I can’t believe it’s almost April already. I updated all of my March Networth information, which overall went up a little under $2,000. Not so bad, nice to see retirement funds inch up, despite market craziness. Pretty soon I will need to depreciate my car a bit more to better reflect that asset. With all of the miles it has, I know it’s not really worth $9,000 anymore…
I haven’t posted or really made any significant goals lately other than paying down all credit card debt before my birthday, which I’ve done – yay! So I thought I would list out a few concrete goals for this month:
-- Really lock in on my budget
-- Budget equal posts/time to my writing and my literary interests as well as pf
-- Keep birthday celebration expenses low… I’ll go all out later.
-- Move up to 85% of my emergency savings goal
Monday, March 31, 2008
Sunday, March 30, 2008
Financial Aid Nitty Gritty
Another report back on the financial aid outlook at my top choices for grad school. I was planning to put off this deep dive for a little while, but then I got scared by this post from MFA or Bust, since Columbia is also my top school and I had no idea what reputation they had for funding their students. So, I pored through all of the school websites to get a sense for what’s out there. Pretty interesting… and more encouraging than I thought it would be… definitely skim through the specifics unless you happen to be in my exact situation.
Columbia
Merit-based fellowships listed – no separate application
Need-based scholarships listed – application submitted after admission
Outside awards:
$5k NSCS-Geico Graduate School Scholarship
$1k BPW/NY Grace LeGendre Endowment Fund, Inc.
Harvard
Base loan package comes first, before any other aid.
Need-based fellowships (almost 50% of class receives fellowships avg. of $22K).
“Restricted” fellowships listed that I didn’t qualify for (like, must be descendant of class of 1902 or resident of Fitchberg, Mass to apply)
CitiAssist loans was also indicated as a preferred lender
Stanford
Need-based fellowships, Outside aid
Siebel Scholars Program – at the end of the first year, 5 students are selected for top academic achievement/leadership/citizenship $25,000 tuition award
Berkeley
Haas Merit Scholarships – no separate application needed
Haas Achievement Awards – must answer optional essay question in application
Graduate Student Instructorships – available for the second year, can apply in Spring of first year (receive salary plus $4,300 fee remission)
Extensive Online Scholarship Database!!
NYU
$50,000 in funds for (apply first deadline) the Reynolds Foundation Graduate Fellowship in Social Entrepreneurship
Teaching Fellow /Graduate Assistant / Stern Consulting Corp – can receive up to $14,400 in tutition remission
I’m not trained enough in the lingo yet to see if one school looks better than another, but it did seem like there really were REAL options to pursue at each school. This was much better than starting with some of the other general financial aid website resources out there too.
Columbia
Merit-based fellowships listed – no separate application
Need-based scholarships listed – application submitted after admission
Outside awards:
$5k NSCS-Geico Graduate School Scholarship
$1k BPW/NY Grace LeGendre Endowment Fund, Inc.
Harvard
Base loan package comes first, before any other aid.
Need-based fellowships (almost 50% of class receives fellowships avg. of $22K).
“Restricted” fellowships listed that I didn’t qualify for (like, must be descendant of class of 1902 or resident of Fitchberg, Mass to apply)
CitiAssist loans was also indicated as a preferred lender
Stanford
Need-based fellowships, Outside aid
Siebel Scholars Program – at the end of the first year, 5 students are selected for top academic achievement/leadership/citizenship $25,000 tuition award
Berkeley
Haas Merit Scholarships – no separate application needed
Haas Achievement Awards – must answer optional essay question in application
Graduate Student Instructorships – available for the second year, can apply in Spring of first year (receive salary plus $4,300 fee remission)
Extensive Online Scholarship Database!!
NYU
$50,000 in funds for (apply first deadline) the Reynolds Foundation Graduate Fellowship in Social Entrepreneurship
Teaching Fellow /Graduate Assistant / Stern Consulting Corp – can receive up to $14,400 in tutition remission
I’m not trained enough in the lingo yet to see if one school looks better than another, but it did seem like there really were REAL options to pursue at each school. This was much better than starting with some of the other general financial aid website resources out there too.
Saturday, March 29, 2008
March Read/Bought Review
Bought: Nada, yet again. I’m getting better with the self-restraint thing. Living across the street from the library instead of a bookstore helps with that. Also, I joined Bookmooch, an online website which lets you give away books you don’t want and receive books on your wish list. So Ann Patchett’s Bel Canto is coming my way for free and old college books I’ll never read again are going out. The only costs are shipping… so I’m sure I won’t do a lot of it, but it is exciting. Especially with some of the “rarer” books on my list.
From the library this month I read:
Here is New York by EB White – beautiful and moving, especially since I’m hoping to move there.
What we Talk about when we talk about love by Raymond Carver – I have always loved Raymond Carver, and I was finally able to read more of his “disturbing” stories, I’ll say...especially the title story.
Love Stories for the Rest of Us – this was a nice compilation that sold me on the title. A husband and wife team of editors compiled stories that represented love in everything but a traditional “darling” fashion. Really endearing and memorable stories from what I’ve read so far. I read one about a married couple that becomes enamored with a more glamorous couple and ultimately gains back their self-respect and autonomy in the relationship, one about a little girl who observes lesbians kissing for the first time and one about a housekeeper’s daughter that falls in love with the son of her mother’s employer. I highly recommend the collection.
And from my bookshelf I read:
Midnight in the Garden of Good and Evil by John Berendt.
This has been a beautiful, if slow, read. And as I’m originally from the south, they are more familiar than exotic characters populating the chapters. It’s definitely made me want to get back to the southern story I’ve been writing off-and-on for the last few months.
Since the bookmooch proposition works best with more “rare” books – any suggestions out there from those who have a rare find favorite, that’s never going to be sitting out on any Borders front table?
