Goals and Financial Update

So back in July, I started making myself little goals. I am proud to say that I have met those goals, so I have decided to add another to the list:

Goal # 1 - Lose 5 lbs by August 09, 2013
     I should probably aim for this again. I have achieved my weight goal since, but I am sure I have gained some lbs. back due to recent celebrations and pigging out sessions. I honestly have not weighed myself so I do not know how much I have gained (or not), but I really should so I can assess the damage. LOL.

Goal # 2 - Pay off two of my credit cards by August 31, 2013

Goal # 3 - Organize all my receipts and documents by July 23, 2013
     I am not going to lie... Since achieving this goal, I have accumulated quite a few more receipts, although they are stored in a more organized manner than they normally would have been. I really should think about investing in a Neat Scanner though...

Goal # 4 - Pay off one more credit card by October 29, 2013 (3 months)

Goal # 5   Pay off one more credit card by February 28, 2014 (NEW!)

I really hope to achieve Goal # 5 sooner than that, but the holidays are just around the corner so it will be difficult to save and put a little more towards paying off my debt. To be honest, paying this particular credit card off by the end of February may not be realistic at all, but I am still hoping to do it. *Crossing my fingers...

The last few weeks have been really hectic for me... Needless to say, I have abused my body by giving it no rest, and now it had finally decided to shut down on me. I am actually sick as I am writing this. It's weird though... My body feels like it has the flu, but my head does not. I know that does not make sense, but that's how I feel. My whole body feels weak and achy, and I get the shivers, but my head is alert, not groggy at all, the way I usually would feel when I have the flu. It's like it's just my body that is sick. I am physically sick. It really feels like I have the flu, but my mom thinks it's just exhaustion, which it could very well be...

Hopefully, I will be back to normal after a couple of days of rest. I still have a lot to do, and a lot to blog about, like the time Orlando Bloom and I locked eyes. Oh yes, we did... But that's for another time. LOL.

xx,
Pamela

Update for July and August Goals

As stated in a previous entry (click here),  I had set 3 goals for the months of July and August. Since July is about to end in a couple of days, I've decided to post an update.

Goal # 1 - Lose 5 lbs by August 09, 2013
So far, I had lost 2.5 lbs. Yes, half-way there... I still have until the 9th so... *crosses fingers.* Actually it fluctuates between 2.5 to 3 lbs, depending on what I eat of drink. It didn't help that for my brother's birthday, we ordered in food from this nearby Portuguese restaurant, Portuguese Churrasqueira.The food was delicious, and you definitely get more for what you pay than what you would get in other restaurants. Needless to say, my belly was happy, the scale was not.

Goal # 2 - Pay off two of my credit cards by August 31, 2013
I am proud to say that I have accomplished this within two weeks of posting the original entry. I am now replacing this with a new goal, which is to pay off the next credit card within three months. This credit card will take a little longer to pay off due to its balance being a little higher, but I am hoping that I can do this within three months. :)

Goal # 3 - Organize all my receipts and documents by July 23, 2013
Okay, so technically I did meet this goal but not quite the way I had planned. First, I didn't finish until the 24th. I procrastinated up until the 23rd, thinking it was going to be really easy. Turned out, I was wrong. I had accumulated bags full of receipts and junk mail. I had to sort through them and weed out the ones that I can/need to get rid of. Second, even though I had sorted through them, and organized them as best as I can by the 24th, it took another day and a half to shred the unwanted ones. I can only shred so much before the shredder overheats. Yes, it was that much that my shredder had to take breaks. Third, new junk mail keeps arriving in the mail, and new receipts (from the hubby, of course) keep showing up to be filed. And fourth, I know I have bins full of old(er) receipts and documents that I had stashed away in places that are not too easy to reach (under the bed, on top of the closet, under bins of yarns...).  But once I get to them it's just a matter of shredding them so no biggie. Also, I was able to finally check all my lotto tickets. No, I am not a millionaire (yet), but I am $28 richer.

