Directory — Finance — Blog Details for "Me vs Debt"

Me vs Debt

Me vs Debt
Recent college grad's mission to get out of debt and master personal finance. I want to share tips, successes, and motivation. I also want some public accountability. Mostly I want to use my money to make interest, not pay it.

RSS Feed Homepage

Articles: 1, 2, 3, 4, 5, 6, 7

Articles

The Tip Jar
2009-03-13 12:27:00
I highly recommend checking out the Tip Jar. Find and share tips in a variety of categories including Finance, Eco, Health, Home, and Work. These money saving tips are ranked by other user. I had fun browsing through and submitted a few of my own :)
More About: Links

Reader Question: What do I say to get the company to reduce my finance cha
2009-03-12 12:26:00
A reader emailed me with a question yesterday. She wanted to know who she should talk to and what she should say to get the credit card companies to lower her rates.This is tricky because I haven't needed to make one of these calls in months. Since then, problems with the economy and upcoming legislation has driven these companies to take unusual actions. They've started lowering available credit, closing accounts, and increasing rates. They are desperate to make up for huge losses and they are taking it out on people that really need help.The best I can do here is tell you what has worked for me and cross my fingers that it will help you too. To test the waters I called a couple of my companies and tried this for myself. Chase, as ALWAYS, was unwilling to work with me. Even though I'm in perfectly good standing with them. No red flags. No problems at all. Discover on the other hand made me a few offers. So it may be a 50/50 here.Anyways this is what I do (please submi...
More About: Finance , Question , Company , Reader , Reduce

Ok, I'll Try Smarty Pig
2009-03-07 13:46:00
I'm very fond of ING. It will remain my primary savings account. Its very easy to use and the savings options are flexible. Historically the rate has been very competitive. But as HS from Our Debt Blog points out, there are other options. Its been a while since I shopped around for good interest rates - like I said I'm happy with ING. So thanks, HS, for pointing out a few good options:ING has always been among the lower rates, try FNBODirect.com they still offer 2.40%www.smartypig.com offers 3.25% APY and redneckbank.com has a checking account with 5.25% apy on the first 25,000.I have heard good things about Smarty Pig from the blogosphere, so I decided to read up. Its a very unique banking concept. Its all about saving for specific goals. You tell them your goal and timeline. They suggest a monthly savings contribution. You can accept that or adjust to get started. They have all kinds of options for how to redeem your savings and interest. You can get a debit card, ...
More About: Saving

How Low Can It Go?
2009-03-04 13:16:00
No, I'm not even going to mention the stock market. But I am starting to see a negative correlation between my own personal savings rate and the interest rate on my savings account.Finally I'm ready to start saving and the interest rates are plummeting. How low can it go?

My First Micro-loan
2009-03-02 13:43:00
I made my first microloan on Kiva.org yesterday. Kiva is the world's first person-to-person micro-lending website, empowering individuals to lend directly to unique entrepreneurs in the developing world. I decided to go with a group of people from Bolivia.The Acapulco group is a group formed of 13 members now going for their second cycle where all of them have demonstrated the capacity to administer funds with responsibility in their payments. The members are dedicated to activities in the area of selling products like bread, clothes, food, catalog cosmetics, and providing services like construction, carpentry, and domestic services. There is a lot of competition, especially in the commercial field, but the experiences of the members prevails before any contingency. The credit is destined to the purchase of ingredients, materials to be able to provide a better service and get better incomes to improve the quality of life of their families.My small contribution will go farther tow...
More About: Loan , Micro

February 2009 - Monthly Review
2009-03-01 16:40:00
I have to say, this was a big month for me. With the rest of the economy in crisis, I still had one solid investment: me. My remaining credit card balance was paid in full in the second half of the month. Then with my tax return I was able to pay off the balance on my car loan. What a weight lifted off these shoulders.This is an example of that snowball effect really starting to take off. First the credit card and car loan, next will be the hospital bill in about three months. Soon I'll finally start making progress in my emergency savings and student loans. I've already increased my monthly student loan payment by $50 and I'll increase it by $50 again once I have three months living expenses saved, and then again at six and nine months. At that point I believe that I could easily live with two hundred less per month. Putting it towards my highest interest loan will greatly accelerate the payoff while still allowing me to begin saving for a home.I'd also like to point out...
More About: Review , Monthly Review , February

Taxes Returned and Car Paid Off
2009-02-27 13:53:00
I got my federal and state tax returns today. This is my first year being taxed for my full salary plus a substantial amount for tutoring. Now that I know that I'm paying too much each month I'll be adjusting my withholding to get a little closer to even. While it is fun to get a tax return, I now fully trust myself to use the money wisely throughout the year. I don't need forced savings or to give the government an interest free loan. Since my credit cards were paid off earlier this month, I will be putting this money towards paying off my car. And that's it, the car will be paid in full. It feels really good to start knocking off these obligations. Have you gotten your returns back? How did you use the money?
More About: Taxes , Paid