From the library this month I read:
Here is New York by EB White – beautiful and moving, especially since I’m hoping to move there.
What we Talk about when we talk about love by Raymond Carver – I have always loved Raymond Carver, and I was finally able to read more of his “disturbing” stories, I’ll say...especially the title story.
Love Stories for the Rest of Us – this was a nice compilation that sold me on the title. A husband and wife team of editors compiled stories that represented love in everything but a traditional “darling” fashion. Really endearing and memorable stories from what I’ve read so far. I read one about a married couple that becomes enamored with a more glamorous couple and ultimately gains back their self-respect and autonomy in the relationship, one about a little girl who observes lesbians kissing for the first time and one about a housekeeper’s daughter that falls in love with the son of her mother’s employer. I highly recommend the collection.
And from my bookshelf I read:
Midnight in the Garden of Good and Evil by John Berendt.
This has been a beautiful, if slow, read. And as I’m originally from the south, they are more familiar than exotic characters populating the chapters. It’s definitely made me want to get back to the southern story I’ve been writing off-and-on for the last few months.
Since the bookmooch proposition works best with more “rare” books – any suggestions out there from those who have a rare find favorite, that’s never going to be sitting out on any Borders front table?
Friday, March 28, 2008
TODAY.
As of today, Goal #1 is accomplished. I am no longer (and will not again be) carrying a balance on my credit cards. I feel like the air is clearer, and I’m on to bigger, better things. Better budgeting, getting to more exciting goals, and moving up on the credit rating scale. While this was an unplanned sidetrack, I feel pretty lucky actually that I was able to rein this in quickly, and move on. Whew, feels like a pretty great Friday.
Watching a little NCAA basketball tonight and hosting a party in the Guy’s condo tonight to celebrate. Enjoy the weekend!
Also, a fun and interesting link from Financial Times on Apple's plans to make all of their music free with the purchase of a "premium priced" ipod. I wonder what the premium is going to be for the largest music library ever! Very tempting.... clever Apple.
Watching a little NCAA basketball tonight and hosting a party in the Guy’s condo tonight to celebrate. Enjoy the weekend!
Also, a fun and interesting link from Financial Times on Apple's plans to make all of their music free with the purchase of a "premium priced" ipod. I wonder what the premium is going to be for the largest music library ever! Very tempting.... clever Apple.
Tuesday, March 25, 2008
Cool Sites I Read Not Related to Personal Finance
So one of the reasons I write this blog is to maintain a connection to the outside of my daily work grind and as a reminder that I am more whole than my daily schedule / calendar of events would suggest. Thus, as an FYI to those who only read this blog and don’t know the rest, I thought I would post about some of the other interests that I spend time reading, learning and thinking about outside both 1) my daily work grind and 2) my personal finance struggle.
Chocolate & Zucchini
This is a food blog written by a Frenchwoman, Clotilde, who has now made herself into quite an enterprise. I think this is a really innovative and different blog that tends to veer outside of the equation of topical blogs in general. You get the flavor of passion for food without it seeming one-dimensional. Plus I love the idea of blogging as a way to improve one’s language skills (English is Clotilde’s second language). Just wish it was updated more often. Sidenote: I have made chocolate & zucchini muffins before and they are outstanding. You can’t taste the green stuff but it makes chocolate chip muffins more moist and more nutritious.
TPM Café
I am really into following the minutia of politics. I have finally allowed myself to give up any political ambitions of my own. But I am still very engaged with all of the every last detail. I like the TPM blog for its speed and its randomness. All of the bloggers are very real, personal-sounding people (including one guy in particular, who happens to be a friend I graduated from college with).
Brand Camp
“Brand Camp" is a blog written on marketing and brand management (my day job) by Tom Fishburne, who works for Method. (you know, the soaps and cleaning products they sell at Target). These little postcard cartoons he does remind me of all of the reasons I am sometimes engaged by my work, and sometimes want to slide down the sidepost of the corporate ladder altogether.
Woot.com
Some would say this IS in fact related to personal finance since there are good deals here featured everyday. But I don’t tend to think this way. I think any sort of enticement towards spending on things you don’t need is not so good. But it's fun to look, and I find myself looking often. I like the concept of the updated-every-day site.
Chocolate & Zucchini
This is a food blog written by a Frenchwoman, Clotilde, who has now made herself into quite an enterprise. I think this is a really innovative and different blog that tends to veer outside of the equation of topical blogs in general. You get the flavor of passion for food without it seeming one-dimensional. Plus I love the idea of blogging as a way to improve one’s language skills (English is Clotilde’s second language). Just wish it was updated more often. Sidenote: I have made chocolate & zucchini muffins before and they are outstanding. You can’t taste the green stuff but it makes chocolate chip muffins more moist and more nutritious.
TPM Café
I am really into following the minutia of politics. I have finally allowed myself to give up any political ambitions of my own. But I am still very engaged with all of the every last detail. I like the TPM blog for its speed and its randomness. All of the bloggers are very real, personal-sounding people (including one guy in particular, who happens to be a friend I graduated from college with).
Brand Camp
“Brand Camp" is a blog written on marketing and brand management (my day job) by Tom Fishburne, who works for Method. (you know, the soaps and cleaning products they sell at Target). These little postcard cartoons he does remind me of all of the reasons I am sometimes engaged by my work, and sometimes want to slide down the sidepost of the corporate ladder altogether.
Woot.com
Some would say this IS in fact related to personal finance since there are good deals here featured everyday. But I don’t tend to think this way. I think any sort of enticement towards spending on things you don’t need is not so good. But it's fun to look, and I find myself looking often. I like the concept of the updated-every-day site.
