NJDebbie's Personal Finance Blog

We will be leaving on Monday on our 12 day vacation to Puerto Rico. I've been planning this vacation for quite sometime and I'm happy to say that all of our expenses are accounted for and nothing will be charged to our credit cards.

I'll miss you all, talk to you when I get back.

I wanted to share with my savingadvice friends my excitement. Today is a good day for our family. My son graduated from high school with honors. After graduation we took him to eat at his favorite restaurant and later on he'll attend Project Graduation. Project Graduation is pretty cool because his school will transport all graduates to a undisclosed location for an funfilled night of go-carts, swimming, music, video games, minituare golfing,lots of food,etc) and nobody else other than the graduates is allowed on the premises. We paid $25 (each year) for four years to cover this event and we are so happy we were able to do this.

Tomorrow marks the beginning of my summer vacation. I received my last paycheck today until September 15th. I'd been saving since March to make up for the summer months. My husband and I will be staying home for the summer (I'm a school teacher and my husband a school bus driver).

We have a total of $7,200.00 saved to cover our expenses for these two months. We shouldn't have to take any of this money to cover our mortgage payments because the net income from our rental property should cover the mortgage on our primary residence. We do have at least three bills this summer that are pretty sizable and will be paid from this summer fund. We decided that if there is any money left by September 1st it will be used to fund the Roth IRA. I will keep you posted on how we're doing with this fund on a weekly basis (this will also help keep me in check).

HEY JOE IS THAT YOU ON CNNMONEY.COM (THEY CUT OUT THEIR CREDIT CARDS)?

Today I signed my work contract for the 2008-2009 school year. The difference between this year's pay and next year's is $3,670. Not too shabby. I plan to either save the salary difference or apply towards the Roth IRA for me and my hubby.

I just got my heating oil statement. Good news is that I will get a $600.00 refund and the bad news is that my budget increased from $271.00 to $349.00. A co-worker and I plan to car pool next school year, so I'll be saving some money on that part.

I remain grateful that my husband and I have jobs, health insurance, we are relatively healthy and my kids are healthy. What else can I ask for?

Peace!

OK... as many of you know, my son (17 years old) has proven, up to this point, to be a financially responsible young man. Since we bought his new Honda Fit he has given me close to the entire payment for his car ($190-$210/$287). He paid for his graduation's cap and gown, remaining balance on his yearbook (I paid half $50), and he also took care of his Senior Prom tuxedo ($129.00). Now... my youngest (14 years old) surprised me yesterday. He came back from his two day trip to Boston with his 8th grade class last night. This trip was completely covered by fundraising, including meals and accommodations (I bought plenty of snacks and drinks for the bus drive there and back). I gave him $40 to buy a souvenier, but I told him that if he did not spend any of the money he gets to keep it. Guess what? He did not spend a dime and he gets to keep the $$. He told me he didn't feel like spending money on junk. I think I earned bragging rights. What do you think?

It's not even summer, but I'm already dreading what's to come for the winter. Heating oil is at $4.69 a gallon. Could you imagine what the price is going to be like for the winter? I have a 1,000 gallon tank and I need about 1500 gallons of oil to get us through the winter. I'll try no to think about it too much and think of the lazy days of summer (lazy for me). I can't help but to be discouraged about the economy. I think about all of the single moms and the families trying to make it on minimum wage or people really strapped with debt.

On another note, I decided to jot down all of our expenditures for the month of June and see where our money is going. No savings for the May 30 paychecks, this is the first in a long time I was not able to put money away. Hopefully I can catch up next pay period. I've been very aggressive with savings and not being able to save drives me insane. Wish me luck this month, too many things going on.

My son's two day trip to Boston with his 8th grade class would've had cost us $60.00 (pretty cheap I thought) I received an automated call from the principal stating that after a careful audit of finances for the 8th grade class, the money was to be returned back to parents on Friday. I decided to put that money in my son's savings account. Needless to say, I was really happy about this.

May was a very expensive month for us and June will be not be any better (high school graduation, Father's Day, Graduation parties for my son, my niece and one of my students and two birthday parties).

An Aldi food store is coming to my neck of the woods. It is actually a neighboring town that I must go by on my way home from work. This is the first Aldi I've seen in northern NJ. Does anybody know if it their prices are reasonable?