At this point, 2.5 out 3 goals is not bad at all. I have never been so motivated before. I expect to accomplish more in the future, and will be posting a new entry with my new set of goals. Until then...

xx,
Pamela

The Seven Baby Steps

As some of you may know, I have been focused on getting my financial life in order so I can then achieve my other goals. My goals are:

1. To pay off all my credit cards
2. Buy a house
3. Start having babies (LOL)
4. Own a business
5. Retire in style

Yes, Goal # 3 sounds funny coming from me, but eventually I do want kids. I say "eventually" because I want to own a house first before I start popping them out. I want to be financially in control because having a baby is expensive. Imagine the expenses involved in buying/owning a house (utilities, mortgage, TAXES, repairs, to name a few), then you add a baby to the list.

Owning a house will always come with financial burden (for lack of a better word), but that's the thing... I don't want it to be a burden. Realistically, having a baby first then buying a house, or having a baby and buying a house at the same time, can be done... And I'm sure it has been done this way more times than not... But wouldn't it be better if my husband and I are financially stable before we have a baby?

I've heard different things from different people. One, told me that it was just another (about) $100 extra monthly expense. I don't believe her. LOL. Maybe for the diapers and food... but in the long run (*ahem* college), it'll be much more. Plus, I want to be able to provide comfortably for my future children. I want to be able to buy every single one of them the latest in toys, gadgets, etc... if I want to. Yes, if I want to. It doesn't mean I will. I don't want to super spoil them, but I want to know that I could.

With these (long term) goals in mind, I have been reading and researching a lot about budgeting, paying off debts, and eventually living debt-free. One financial "guru" really made an impact on me- Dave Ramsey from www.daveramsey.com. Granted, he's selling books and software to help you "change your life," but his website is still full of information on how to get to your financial goals, and how to secure your financial future. I have never read any of his books, nor have I tried his software, but what I love about his website is the fact that someone like me, who knows pretty much nothing about finances, is not overwhelmed by all the information. He (or his people) had listed things in steps, and had explained everything in layman's terms.

One of the things that really got my attention is The Seven Baby Steps.

Baby Step 1 - $1000 to start an Emergency Fund
From what I understand, this is different from a Savings Fund/Account. This is strictly for emergencies, such as unplanned car or house repairs, or hospital bills. I say "unplanned" because if you can somehow plan for it, factor it in your budget without having the need to dip in this fund, then I guess it's not really an emergency. The money in this fund cannot be touched unless it's an emergency. I believe a Savings Fund is for your future and, I guess, for super-emergencies only...

 Baby Step 2 - Pay off all debt using the Debt Snowball
I especially love and agree with this one! You pay off the smaller debts (balances) first, then work yourself up to the big stuff. In this method, the interest rate doesn't matter unless you come across a debt that it pretty much around the same amount. When you do, you pay off the one with the higher interest rate first, obviously. You pretty much pay the monthly minimum for the other bills, concentrating/paying more towards the smallest bill. Once you pay off that debt, you then put whatever dollar amount you were using to pay for it monthly towards the next smaller debt. You keep doing this until all your debts are paid. I love it and its concept! Once you pay off a debt, no matter how small, it gives you this feeling of accomplishment and keeps you motivated. It's like losing weight... Once you see the numbers on the scale going down, it keeps you motivated to stick to your diet!

Baby Step 3 - Three to Six months of expenses in savings
The goal here is to have enough money in your savings to support you and your family for three to six months should you lose your job. First, you need to calculate how much you need/spend monthly, multiply it by three or six. The dollar amount you come up with is your minimum goal to have in your savings.

Baby Step 4 - Invest 15% of household income into Roth IRAs and pre-tax retirement
Once you've accomplished Steps 1 to 3, meaning you have no debt, then you can start investing. I am already doing this (although not 15%) through my 401K. I guess once I reach this step, I should really be investing 15%, and hopefully, I would be more stock market "savvy," that way I would be investing in areas where I can get the maximum rewards.

Baby Step 5 - College funding for children
I didn't really research this area that much, but apparently, you have to figure out how much you should be saving at 12% interest in order to have enough for college. I'm assuming this is per kid. Need I say more? If I choose not to have kids, can I skip this step? LOL.

Baby Step 6 - Pay off your house early
At this point, you should have extra money (even while doing Steps 4 and 5) that you should put towards paying off your mortgage. That way, you'll truly be debt-free earlier.

Baby Step 7 - Build wealth and give
Enjoy the fruit of your success and hard work, but try to leave an inheritance for future generations. Also, don't forget to give back and help the less fortunate ones!

