So now there are two questions:

Number one isn’t too hard.  Step one, fund Roth IRA.  Or at [...]]]> I finished up my tax returns last night.  And I am getting a solid chunk of change back.  Enough to fund my Roth IRA and then some.

So now there are two questions:

1. What to do with the return
2. What to change on my withholdings (if anything).

Number one isn’t too hard.  Step one, fund Roth IRA.  Or at least set aside the money to fund it throughout the year.  The remainder will be split between my savings and my home improvement fund.  Easy enough.

The second question is a bit more complicated.  Clearly, I’m withholding too much.  But I’m not sure what to change.  I definitely don’t want to have to pay in.  I’m definitely making a change to my state taxes.  Previously, I was withholding an extra $30 per paycheck to cover the ridiculous amount of money that Maryland wants from me every year.  Now that I have a house, I have more deductions, so I can change that.

I may just make that one change and leave everything else the same.  I know, I know.  It’s not the smartest thing to do.  But my budget is working quite well for me.  And while I should save the additional money that would be coming in, I’m just not convinced that I would do it.

I do think I’m going to look at my TSP (government 401(k)) and see about taking that additional $30 of withholding and putting that towards my TSP.  I’m currently putting about 7% of my paycheck there (plus the 5% match) and that’s definitely something that I could increase.

So the next step is going to be doing some math.  And waiting for that big ole check to deposit in my account.  Hooray!

I’m not sure how the state tax return is going to fall out, but it looks like I’m getting a significant chunk of change [...]]]> I am still waiting for one form from my former mortgage company so I can finish my tax returns.  And things are looking good!  Or bad, depending on how you view taxes.

I’m not sure how the state tax return is going to fall out, but it looks like I’m getting a significant chunk of change from the feds.   I’m definitely pleased about this as it makes a great start to my Roth IRA contributions for the year.  On the other hand, that’s money that could have been in my pocket throughout the year.  Typically, I like to try to break even, but over the past couple of years, I haven’t been able to make that work.

So I have two options – I can change my withholdings again (I did it once when I bought my house) or I can just live with it and enjoy the extra cash every spring.  I would definitely rather get money back than have to pay in, that’s for sure.  And with interest rates as they are, I’m not really coming out that much ahead by getting the money and putting it into savings.  So maybe it’s best to keep things as they are.

A big thing during Presidential elections is the release of the candidates’ tax records.  Obviously, it’s good to know that [...]]]> I’m going to talk Politics.  I never talk politics, because after living in DC for five years, I kind of hate politics.   But there is a financial issue going on right now that I find interesting.

A big thing during Presidential elections is the release of the candidates’ tax records.  Obviously, it’s good to know that our candidates are paying their taxes, aren’t getting money from illegal sources, and it’s nice to see that they give to charity.  But really, what does it mean?

So Mitt Romney released his tax records.  And he paid around a 15% tax rate while Gingrich paid around 31%.  That is a big difference, and 31% is closer to what I pay.  Or is it?  These people make so much more money than the “average American” that on some level, it’s kind of meaningless.  They’re rich.  Different levels of rich, but they’re rich.

So the big deal is that Romney’s money all comes from investments.  He (legally) didn’t pay taxes on the trusts set up for his kids.  He and his wife gave about 15% of their income to charity.

And while that is so far from my understanding that I can’t comprehend the numbers he lives by, isn’t this sort of the American Dream?  He founded a company and got rich.  I’m not saying he built up from nothing, but he has the lifestyle that many of us dream of.  Come on, wouldn’t you love to be able to live off of your investments and spend your life doing what you want?  Maybe doing what you want is volunteering or traveling, or maybe it’s doing your job because you love your job.  But that’s some awesome freedom.

Does this mean that Romney can understand the plight of the average person who struggles to pay their bills?  I have no idea – but I don’t think any of the candidates truly understand that.  They’re all wealthy, some just happen to be more wealthy than others.

I’m not endorsing Romney in this post.  I’m not not endorsing him either.  I really don’t have an opinion of the man, or of any of the Republican candidates.  But I find the focus on their personal finances very interesting.

And then I [...]]]> As a couple of commenters suggested, I could call my credit card company and see if I could get the late fees waived after my stupid mistake.  This was something I knew, but something I was reluctant to do.  Would I learn anything from my mistake if I had the damage automatically un-done?

And then I realized I was being dumb.  This was money we were talking about!  Two late fees!  $50!

So I called.  Admitted my mistake, had no excuses, and asked that since I had such a long relationship with the company (nearly ten years), if it might be possible to get the late fees waived, understanding that I would still have to pay the interest that accrued during the one day where I was late.

The rep could not have been nicer.  Waived the fees and said she would make sure no interest would accrue and she thanked me for staying with them for so long.

So thank you, Chase.  I appreciate your confidence in me.  And trust me – I will not be paying late ever again.

