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Hi All!!!
I start my new position at the Bank on Monday. I am excited for the change and of course I am excited about the higher $100k salary. My net worth is trending up. See and click on the Networthiq chart to the right. I am feeling good about this year and I look forward to all of the progress I can make professionally, personally and financially. Overall, I am in a better place and frame of mind. =)
14 Ağustos 2012 Salı
New Job & Wealth Watchers
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New Job
It's hard to believe I am coming up on one month on the new job. The transition has been good for me and my new team is great. I also got my first paycheck under my new salary. All I can say is Thank You and Wow! My take home went from ~$4,950 to $5,850 and I still only get paid once a month.
Wealth Watchers
I am working on a new budget but I came across an article a couple of weeks back based on the book Wealth Watchers. It was a pretty cool article and I should try to find it again so I can post a link to it but google it for now. It was basically an article about a simple budgeting program where you take your income, subtract your fixed expenses and then arrive to your discretionary income. Then you divide that number by the number of days in the month/pay cycle to get your Daily Disposable Income (I like to call it my Daily Dollar Limit).
So after struggling with my once a month paycheck and blowing my budget month after month, the article was timely because my budget for April was blown and I wasn't halfway through the month.
So based on my new salary, I figured out my Daily Dollar Limit based on my monthly dictionary income to be $40/day and that was after putting aside $500 for savings. Not bad.
I took out $280 on Sunday and allotted myself $40/day with the goal of spending less than the $40/day in case I had a heavy spending day but also so that I may actually save something during the course of the week. The ultimate goal is not to spend more than the allotment so you don't overspend for the month.
During Week #1, I underspent by $39. Week #2, I underspent by $163. The best news about this experiment is that you don't have to feel bad about spending the money because it's your discretionary income. The whole point is not to overspend and have to pull from savings or draw on credit. The more you underspend, the more you can save up for a purchase, put money away for savings and/or pay down debt. I am going to keep the experiment going. It may be the simple plan I have been looking for all along. =)
It's hard to believe I am coming up on one month on the new job. The transition has been good for me and my new team is great. I also got my first paycheck under my new salary. All I can say is Thank You and Wow! My take home went from ~$4,950 to $5,850 and I still only get paid once a month.
Wealth Watchers
I am working on a new budget but I came across an article a couple of weeks back based on the book Wealth Watchers. It was a pretty cool article and I should try to find it again so I can post a link to it but google it for now. It was basically an article about a simple budgeting program where you take your income, subtract your fixed expenses and then arrive to your discretionary income. Then you divide that number by the number of days in the month/pay cycle to get your Daily Disposable Income (I like to call it my Daily Dollar Limit).
So after struggling with my once a month paycheck and blowing my budget month after month, the article was timely because my budget for April was blown and I wasn't halfway through the month.
So based on my new salary, I figured out my Daily Dollar Limit based on my monthly dictionary income to be $40/day and that was after putting aside $500 for savings. Not bad.
I took out $280 on Sunday and allotted myself $40/day with the goal of spending less than the $40/day in case I had a heavy spending day but also so that I may actually save something during the course of the week. The ultimate goal is not to spend more than the allotment so you don't overspend for the month.
During Week #1, I underspent by $39. Week #2, I underspent by $163. The best news about this experiment is that you don't have to feel bad about spending the money because it's your discretionary income. The whole point is not to overspend and have to pull from savings or draw on credit. The more you underspend, the more you can save up for a purchase, put money away for savings and/or pay down debt. I am going to keep the experiment going. It may be the simple plan I have been looking for all along. =)
Gail Vaz-Oxlade & Til Debt Do Us Part…
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So how many people have watched Til Debt Do Us Part on CNBC? It’s a show where Gail Vaz-Oxlade will put a couple on a strict cash budget and then put that couple through money and relationship challenges. This is supposed to strengthen their relationship and put them on the path to financial stability.
Well the concept of a cash budget appeals to me. What I do know is that CHITOWN CANNOT BE TRUSTED WITH A CREDIT CARD!!! I don’t even carry them in my wallet anymore. The problem is that I am just as careless with a debit card. If there is money in the account and all the bills are paid, I have this mindset that the money can be spent. Well, that only works if you don’t run out of money before the next paycheck. That is rarely the case for me…Actually, I don’t think I’ve ever made it to the next paycheck without going into the Red. So Sad!