Figuring Out What you Want
“Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.” --Ayn Rand, Atlas Shrugged
I liked that quote a lot when I ran across it. It reminded me of reading some nameless personal finance book once (maybe it was SWFR?) when the author tried to make you drill things down to what you really wanted in life. People don’t want to be rich so they can wade through a pool full of money like that opening scene in Duck Tales. People want to be rich so they can feel comfortable and accomplish certain things. Whether it’s freedom or security or one of those higher order benefits, people want those things and money is just the means to get there.
I have recently tried to answer for myself exactly what it is that I want. So I made a list.
-- The freedom to be truly generous to friends with my time, energy, thoughtfulness.
-- The freedom to create (take time off to write, etc.)
-- The freedom to express myself through my lifestyle (This is the least transcendent, but still very true. It applies to writing but also the more trivial categories of “stuff.” Right now my apartment is a blunt tool for survival, and nothing speaks to me or exemplifies my personality in it. I would be happier if I could live in a place, wear clothes, buy art, etc. that echoed my own sense of aesthetics and values.)
That’s a very small start. I have a feeling too, that I will figure it out as I go along.
Also, thanks for all the great posts re: grad school. At some of your advice and also thanks to the WSJ’s Tip of the Week on “Best Loans for College,” I am starting to scour through some of my top choice schools’ list of preferred lenders. We’ll see where that gets me and I’ll report back soon.
Saturday, March 22, 2008
More thoughts on Student Loan Debt
A follow-up on yesterday's post...
Sense for Dollars has a great post here on the fact that you shouldn’t be scared away from student loan debt when you go back to school. You should get smart and realize that even though the numbers are large, they’re real. You will need money not only for tuition but money to live. And fact is, it’s WAY better to have lots of student loan debt with better terms that doesn’t impact your credit rating than to skimp on loans and rack up credit card debt that doesn’t earn interest. A very wise reminder. So perhaps I will focus less on having enough money for school and make sure I’m getting everything else right and setting up solid savings principles independent of what my grad school situation will be. It’s only two years, after all.
Sense for Dollars has a great post here on the fact that you shouldn’t be scared away from student loan debt when you go back to school. You should get smart and realize that even though the numbers are large, they’re real. You will need money not only for tuition but money to live. And fact is, it’s WAY better to have lots of student loan debt with better terms that doesn’t impact your credit rating than to skimp on loans and rack up credit card debt that doesn’t earn interest. A very wise reminder. So perhaps I will focus less on having enough money for school and make sure I’m getting everything else right and setting up solid savings principles independent of what my grad school situation will be. It’s only two years, after all.
Friday, March 21, 2008
Financial Aid for Grad School - Do "Merit Based" Scholarships exist past Undergrad?
After my recent discovery that I have a laughable amount of savings for grad school, I thought I’d try to investigate more options for financial aid on the grad school level. But the options are not so great… I found myself returning to the same links I visited in undergrad and turning up so little. And because of the subprime mortgage crisis, it feels like the student loan market will be freezing up a rational amount as well. So I’ve tried to wade through the debris and summarize my real options:
- Federal Perkins Loans – determined by FAFSA; you can borrow up to $6,000 per year.
- Federal Stafford Loans (Subsidized) – Financial need basis; no interest charged during the deferment period. $8,500 / year limit.
- Graduate PLUS Loan – Federal, low-interest, need-based loans; no limit
- 529 Plans – Tax-exempt investment fund that can be used for education expenses.
- Education IRA – Tax-exempt investment fund which you can make withdrawls from without having to pay the 10% penalty.
- Private Loan
So it looks like I could be eligible for up to $14,500 / year of standard federal loans with the option to round this out with Federal PLUS loans before I dip into the private loan sector.
What seems to be missing is the “academic” scholarship for graduate school. Does merit-based aid exist once you get past undergrad? I will keep you posted if I discover new options as I go along. Let me know too, if you know of any other resources or links I can check.
- Federal Perkins Loans – determined by FAFSA; you can borrow up to $6,000 per year.
- Federal Stafford Loans (Subsidized) – Financial need basis; no interest charged during the deferment period. $8,500 / year limit.
- Graduate PLUS Loan – Federal, low-interest, need-based loans; no limit
- 529 Plans – Tax-exempt investment fund that can be used for education expenses.
- Education IRA – Tax-exempt investment fund which you can make withdrawls from without having to pay the 10% penalty.
- Private Loan
So it looks like I could be eligible for up to $14,500 / year of standard federal loans with the option to round this out with Federal PLUS loans before I dip into the private loan sector.
What seems to be missing is the “academic” scholarship for graduate school. Does merit-based aid exist once you get past undergrad? I will keep you posted if I discover new options as I go along. Let me know too, if you know of any other resources or links I can check.
Wednesday, March 19, 2008
Date Night
So The Guy and I have decided to establish a weekday date night, so we make it a point of seeing each other and spending quality time together – not that watching the Daily Show together with our laptops isn’t quality. But hopefully this will be better QT. The guy took me out to a romantic restaurant for the first one. I have this week, and I’m going to take him to a free jazz show tonight at this club he’s been dying to go to. I’ve got to work up an arsenal of creative ideas though so I don’t end up defaulting to expensive dinners or boring movies.
Right now my list is:
4/1: Rush tickets to the Guthrie
4/17: standing in line for ice cream at Ben&Jerrys free cone day
4/30: making dinner at one of those prepare-your-own-meals kitchens
5/13: Game Night!
5/27: outdoor movie or a walk through a trail (hopefully warm enough by now!)
Any good ideas for cute, cheap dates? I blogged about it once before, but I’m running out!
Right now my list is:
4/1: Rush tickets to the Guthrie
4/17: standing in line for ice cream at Ben&Jerrys free cone day
4/30: making dinner at one of those prepare-your-own-meals kitchens
5/13: Game Night!
