Financial Challenges Support Group
This community is for people who are struggling to meet financial obligations of any kind. Financial challenges include everything from the day-to-day challenges of making ends meet to managing credit card debt to bankruptcy. Get support from others who are going through similar obstacles on the road back to financial stability.
Enjoying a very peaceful and restful holiday in England. And while rest is what I wanted, my thoughts are already getting into plans for 2015. All the figures are in for 2014 and while it could have been worse, I'm still kind of disappointed with where it ended up.
My main focus with money has been what I call my Big 4. It is a savings account in a bank down the street from me, an on-line savings account, and two checking accounts. One of those for business and tax reasons, the other for everyday living.
At the beginning of 2014 these four accounts had $11,410.02 in them. As I begin work on 2015 there is $10603.57. So through the year I lost $806.45. It is the first time in five years that I lost money.
Some things need to be remembered with this figure. Over $4,000 was paid to various medical institutions and pharmacies. As a new year starts, that also means a new year with medical expenses. The bright side to this is that, God Willing, I won't miss any work.
In 2014, I lost half my income in August and November. I only had a quarter of my income in September and a third in October. So to only be short $806.45 is quite astounding.
This year, I will have a some tests done in late January to check to see if the heart valve is working correctly and not leaking blood and some x-rays. So, by the end of January, I do believe my part of the deductible will be met. After that I'm responsible for 20% of the next $2,000, which will probably be met in February. I still have one operation to stop a heart flutter. This is out patient and with that all my deductibles will be met. It's great in a way, but also scary in another way. Another $4,000 will be put out, which could lower my Big 4 accounts even more.
My plan is to pay these expenses from my paychecks without touching to those funds and in fact hopefully adding to them.
So what's the plan? The first thing I did was increase my 401-K contribution from 10% to 12%. 2014 this account grew by 12.64%. Second, will be hiding more money in checking. Right now I deduct $25 every Friday from this account. It's still in the account, I just don't recognize it. 2015 this amount will be increased to $50 every Friday. Right now there is $2,309 hidden in this account. Now when I reach $1,500 I will transfer it to savings. So this will happen as soon as I get back to Nebraska.
I should get close to a $1,000 with tax refunds and all of that will go into savings. I want to rebuild savings as fast as I can. It was a really nice feeling knowing the money was there last year when I had all my medical issues. It made for a very nice and stress free recovery.
Before I got sick, I was saving 45% of my gross pay. This year, with new bills and putting money in different funds, the goal will be 30% of my gross. And finally, I will continue to round up checks and round down deposits with a plus 1 added to it. So if I write a check or use the debit card and the amount was $13.14... in the checkbook it used to show $14. This year with the plus 1 I will record it as $15. And the reverse will take place with deposits. If I deposit 100.89... in the past I recorded it as $100... this year it will be recorded as $99.
I really cut expenses the last quarter of 2014 and feel confident that I can continue to live a simple life, where money isn't god and I don't need things to feel full.
And one last biggie, that I am totally grateful for. 2014 started with ZERO debt. And the year will end with ZERO debt.
Happy New Year Everyone
My main focus with money has been what I call my Big 4. It is a savings account in a bank down the street from me, an on-line savings account, and two checking accounts. One of those for business and tax reasons, the other for everyday living.
At the beginning of 2014 these four accounts had $11,410.02 in them. As I begin work on 2015 there is $10603.57. So through the year I lost $806.45. It is the first time in five years that I lost money.
Some things need to be remembered with this figure. Over $4,000 was paid to various medical institutions and pharmacies. As a new year starts, that also means a new year with medical expenses. The bright side to this is that, God Willing, I won't miss any work.
In 2014, I lost half my income in August and November. I only had a quarter of my income in September and a third in October. So to only be short $806.45 is quite astounding.
This year, I will have a some tests done in late January to check to see if the heart valve is working correctly and not leaking blood and some x-rays. So, by the end of January, I do believe my part of the deductible will be met. After that I'm responsible for 20% of the next $2,000, which will probably be met in February. I still have one operation to stop a heart flutter. This is out patient and with that all my deductibles will be met. It's great in a way, but also scary in another way. Another $4,000 will be put out, which could lower my Big 4 accounts even more.
My plan is to pay these expenses from my paychecks without touching to those funds and in fact hopefully adding to them.
So what's the plan? The first thing I did was increase my 401-K contribution from 10% to 12%. 2014 this account grew by 12.64%. Second, will be hiding more money in checking. Right now I deduct $25 every Friday from this account. It's still in the account, I just don't recognize it. 2015 this amount will be increased to $50 every Friday. Right now there is $2,309 hidden in this account. Now when I reach $1,500 I will transfer it to savings. So this will happen as soon as I get back to Nebraska.
I should get close to a $1,000 with tax refunds and all of that will go into savings. I want to rebuild savings as fast as I can. It was a really nice feeling knowing the money was there last year when I had all my medical issues. It made for a very nice and stress free recovery.
Before I got sick, I was saving 45% of my gross pay. This year, with new bills and putting money in different funds, the goal will be 30% of my gross. And finally, I will continue to round up checks and round down deposits with a plus 1 added to it. So if I write a check or use the debit card and the amount was $13.14... in the checkbook it used to show $14. This year with the plus 1 I will record it as $15. And the reverse will take place with deposits. If I deposit 100.89... in the past I recorded it as $100... this year it will be recorded as $99.
I really cut expenses the last quarter of 2014 and feel confident that I can continue to live a simple life, where money isn't god and I don't need things to feel full.
And one last biggie, that I am totally grateful for. 2014 started with ZERO debt. And the year will end with ZERO debt.
Happy New Year Everyone
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I invited Bill to have dinner with me last Sunday. He wasn't willing to drive 7 hours to mid Michigan and teased me with his beautiful ribs!!! So, of course I ate alone and had cedar salmon
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check out that smoke ring. It tasted really good. I smothered it with Maulls BBQ sauce which is Local to St. Louis and one of the best I ever had.....
This Year I got to Birmingham for an OA Convention in July, Chester for a Musical Convention in August and visited a DA friend from North Wales. Next Month I will be spending a weekend in Aberdeen for Burns Night then will spend a week in Toronto in September 2015. Travel visions are important to me.
I am now managing to live within my means much better than what I used to, because I became desperate enough to do so. Now I am saner around money.
It's progress, not perfection.
Desi I will hope you can stay solvent in new year...
me I am simply living paycheck to paycheck with the plan to pay down the outstanding credit card debt....I hope that I can knock alot of it down...and hopefully have the entire debt on the couch paid off before Jan 2016 when I would be adding the entire amount of interest into my balance....that is primary goal....it is about $1300