Random Financial Musings for May 2009
Reporting the details of my income and expenses every month was getting boring, so I’ve decided to share my thoughts on a few random happenings that have affected my finances.
I paid $170 for micro braids at the end of March. That’s two months of wash and go with no fuss for $85/month. But I was sick of them after 2 weeks and I started taking them out on Friday. When I consider the time it took to get them in (8hours), the time I spent taking them out (2 days), and the effort to get my hair back to its original state ($55 w/ tip, two tears in a bucket, a sore scalp, and 3 hours at the Dominican Salon) – it wasn’t worth it.
I took my Precious to the vet on Saturday for her annual checkup. After several tests, three vaccines, two preventative meds, and only 40 minutes – I spent $292. Now that was worth it.
When I transfer money from my side account to my primary account, my bank places a hold on the funds for 5 days. Me no likey. Think I’ll just leave the money in my side account and consider it my play money/spending account.
I love a clean bathroom, but I hate cleaning toilets and the grout between shower tiles. I do a surface clean weekly and straighten up everyday, but for the past few months, I’ve hired a cleaning company to give our bathrooms a good scrub down once a month. And they sparkle! Mr. Clean would be so proud.
Time is money. Life is meant to be enjoyed. Outsource tasks you hate.
A window in my family room leaks when it rains. My curtains were getting wet and I couldn’t figure out why. Called maintenance and they decided to replace the entire window. Sometimes it’s good being a renter.
I earned ~$600 this month through my blog. Can you imagine what I could earn if I were blogging everyday and really pursued freelance opportunities?
BabyGirl’s father paid a total of $20.85 in child support this month. Yes, you read the number correctly. I’ve spent $630 on her this month alone, excluding necessities. Go figure.
The water company called me because my tenants hadn’t paid their water bill. It is standard practice for them to contact the owner of the property, but what I didn’t know is that the owner is ultimately responsible for any unpaid bills. WTF! So let me get this straight. I don’t have the authority to shut their water off, but I am responsible for their usage if they don’t pay? Shiiiiiit! I called them up with the quickness! Apparently it was a big misunderstanding, something with setting up automatic payments, yada yada. After we spoke, they paid the bill with cash the next day and sent me a copy of the receipt. *relief* Lesson Learned: I’m requiring a utility deposit in my next lease agreement.
I spent ~$190 in gifts this month – my brother and two friends’ birthday. I love giving meaningful gifts that are appreciated.
I spent ~$300 dining out this month. Lots of long hours at the office, will do better in June. Must stay under $200, preferably under $150.
I only spent $68 shopping this month, one maxi dress and a bathing suit cover up. I need to refresh my spring and summer wardrobe. Would you believe it if I told you that I haven’t bought any new shoes lately? *shock* Unless you count 5 pair of Old Navy flip flops for $1 each – I don’t.
One of my CDs expired. I earned ~4.8% in 15 months. Wish I could find another CD with that rate of return. Might be a few years before that happens again.
Excluding retirement and college, I only invested $400 this month. Boo! I didn’t put anything in savings at all. Boo Boo! My savings balance is ~$39k, only $11k more to reach $50k cash savings. With strict discipline, I could probably get there by year end, but I don’t feel like being that strict on myself. I’ll get there by next summer.
Finally, I’ve gathered everything on my emergency kit list. We have three systems depending on the level and type of emergency: two back packs, a large plastic tote, and a box in the trunk of my car. If there’s an emergency, we can probably survive about a week with limited assistance.
My child is greedy. She weighs a buck o’ five (literally) but she eats A LOT. Every meal, she has to have seconds. Every time I turn around, she’s putting something in her mouth. If I don’t want her to eat ALL of something, I have to specifically ask her to save some for me. Sheesh! And people wonder how I spend over $300 a month on food when it’s just two girls in the house.
I read an article on how middle range income families can get the most out of their children’s financial aid package. 1) Invest in your own retirement – max it out! Money in retirement funds isn’t included in the financial aid calculations; and 2) Reduce your AGI to under $50k, then the financial aid calculations won’t consider your other assets. Need to confirm this with my accountant, if correct, just another reason to save for my own retirement first.
BabyGirl is having a pool party for her birthday. I told her only 10 guests were allowed because teens get out of control when they’re near water and I’m only hiring one life guard. During my prep and planning, she overheard me referring to it as “our” party and gave me the side eye. What? With all the money I’m spending, it is OUR party dammit! Which reminds me…
BabyGirl has a job interview on Tuesday. My fingers are crossed because she needs a summer job. School is out in 3 weeks and I can’t have an idle teen sitting around my house all summer. Not to mention, senior year expenses are fast approaching.
Only 1 more year before she leaves the house!!! Wait, I’m not supposed to be happy. *ahem* Ok, only 1 more year of spending quality time with my sweet and considerate babygirl every single day. Forget that, I’m excited dammit. Only 1 more year until I’m free. FREE I SAID, FREE!! I feel like a convict completing his last year of an 18 year jail term with only 4 more years of probation left. *thinking* nah, what I feel is even better than that!
My new lease began this month, rent went up $1 – long story. This will be my last year in this apartment. Next spring, I plan to sell my townhouse in MD and buy a condo in NoVA.
