Comments on: Reviewing My Finances and Tightening The Bootstraps

By: nofearingthemoney

nofearingthemoney — Thu, 16 Oct 2008 12:16:37 +0000

You are on fire! Excellent post. We operate in a similar way, although I don’t think we have ever set a percentage goal for net savings. We look at our fixed expenses, what the “must have” variable expenses are running (food, utilities, etc.), adjust them if we can when they seem too high…then set our savings amounts, make them automatic and then kind of leave it alone.

So, in essence, our savings comes first because we set the amount based on our plan, make it automatic so it comes off the top and live off of the rest (according to the plan). I think the result of each of our approaches is basically the same.

By: Rufina

Rufina — Thu, 16 Oct 2008 03:11:06 +0000

Tnx, SM!

By: Rufina

Rufina — Thu, 16 Oct 2008 01:33:53 +0000

What about if I intentionally choose to pay extra on my CCs evey month – I am striving to be like you SM-I do too remember the time when your goal bars were more to the left than middle and I was like-no way this chick is going to pay those balances in the time she alloted herself for it. But look at you now, you did it, and it was a great inspiration – I cut up all of my CCs and only left one for emergencies, and slowly I am climbing my way out of cosumer debt
now back to me paying extra towards my CC balances every month – I chose not to save anything beyond 401K so that I pay it off faster, now that is waaay more than %50 of my income, now should I try to save 25% and cut my CC balances pay off or should I continue paying off as fast as I can and forget saving %25 for now until it is all paid?

As previously mentioned in my response to the first commenter, if you have debt, consider it a top priority (right next to savings) so you can get rid of it as fast as possible.

I didn’t recommend saving 25%. That is the % *I* choose to save because I can. Under the tip, I said “determine how much you want to save and always save FIRST.” You have to determine what that % is for you, not what Single Ma is doing. Whatever you decide to save, the important thing is to always put your savings aside FIRST. [-SM]

By: Rufina

Rufina — Thu, 16 Oct 2008 01:14:57 +0000

Well, it is a federal law (yes, federal, someone has to pay for all that bailing out going on ) somehow)
here you go-from NY child support website-see below

New $25 annual service fee starts October 1, 2008
On October 1, 2008, New York State will be implementing the federal law that requires each state to charge an annual fee of $25 for child support services. Note: The fee does not apply to TANF recipients. If you receive or have ever received TANF benefits, you will not be charged this fee.

The fee applies only to parents who have never received TANF benefits and who have a case with more than $500 in support collected during the federal fiscal year (October 1–September 30 of the next year). The fee will continue to apply each federal fiscal year.

A “Notice and Return Mailer” about the new service fee will be mailed to each parent who has never received TANF benefits. If you get this notice and you have received TANF benefits, in New York or in any other state, complete and return the mailer by October 24, 2008. You must notify us by October 24, 2008 if you have received TANF benefits.

By: Rufina

Rufina — Thu, 16 Oct 2008 00:48:39 +0000

I beg to differ on the child support inclusion/exclusion, but ONLY if you receive it on a regular basis and have a standing court order.

I have a court order but still don’t get it regularly. In the above comment, I already explained why *I* don’t include it as regular income. Also in my fabulous financial tip, I recommended including all “guaranteed” income. If child support is guaranteed for you, then I agree, include it. [-SM]

you all single moms out there-you are going to laugh or cry depending on your situation:
Starting October 1, some states (I do not know if all), started to charge $25 administrative fee once you reach $500 total paid in a fiscal year. so if by February 2009 you received $500, they charge $25 in March, until the next fiscal year starts in October 2009.
Here is the kicker: the fee is being charged to the RECEIPIENT of the child support

Child support agencies are state governed, so I figure we already pay taxes to cover that cost
Oh, yeah, and welfare receipients who get child support ARE NOT CHARGED that fee
now my blood is boiling.

I read about that a few months ago. I wonder who came up with that ridiculous idea and how they determined it would be in the best interest of the child. [-SM]