So, I’ve graduated from FPU, and it feels great! My Thursday evenings are free (for now), and I know how to handle my money! This past weekend, I went Christmas shopping and went crazy…but all within my budget. I’m so proud of myself. I practiced restraint, and I disciplined myself because I knew–and I still know–that every dollar has a name. Now, all that’s left for me to do is to update and balance my numbers at the end of every day. That’s going to be some hard work, but I think I need a little discipline, anyway. 
This post from October 6, 2008:
I know I’m finally coming of age–not just because I turned 24 years “old” last month. I know I’m grown because I’m learning about insurance. 
Until last Thursday, this entire topic was Greek (or Latin, or Hebrew) to me. Every time I listened to people discussing insurance, I got lost in all the buzz words. Deductible this…premium that…stop-loss. What in the world is stop-loss supposed to mean?!? Slowly, but surely, I’m getting my answers. Not only am I learning definitions for such words, but I am being taught the good, the bad, and the ugly of certain types of insurance. Honestly, this FPU class has changed my life. I don’t know what my life would have become if I had let that class’s initial price tag deter me. Just as Dave Ramsey promised, the financial benefits (which also affect many of my relationships) are well worth the initial financial sacrifice I made to get into this class.
I’m definitely not an expert on all things concerning insurance (health, disability, life, and so on). What I can say, however, is that I do have the knowledge to start asking questions about the details and benefits of different plans. I know enough information to approach financial advisers, friends, and family members to get the answers I need (more than just the kind of answers insurance providers want me to have). And when I get explanations from these people, I won’t feel totally lost…at least, I don’t think I will. Thanks, Dave!
My assignment from the Thursday before last was to get a free credit report from all three major companies (Equifax, Experion, and TransUnion) to see what was attached to my identity. About 70% of all credit reports have errors in them, but less than 20% (maybe closer to 10%, I’ll update this when I confirm from my notes) actually check their credit reports. So, I did as I was told and pulled my reports…
Who knew I’d have 5 mysterious credit cards to my name??? They all have a balance of zero and none of them were opened before year 2003. This leads me to believe that, as a gullible freshman, I did all this to myself. I probably would have done anything for a free t-shirt or decent piece of candy (or even a nice pen). These credit card companies are so…calculated…in their marketing/targeting strategies that I’m left dumbfounded. This is just my best guess; I still have to call a few companies to see if my suspicions are correct.
It’s taken me a while to realize that I’m better off being adamant with companies that tend to ask for certain pieces of information from me. I’d have much fewer credit cards to my name (and, “virtually,” no spam e-mails). On the other hand, I’m ecstatic that I finally pulled a credit report! I feel so grown up, now!!
Since last weekend, I have been struggling with creating my monthly budget. Since I’m in the middle of getting my paycheck and hiring issues settled, I can only make a budget based on my best guess of a monthly salary. I get paid by the hour, so my earnings vary mercilessly depending on my attendance and punctuality. It shouldn’t be too hard to control, but things happen. I may oversleep, get caught in traffic, forget to clock back in from lunch, or get sent home for the day (too many employees and not enough business). There may be a way to have only certain parts of my budget fluctuate in response to my variable earnings; I’ll take a break from editing my spreadsheets for now. It took me too long to get them this perfect in the first place.
That reminds me of something. Maybe the reason why I’ve had to edit my budget forms is because I’ve been working in two different applications on my laptop. I know it helps that I have to check and recheck to make sure all my data balances right (I’m so grateful, because all my hard work would have been absolutely wrong), but the process is rather annoying when I have to go through everything to find one tiny mistake or miscalculation. Well, it’s a work in progress; Dave Ramsey did mention that it would take a while for me to perfect this whole budget process. I think it will be worth it in the end, because I already see my money from a different perspective. It’s like I know what’s going to happen to it now!! You have no idea how soothing that fact is for me. Ahhhh…
Homework this week seems like it will be my hardest yet. As a “Free Spirit,” I’ve gotten so anxious about creating my budget. I’ve drafted an initial budget and allocation plan in MoneyWell and discovered that I’ve got just under $17 left for food for the next couple of weeks. That’s not good. Fortunately, I’ve been challenged to refrain from eating out this week. Since I didn’t really prepare for today, I’ll bite the bullet and find something cheap in the Student Center food court. After that, I’m raiding the cabinets at home.
I FINISHED BABY STEP 1!!! I’m ecstatic that I get to go on to concentrate fully on paying back my loans now! My only concern is the amount that I will be able to divide up between that and my wedding expenses. I know it will work out, and all I have to do is take one step at a time! :D
Yesterday, I set up a plan to transfer $50 from my checking account into my savings account. This is to happen every two weeks (right after I get paid). Today, I completed my first Quickie Budget and realized that it’s pretty close to the amount that I get paid every month. Is that good or bad? Should more money be left over for other things? Like birthdays and Christmas? Or is that already included in the “Giving” allotment of my budget?
