Writing a blog while I watch the College Football National Championship game.
I seem to have a bit more cash in my checking account than I anticipated so I wrote my mom my last loan payment. I hate owing money, but especially when it's my parents. It makes me feel especially irresponsible.
Now that my loan is paid off I will concentrate on paying off other debt. I'm really excited to be focusing on budgeting for the first time. I've always been so focused on saving that I've allowed my debt to get away from me. And honestly, the credit card is much more than listed, but I stopped updating it. My goal is to halve my credit card debt this year & pay it off entirely next year. I've read so many success stories of people paying off even more debt than I have so I know it's possible.
Viewing the 'Debt diet' Category
Writing a blog while I watch the College Football National Championship game.
I finally got in touch with Vanguard & she showed me how to correct the issue online. It was very simple. So I was able to recategorize my contribution from 2020 to 2019. I now have $1k to contribute for 2019 & $6k to contribute for 2020. I will send $500 to my 2019 IRA in February & March.
I owe my mom one last payment of $250 for my AC loan. My TSP loan is now below $4k. My car loan will be paid off in the first half of 2021.
I transferred $100 to my savings yesterday & mailed $20 to the local food bank this week.
I received my Clever Fox budget planner this week. I really like it & I’m well into journaling my January budget. I brought my lunch 4 times this week! That’s a record for me.
I forgot to turn off my automatic contributions to my IRA, so I sent my first contribution for 2020 even though I still haven’t fully funded 2019. Whoops. Needless to say, I turned off the automatic funding. I will finish paying my mom back for the AC loan this month & should have the funds to max my 2019 IRA by April 15.
I have decided that 2020 will be the year I learn to live on budget. Honestly, I never tried before. Just spent as I pleased & my credit card debt reflects that. I want to start this decade off being mindful with spending money.
2020 Goals are much the same as my recurring goals:
Max out TSP ($750 per paycheck): $19.5k
Max out Roth IRA ($500 monthly): $6k
Pay off TSP loan ($250 per paycheck with a projected payoff date of August 2020): $4k
Pay down CC debt: at least $5k
Pay down auto loan ($150 per paycheck with a projected payoff date of July 2021): $3.9k
Payoff of my auto loan will coincide with the 5 year anniversary at my PRN job. I will reevaluate whether I want to continue working that job at that time. I still want additional income but may take that opportunity to switch to an work from home income stream. If I can do it earlier that will be even better.
I added a Clever Fox 🦊 budget planner to my Amazon cart. I am so bad at budgeting. Honestly, my budget is nonexistent. Maybe this new decade I will change that. I think I will have to be more conscious of my spending to meet the goals I have set in 2020.
My 2 paychecks hit the bank this morning so I wrote a check for my property taxes & to repay a small loan to my mom for the new A/C. I also sent $500 to my Roth IRA. I have until April to max out my 2019 contributions. I have $1500 remaining.
We got our performance awards this paycheck. What a nice surprise. I was not expecting them before January. My pay stub noted that I netted $597.15 from my $900 award. So basically 1/3 went towards taxes. This & 2.5 hours OT will go towards my property taxes.
With this last paycheck I completed my max contributions for the year for my TSP. I have increased my contributions to meet the max next year. I still have $2k to contribute to my IRA for the year. I’m behind due to paying for A/C repairs.
My TSP loan balance is now lower than my auto loan balance. The original amount of the TSP loan was more than the auto loan, but I am paying $250 every two weeks for the TSP loan & only $150 for the auto loan. The TSP loan will be paid off in approximately 20 pay checks. Once I'm no long paying $250 every two weeks towards my TSP loan I can add that $250 to the auto loan. Both interest rates are very low, so it may make more sense to put it towards the credit card debt, though I like the idea of owning my car outright sooner rather than later.
Over the past couple of weeks I have met many goals on the path to debt repayment. My mortgage is now under $65k and I have 50% equity in my home. My auto loan is now under $10k so I now owe 4 figures rather than 5 figures. My TSP loan is now under $13k. In July I paid off my federal taxes owed. I'm most relieved to have paid off the federal taxes owed. Hopefully, the adjustments that I have made to my exemptions were sufficient for this year.
This week I sent off the final payment for my federal taxes (including the late fees & penalties). This year I owed over $4k, which is a much larger amount than I've ever owed. Last year was an unusual year with income that I didn't anticipate. This year will be less income, but I still decreased my exemptions to 0 at both jobs. I don't anticipate another 6 figure year for 2018.
I have been working a lot of extra hours at my full-time job, but there is no overtime pay involved. I earn hours to take off later. I don't have strong feelings about not getting overtime, but it would be nice if I did. I've raided what little cash I had to pay off the IRS. However, I will enjoy the extra time off later when we get past our inspection.
No other new news on the personal finance front. Things are the same, but I'm happy to see some bounce-back in the stock market, for however long it holds.
A few weeks ago I wrote a pretty long blog summing up my past few months & it appears it was never posted. Don't you hate when they happens?
My last entry was in February & since then the following things have happened:
Took a trip to Greece & New York in March. It was a wonderful experience, perfect weather in Greece. I got to experience my first St. Patrick's Dqy parade in New York & take in some great Broadway shows including the preview shows of Mean Girls & My Fair Lady. Also saw, Chicago which never gets old.
I filed my taxes and owed over $4k. Ouch. I'm on a 120 day payment plan & have to pay it off by the end of July. I knew I would owe, but wasn't planning on paying nearly that much.
April was fairly quiet. Last month I had two deaths in the family, one expected as my grandmother was in the final stages of dementia, and the other unexpected as my younger cousin died suddenly. It was a rough couple of weeks there.
I'm hoping that June will be better.I am not planning on taking any trips this summer. I am preparing for my biannual lab inspection & planning some fun in between working my two jobs.
I have a couple of trips planned for the fall, to Seattle & Vancouver, and possibly a winter trip to NYC.
Happy Thanksgiving to all! My year has been full of blessings and I have much to be thankful for this year. We had our usual small Thanksgiving with just me & my parents. I invited a co-worker over, but he didn't come. Lunch was delicious as always.
Now that I have contributed in excess of the $18k limit for my retirement plan, I have contacted Vanguard to get a distribution of funds. Despite what they implied at the beginning on the year, it seems they are willing to give me the distribution now rather than waiting until I receive my W-2. That would be much easier & give me some extra money for debt repayment.
There's less than 2 weeks until I turn 40 & I am making plans. I am taking the day off as usual. I have booked some time at the spa for a stone massage, facial, & pedicure. This will be my first massage. I'm looking forward to it.
I am also planning on having dinner at a French restaurant that I've always wanted to try. They have a 4 course early bird special which will make it a little less pricey. I'm not having a big party as that not me. There are plenty of holiday parties going on as well. I have always said that it's nice having a birthday in December as it's such a festive month that you feel you get to celebrate all month long with everyone without having to be the center of attention.
For now Congress has decided to leave the 401k limits alone. Next year the limit will increase $500 as planned. And as I have since 2008, I plan to meet the maximum allowable contribution amount. This will be roughly $712 a paycheck, though I usually round up to a higher amount for my deduction & have a larger paycheck on the 26th paycheck.
I mentioned a while back that I am expecting a settlement from a class action lawsuit that I wasn't even aware of. It looks like it is going forward. They plan to have an even distributing the checks next month. If I am able to make the drive that day I will. I'd rather have a check that large in hand, rather than mailed to me. I am still planning to pay down credit card debt with the check.