Any Hoo…Below is the cash budget that I came up with using the budget on Gail’s website. I tweaked it a little and of course added some color but overall…it works!!!
Well the concept of a cash budget appeals to me. What I do know is that CHITOWN CANNOT BE TRUSTED WITH A CREDIT CARD!!! I don’t even carry them in my wallet anymore. The problem is that I am just as careless with a debit card. If there is money in the account and all the bills are paid, I have this mindset that the money can be spent. Well, that only works if you don’t run out of money before the next paycheck. That is rarely the case for me…Actually, I don’t think I’ve ever made it to the next paycheck without going into the Red. So Sad!
Any Hoo…Below is the cash budget that I came up with using the budget on Gail’s website. I tweaked it a little and of course added some color but overall…it works!!!
Mother’s Day….
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Mother’s Day is swiftly coming up on May 13th. Ihave no idea what to get my Sister and Mother. So far, I think mybrother-in-law is going to cook out at their house which means my Mom and Siscan just chill out. I can bring some stuff over to contribute to the meal.Thing is, that will cost money in addition to buying gifts.
I think the gifts are going to be $25 gift cards each but I havea goal to spend no more than $100 for Mother’s Day, including the stuff for themeal. I hope I can pull it off. That being said, I have put aside some moneyeach day to save towards Mother’s Day with my little $40/day experiment.
Hopefully, a little planning and foresight will go a longway and my checkbook will be happy with me. FYI…I am doing really well this weekwith my Wealth Watchers $40/ day Daily Dollar Limit. I may already have the$100 available for Mother’s Day by the end of the week. =)
Mother’s Day is swiftly coming up on May 13th. Ihave no idea what to get my Sister and Mother. So far, I think mybrother-in-law is going to cook out at their house which means my Mom and Siscan just chill out. I can bring some stuff over to contribute to the meal.Thing is, that will cost money in addition to buying gifts.
I think the gifts are going to be $25 gift cards each but I havea goal to spend no more than $100 for Mother’s Day, including the stuff for themeal. I hope I can pull it off. That being said, I have put aside some moneyeach day to save towards Mother’s Day with my little $40/day experiment.
Hopefully, a little planning and foresight will go a longway and my checkbook will be happy with me. FYI…I am doing really well this weekwith my Wealth Watchers $40/ day Daily Dollar Limit. I may already have the$100 available for Mother’s Day by the end of the week. =)
Car...
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All is well in my world. This new Wealth Watchers Plan is workingpretty well for me. I find the $40/day more than sufficient throughout the weekso I have money left over for the weekend, etc. So far, I am still within budget for the monthand it’s kind of hard to believe. I don’t get paid again until the 30th.
Things have been non-stop since I started my new job. I justgot back from traveling to another country for work last night and I’m pooped!!!I am so glad that I get to work from home on Friday and Monday due to NATO. Imay even catch up on some laundry. =)
My car’s check engine light came on Tuesday. I have to calland make an appointment to find out what’s wrong with it plus it’s been actingup a little bit lately as I mentioned. I still have $2,000 in an emergency fundthat I can use that for repairs if necessary. So, I am not too worried.Hopefully it will be a minor fix.
All is well in my world. This new Wealth Watchers Plan is workingpretty well for me. I find the $40/day more than sufficient throughout the weekso I have money left over for the weekend, etc. So far, I am still within budget for the monthand it’s kind of hard to believe. I don’t get paid again until the 30th.
Things have been non-stop since I started my new job. I justgot back from traveling to another country for work last night and I’m pooped!!!I am so glad that I get to work from home on Friday and Monday due to NATO. Imay even catch up on some laundry. =)
My car’s check engine light came on Tuesday. I have to calland make an appointment to find out what’s wrong with it plus it’s been actingup a little bit lately as I mentioned. I still have $2,000 in an emergency fundthat I can use that for repairs if necessary. So, I am not too worried.Hopefully it will be a minor fix.
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