Little Motivation Games
2009-02-24 13:02:00
While getting out of debt I liked to play little motivation games. Well maybe not games in the classical sense, but I created habits that gave me a little boost when I made progress. Like updating my debt reduction spreadsheets or sidebar charts. Like being extra careful to spend wisely when a credit card is almost paid in full just so that I could say it was done. Or similarly to reach the next $1000 mark or 10% mark. Little things like that that made represented some kind of mental milestone for me.What do I do now that I'm all paid up on the cards? I have to admit that I started slipping a little this month. I made several impulse purchases "because my credit cards are paid off, I deserve it".Ok sure, a small spending spree is forgivable, but I don't want to lose my good habits. I decided to stick with the monthly challenge just changing the title to savings snowflake challenge. I still have a side bar for emergency funds. I still update my Networth IQ. But somehow t...
More About: Games , Motivation , Saving

Worm Farming
2009-02-23 13:07:00
Yep, I said it. Worm Farming . I've been reading various gardening books from the local library in preparation for spring. This spring Dan and I are getting a community garden plot. A 25' x 30' patch of land where we can grow vegetables, herbs, and flowers May through October. I've always wanted to compost, but its tough when you live in an apartment. Vermicompost (or worm farming) seems to be the ideal solution.We'll start with a half pound of red worms (a.k.a. Red Wrigglers or Eisenia foetida) in an aerated bin. I'm using a 10 gallon rubber made tub with a bunch of 1/8" holes drilled into it (mostly on the top and bottom). I've lined the bottom with moist cardboard, shredded newspaper, and some old soil. I'll be keeping old food scraps (veggies, fruits, coffee grounds, tea bags, rinsed egg shells... NOT meat or dairy because those attract rodents and pests) in a used coffee can under the sink. Once a week or so I'll feed the scraps to the worms and make sure to k...
More About: Garden , Worms

Giving Back: February 2009
2009-02-22 15:06:00
Now that I'm officially credit card debt free (!!!) it's time to start a new monthly challenge: Giving Back . Each month I'll be donating to or micro-financing for a cause of my choice. When Dan moves in this May we'll be making it will be a monthly activity that we share. (By then he will be credit card debt free too!) We'll begin by budgeting about $100/per month and we'll probably increase that once we start meeting our savings goals. This month I made a few separate donations. The Humane Society sends me return address labels every year. In return I sent them a small donation. As you may know I love pets. My own cat was a stray and I appreciate those that make an effort to take care of animals in need. I also donated directly to a specific cat that was attacked by a dog while placed in a foster home. Her spinal cord was injured and she's unable to use her back legs. I made a donation for her hospital bills and really really hope they can help her. I found thi...
More About: February

The Big Day
2009-02-20 13:20:00
I'm sending an auto pay for my remaining credit card debt today. I really thought this day would never come! So it feels great. I'm totally ready to embrace savings. My debt snowball will roll right into my savings snowball and before you know it I'll be meeting new goals. In about a year and a half Dan and I will have our 8-month emergency fund. In about five years we'll have a down payment for our first home! Big goals, but really all we need to do is focus on one day, one week, one month at a time. Can we stay this motivated without the credit card debt looming over us? I sure hope so. In a way that credit card debt was one of the best things that could have happened to me. Paying it down really made me take a hard look at my finances and develop responsible habits. If you can take on Visa, you can do anything you put your mind to!

January 2009 - Monthly Review
2009-02-01 16:21:00
Well its 2009... I hear about new layoffs and new aspects of the financial crisis every day. I am so thankful to be working right now and I've done my best to stay focused on the goal. As of January I only have about $781 left to pay on my credit card. Huge weight lifted off of my shoulders, but that's really only the beginning. As much as I want to celebrate this milestone, I'm really only back around zero. And technically I've already gotten myself back into debt - sort of. I had planned to get myself a new computer this summer. Mine is outdated and starting to act flaky. Have you ever gotten the blue screen of death? Its a regular occurrence for me these days. Plus my CPU can't handle some of the advanced engineering software I use at work and plan on using at home to prepare for a certification exam this summer. Long story short - I'm getting a new computer and I'm not paying for it in cash. Whaaa? Yes, its true. I'm getting it on a credit line at 0% which...
More About: Review , Net worth , Monthly Review

Watch Out! Chase has new tricks...
2009-01-23 13:45:00
If you are a long time reader, you know how badly Chase bank has treated me. In the summer of 2007, I made it my mission to eliminate my debt with the so that they could never profit off of me again. And I'm almost there. Next month I will pay off my last Chase balance. Will they try to stick it to me one last time before I go? According to Lynn at Wisebread, I shouldn't be surprised if they do: The other day as I was going through my monthly process of paying bills, I noticed one of my credit cards (which I have had a 3.99% APR on an old balance transfer I've been slowly paying off) suddenly had an increase in the minimum payment by about 50%. Additionally, I saw a "SERVICE CHARGE *FINANCE CHARGE" line item for $10! I immediately called the bank (Chase) and asked about both of these things. Turns out, their latest policy changes include upping the minimum payment from 2% to 5% of the balance, and charging a maintenance fee for "processing payment and statements." So ...
More About: Watch , Credit Cards , Tricks