5/27: outdoor movie or a walk through a trail (hopefully warm enough by now!)
Any good ideas for cute, cheap dates? I blogged about it once before, but I’m running out!
Tuesday, March 18, 2008
Get Me Out of Here
It snowed again last night and this morning, which is just so depressing considering the date. I spent four hours last night searching various budget travel sites to see if I could take an easy, cheap vacation. Even further depression ensued.
I’ve already vetted Budget Travel, Trip Advisor and all of the flight/package sites like Orbitz and Expedia. I’ve just about given up on the possibility of taking a quick 3-4 day trip under $900, but let me know if you’ve got a great site I can look into before I crawl back into hibernation until June…
I’ve already vetted Budget Travel, Trip Advisor and all of the flight/package sites like Orbitz and Expedia. I’ve just about given up on the possibility of taking a quick 3-4 day trip under $900, but let me know if you’ve got a great site I can look into before I crawl back into hibernation until June…
Saturday, March 15, 2008
Sensitive about Frugality
The other day I did a bad thing. I got hyper-sensitive about being perceived as “frugal” because I write this blog. I don’t want to do that. The point of doing this is to be disciplined enough so that I can be absolutely extravagant about things that really matter to me. The point is to get control and know what you’re doing. To fight apathy and ignorance and all things VH1 trash TV. So there. And I will not feel like a Scrooge because of it. Lots of other bloggers depate the wisely frugal vs. lamely cheap debate, so I know I'm not alone. I like Madame X's debate here and her definition - being frugal involves things you do which only affect you, while being cheap brings others into the equation. When others are involved, I am always generous. And I don't want to feel cheap for being frugal solo.
Anywho, now I'm gearing up for a long Saturday of writing at my local coffee shop...
Also, added a photo of me and my best friend from when I was out visiting her in San Francisco a few weeks ago. We had decided to have a dance party in her apartment instead of going out that night.
Anywho, now I'm gearing up for a long Saturday of writing at my local coffee shop...
Also, added a photo of me and my best friend from when I was out visiting her in San Francisco a few weeks ago. We had decided to have a dance party in her apartment instead of going out that night.
Friday, March 14, 2008
What's the best card when you don't carry a balance?
Just updated my goals today – so ridiculously close to zero on my debt.
Now that I’m thisclose to not carrying a credit card balance ever again, I’m starting to think about what would be the best card for me. Right now I have a no-annual-fee Chase and a Citi, and both seem fine, but I don’t know enough to know if the points or rewards are good enough. As for better cards with an annual fee, many of my friends have the Starwood card which lets you rack up hotel points instead of airline miles, or I could of course go for a frequent-flier credit card. The only rule I’ve ever heard is that it’s bad to pay an annual fee of $60 or more for one of those.
Mint.com tells me I can save $129/year with a Citi Dividend Platinum Select MasterCard. Mint also tells me my most frequented store is Target. Yep. Sigh.
Anyone (who already doesn’t carry a balance) that has a good card to recommend?
Now that I’m thisclose to not carrying a credit card balance ever again, I’m starting to think about what would be the best card for me. Right now I have a no-annual-fee Chase and a Citi, and both seem fine, but I don’t know enough to know if the points or rewards are good enough. As for better cards with an annual fee, many of my friends have the Starwood card which lets you rack up hotel points instead of airline miles, or I could of course go for a frequent-flier credit card. The only rule I’ve ever heard is that it’s bad to pay an annual fee of $60 or more for one of those.
Mint.com tells me I can save $129/year with a Citi Dividend Platinum Select MasterCard. Mint also tells me my most frequented store is Target. Yep. Sigh.
Anyone (who already doesn’t carry a balance) that has a good card to recommend?
Thursday, March 13, 2008
Monthly Automatic Deductions
So, I thought I would do an audit of what I have automatically deducted from my checking account each month to help me save.
401(k) through my employer: $290 never see this 6% of my monthly take-home pay.
Roth IRA: $250
Term-Life Insurance (using as a midterm investment that I could cash into around the time I have kids/am settled somewhere) : $100
ING Deduct for B-School Savings: $100
Total: $740
I feel pretty good about the level of retirement savings, especially given how the markets are performing. But I think I could still stand to increase the monthly savings deductions for business school. I just did the math, and if I stay at my current deposit level and do nothing else, I will only be at 7% of my goal by the time I get there. To actually reach my goal of $50,000 by the time I reach business school, I would have to be putting in more like $3,000 a month. Which is more than I make a month. Fabulous. I probably should have done the math better before I set up that goal. But I should at least be trying to increase that incrementally each month. So this month we'll try to ramp it up to $150.
401(k) through my employer: $290 never see this 6% of my monthly take-home pay.
Roth IRA: $250
Term-Life Insurance (using as a midterm investment that I could cash into around the time I have kids/am settled somewhere) : $100
ING Deduct for B-School Savings: $100
Total: $740
I feel pretty good about the level of retirement savings, especially given how the markets are performing. But I think I could still stand to increase the monthly savings deductions for business school. I just did the math, and if I stay at my current deposit level and do nothing else, I will only be at 7% of my goal by the time I get there. To actually reach my goal of $50,000 by the time I reach business school, I would have to be putting in more like $3,000 a month. Which is more than I make a month. Fabulous. I probably should have done the math better before I set up that goal. But I should at least be trying to increase that incrementally each month. So this month we'll try to ramp it up to $150.
Tuesday, March 11, 2008
You Have 30 Seconds to Sell Me...
Update: My car still works. Holding my breath through the rest of this week...
