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
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Monday, July 29, 2013
Saturday, July 20, 2013
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
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
Friday, July 19, 2013
The 52 Week Money Challenge (Weeks 1 & 2 Update)
Week 01 - July 12, 2013
Week 02 - July 19, 2013
Current Savings : $3
As of today, I have $3 saved up for this challenge! Whoo Hoo! LOL.
In other news, I am currently working on a pair of gloves, and catching up on my "shows." I just got around to watching last season's Leverage, and I just found out that it was canceled back in December due to its ratings falling. Bummer... I really loved that show. Plus, I loved the actors/actresses, their characters, and their onscreen chemistry. :(
Now, let's talk True Blood:
- Not liking the Billith story line, but I do like the Vampire-Faery twist.
- Eric Northman, a.k.a. Mr. Alex Skarsgard, still F****** HOT.
- Still love Pam and her feistiness!
- Could not stand Tara as a human, but love her as a vamp!
- Sam's sex appeal (?) is just not doing it at all for me.
- Lafayette is still Lafayette. Love, love, love!
- I still find Alcide (Joe Manganiello) hot, but I am not a fan of how his character has been acting at the moment. That she-wolf (bitch? LOL) has been getting on my nerves... She needs to go. Really.
xx,
Pamela
Week 02 - July 19, 2013
Current Savings : $3
 |
| (Image courtesy of: www.savingeveryday.net) - I'm just adding the red check marks as I go along. |
As of today, I have $3 saved up for this challenge! Whoo Hoo! LOL.
In other news, I am currently working on a pair of gloves, and catching up on my "shows." I just got around to watching last season's Leverage, and I just found out that it was canceled back in December due to its ratings falling. Bummer... I really loved that show. Plus, I loved the actors/actresses, their characters, and their onscreen chemistry. :(
Now, let's talk True Blood:
- Not liking the Billith story line, but I do like the Vampire-Faery twist.
- Eric Northman, a.k.a. Mr. Alex Skarsgard, still F****** HOT.
- Still love Pam and her feistiness!
- Could not stand Tara as a human, but love her as a vamp!
- Sam's sex appeal (?) is just not doing it at all for me.
- Lafayette is still Lafayette. Love, love, love!
- I still find Alcide (Joe Manganiello) hot, but I am not a fan of how his character has been acting at the moment. That she-wolf (bitch? LOL) has been getting on my nerves... She needs to go. Really.
xx,
Pamela
Tuesday, July 16, 2013
Thor Beanie (Knit and Crochet)
I actually started (and almost finished) this around the time I made the Loki Beanie. But before I could sew the wings on to the beanie, I misplaced the beanie. Seeing the Thor 2 movie trailer, I was motivated to work on this project again, and I decided to just start from scratch. The beanie and the wings were inspired by/based on several photos I've seen on the internet.
The beanie was knitted, using a light (heather) gray yarn. The "silver" yarn I found was just not thick enough to my liking. I crocheted the wings using white yarn, and hand sewn it to the beanie.
(Sorry for the low quality photos. I was too lazy -and too excited- to take decent ones...)
Thor v. Loki? I have a soft spot for "bad" boys, so Team Loki all the way! (Also, because I find Tom Hiddleston hot!)
xx,
Pamela
UPDATE: November 06, 2013
The Thor and Loki beanies are now available for sale at www.charmed.etsy.com. :)
-o-o-o-
UPDATE: November 06, 2013
The Thor and Loki beanies are now available for sale at www.charmed.etsy.com. :)
Thursday, July 11, 2013
Let's Talk Knits...
I know it's summer and it's too damn hot to even think about winter accessories, or even just handling yarn in general, but how pretty is this scarf?
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| Image courtesy of: Maryse Roudier |
It's called the Gathered Scarf, and the pattern is by the very talented Maryse Roudier. Even her name sounds cool! This is definitely going under My Future Projects section, and I can't wait to work on it. As of now, I am currently working on 3 (knitting & crocheting) projects, which I hope to finish soon.
xx,
Pamela
xx,
Pamela
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