On another note, June will be an exciting month for our family. My 17 year old is graduating from high school June 26 and my youngest is graduating from 8th grade. This also means that it will be quite an expensive month for us. Prom, yearbook, cap and gown and college tuition for the oldest and 2 day Boston school trip and semi-formal dance for my youngest. They are very excited about these upcoming events so its worth it to me.

Three more paychecks for my husband and I, but I think that with vigilance and careful planning, we'll be alright until September. I'm going to take the summer to catch up on reading a stack of books I have, revisit our budget (make changes) and I am also taking a graduate course for I decided to get my Master. When I complete 15 credits, I'll be able to move up in the salary scale because my employer allows a salary increase if you have a BA + 15 credits.

Oh... I am also getting excited about our trip to Puerto Rico this summer.

Have a wonderful Memorial Day weekend!

The current state of the economy has me a bit worried. I'd been thinking a lot about our current real estate situation. We owe about $250k on our mortgage ($1483.00) but this monthly amount does not include property taxes ($8825) and insurance ($900). We are blessed to have decent incomes, savings and an investment property that is completely paid off. So, what's the problem? If either of us happen to lose our jobs, it would be very tight for us to keep up with the mortage and property taxes. I love my house, but I'm afraid we will have to start making a a lot of costly repairs (roof, bathrooms and kitchen) in a couple of years. We also have a son who will be going to college in the fall and we will be paying the first two years of college (he's going to a two year college at $2500 per semester). We are seriously considering selling our home and buying something smaller with less property taxes. Do you think I'm over thinking things and being a total pessimist or do you think my worries are legitimate?

I've noticed that I should be doing a little bit better budgeting our money. Although, we are pretty good saving money, I know that some our expenses can be curbed and used to maximize our savings and/or contributed to Roth IRA. I'd been thinking of buying Quicken to keep track of the money, but I get conflicting opinions about the software. Anyone using Quicken? How much should I pay for the software? Your input is greatly appreciated.

I needed five Mother's Day cards and one Communion card for my nephew. I figured I should stop at the dollar store first and see what they had. Guess what? I bought 6 cards for $3.00 and they're very nice and I even found one in Spanish for my Mom. I was absolutely thrill with my purchase and I saved a pretty penny. I may go back sometime next week because they have some graduation stuff I might want to buy. I didn't because my husband and I have not decided yet if we're going to throw my son a graduation party. We'll decide this week.

May is a really bad month for us because quaterly taxes are due this month--$2250.00. I think I can keep up with my aggressive savings (30%), but I know it's going to be pretty tight. We only have 4 payroll checks since the school year will be done in June. I decided not to look for summer work, I'll just have to adjust and watch spending. Our summer trip to Puerto Rico is fully funded (tickets, car rental and spending money).

Last night my son gave me $190.00 towards his car payment. This is the second month he does this. He told us he would help and I guess he was serious about it. My goal is to put anything he gives me towards the principal of the car. If we continue to do this, we'll be done paying in two and half years. He also gave me $215.00 to put in his savings account.

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

I'm off work this whole week and for the most part I have not spend a lot of money. I took my youngest son to eat pizza today with two of his buddies. The damage--$24.00; they thanked me profusely so it was so worth it for me. They are now jumping on the trampoline (their laughter is contagious).

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

On another note, I only have 5 payroll checks left for this school year. Overall, I've done well preparing myself for the summer months. I keep debating whether I should look for a job for part of July and August. I go back and forth about it, but I think I'll have a hard time finding something for two months.

On April 20th I made my first contribution to the Roth IRA. $50 electronic withdrawals will be made every other week from my checking account. How long will I have to make the maximum contribution for 2008? I think I can contribute $5,000 for 2008. Can my husband contribute the same? We file taxes jointly. Can anyone help? Thanks.

When my sons were little I had to borrow $50.00 from my parents because we were so broke. I was so ashamed and humiliated that I promised myself that I would never ask anyone from my family or friends to lend me money again. We've come a long way since that time and worked hard to give our children a good life without spoiling them rotten. What keeps you motivated?

