This year I have decided to begin the fiscal fast the day after independence day. It just seems appropriate to do it now as a way to have stronger feelings about the dependence of money.
I encourage you to read about last year's fiscal fast by clicking on the label for it on the right side of the screen.
A few details...
Last night I filled up my gas tank at the nearest gas station to home.
I did go to the grocery store on Thursday last week and spend about $30. However, I did not plan to do the fast this week so it seems ok.
If there is a genuine emergency such as my car breaking down then I will break fast (no pun intended).
I will continue the fast until Friday.
I will be leaving a journal entry each day next week concerning the following...
The challenges of getting through the day without spending any money.
As estimate of how much money I would have normally spent that day.
An observation (positive or negative) about my fiscal fasting experience that day.
The main reason why I am doing this is to find ways to enjoy life without depending on money. Also, I want to find places where I could lower miscellaneous expenses and I think by fasting it will show me ways I have not thought of.
Please leave comments of your thoughts or encouragements.
Sunday, July 5, 2009
Saturday, June 27, 2009
Review of Quizzle.com
By reading other financial blogs I have just completed my information on quizzle.com
This website gives you a fairly detailed financial picture after entering some basic information.
This website is great! You enter your address, your income and expenses, and questions regarding your credit history and the website provides you with your experian credit score, budget tips, and a financial score, ALL FOR FREE!
I highly recommend trying out this website. It took about 5 minutes to provide all the information. The free credit report and score was really helpful, and you could easily see how your budget holds up.
This website gives you a fairly detailed financial picture after entering some basic information.
This website is great! You enter your address, your income and expenses, and questions regarding your credit history and the website provides you with your experian credit score, budget tips, and a financial score, ALL FOR FREE!
I highly recommend trying out this website. It took about 5 minutes to provide all the information. The free credit report and score was really helpful, and you could easily see how your budget holds up.
Monday, June 15, 2009
Balanced money formula
Over the past few months I have not been as ridiculously analytical as I have been when it comes to my budget. I pretty much know that I will spend about $300 on food and $100 on gas each month. What I have been doing which I feel works well is to automatically put the amount of money I want to save immediately in my savings account, and then simply live on the rest.
This is a simple formula and I have been enjoying it. I also feel that I am putting more priorities in my spending this way, just like the book "your money or your life" states.
As for a proper money formula, I recommend Elizabeth Warren's balanced money formula. 50% of your income should go to needs, 30% to wants, and 20% to savings. Some expenses can be considered wants or needs (Do I really need to spend $300 on groceries? I could get by just fine on $200). Other expenses could be considered needs or savings (Is paying the minimum on your credit card all savings, all needs, or a bit of both). However, I feel that if someone can save 20% of the money they make that will give them plenty of options in the future.
This is a simple formula and I have been enjoying it. I also feel that I am putting more priorities in my spending this way, just like the book "your money or your life" states.
As for a proper money formula, I recommend Elizabeth Warren's balanced money formula. 50% of your income should go to needs, 30% to wants, and 20% to savings. Some expenses can be considered wants or needs (Do I really need to spend $300 on groceries? I could get by just fine on $200). Other expenses could be considered needs or savings (Is paying the minimum on your credit card all savings, all needs, or a bit of both). However, I feel that if someone can save 20% of the money they make that will give them plenty of options in the future.
Backpacking across the midwest?
Im seriously considering taking a train to Dallas, Oklahoma City, Kansas City, St. Louis, and Chicago then flying back to Austin in early July. The train rides with all the stops to Chicago is about $200 using Amtrak and my AAA discount, and I could fly back to Austin using a southwest voucher I have. If I can find affordable rooms using hostels that should be about $25 a night. The whole trip would probably be about $500.
Any thoughts?
Any thoughts?
Thursday, June 11, 2009
Fiscal Fast: Year 2
I will be going on a road trip with Andrew to New Mexico and West Texas, and the week after I get back I will be going on a fiscal fast. For those of you who dont know what this entails, please click on the label fiscal fast on the right side of the screen. I will pretty much go one full week without spending any money. Right before the fast I will buy approximately $20 worth of groceries and fill my gas tank in my car. Unless it is a dire emergency I will refuse to spend money on anything.
Some random thoughts:
- I am already thinking of unique recipes I will make using ingredients that I already have at home.
- In hindsight my finances this time of year are much better then they were last June.
- I have some interesting thoughts on spending money on people I care about which will be explained in another post.
- I have been buying about 90% of my purchases via cash. The only times I will not use cash is when I am splitting the bill with someone and dont want to get change, or when the bill is like $9.03 or something. I refuse to carry change. It feels pretty good going to UFCU with about $8 in change every month anyways.
- I just paid off a $4000 credit card that I had waited on due to a significant other. When that fell through I felt really good paying off a credit card with a high balance without even flinching.
- My laptop is joining my mom in Florida. aka retirement. Im likely going to buy a macbook, but if I do I need to use it for at least 3 years for it to be financially worth it for me.
- My car is still going strong after hitting 160000 miles. After going 6 months without a car loan I dont see why I would ever get a car loan again (unless my car breaks down in a big way by next year, knock on metal)
- Long term, assuming lots of things most notably a lack of a significant other, I feel like once I build an emergency fund I might just want to invest fully in the Roth IRA then put more in a Roth 403B rather than save up for a house. Just a thought, and if a significant other comes around that changes everything. Thats another reason why a look at money as security in terms of having more options in life.
Ok, enough blabbering at 6 AM
Some random thoughts:
- I am already thinking of unique recipes I will make using ingredients that I already have at home.
- In hindsight my finances this time of year are much better then they were last June.
- I have some interesting thoughts on spending money on people I care about which will be explained in another post.
- I have been buying about 90% of my purchases via cash. The only times I will not use cash is when I am splitting the bill with someone and dont want to get change, or when the bill is like $9.03 or something. I refuse to carry change. It feels pretty good going to UFCU with about $8 in change every month anyways.
- I just paid off a $4000 credit card that I had waited on due to a significant other. When that fell through I felt really good paying off a credit card with a high balance without even flinching.
- My laptop is joining my mom in Florida. aka retirement. Im likely going to buy a macbook, but if I do I need to use it for at least 3 years for it to be financially worth it for me.
- My car is still going strong after hitting 160000 miles. After going 6 months without a car loan I dont see why I would ever get a car loan again (unless my car breaks down in a big way by next year, knock on metal)
- Long term, assuming lots of things most notably a lack of a significant other, I feel like once I build an emergency fund I might just want to invest fully in the Roth IRA then put more in a Roth 403B rather than save up for a house. Just a thought, and if a significant other comes around that changes everything. Thats another reason why a look at money as security in terms of having more options in life.
Ok, enough blabbering at 6 AM
Wednesday, April 15, 2009
Good basic investing course
Here is a good website that teaches you the basics of investing, even small amounts.
http://www.extension.org/pages/Investing_for_Your_Future
http://www.extension.org/pages/Investing_for_Your_Future
Thursday, March 19, 2009
10 Commandments to Live by in Your 20's
Here is a good article from Kiplinger magazine about 10 commandments everyone in their 20's should follow.
http://www.kiplinger.com/columns/starting/archive/2009/st0107.htm
Its pretty basic advice, but I think that many people do not follow most of these.
http://www.kiplinger.com/columns/starting/archive/2009/st0107.htm
Its pretty basic advice, but I think that many people do not follow most of these.
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