Tim Tebow??? So anyway, there will be money for tickets and a hotel, I guess, since it I'm thinking it's going to be a girl's weekend. Now I just have to devise a plan to meet Tim. I know my way around the Home Team locker room, but I never would have thought I needed to learn where the VISITING team's locker room was! I'll keep you posted on that front!

So now all I have to do is set up a couple of savings accounts. I've read about ING accounts. Does anyone have any favorites though? I literally will be opening these with like $5 deposits. I would like something that pays interest, maybe 4% to 5%??? I don't really want to put the money in my local bank's savings account. I earn like no interest, plus it is too easy for me to transfer into my checking account!

Thanks for any advice in advance!

My Money Saving (AND Money Making!) Weekend

August 11th, 2007 at 06:49 pm

I have sucessfully spent NO money this weekend (and don't plan to tomorrow either)! That's quite the feat considering I visited one of my favorite shopping locals (Lexington - cute shops and name-brand stores - a great place for a small-town gal). As I type, I am making money as well Smile Yes, babysitting is tough work, luckily, I have company. The weekend has been great - a new baby girl to visit, free dinner courtesy of the rents, time well-spent with the Captain. A girl could only be so lucky! And making money to top that off!!!

I promise that I will deposit the check tomorrow and will go onto my online banking to send the entire amount to CC #1. In the past, anytime I made extra money, I would think, "okay, I have an extra x amount of dollars, what can I buy?" Then I would proceed to shop on jcrew.com or order a new piece of beach art or a sea bag (which was a really cool purchase by the way). Lately though, any "extra" work I do, I have been submitting that whole amount to my highest interest credit card. I swear, I have turned over a new leaf!

Really, babysitting isn't that tough anymore. I love these kids, I just have to get through the initial "I don't like you," "you go home" phase one is going through. I've already had a couple of good laughs tonight as well. Bath-time came around, so it was "potty" time. The Prince (as I call him) decided to "stand up" this time. Not thinking much of it, I was like, "oh okay." Then I realized that 3-year-olds really can't aim. I scream for the Captain, but it was too late Frown The mess wasn't too hard to clean up fortunately!

Oops! There went crashing the blue lego house! I guess that's my cue to go!

My Plan . . .

August 11th, 2007 at 11:36 am

So after a month of internet searching, I have devised my debt paydown plan. I'm hoping it takes me less than a year to knock this out!

I've learned a lot about "snowballing" my payments into my highest APR credit card. I've been doing so, but my APRs have actually changed a bit recently. Even so, the payments are all going to debt reduction. So I'm now paying the minimum on all my cards, except for CC #1 (with the highest APR). I'm taking everything I have left over and putting it on that card. But I will continue paying the minimums - as they are now - and that way, once those balances go down a bit, I will actually be paying a couple of extra dollars a month on them. Hopefully in the next few months, I'll have two or three more card balances gone.

Also in the past month, I've read Suze Orman's book, "Young, Fabulous & Broke" (thanks for the gift, Captain). With what I've learned from that book, as well as internet sites, I've armed myself with tools I need to get my credit score in check. So far, I've convinced 4 creditors to lower my APR and I've re-opened two accounts. I know that might sound like the last thing I need to do, but wait! I've learned that I need to work on my debt to credit limit ratio. Who knew it would hurt your credit score to close accounts with balances on them! My college roommates "froze my assets" once - that didn't help. I've cut up my Victoria's Secret card before, unfortunately, I memorized the account number. My last hope was closing the accounts. But now I know not to do that! So, like I said, I've got a couple of accounts open, and I even got my credit limit increased on another card. I promise I'm not using any of them though!