How I forgot, I don’t know.  I have two Chase credit cards.  They are linked to one account, so I login once and can see both cards.  Somehow, I set up the electronic payment for one and not for the other.

Thankfully, [...]]]> I made a stupid mistake this month.  I forgot to pay a credit card bill.

How I forgot, I don’t know.  I have two Chase credit cards.  They are linked to one account, so I login once and can see both cards.  Somehow, I set up the electronic payment for one and not for the other.

Thankfully, I realized this the day after the payment was due when I saw the $25 late fee hit.

I’m also going to be hit with a day of interest for that late payment too, and that’s gonna hurt.

It was a stupid mistake, and I’m going to be extra careful about it from now on.  I’m just going to suck up the fees and move on and make sure to be on top of my bills.  I’m sure of what happened – the bill came while I was out of town during the holidays, and it just got set aside rather than getting paid immediately.

At least it was just a credit card and not something bigger, like a utility bill.  No need to mess with not having heat during the winter!

I think this is a good lesson for life.  People always say “If you don’t like something, change it.”  But that’s not always possible.  You change what you can and you [...]]]> There is a song that includes the lines “I will learn to let go what I cannot change… but I will change whatever I can.”

I think this is a good lesson for life.  People always say “If you don’t like something, change it.”  But that’s not always possible.  You change what you can and you learn to accept what you can’t and work around it.

I have a coworker who is currently very stressed about a situation here at work.  The situation affects our whole team, but this particular coworker is taking it very personally.  It’s causing her a great deal of stress, and she complains about it quite a bit.  I understand her frustrations – but this is one of those things that we can’t change.  No amount of work or complaining or effort will have an ounce of difference.

My method of dealing with it was to vent for a few minutes, then shrug and move on.  I can’t change it.  I have to deal with it.  And I’ve learned to not let it bother me.  On the other hand, I found out that it’s causing her to lose sleep at night because she’s so stressed.

There are things you can change and things you can’t change.  If you don’t like your job, you can look for a new job.  But that doesn’t mean you will get a new job – the job market is tough.  So you do what you can – you improve your skills and you look for a job and you try to find every option out there.  But at some point, there isn’t anymore you can do.  So rather than stress, you just have to keep doing what you are doing and trust that it will all work out.

Sometimes you just have to learn to let go.

So far, there are three weddings scheduled for 2012 and not one is local.

Yes, it’s going to be an expensive year.  Flights, hotels, gifts, etc.  Of [...]]]> In the last part of 2011, three of my friends got engaged.  No, not to each other, to their respective significant others.   And another got engaged earlier in the year.

So far, there are three weddings scheduled for 2012 and not one is local.

Yes, it’s going to be an expensive year.  Flights, hotels, gifts, etc.  Of course, I’m not complaining.  I’m excited for my friends and delighted that I can be there.  Thankfully, they are all getting married in their hometowns – no destination weddings for this group.  I’m just going to have to be very smart about my budgeting this year so that I can afford all of this travel – and so I have enough leave available to use.  That’s going to be the tough part, I think.

I’m lucky in that I have a boss who is extremely flexible, especially when it comes to important events such as a friend’s wedding.

So it’s all about budgeting.  Both my time and my money.

No, just me then?

But I have to admit it.  I’m really excited to do my taxes.  It’s like an adventure, hoping that I made the proper choices and that I’m getting close to breaking even.

(Actually, I’m hoping I’m getting money back – I made some changes to my [...]]]> Is anyone else really excited about tax season?

No, just me then?

But I have to admit it.  I’m really excited to do my taxes.  It’s like an adventure, hoping that I made the proper choices and that I’m getting close to breaking even.

(Actually, I’m hoping I’m getting money back – I made some changes to my withholding when I bought the house, but I wasn’t sure how much of a change to make.  I’m hoping that I underestimated.)

I like the excitement of all of the paperwork coming in and entering it all into TurboTax to see what comes out.  It’s fun!  I know that it’s crazy.  But I’m still excited.  I can’t wait til the files come in!

And guess what?  I succeeded on all fronts.

Of course, my only goal was to start looking into a house and possibly buy one.  Well, I managed to do that early in the year.

Victory!  Seems a [...]]]> So I decided it was time to look back at my long-ignored 2011 Goals and see how I did, however inadvertently.

And guess what?  I succeeded on all fronts.

Of course, my only goal was to start looking into a house and possibly buy one.  Well, I managed to do that early in the year.

Victory!  Seems a bit like cheating though.

So I guess I should do a better job of my 2012 Financial-related goals.  I need to do a better job at sticking to my budget.  I’d like to stay within my budget goals at least 6 months out of the year next year.   I would also like to start setting aside money for a new fence.  I need to get some furniture for the guest room so that I can actually have guests.   Simple things, but important.

I do need a few more goals though.  Time to brainstorm.