Also, this is marginally related to finance/careers etc. but I just find it interesting. It’s an article that talks about how to master the “elevator pitch” – the idea that you have to sell someone on an idea in the time it takes you to ride an elevator to your floor. I find it interesting because I’m terrible at delivering “elevator speeches” – these short 30 seconds you have with someone to explain a business idea or make a first impression or get a point across. I think the idea of having an elevator pitch on things you’re passionate about it is really important – even if it’s not business related at all.
As a writer, I enjoy the luxury of spending hours with words on paper. Crossing them out, perfecting them. Contemplating the significance of each word. People are surprised at how bad I am with words in person. I stumble through words, I don’t complete expressions in the right way, I begin saying one thing and fray off into other thoughts. It’s quite comical even.
So maybe I’ll try to practice this week on various topics using some of the tips they record in the article:
An elevator pitch has to be direct, easy to understand, based on hard facts and sprinkled with enough pizazz to get someone to carve out those 30 minutes of their time to hear more. Use basic concepts and simple sentences. Context is compelling.
Also, this is marginally related to finance/careers etc. but I just find it interesting. It’s an article that talks about how to master the “elevator pitch” – the idea that you have to sell someone on an idea in the time it takes you to ride an elevator to your floor. I find it interesting because I’m terrible at delivering “elevator speeches” – these short 30 seconds you have with someone to explain a business idea or make a first impression or get a point across. I think the idea of having an elevator pitch on things you’re passionate about it is really important – even if it’s not business related at all.
As a writer, I enjoy the luxury of spending hours with words on paper. Crossing them out, perfecting them. Contemplating the significance of each word. People are surprised at how bad I am with words in person. I stumble through words, I don’t complete expressions in the right way, I begin saying one thing and fray off into other thoughts. It’s quite comical even.
So maybe I’ll try to practice this week on various topics using some of the tips they record in the article:
An elevator pitch has to be direct, easy to understand, based on hard facts and sprinkled with enough pizazz to get someone to carve out those 30 minutes of their time to hear more. Use basic concepts and simple sentences. Context is compelling.
Monday, March 10, 2008
Today's Auto Expenses Roller-coaster
Just spent a LONG day sitting in the waiting room of my car dealership service center after I found out yesterday that all of the lights and gauges on my dash weren't working. I took it to my company's auto service center (which is usually cheaper), and they just winced and said I better take it to the dealer when I showed them the problem.
Not a good sign.... three hours later, the diagnostic reveals that I needed an "instrument cluster" which costs $850.00. So with the diagnostic, that means I'd be paying $1,000 to fix this. Since this seems insane, I asked the mechanic if I could call him in the morning to schedule it, thinking I must be able to work out something with good insurance people or find another quote or something.
I'm feeling so defeated and frustrated as I walk back to my car... but I turn the ignition and everything works again. An auto miracle! I don't know... I'm still wary. Maybe it's just an electrical short that will resurface the next time I turn on my car. In any event, all of this makes me feel like I should have an "unexpected expense" line item in my budget.... $1000!
Not a good sign.... three hours later, the diagnostic reveals that I needed an "instrument cluster" which costs $850.00. So with the diagnostic, that means I'd be paying $1,000 to fix this. Since this seems insane, I asked the mechanic if I could call him in the morning to schedule it, thinking I must be able to work out something with good insurance people or find another quote or something.
I'm feeling so defeated and frustrated as I walk back to my car... but I turn the ignition and everything works again. An auto miracle! I don't know... I'm still wary. Maybe it's just an electrical short that will resurface the next time I turn on my car. In any event, all of this makes me feel like I should have an "unexpected expense" line item in my budget.... $1000!
Sunday, March 9, 2008
A Relationship's [Negative] Impact on Savings
So. The Guy and I have very very different feelings about personal finance. I am deeply in love with The Guy – enough to overlook some of his financial habits (like buying tons of food at expensive gourmet grocery stores that expires in his refrigerator because he goes out to eat almost every night; buying bottled water by the case, when we have perfectly great-tasting municipal tap water; becoming overly generous when drunk – “champagne for the entire bar!”; going for routine massages when he usually demands the same task of me anyway; and lastly, buying expensive home accessories for his condo, when he plans to relocate within a year.)
By the way, you are correct to surmise that The Guy does not read this blog. He has many other endearing qualities. He is funny and compassionate, understands the coffee before real conversation rule, eats off my plate without asking, and is genuinely kind to parents, wait staff and taxi drivers. In a word, endearing! But, he does often interfere with my saving goals. He is a charmer, hard to say no to.
I found a cutesy quote in a February 10th Washington Post article (you can google it if you like correct attributions and all that) that said: “In a Money Management International survey, 70% of those surveyed consider financial savvy an important trait when searching for a mate; 58% said they consider financial security more important than a person's looks, though it was women driving that phenomenon.”
I think this is crap, and I certainly don’t prize financial savvy over hotness. But would still love to hear thoughts on how any of you out there have made it work with an SO who has mismatched priorities. Anyone?
By the way, you are correct to surmise that The Guy does not read this blog. He has many other endearing qualities. He is funny and compassionate, understands the coffee before real conversation rule, eats off my plate without asking, and is genuinely kind to parents, wait staff and taxi drivers. In a word, endearing! But, he does often interfere with my saving goals. He is a charmer, hard to say no to.
I found a cutesy quote in a February 10th Washington Post article (you can google it if you like correct attributions and all that) that said: “In a Money Management International survey, 70% of those surveyed consider financial savvy an important trait when searching for a mate; 58% said they consider financial security more important than a person's looks, though it was women driving that phenomenon.”
I think this is crap, and I certainly don’t prize financial savvy over hotness. But would still love to hear thoughts on how any of you out there have made it work with an SO who has mismatched priorities. Anyone?
Saturday, March 8, 2008
In Honor of International Women's Day?