The Big Payoff is Near!
2009-01-19 02:19:00
I've worked out my finances for the next month. If all goes well, I will be paying off the last credit card on February 22, 2009! That's almost $20k in credit card debt paid off in 1.5 years. Looking back, it felt like that day would never come. I'm already starting to feel such a big weight being lifted off my shoulders. The best advice I can give to someone in debt is don't wait. No matter how hard it seems, take the first step. Come to terms with your debt and take it head on!

Suze Orman's 2009 Action Plan - Free Download
2009-01-09 14:00:00
I don't know how you all feel about Suze Orman, but I think she rocks. I love the Can I Afford It? segment! I always want to submit a question to the show but I know that she would deny me because I don't have an eight month emergency fund yet. And that only motivates me to get there sooner :) Here's an opportunity to download her new book for free.
More About: Action , Download , Free , Plan

More free Toilet Paper at Krogers
2009-01-09 13:41:00
Thought I'd pass this link along. Go here to print a $0.50/any coupon for Cottonelle (you can print two). If your Kroger doubles coupons you can get two of the $0.99 4-packs for free.
More About: Toilet Paper , Free , Toilet , Paper

2009 Financial Goals (Guest Post)
2009-01-04 14:31:00
This is a guest post from my boyfriend, Dan. We'll be living together later this year so we've already set out a budget and personal goals. These are his :) 1) Pay off remaining Citibank balance of $4320.22 by June 1 This should be an easy goal to attain. I have about $375 a month budgeted for this. I also get a monthly that has recently been ranging from $300-$350. Almost all of this bonus goes to my Citibank balance. I should be getting a similar tax return to last year that I will put toward the balance.2) Open an ING Interest Savings Account and accumulate $4000 by the end of the year I plan on using about $900 of my last paycheck in January to open a savings account. After I pay off the Citibank balance in May/June, I will be able to put almost $400 a month into savings.3) Stop financing 100% of every big thing I buy After I move in with ?me? (vs debt), my main focus will be purchases for our home (a desk, a new TV, etc.) I plan on, and will be able to...
More About: Financial , Post , Goals , Guest

My 2009 Financial Goals
2009-01-03 13:07:00
Thinking about the year ahead is exciting! I'm so close to paying down this debt, I can taste it. Not only that -- I will finally start saving up some cash in my emergency fund. When I started this blog, these kind of goals felt out of reach. Me vs Debt - 2009 Financial Goals Pay off the Credit CardsAs of right now, the balance is about $2200. Working out my budget for the next couple of months, I estimate that this will be paid in full by February 2009. Pay off the Hospital BillThe current balance on my hospital bill (from 2006!) is $1200. I'll be paying about $200/month so this should be paid in full by June 2009.Pay off the Car LoanAfter I pay off my credit cards I will begin putting $350/month towards my car loan. At that rate it will be paid off by August 2009.Grow the Emergency FundI'm going to go ahead an aim for $10k. It won't be a fixed month amount, but I've worked out the numbers and its possible. This includes an additional income of at least $200/month.Contr...

Me vs. Debt - 2008 Year in Review
2008-12-23 15:26:00
So I've started thinking about my goals for 2009. Its only appropriate to take a look back at 2008 first...I went into 2008 with huge goals! I can't describe how thankful I am for that. Even though I didn't meet every goal, I made great progress. I feel 1000% better about my situation than I did back in 2007. Lets go through the list of my 2008 resolutions:8 Ways to Cut My Net Worth Debt in Half in 2008Credit Card DebtI am going to pay off my $14,939 credit card debt by putting $1400 per month towards it. First and foremost, I have to eliminate high interest credit card debt. The sooner, the better. In my original Financial Resolution for 2008 post I described my plan. Since then my $17k goal has been reduced to $15k but my plan remains the same. My budget has been cut down to bare essentials. I'm going to start making more time to tutor and keep selling my stuff for extra income.So did I pay off ALL of my credit card debt? No. I did keep my expenses low and I worked...
More About: Review , Progress , Year

I'm so proud of you!
2008-12-22 13:30:00
Dan, I'm so proud of you! It looks like you'll have that first card paid off by January 6th - only a week shy of your goal. That counts if you ask me. I don't know how you did it, but you managed to save up to buy me a beautiful ring at the same time. I know you miss me posting here, so its officially my New Year's resolution to write something at least once a week. (And I'll update your chart every month, I promise.) I love you and congratulations, to us.
More About: Proud

Budget Hero
2008-11-15 16:58:00
Wish you could control the federal budget? If only it were this easy...
More About: Budget , Hero

More articles from this author:
1, 2, 3, 4, 5, 6, 7