I can't wait to start crossing things off this list. I have definitely met the requirement for Step 1, I am currently working on Step 2, and I am sort of doing Steps 3 and 4. I am getting there... LOL.

xx,
Pamela

The 52 Week Money Challenge

To help me save, I've enlisted my sisters and the hubby to do this challenge with me.

What is it?
A simple way to save money. I won't have a boat load of money at the end, but it's still extra cash. Plus, I am mostly doing this to condition myself to put away a little money every week. It's starts off small, which I think is great! If I do it this way, I have a higher chance of completing (than quitting) this challenge.

How does it work?
I have to save the dollar amount of whatever week I am in. For example, I have to save $1 for Week 1, $2 for Week 2, $3 for Week 3, and so on... It'll be $52 for Week 52. By the end of this challenge, I should have $1378.

(Image courtesy of: www.savingeveryday.net)

Oh yes, I am dead serious about saving and being frugal. Can you tell? LOL.

On a different note, I was able to catch up on my reading recently. And of course, first up on my list was Dead Ever After, the thirteenth and final installment in the Sookie Stackhouse novels. I don't want to spoil it for the others who have yet to read it, but I am disappointed with it. Actually, halfway through, I was very tempted to just stop reading. But I invested (money and time) in the other twelve novels, and I felt I owe it to the characters, whom I have grown to love, to finish it. I was (still am) disappointed with the main and sub plots of this particular installment. And of course, even though I saw it coming, I was still disappointed that Sookie did not end up with the one I was hoping she would. (If you know me, you know who I'm referring to.) The ending, and how she tried to tie everything up, just didn't make that much sense to me... There were a lot of inconsistencies. The writing felt sloppy and rushed. In addition to the book being very anti-climatic, the author pretty much murdered all the characters. She just didn't seem to care any more. After all that the characters (and I) have been through from Book One to Twelve, this book was a big -please excuse my language- F*CK YOU to the characters and the readers. That's what it was. I will just leave it at that.

Image courtesy of: www.amazon.com

On a good note, the ending wasn't concrete so who knows...? Actually, Charlaine Harris is coming out with another book, After Dead: What Came Next in the World of Sookie Stackhouse, so there is still hope. Although it is not a novel, I may still get the ending I want. From what I understand, it will just list all the characters of the book and what happened to them in the future. I am considering buying it... (Even though I probably shouldn't since, clearly, the author seems to have lost all care for the characters, and her readers... Maybe I'll just borrow it from the library then. LOL.) And yes, I am crossing my fingers that I will still somehow get the "H.E.A." I want. :)

xx,
Pamela

Goals for July and August

"... Okay, so, um... like what are your guys' hopes and dreams?"  - Josie Geller in Never Been Kissed

-o-o-o-

Oh, I have big dreams. And in order to achieve them , I need to make major changes in my life. Lately, I've been thinking about making these changes more so than ever. I do this a lot. I make a list of goals but then fall short of following through on them. This time, maybe if I blog about it, I will actually accomplish them. I will make them realistic and attainable. And if I have to, I will also break each goal down so that I don't overwhelm myself, especially with paying off my debt. I will also give myself target dates, that way I am really forced to stick to whatever it is I need to do to get to where I want to be.

Goal # 1 - Lose 5 lbs by August 09, 2013
Since the husband and I met, I have put on about 15 lbs. My goal is to lose only 5 lbs because I actually lost 10 lbs already. What?! What?! I heard that it is really hard to lose the last 5 lbs but I have gotten this far so I know I can do it! I just need to be stronger. Lately, my cravings have been out of control... I must keep them in check!

Goal # 2 - Pay off two of my credit cards by August 31, 2013
The goal is really to pay off all my debt. Eventually. Sadly, I have quite a collection of credit cards... Let's face it, I won't be able to pay them off overnight. It will definitely take months. But so I don't overwhelm myself, I will just do one or two credit cards at a time. Since this is the internet, that is all I will mention in this category. One can't be too careful nowadays...

Goal # 3 - Organize all my receipts and documents by July 23, 2013
I am giving myself two weeks to do this. This includes checking all those lotto tickets I have bought and accumulated. I could already be a millionaire and not know it! (Hey, that will take care of Goal # 2!)

I think three goals for now should do it. If I happen to accomplish one before the target date, then I will update it, and add another goal or two.

Wish me luck!

xx,
Pamela