No work for me today. It's been a while since I've been able to see my kids off to school. I made them their favorite breakfast and prepared their lunches (I usually make bag their lunches the night before). Although they are already 17 and 14 and I know they are independent enough to do things on their own, I still miss being home for them. I leave for work at 6:30 in the morning and I am usually home at 3:30. It is especially hard for me because I was a stay at home mom up until two years ago. My schedule always revolved around theirs. Don't mind me, I'm just a little melancholic today! My kids have adjusted quite well and they understand that it's a necessity for me to work.

On a financial note-- I washed two loads of laundry and hung them outside to dry. It is starting to get warm in NJ (a welcomed feeling) and I like to take advantage and give the dryer a break. We are still saving 30% of our income and since September we've saved close to $13,000. July and August will be "no saving months", but I feel its worth it since we'll be able to enjoy the summer months with our kids. I'll make it up once my husband and I start working again in September. I am still contributing $145.00 every payperiod to the 403-B and automatic deposits to the Roth IRA will begin the 20th of the this month. I signed up for $50.00 byweekly electronic deposits. Saving for the summer months is going well, I have $2100 so far and I project to have at least $4000 more by the end of June. I started setting aside $500.00 from my chech for the summer months. Luckily our income allows for us to do this.

Thanks for listening. Have a wonderful day!

FERN,

YOU ASKED FOR IT, HERE IT IS:

INGREDIENTS:
2 C. BISQUICK
1/2 C.COLD WATER
3/4 C. GRATED, SHARP CHEDDAR CHEESE
1/4 C. BUTTER
1TSP. PARSLEY FLAKES
1/2 TSP. GARLIC POWDER
1/2 TSP. ITALIAN SEASONING

PREPARATION:

>PREHEAT OVEN TO 450 DEGREES.
>MIX TOGETHER BAKING MIX,COLD WATER, AND GRATED CHEESE.
>ROLL OUT DOUGH TO ABOUT 1/2" TO 3/4" THICK.
>CUT BISCUITS WITH A CUTTER, AND PLACE ONTO A BAKING DISH.
>MELT BUTTER AND SEASONINGS TOGETHER.
>BRUSH WITH THE BUTTER AND SPICES
>BAKE FOR 8 TO 10 MINUTES

HOPE YOU LIKE THEM!

I finally setup electronic contributions to my newly open Roth IRA. I'm contributing $50.00 every other week to the Roth. These contributions are in addition to a 403B I opened as soon as I started working as a teacher (2006-2007 school year). I contribute $145.00 every pay period. My goal is to increase the amount $20.00 every pay period. Last year, I had them take out $125.00.

My next goal is to open a Roth for my husband. He has about 13-15 years left before retirement. We will try to contribute the maximum allotted for his IRA.

Just got my tax returns from the accountant.

Results: $38.00 owed to the State of NJ

$3,100.00 back from the Feds

The $3,100.00 will be used for my son's college tuition. He chose to attend a community college to save money at least for the first two years. We will be covering books and tuition for those two years.

I just need to share this with my savingadvice friends. My husband and I bought a Honda Fit for my 17 year old simply because we were tired of rescuing him every time his '95 Honda cluncked out on him. He is a senior in high school with a 90 average since his freshman year and works part-time for a dentist.

We were expecting a little help from him for his car payment. Well, today he gave me $210.00 towards the payment of the car ($280.00)and his cell phone bill payment (62.00), which is solely his responsibility. He also deposited $200.00 in his savings account and he keeps a $500.00 in his checking account at all times. He told me he will make the full payment during the summer months since my husband and I do not work during the summer. He works extra hours in the summer. I am so proud that he is on the road of being a financially responsible young man.

On my way back home from work, along Rt. 46,there is a Subway, KFC, McDonalds,my favorite pizza place and a B.K. I've made the fast food detour many times, including yesterday. I ordered my food at K.F.C. (to be honest I was not even hungry)and while eating it I said to myself, "Boy this is not worth the six bucks I just spent" and I was a bit angry about not being able to resist the urge.

Today, I decided that if I can get through the 3 mile stretch I can start breaking this awful and costly habit.
Now, my question is, How many days do you think it'll take me to stop this habit?
I say at least 20 days.