Apparently today is International Women’s Day. Honestly. Who makes this stuff up? But in the spirit of this made-up holiday and women supporting women, I’ll try to post about a couple different resources specific to women for getting more financially savvy.
*On My Own Two Feet:
A pretty shallow resource, dedicated to promoting the book of the same title, but the links page was really helpful and I discovered a great new resource for various financial calculators… pretty perfect if you’re a personal finance nerd.
*85 Broads:
More of a career-focused website for women in business, 85 Broads was originally launched by Janet Hanson as a networking group for women at Goldman Sachs. (Goldman Sachs is located at 85 Broad Street, aren’t we punny?) It’s a membership type site you can join, but the blog’s nice, too. For me, a window into another world or a deeper view of what my world could be: https://secure.85broads.com/public/blog/4426
*Suze Orman
When I first started this blog, I caught Suze on CNN. I sense, without having confirmation from other bloggers, that she might be a controversial poster woman for personal finance. I like her, though. Despite other shock jock type characters, she seems compassionate. Plus, we share the whole Suze / Suzy thing.
*Ms Money: And her Blog:
This was a very succinct, visually-appealing site. And it has a no-nonsense way of conveying the real issues of women’s personal finance, without sounding condescending:
Women's long-term financial needs are different from men's because they earn 25% less, average 11 years out of the workforce, and live 5 years longer. Women need unique saving and investing strategies if they want to retire in style.
*Women’s Finance
Less glam of a site, no frills, but helpful link nonetheless.
*Women’s Personal Finance
This seemed like a nice “by women, for women” blog, and I’ll especially highlight a nice “introduction entry” about “What I wish my Mother had told me.
Feel free to add your own fave links in the comments....
*On My Own Two Feet:
A pretty shallow resource, dedicated to promoting the book of the same title, but the links page was really helpful and I discovered a great new resource for various financial calculators… pretty perfect if you’re a personal finance nerd.
*85 Broads:
More of a career-focused website for women in business, 85 Broads was originally launched by Janet Hanson as a networking group for women at Goldman Sachs. (Goldman Sachs is located at 85 Broad Street, aren’t we punny?) It’s a membership type site you can join, but the blog’s nice, too. For me, a window into another world or a deeper view of what my world could be: https://secure.85broads.com/public/blog/4426
*Suze Orman
When I first started this blog, I caught Suze on CNN. I sense, without having confirmation from other bloggers, that she might be a controversial poster woman for personal finance. I like her, though. Despite other shock jock type characters, she seems compassionate. Plus, we share the whole Suze / Suzy thing.
*Ms Money: And her Blog:
This was a very succinct, visually-appealing site. And it has a no-nonsense way of conveying the real issues of women’s personal finance, without sounding condescending:
Women's long-term financial needs are different from men's because they earn 25% less, average 11 years out of the workforce, and live 5 years longer. Women need unique saving and investing strategies if they want to retire in style.
*Women’s Finance
Less glam of a site, no frills, but helpful link nonetheless.
*Women’s Personal Finance
This seemed like a nice “by women, for women” blog, and I’ll especially highlight a nice “introduction entry” about “What I wish my Mother had told me.
Feel free to add your own fave links in the comments....
Friday, March 7, 2008
Sucking up to the Boss
Lately I’ve been thinking a lot about my job, and how it’s really not what I want to be doing. Given my glum mood this week, I’ve decided to devote all weekend to writing and getting back on track with my goals there, so I have a little more balance in my life.
But… thriving at work, even when you’re not doing what you want to be doing, is important. For me, it’s important to my mental health. For others, a promotion is the ticket to more money and doing what you really want to be doing later. With that, I came across this article which talks about the fine art of sucking up to your boss. This was hard for me. My current manager has a very hands-off approach that I had to get used to as a new employee. Sometimes it feels like she forgets I report to her. In any event, I think this advice is pretty helpful in general for how to be more flexible and more humble to achieve your own objectives, and maintain your self-respect at the same time. Hope you find it interesting. Here’s a teaser on three simple strategies for “managing your manager”:
1) First figure out your boss' style and adapt to it. This encompasses everything from how your boss talks and works – very fast and direct or slow and methodical – to how much daily communication he or she wants. "You build rapport every time you match energy," says the author.
2) Make every idea seem like it was the boss' idea.
3) Pay attention to timing. Read when the boss is in a good or bad mood, and work the good side.
But… thriving at work, even when you’re not doing what you want to be doing, is important. For me, it’s important to my mental health. For others, a promotion is the ticket to more money and doing what you really want to be doing later. With that, I came across this article which talks about the fine art of sucking up to your boss. This was hard for me. My current manager has a very hands-off approach that I had to get used to as a new employee. Sometimes it feels like she forgets I report to her. In any event, I think this advice is pretty helpful in general for how to be more flexible and more humble to achieve your own objectives, and maintain your self-respect at the same time. Hope you find it interesting. Here’s a teaser on three simple strategies for “managing your manager”:
1) First figure out your boss' style and adapt to it. This encompasses everything from how your boss talks and works – very fast and direct or slow and methodical – to how much daily communication he or she wants. "You build rapport every time you match energy," says the author.
2) Make every idea seem like it was the boss' idea.
3) Pay attention to timing. Read when the boss is in a good or bad mood, and work the good side.
Thursday, March 6, 2008
Making a List
Another post about stealing savings strategies from other bloggers (isn’t that the point of this whole thing anyway). This Writer’s Wallet originally wrote about making a list to fuel creativity, so I thought I’d take a crack at applying this to my personal finances. Here goes…. I’m starting my “100 Strategies for Saving More Money” list. Feel free to add your own personal faves in the comments, and help me make my way to 100. I’ll only post 10 for starters:
1) Round up credit card/debt payments to nearest dollar to increase the rate you chip away.