At the beginning of the year, I signed up to contribute $1,000 to my FSA. The year is almost half over and I’ve only spent ~$110. No way in hell I’m going to lose ~$890! Even with the planned doctor appointments and Rx for the rest of the year, I estimate about $600 will be left over. Think I need to finally get some work done on my teeth. Ouch @ the thought.
That’s all I’ve got.
Was May a good financial month for you guys?
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Sounds like a pricey month. I totally agree with you on outsourcing tasks you hate; if you can afford to do so. I plan on finding a housekeeper to do a deep clean on my house once a month but I haven’t gotten around to it yet.
Hi! I’ve followed your blog for a while- love the parenting tips and down to earth-ness of it all. I was wondering if you might be willing to go into detail about the $600 per month you earn through the blog? Where does that money come from? Thanks!
I’ve addressed that topic many times. Search the archives. [-SM]
I spent more in May than usual … about $1,200 more. I made a tuition payment for my son, and I had to hire a guy to get rid of the squirrels in my attic. On the up side, my grocery bill went down (by continuing to use coupons and shopping with list). I also switched gym memberships to a place that is less expensive, closer to my house and open 24 hours.
With the tuition payment alone, $1200 more than usual isn’t bad. I know you are so proud of your son. [-SM]
On the whole, May was a good month. It was a big “charity” month for me: I gave to my alma mater, the religious organization I attend, my great-niece’s prom/graduation fund and a couple of other misc. things. But, when all was said and done, my “overspending” was limited to the charity contributions. And I still managed to put a few pennies in my personal savings account. So, all good.
I need to do better with my charitable contributions. I started tithing again, but I haven’t donated to a charity since February. [-SM]
The biggest difference was taking my lunch to work. That saved $100 at least that I used for other things, (like the charity donations) thereby not severely impacting my net savings for the month.
@Jamie
http://fabulousfinancials.com/2007/10/seven-ways-i-earn-money-while-blogging.html
oooh i’m jealous you got those $1 old navy flip flops. i tried to get some but by 11 am they were already gone! re: BG and her appetite. what i wouldn’t do to have that teenage metabolism! :) great post, i love when you do these “random thoughts” posts!! love love love them! :)
You might be able to buy “qualified items” such as OTC drugs, contact lens solution, etc. with your FSA money. I did that one year when I was expecting a big medical expense, upped my FSA to cover it, and then ended up not having it done. I have LOTS of cough drops now
All eligible OTC items have been included in my estimated total. [-SM]
Very impressed by your blog earnings!
that is true re: retirement accounts and college financial aid (the parents retirement accounts will not be factored into the equation).
It seems hard ass, but actually every parent absolutely should be throwing everything they can at retirement, at the expense of saving for their kids college if need be.
Why? Kids can work in school (yes yes, they won’t be able to carry the full load, but they have the ability to work in school).
Parents can always, at the time, pull money out (depending on type of retirement account) for a kid’s college (there may be a 10% penalty).
Parents don’t have all the time in the world in front of them to save for their retirement. Every month counts and every year each person needs to focus on maxing out (or at least matching employer match).
If college savings comes at the expense of retirement savings, the parents, as they get older may have to rely on the kids to help during their retirement.
Who wants to be a burden on their own kids, just when their own kids likely are starting their own families and careers?
The net yeah, retirement comes before the kids.
Preaching to the choir babe. I’m a strong advocate of retirement first. [-SM]
this was a good post. i’m with amaranta on using your flexacct for OTC purchases. You can also use it for co-pays with the physical therapist – massages and stuff. cute prescription sunglasses…i had to do all of this in one year and then some in order not to lose my money, LOL!
also, finace girls advice re. saving for college vs retirement is pretty good too!
you have such great advice and your readers do too!
Thanks!
“Time is money. Life is meant to be enjoyed. Outsource tasks you hate.”
Great post – that was my favorite part.
This month? Eh, I do believe you might call it “good enough for gov’t work.” No big deal, which is in and of itself, sort of a big deal. I thought I’d be in a lather by now, considering the situation and spending. But no, it’s alright. Things will be fine. :)
And … you’re responsible for the bill and can’t shut them down? Ugh. So not right.
Also, with your flex account, check with your specific rules but you might be able to retroactively “count” some of those emergency kit supplies (band-aids, sunscreen, bug spray, etc.) and use it up that way. I have a friend who was in a similar situation a few years ago (planned for a procedure that thankfully did not have to happen) and she did a huge summertime stock up before our gang went camping. Or if you still have leftover cash you might be able to buy some diapers or children’s medical supplies and donate them to a friend in need or charity too. Depends on how liberal your rules are, but worth looking into, especially if you’re going to loose the money anyway. I wish it could just roll over – they need to change the rules!
All eligible items in my e-kit have been included in my estimated total. Trust me, I don’t plan to lose ANY money! [-SM]
Man.. I wish I were you when I read your post…I wish I would have stayed on the good foot but no I’m 26 and starting over with both my life and finances. Congratulations on the baby girl moving out too…
Go.
Your blogs are very encouraging, because they help me to stay focus on my financial goals when I’m off. I wish I was more financially secured – emergency fund, savings and investments. Thanks for being here for us Single Ma!
May was a pretty decent month. I didn’t over spend too much.
The thought of micro braids gives me a headache. My mom used to make me put them in as a teenager. Once I became and adult and had to pay for that madness, I said no more.
Girl take it from me an “empty nester” you’re gonna miss your baby. I feel like there’s nothin more to do since my sons are out the house and i’m only 39