Money On My Mind

As I was entering in my monthly update into my Networth IQ profile, I checked my two student loan balances. My largest student loan, which is a private one through Sallie Mae is slowly creeping down which is a good thing. But I looked at my repayment plan and realized if I just pay the minimum amount every month for the duration of the loan, I will be paying almost twice as much! Crazy! And definitely not happening! So this is even more incentive for me to pay off my credit cards so I can focus on paying off my student loans faster. I think it is feasible to have them paid off by the time I turn 30 if I step it up and pay more than the minimum starting in 2009. It also makes me realize that I don’t want any more student loans. Even if I have to take one class at a time and pay out of pocket, I will not take out loans to go to graduate school. It is simply not an option. The only debt I plan to have after age 30 is my mortgage because I plan to be a homeowner by then. My student loans were worth the investment in my future, but I don't want to have them forever.

How long do you think it will take you to pay off your student loans if you have them?

Cheap Eats - Dessert Idea I - Chocolate Croissants

Here is a fast, simple, inexpensive recipe for Chocolate Croissants I found while thumbing through the May 2008 issue of Real Simple Magazine:
Time: 20 minutes
Amount: Makes 8 croissants
Materials: One 8-count tube of refrigerated cresent rolls; 1/3 cup semisweet chocolate chips; baking sheet
Directions:
1. Heat oven to 375 degrees F;
2. Unroll the dough and separate it into 8 triangles;
3. Place about 10 chocolate chips on the bottom third of each triangle and roll the dough up around the chocolate;
4. Transfer the croissants to a baking sheet;
5. Bake until golden brown(about 12-14 minutes).

Maybe Living In DC Isn't So Bad After All

After reading this recent New York Times article: Starting Salaries but New York Tastes, I've realized that compared to the high living costs of New York City, maybe DC isn't so bad. According to the article:

“Every year around this time, tens of thousands of post-collegiate people in their 20s flood the city despite its soaring expenses. They are high on ambition, meager of budget and endlessly creative when it comes to making ends meet.

Some tactics have long been chronicled: sharing tiny apartments with strangers. Sharing those apartments with eight strangers. Eating cheap lunches and skipping dinners — not just to save money, but so that drinks pack more of a punch and fewer need be consumed.
But there are smaller measures, no less ingenious, that round out the lifestyle. These young people sneak flasks of vodka into bars, flirt their way into clubs, sublet their walk-in closets, finagle their way into open-bar parties and put off haircuts until they visit their hometowns, even if those hometowns are thousands of miles away.”

I admit, I still daydream about living in Manhattan like Carrie in Sex and the City and having a really nice apartment and a fabulous job. I would also be able to take advantage of all of the arts and culture the city has to offer that were at my feet, but I just can’t bring myself to sacrifice my standard of living as many people my age who live in NYC are obviously willing to do. I am all for cutting corners, but I am not skipping meals, just to keep up with appearances and live in a city that I can’t afford. My money goes much farther in DC than it does in New York and I can actually afford to save money and invest in my retirement. There are many up and coming cities that have many job opportunities for young professionals but for some reason, many of us are drawn into the glitz of glamour that is associated with living in New York.

DC is by no means a New York City, but there are plenty of reasonably priced socializing opportunities not to mention cheaper housing than New York City. Yes, you may still have to have roommates, but you won’t be paying 1,000 for a room the size of a closet (if you do your research at least). Now that the summer is here there are even more options of reasonably priced things to do in DC such as:

-Several Free Museums
-Free Festivals on the National Mall in the Spring, Summer and Early Fall
-An Abundance of Restaurants and Bars That Have Happy Hours
-Theatre shows will be cheaper than NYC Broadway shows

Or better yet, enjoy NYC as a visitor and take a day trip (via the bus because gas prices are crazy). Boy have I changed my tune, I had a different view on this a few years ago BEFORE I started paying all of my bills…what a difference a few years makes.

Leaving your cell phone at home when traveling can save you money

I left my cell phone in my apartment by accident when I was rushing to catch a bus to Philly for the Memorial Day holiday weekend. I changed purses at the last minute and just forgot it. I planned to try to meet up with some of my friends during the weekend. But during this age of cell phones, I didn’t have my numbers written anywhere else. Ugh! I’ve learned my lesson and plan to work on that this week. In high school, I used to memorize numbers I called frequently because I didn’t have a cell phone. Oh, how times change. My network of people is also a little more varied/larger than it was back then and people often have multiple numbers (cell, work, landline, etc.) at which they can be reached. But I should still get back in the habit of memorizing numbers.

It wasn’t the end of the world, but I admit, I was slightly disappointed. The good thing is I spent much less money than I probably would have if I had been able to call my friends and make plans because most social activities (meals, movies, drinks, concerts, shopping, etc.) cost money. So while I didn’t see any of my friends I also didn’t spend that much money and I did spend time with some of my family members. Family is important also and I value my time with them. I try to make time for family and friends during my trips to Philly, but it’s sometimes difficult with no ride. I actually enjoyed my weekend and didn’t feel torn between choosing what to do with my time.

I am still looking for ways to trim the fat on my spending and taking the bus instead of Amtrak on my trips home is the way I will have to go. I don’t currently have a car and I explained my reasons for not yet having one in the post: http://smallbudgetbigstyle.blogspot.com/search/label/Car. I strongly dislike taking the bus. But I love the price. I will take the bus at least one-way to save money on my trips to Philly this summer. I’d also like to take at least one day trip to New York, so the bus is the way I will get there if I can make that happen.

Are you looking for ways to cut costs this summer?

Revisiting the budget

There was one key aspect of my budget that I overlooked...tithing and charitable giving. Oops. I know I could give more if I factored it into my budget. My tithing and charitable giving is pretty haphazard, but I will do better in the future with that. My charitable giving for at least the next several months will consist of donating money to the non-profit organization I volunteer for. I will evaluate other organization's I want to give money to at a later date.

For now, I will designate 50% of my side-gig income (which was not factored into my budget on purpose)for charitable giving. The other %50 of my side-gig income will have to get thrown toward paying down debt faster. My credit card balances have been woefully creeping up this month. I paid for travel for a trip out of town for my job which I will be reimbursed for soon. I also recently paid for airfare for a family trip to Florida in August. I need to make some more progress on that front this summer. After I monitor my spending for the next month or so, I will probably tweak my budget a little more.

Do you calculate tithing or charitable giving into your budget?