2) Every time you avoided a cost (found free parking, get something comp’ed at a restaurant) take the money you would have spent and contribute it to a high yield fund.
3) For paying off credit card, pay off twice the amount of each new purchase you make.
4) ING Account referrals. Target younger generations, siblings coming of age, younger cousins, etc. [Buy the way, if you are somehow reading this blog and don’t have an ING account… email me :o) They’ll plunk $25 in your account for signing up.]
5) Instead of rewarding yourself with things that cost money (a shopping trip, a meal out), reward yourself with time – devote whole hours to something you enjoy (like reading, baking or even blogging)
6) Cancel Netflix and watch TV for free at ABC.com or other like stations.
7) Cancel newspaper subscriptions and read them online. Or if you love the weekend paper in your hands feeling, you can usually pick them up for free lying around the coffee shop.
8) Instead of bringing a bottle of wine as a hostess gift for everyone that asks you over for a party (it adds up!), make or create gifts (baked goods, something more heartfelt and cheaper like a small plant or a few stems).
9) “Split” a Costco membership with a friend. You can sign yourselves up as domestic partners. I can’t usually justify $50 worth of savings / year. But $25 – easily.
10) Set up automatic deductions for smaller savings goals – like your travel fund, not just your retirement fund.
1) Round up credit card/debt payments to nearest dollar to increase the rate you chip away.
2) Every time you avoided a cost (found free parking, get something comp’ed at a restaurant) take the money you would have spent and contribute it to a high yield fund.
3) For paying off credit card, pay off twice the amount of each new purchase you make.
4) ING Account referrals. Target younger generations, siblings coming of age, younger cousins, etc. [Buy the way, if you are somehow reading this blog and don’t have an ING account… email me :o) They’ll plunk $25 in your account for signing up.]
5) Instead of rewarding yourself with things that cost money (a shopping trip, a meal out), reward yourself with time – devote whole hours to something you enjoy (like reading, baking or even blogging)
6) Cancel Netflix and watch TV for free at ABC.com or other like stations.
7) Cancel newspaper subscriptions and read them online. Or if you love the weekend paper in your hands feeling, you can usually pick them up for free lying around the coffee shop.
8) Instead of bringing a bottle of wine as a hostess gift for everyone that asks you over for a party (it adds up!), make or create gifts (baked goods, something more heartfelt and cheaper like a small plant or a few stems).
9) “Split” a Costco membership with a friend. You can sign yourselves up as domestic partners. I can’t usually justify $50 worth of savings / year. But $25 – easily.
10) Set up automatic deductions for smaller savings goals – like your travel fund, not just your retirement fund.
Wednesday, March 5, 2008
Skinner Wallets & White Whine
When all of the discussion about recession is whirling about you, it can be hard to really peel through the film and understand how broad economic issues and the Fed’s actions can affect YOU. I remember back in history class, I didn’t really understand how the Depression of the 1930’s could happen. Everything seemed so cyclical and inevitable, and yet there seemed no reason for me why everyone should suddenly be poorer, when the same resources existed. This article in Forbes Magazine explains Why Your Wallet Feels Thinner. As an example, here are the everyday things that just cost more. How many of us even know what the price of eggs are? You buy eggs because you like to make an omelet. And this is how little by little, you feel your bank account dwindle, even when you don’t have large sums invested in the stock market. These are the annualized rate of price increase between December 2004 and December 2007:
Eggs: 15%
Coffee, College Tuition, Milk, White Bread 6%
Admission to Sporting Events, Tobacco, Airline Fares, Funeral Costs 5%
Admission to Movies/Concerts, Sugar / Artificial Sweeteners 4%
Also, I have to acknowledge that even though I am no millionaire and I'm trying to improve my personal finances practices and knowledge all the time, there are people for whom, skinnier wallets are not a nice blogpost, but rather a dire crisis. Sometimes I feel so privileged even while writing. I have to throw out a hysterical (satirical) link to White Whine, which claims to host "a new white person complaint everyday." It's true... for those who have it good, sometimes we're just whiners.
Eggs: 15%
Coffee, College Tuition, Milk, White Bread 6%
Admission to Sporting Events, Tobacco, Airline Fares, Funeral Costs 5%
Admission to Movies/Concerts, Sugar / Artificial Sweeteners 4%
Also, I have to acknowledge that even though I am no millionaire and I'm trying to improve my personal finances practices and knowledge all the time, there are people for whom, skinnier wallets are not a nice blogpost, but rather a dire crisis. Sometimes I feel so privileged even while writing. I have to throw out a hysterical (satirical) link to White Whine, which claims to host "a new white person complaint everyday." It's true... for those who have it good, sometimes we're just whiners.
Tuesday, March 4, 2008
San Francisco Paradise + Back to Reality...
Had a lovely time in SF last weekend, and the verdict is… I can really see myself living there. So that goes on the list of possible cities and possible grad schools. As for my trip budget, I didn’t do so well.
Unexpected boon: The Guy’s friends with cars shuttled me around everywhere, so I didn’t have to worry about taking cabs. Super convenient, and really nice of them.
Unexpected bane: M left me all alone on Saturday when she had to work. From 10 o’clock to 4 o’clock I was left alone to wander the city on my vacation. So I shopped. $300 worth of shopping. Each individual item I bought was a good value, so I felt okay about it as I went along, but at the end of the day I felt a little sick. That was supposed to be my whole budget for the trip. I never would have spent that much if I had been enjoying time with friends. I’m going to return about $80 worth today or tomorrow. Ex-Shopping, I would have been $25 underbudget for the trip. Including shopping, I’m $275 over budget.
