Sunday, February 13, 2011

Financial Journal

The rules of money are probably Ben Franklin-type rules, such as never squander it, don't be a spendthrift, be very careful, you have to account for what you're doing, you must keep track of it, and you can never ignore what happens to money.

- Michael Phillips, The Seven Laws of Money


So, for IVF last week I went to a nutritionist to discover some of my bad eating habits that I have to change for pregnancy. She had me keep a journal of the time I eat, what I eat at that time, and how I am feeling just before eating. This journal was illuminating for me. I tend to eat really bad around 3 pm each day because I am either tired or stressed from work. She asked me to eat my veggies and fruit servings for the day in either breakfast or lunch because after 3 pm begins my poor food choices.

After doing this activity for the nutritionist, I was thinking that I should also do this for my financial life. I will keep track of where my money is going and avoid impulse spending (especially around 3 pm at the vending machine or work cafe on bad food choices) for the next two weeks. At the end of the two week period, I will review my financial journal and see where I have been impulsive with my spending.

Do you want to join me with the financial journal activity?

Best wishes,

Janie

P.S. You have come to the right place if you are looking for information about getting out of credit card debt, paying off credit card debt, money tips, or for a friendly place if you are struggling with getting out of debt.

Saturday, February 12, 2011

Earnings Timeline

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I am going to expand on my Financial Timeline series here. This post will be about my Earnings Timeline and Net Worth to date.

So, I got my Social Security Statement in the mail this week and I always check it against my earnings for the year to check for accuracy. I believe that everyone should do this as part of getting your financial house in order.

Look at the three columns on your statement when you are checking for accuracy-

1. Years You Worked 2. Your Taxed Social Security Earnings 3. Your Taxed Medicare Earnings

Here are my taxable earnings since 1995 (I rounded numbers for privacy reasons):

1995 - $1,500

1996- $3,000

1997 - $2,000

1998 - $2,000

1999 - $700

2000 - $2,000

2001 - $200

2002 - $400

2003 - $10,000

2004 - $35,000

2005 - $45,000

2006 - $54,000

2007 - $64,000

2008 - $81,000

2009 - $86,000

Over a 15-year period I earned $386,800 of taxable income. But once taxes are taken out I probably brought home $193,400 during that same 15- year period.

I calculated my January net worth to be $90,579.44. Therefore, from my earnings I "spent" $100,000 dollars during that 15-year period. Honestly, I don't know where that $100,000 dollars went. I know $26,000 plus interest payments went to the credit card companies. I had a wedding, went on a honeymoon, purchased a car during that time period too. This was an eye-opening experience for me. It has made me want to pay more attention to my spending especially what is coming in and going out (cash flow).

Was this post helpful?

I do have a word of caution about this post. I live in an expense place in this country so please don't compare your earnings to mine. I do have a college education and I am a tough negotiator which has increased my earnings. If you are interested in my negotiating skills please leave a message below. I will be happy to devote a blog post to negotiating skills in a job and in life.

Best wishes,

Janie

P.S. You have come to the right place if you are looking for information about getting out of credit card debt, paying off credit card debt, money tips, or for a friendly place if you are struggling with getting out of debt.

Sunday, February 6, 2011

My Financial Life Timeline


Have you made a timeline of your financial life before? If you said no, you are not alone because I haven't either until now.




Here is my financial timeline by years-




1980 - 2003 Mooch off parents, had some side jobs made a total of $10,000 during those years




2003 - 2004 Moved out on my own, made $15.00 an hour and started getting into debt up to my eye balls




2004 - 2008 My salary continued to increase and I realized I had to get out of debt




2008 - now Debt free and trying to start a family through IVF


I think I will do a more detailed timeline next. I may even do a timeline for other areas of my life too. I think it brings clarity to your daily life- looking at the big picture. I should probably do one for saving and spending next.


What does your financial timeline look like? If you would like to leave a comment I would love to hear what your timeline is like. Is it like mine?



Best wishes,




Janie




P.S. You have come to the right place if you are looking for information about getting out of credit card debt, paying off credit card debt, money tips, or for a friendly place if you are struggling with getting out of debt.

Friday, February 4, 2011

Coupon Book

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You all know how I have become the coupon queen as of late. Then I happened to find this great idea for a coupon book. I am still in the process of figuring out my coupons but this is awesome inspiration.

Go over and check it out.

Best wishes,

Janie

P.S. You have come to the right place if you are looking for information about getting out of credit card debt, paying off credit card debt, money tips, or for a friendly place if you are struggling with getting out of debt.

Thursday, February 3, 2011

A Getting Out of Debt Story Of Inspiration

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You may or may not know this about me but I love to decorate my house. Decorating my house is a hobby for me and I love to do it inexpensively as well. I look all over the Internet for inspiration and new ideas. Then one day I found the Thrifty Decor Chick. I have been reading this blog for about 2 years now.

My heart was so full yesterday when I read this blog post about her and having NO MORE DEBT. Please go over and read this story. She had a lot more debt than I have ever had and now she is out of it. All gone! It is such a story of inspiration and I am so excited that another person has joined the debt free club.

I think it is a wonderful story and I just had to share.

Best wishes,

Janie

P.S. You have come to the right place if you are looking for information about getting out of credit card debt, paying off credit card debt, money tips, or for a friendly place if you are struggling with getting out of debt.
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