Got a raise.

Was awarded a 5.5% pay increase. Retroactive (well, definitely 3.5% is) to the first of the year.

That brings my salary to $42,989.

I went from $33,000 in July 2008 to about $43,000 in January 2010. Not bad, not bad.

I decided to bump up my direct deposit to my emergency savings account, from $50 to $75/pay period. This account balance is currently $1,152.

My other account balances are as follows (numbers have fudged a bit since the last post):
Unspecified Savings: $2,498
Hair Care: $250 (though I have set a spending limit of $600 for the year, will fund this account with tax return $)
Car Maintenance: $400
Vacation: $1,000
Business Start-Up Monday: $250

Finally, I should have about $160 in my Christmas Club account but I was annoyed to find out I am being charged a $1/month maintenance fee. It’s not much but I thought the account was free!

Crossing my fingers for a decent tax return.

Reviewing 2009, Goal-Setting for 2010

Last year, I identified four financial goals, of which three I hoped to accomplish in 2009.
• Regular Savings — $1,500. SURPASSED!
• Emergency Fund — $1,000. SURPASSED!
• Vacation Fund — $1,000. ACHIEVED!

I also made a goal to save $7,500 for a home/relocation fund. But, hmm, well… let’s just say priorities have changed. Plus, shooting to save $7,500 by end of 2010 is unrealistic unless I am able to make more real estate sales commission to supplement my current income.

I am so excited for 2010.

Before I list my goals, I want to make a quick snapshot of what my financial picture looks like today.
In 2009, I did not open any new checking accounts or credit card accounts. The system I have with my four checking accounts works really well for me. To some, it’s extremely complicated… good thing I am not “some” people.

I have been GREAT at not keeping a balance on my credit cards—even when I splurged a bit and used cards for other than groceries and gas.

As for savings, I’ve added about 4 or so accounts within the last half of the year. At ING, I now have 4 savings accounts:
• Unspecified Savings: $2,672
• Sisterlocks: $600 (that’s right… I’m setting aside money to cover my 2010 hair care expenses)
• 2010 Vacation: $1,000
• 2010 Car Maintenance: $250

I opened an account with HSBC about 6 months ago when I got a raise. I decided I would squirrel the extra $50/paycheck.

• Emergency Fund: $1,051 (I transferred $500 from my “unspecified savings” at the beginning of this year to make the thousand dollar mark.)

And, last but not least, I also opened a Christmas Club account with a Credit Union. I’m a bit annoyed with them right now because I realized I am being charged a $1/month maintenance fee. Hmm. I’ll check on that. Anyhoo, I squirrel away $20/paycheck so that come November 1, 2010, I will have about $400 for Christmas gifts! (Not that I ever spend $480…)

And how could I forget my 403(b). As of 12/31/09, my retirement account was valued at just over $3,000. I ended last year with only about $600, contributed about $1900, the remaining $500 or so is a result of positive increase in value of whatever the mutual fund is investing in. Sweet!

On to the goals…

2010 Financial Goals
• Reach $5,000 in “Unspecified Savings”
• Replenish the Vacation Fund to achieve a starting balance of $1,000 for 2011
• Replenish and increase the Car Maintenance Fund for 2011 to $500
• Replenish and increase the Emergency Fund for 2011 to $2,000.
• Increase my salary from around $40K to minimum $55K (read: get a new, higher paying job!)

2010 Personal Goals
• Eat more home cooked meals (that I have cooked!)
• Read one non-academic/work related book per month (and be a regular participant in this monthly book club that I am in)
• Travel!
• Read the Bible in its entirety.
• Graduate from grad school (August 2010)

I know 2010 has just begun but I am already thinking ahead to the end. By end of 2010, I want to be financially prepared to make necessary adjustments to be able to make student loan payments. I am fearfully of what those payments will look like…

Welcome.

(I’m pretty pissed. The first intro post I went through did not save for some reason and I’m sure I will not be able to recreate what I originally had to say.)

Well, we’re here. Just Me, Myself and Money. The plan is to generate and save enough Money so that there is enough to share between Me and Myself.

And, please don’t get it twisted. It’s not about greed.

It’s about self-reliance. I cut up the credit cards and I don’t want to ever look back. Who likes the feeling of not being able to pay for basic needs with real cash and always owing somebody something? I want to be able to vacation every year and not feel like I need to rob a bank to do so.

And, it’s about self-control. Trying to keep up with the Jones’ is not only expensive but tiring too.

So, it is about time that I whip me and myself into shape and take control of my money. You know what’s funny? Some people really think I live the good life. I have a full time job, work part-time as a real estate agent, have my own car and apartment, and I am in graduate school.

But there are so many things financially wrong with the aforementioned list. Let’s start with how my full-time job is really my main and only source of income. Real estate is not bringing in the dollar-dollar bills; it’s tiring and it is getting expensive. My car? It’s financed… 6.5 years of payments and that baby will truly, truly be mine. The apartment? Okay, so I don’t pay rent but geesh the heat bills kill the pockets! And grad school… yea, I am not going to stress myself with how much I will owe (around $70K) when I graduate.

I cut up my credit cards this past summer but still owe about $4,600. I used www.whatsthecost.com to create a payment plan. If I continue following the plan, I will be done paying off the beasts in 24 months but I am already thinking of ways to be more aggressive with debt reduction.

I earn $33K per year. I’m getting a raise in January, the increase amount is still TBD.

I save 5% of my income in a 403(b) retirement plan; I also save 5% in a savings account but it really isn’t worth mentioning right now since I have definitely dibble-dabbled in it.

To make a long story short: Financially, I am stretched thin because I stretch myself thin. I know there are areas where I can and should cut back. This blog will track my progress in doing so.