But life goes on, and I'm back to reality. I updated my personal goals and trackers for February. Somehow I managed to mess up my Networth report from last month, so it no longer records my huge dip downwards in January. But trust me, I’m not in denial, and just glad to be moving on. I’m really excited that I’m completely on track to be able to accomplish one of my goals (#1 Never carry a credit card balance) in 3 short months. Now that I’m almost done, I think I might add another travel fund goal onto the end. I want to get 100% whole on my emergency fun and then start putting a greater dent into my B-school savings fund. Then I can focus on ramping up the other two.
I also updated my February mini-goals (small expenditures). Making progress on bringing my lunch to work, but slipping a bit on my coffee budget. Still not bad, but I have a gourmet coffee maker at home that I should be putting to work!
Unexpected boon: The Guy’s friends with cars shuttled me around everywhere, so I didn’t have to worry about taking cabs. Super convenient, and really nice of them.
Unexpected bane: M left me all alone on Saturday when she had to work. From 10 o’clock to 4 o’clock I was left alone to wander the city on my vacation. So I shopped. $300 worth of shopping. Each individual item I bought was a good value, so I felt okay about it as I went along, but at the end of the day I felt a little sick. That was supposed to be my whole budget for the trip. I never would have spent that much if I had been enjoying time with friends. I’m going to return about $80 worth today or tomorrow. Ex-Shopping, I would have been $25 underbudget for the trip. Including shopping, I’m $275 over budget.
But life goes on, and I'm back to reality. I updated my personal goals and trackers for February. Somehow I managed to mess up my Networth report from last month, so it no longer records my huge dip downwards in January. But trust me, I’m not in denial, and just glad to be moving on. I’m really excited that I’m completely on track to be able to accomplish one of my goals (#1 Never carry a credit card balance) in 3 short months. Now that I’m almost done, I think I might add another travel fund goal onto the end. I want to get 100% whole on my emergency fun and then start putting a greater dent into my B-school savings fund. Then I can focus on ramping up the other two.
I also updated my February mini-goals (small expenditures). Making progress on bringing my lunch to work, but slipping a bit on my coffee budget. Still not bad, but I have a gourmet coffee maker at home that I should be putting to work!
Monday, March 3, 2008
February Read/Bought Review
In February, I read David Sedaris’ Dress Your Family in Corduroy and Denim, and not much else. Even though the cold usually induces cozy evenings in with a book, I’ve been surprisingly busy and I’ve had a lot less leisure time lying around the apartment. But the book was better than I thought it would be. It made me daydream about living in Paris, or as an ex-pat anywhere. Having the accent, the feeling of constantly learning, that’s a dream life for me.
On the plane ride to San Fran, I also read the Persepolis graphic novels by Marjane Satrapi. Fabulous. Can’t wait to see the movie.
I’ve also started in on The New Mainstream by Guy Garcia. Subtitle: How the Multicultural Consumer is Transforming American Business. At work, I recently was assigned all of our multicultural initiatives, which was a nice vote of confidence and something I was definitely interested in already. I’ll have to report back on how this is. With business books you usually get the main premise in the first ten pages and the rest is examples and case studies and more of the same, so I don’t know if I will be motivated to finish.
Books I’ve bought – none! Everything was from my shelf already but Persepolis, which was loaned by a friend. I set out to the library the other day to pick up Robert Kiyosaki’s Rich Dad, Poor Dad, but was googling the author’s name before I left and came across this Slate piece that criticized it as fluff with no real financial advice. The book has been on my to-acquire list for awhile. The title is especially snappy to me, as I was raised in a “doing-okay” middle-class family, where money was rarely openly discussed. I wondered if I had missed certain lessons and principles that I wouldn’t have if I had grown up in a wealthy household, which seems to be Kiyosaki’s premise.
Now that I have lived in a different state from my family for over five years, and my salary is more than both of my parents’ combined incomes, I don’t know if that’s the case or not. My parents are both wise about money, I think, and I don’t know how they are doing now anymore than I did then. But I think they have done some things right. They pay all their bills on time and have a good credit rating and they are fiscally responsible. So, I’m almost glad to hear that there is criticism of the book out there as little more than a marketing tactic. Would be interested to hear though if there are any good nuggets of wisdom in the book or if anyone else has had a better experience.
On the plane ride to San Fran, I also read the Persepolis graphic novels by Marjane Satrapi. Fabulous. Can’t wait to see the movie.
I’ve also started in on The New Mainstream by Guy Garcia. Subtitle: How the Multicultural Consumer is Transforming American Business. At work, I recently was assigned all of our multicultural initiatives, which was a nice vote of confidence and something I was definitely interested in already. I’ll have to report back on how this is. With business books you usually get the main premise in the first ten pages and the rest is examples and case studies and more of the same, so I don’t know if I will be motivated to finish.
Books I’ve bought – none! Everything was from my shelf already but Persepolis, which was loaned by a friend. I set out to the library the other day to pick up Robert Kiyosaki’s Rich Dad, Poor Dad, but was googling the author’s name before I left and came across this Slate piece that criticized it as fluff with no real financial advice. The book has been on my to-acquire list for awhile. The title is especially snappy to me, as I was raised in a “doing-okay” middle-class family, where money was rarely openly discussed. I wondered if I had missed certain lessons and principles that I wouldn’t have if I had grown up in a wealthy household, which seems to be Kiyosaki’s premise.
Now that I have lived in a different state from my family for over five years, and my salary is more than both of my parents’ combined incomes, I don’t know if that’s the case or not. My parents are both wise about money, I think, and I don’t know how they are doing now anymore than I did then. But I think they have done some things right. They pay all their bills on time and have a good credit rating and they are fiscally responsible. So, I’m almost glad to hear that there is criticism of the book out there as little more than a marketing tactic. Would be interested to hear though if there are any good nuggets of wisdom in the book or if anyone else has had a better experience.
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