I deposited an extra $180.00 in our money market account today. As you might remembered, my new contract adds an additional $174.00 (net) to every paycheck (biweekly check), so as a savings strategy I decided to bank the difference. Technically, my goal is to continue living as if I never got a raise.

I hope I can keep this up. On another note, I opened a Roth IRA through Ameritrade. Suze Orman's book, Women and Money had a special offer, so I decided to take the challenge. I currently contribute a little less than 10% of my income to a 403B at work. I plan to open a Roth IRA for my husband soon.

My son will be turning 14 this weekend .
I'll be spending some money on 2 XBox360 games and I'll deposit $50 in his savings account.

SON'S B-DAY= SPENDY WEEKEND!

HAVE A GREAT WEEKEND.

One of the reasons why I make it a point to save at least 30% of our income is because we need to prepare for the summer months. Both my husband and I work for a board of education, meaning that we don't have work during the months of July and August. My husband usually brings in some money (doing lawns or transporting children to and from camps).

March is when I begin saving to cover some expected expenses, such as homeowners insurance for the rental home, car insurance (2 full coverages and 1 liability), and at least two high electric bills (air conditioner and pool pump running for at least 8 hours). The money we make on the rents of our rental home, covers our mortgage. Saving 30% of our income allows us to cover the rest of the bills without hurting us financially.

CAREFUL PLANNING + SAVINGS= ENABLING ME TO STAY HOME WITH MY KIDS FOR THEIR SUMMER VACATION

February was not good on our savings and I'm feeling the agony. This is in addition to the montly bills.

Here's the rundown

$1,385.00-- Heating oil bill

$2,800.00 -DOWNPAYMENT FOR MY SON'S CAR
(I THINK WE'LL BE ABLE TO RECUPERATE THE MONEY ONCE WE SELL HIS "OLD" CAR AND RETURN THE MONEY TO OUR SAVINGS).

$3,210.00 PROPERTY TAXES FOR OUR RENTAL AND PRIMARY HOMES.
(I really should be putting that money aside each month, but I'm not that disciplined and our mortgage company won't escrowed the loan).

We still managed to put 30% of our monthly income in our money market account.

No work for me today, northern NJ has been smacked by a winter snow storm. I came home yesterday to a heating oil bill of a little over $1500 (400 gallons at $3.89 a gallon). Last year we were paying $2.69 a gallon. Needless to say, I'm pretty bummed about this bill and there is nothing I can do about it. We are hoping to be able to abandoned or removed our inground oil tank next year so that we can shop around for better oil prices.

I'm worried about the economy, everything is going up. It also amazes me how people keep spending and strapping themselves to more cc debt for "wants" and not "needs". I get sick to my stomach--really-- when I can't meet our family's savings' goals. Maybe I should learn to be a little more flexible.

Hi friends,

I got my retro check from work yesterday! Retro pay + actual pay= $4,800.00. I paid for our vacation airline tickets= $1200.00, paid $975.24 for quaterly taxes on our rental home and saved 30% of it=$2,123.00 (money market account). Hubby's pay checks (overtime check comes every 15th of the month) and whatever was left of mine went to pay household bills and March's mortgage payment.

Hopefully we won't owe Uncle Sam any money this year!

I am now on week #7 of my weight loss challenge. I've lost 15.4 lbs (and many to go) following the Weight Watchers program. It has not been easy, but I managed to remain focus and take it one day at a time.

Thanks to all of you who have responded to my blogs. You inspire me to be responsible with my family's hard earn money and thanks for listening when I'm confronted with life's unexpected events. Keep blogging!

I'M SO GLAD I FOUND SAVINGADVICE.COM!!!

Hello friends,

Today "SAD" (SEASONAL AFFECTIVE DISORDER)has hit me very hard. I have been able to deal with it for the most part this winter, but for some reason the month of February is the worst for me.

To make matters worst I stayed home today with my 13 year old son because we are not feeling well. I noticed that he had 4 bruises in his arm, so I asked him what happened. Reluctantly, he told me that a kid punched him several times in the arm because he (my son) cut in line. Mind you, I come to find out that this kid is about 5'11 and my son is not even 5' tall. I am so angry. My husband and I will be going to his school tomorrow to speak to the principal.

Thanks for listening, I needed someone to talk to.

January 2008
$1,628.00