Comments on: My Financial Plan for the next Nine Months http://ultimatemoneyblog.com/my-financial-plan-for-the-next-nine-months Sun, 14 Mar 2010 20:55:32 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: A Reverse Debt Snowball | The Ultimate Money Blog http://ultimatemoneyblog.com/my-financial-plan-for-the-next-nine-months/comment-page-1#comment-4544 A Reverse Debt Snowball | The Ultimate Money Blog Tue, 16 Dec 2008 00:01:06 +0000 http://ultimatemoneyblog.com/my-financial-plan-for-the-next-nine-months#comment-4544 [...] versus paying off debt is a hot topic among personal finance bloggers. I recently came up with a financial plan that should help me be prepared in the instance I lose my job due to the merger. I had initially [...] [...] versus paying off debt is a hot topic among personal finance bloggers. I recently came up with a financial plan that should help me be prepared in the instance I lose my job due to the merger. I had initially [...]

]]> By: My take on Christmas Gifts this Year | The Ultimate Money Blog http://ultimatemoneyblog.com/my-financial-plan-for-the-next-nine-months/comment-page-1#comment-4466 My take on Christmas Gifts this Year | The Ultimate Money Blog Fri, 12 Dec 2008 02:58:06 +0000 http://ultimatemoneyblog.com/my-financial-plan-for-the-next-nine-months#comment-4466 [...] We concluded that the money would be better put to use sitting in our savings account just in case I lose my job. If we go a few more months wanting one, we may cave and purchase one.  Who knows, maybe in a few [...] [...] We concluded that the money would be better put to use sitting in our savings account just in case I lose my job. If we go a few more months wanting one, we may cave and purchase one.  Who knows, maybe in a few [...]

]]> By: Mrs Money http://ultimatemoneyblog.com/my-financial-plan-for-the-next-nine-months/comment-page-1#comment-4281 Mrs Money Tue, 25 Nov 2008 22:32:20 +0000 http://ultimatemoneyblog.com/my-financial-plan-for-the-next-nine-months#comment-4281 Miss M- I have what I call a "secret account" for extra money that I put there so I don't spend it out of my joint checking that we pay bills with. I really like the idea of taking the checking down to zero. I'm going to start doing that. I know that if I have the money in there, I am more likely to spend it! ;) Miss M- I have what I call a “secret account” for extra money that I put there so I don’t spend it out of my joint checking that we pay bills with. I really like the idea of taking the checking down to zero. I’m going to start doing that. I know that if I have the money in there, I am more likely to spend it! ;)

]]> By: Miss M http://ultimatemoneyblog.com/my-financial-plan-for-the-next-nine-months/comment-page-1#comment-4249 Miss M Mon, 24 Nov 2008 21:02:39 +0000 http://ultimatemoneyblog.com/my-financial-plan-for-the-next-nine-months#comment-4249 Hey Mrs Money, I wrote a post for you on zero based budgeting. Mainly tips for being successful, come check it out and let me know if you have any more questions. Hey Mrs Money, I wrote a post for you on zero based budgeting. Mainly tips for being successful, come check it out and let me know if you have any more questions.

]]> By: MIss M http://ultimatemoneyblog.com/my-financial-plan-for-the-next-nine-months/comment-page-1#comment-4211 MIss M Sat, 22 Nov 2008 22:35:32 +0000 http://ultimatemoneyblog.com/my-financial-plan-for-the-next-nine-months#comment-4211 There are a few tricks I use, like for utility bills I budget based on what the highest month's bill is. That provides a cushion, then I have various accounts I put money into each month like pet care and the house. If the house needs repairs, I have over $10k set aside earning interest. I need to start a car repair fund, now that it's paid off I'm sure everything will break! If I go over I draw it from my miscellaneous fund. Then, you have to balance your accounts at least once a month and anything left over in your checking account goes to debt or savings. I guess there is a bit more to it, you can email me at misformoney@sbcglobal.net if you have questions. There are a few tricks I use, like for utility bills I budget based on what the highest month’s bill is. That provides a cushion, then I have various accounts I put money into each month like pet care and the house. If the house needs repairs, I have over $10k set aside earning interest. I need to start a car repair fund, now that it’s paid off I’m sure everything will break! If I go over I draw it from my miscellaneous fund. Then, you have to balance your accounts at least once a month and anything left over in your checking account goes to debt or savings. I guess there is a bit more to it, you can email me at misformoney@sbcglobal.net if you have questions.

]]> By: Mrs Money http://ultimatemoneyblog.com/my-financial-plan-for-the-next-nine-months/comment-page-1#comment-4193 Mrs Money Sat, 22 Nov 2008 00:18:39 +0000 http://ultimatemoneyblog.com/my-financial-plan-for-the-next-nine-months#comment-4193 Miss M- I'll probably email you about this zero based budgeting! It intimidates me! :) Kacie- Thanks! :) I checked today and it's 25%. I figured that overall, we were saving about 13% since Mr. Money and I make close to the same amount of money. The only debt we have is: a student loan, car loan, first mortgage (6.375%), and second mortgage (6.87%). I do pay a little extra to principal each month. Not too much but enough that it makes me feel like I'm chipping away at it! The zero based budget is confusing to me too. I guess I feel like there is always something that pops up (like we took one of the cars in and it cost us $55 to have them do nothing!) and when that's not in the budget I feel like I fail. I think the cash envelope system may be better for me but then I lose my points by not using my debit card. And also, if I budget I feel like I'm restricting myself and when I go over or buy something I want that's not a necessity, I feel bad. I need to quit worrying so much! ;) Miss M- I’ll probably email you about this zero based budgeting! It intimidates me! :)

Kacie- Thanks! :) I checked today and it’s 25%. I figured that overall, we were saving about 13% since Mr. Money and I make close to the same amount of money. The only debt we have is: a student loan, car loan, first mortgage (6.375%), and second mortgage (6.87%). I do pay a little extra to principal each month. Not too much but enough that it makes me feel like I’m chipping away at it!

The zero based budget is confusing to me too. I guess I feel like there is always something that pops up (like we took one of the cars in and it cost us $55 to have them do nothing!) and when that’s not in the budget I feel like I fail. I think the cash envelope system may be better for me but then I lose my points by not using my debit card. And also, if I budget I feel like I’m restricting myself and when I go over or buy something I want that’s not a necessity, I feel bad. I need to quit worrying so much! ;)

]]> By: Kacie http://ultimatemoneyblog.com/my-financial-plan-for-the-next-nine-months/comment-page-1#comment-4157 Kacie Fri, 21 Nov 2008 02:38:12 +0000 http://ultimatemoneyblog.com/my-financial-plan-for-the-next-nine-months#comment-4157 That's comforting to hear that your job is holding steady for now. I'm not sure what 20% of your paycheck amounts to, but I'm more risk-averse so I'd probably load up my emergency fund a bit more aggressively and then pay off the debts a little later. You mentioned "other debts." Which do you have other than the student loan and car loan? It'll be great to be rid of your student loan! Freeing up the minimum payment each month + snowflakes is bound to have a great impact on your bottom line. I think zero-based budgets are tricky, and I'm still trying to figure out how to work it best. It seems I need to still include some wiggle room in it, since things always pop up that aren't quite emergencies but still need to be paid. Good luck with your 9-month plan! Keep us updated. That’s comforting to hear that your job is holding steady for now.

I’m not sure what 20% of your paycheck amounts to, but I’m more risk-averse so I’d probably load up my emergency fund a bit more aggressively and then pay off the debts a little later.

You mentioned “other debts.” Which do you have other than the student loan and car loan?

It’ll be great to be rid of your student loan! Freeing up the minimum payment each month + snowflakes is bound to have a great impact on your bottom line.

I think zero-based budgets are tricky, and I’m still trying to figure out how to work it best. It seems I need to still include some wiggle room in it, since things always pop up that aren’t quite emergencies but still need to be paid.

Good luck with your 9-month plan! Keep us updated.

]]> By: Miss M http://ultimatemoneyblog.com/my-financial-plan-for-the-next-nine-months/comment-page-1#comment-4152 Miss M Fri, 21 Nov 2008 01:22:46 +0000 http://ultimatemoneyblog.com/my-financial-plan-for-the-next-nine-months#comment-4152 I think you have a great plan. I'm sorry that a potential layoff is the reason. I do zero based budgeting, didn't even know that was what it was called until recently! I use a "miscellaneous" fund to cover any unbudgeted expenses cause with zero based budgeting, you have no cushion. Let me know if you have any questions, I've been doing it for 7 years. I think you have a great plan. I’m sorry that a potential layoff is the reason. I do zero based budgeting, didn’t even know that was what it was called until recently! I use a “miscellaneous” fund to cover any unbudgeted expenses cause with zero based budgeting, you have no cushion. Let me know if you have any questions, I’ve been doing it for 7 years.

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