Hanging on a Purse String

Update

noreply@blogger.com (Shoe.Gal) — Wed, 06 Jul 2011 20:03:00 +0000

If anyone is still out there: Hello!

I know I have been gone for some time, but I assure you that I did not forget about the blog, nor have I stopped following other blogs religiously.

I have been giving blogging quite a bit of thought actually over the last several week and have decided that one for the sole purpose of PF is not for me. I have so many other interests and want to be able to express them all. Therefore, I have decided to give regroup and come at it again from a different angle.

I am currently in the process of putting together a new blog which I am hoping to get up an running by the end of the month. This blog will take a more general approach of all things that inspire me and that are important to me ... including finance.

The name of the new Blog will be Something Borrowed. And I will be sure to post a link up once it is ready to go.

Let me ask you this: If you could start a blog (or another blog) what would you write about? What inspires you?

SG

Champagne and Birthdays

noreply@blogger.com (Shoe.Gal) — Wed, 27 Apr 2011 11:00:00 +0000

This past Sunday I celebrated my Champagne Birthday (I turned 24 on the 24th). The celebrations consisted of an amazing sushi dinner and a night of friends, music and dancing at a downtown pub on Saturday and a family lunch on Sunday. Both were an amazing time and made me realize how fortunate I was to have so many people in my life who love me and are there for me.

However, with the marking of yet another year come and gone one cannot help but reflect on life. And let me just say you cannot plan everything (and there are few things that I love more than planning). My 18 year old self would not even realize the person that I am today...that is a good thing in most regards.

Not that I am unhappy with how my life is going...just certain aspects of it. The issue of my finances is something that I have never been happy with. I have had a job since I was 15 yet NEVER have been able to get good with my money!

So my birthday resolution:

To enter my mid 20's with a good grasp on my personal finances.

By that I mean that I am giving myself a year to get happy with how I am handling my finances. I want to find out where my money is going and why I can never seem to hang on to it. Also I want to be able to find a good middle ground of caring about my finances. No more all or nothing!

So here is to a year of financial health!

Shoe Gal

Update Much?

noreply@blogger.com (Shoe.Gal) — Wed, 20 Apr 2011 11:00:00 +0000

So if anyone is still reading this...I'M BACK!

Because there is no bad time for Chuck.

Before I try to justify my blogging hiatus I should thanks Asian Pear for getting my the push I needed to get back in the game. In fact I cannot believe how long it has been...and as I type this it is starting to sink in how much I have missed it!

So the main reason I have gone MIA has been work. I have been working crazy hours and have not had much time to even turn on my computer (as was evident by the layer of dusk on my laptop). In addition to work my friend had a tumor removed a few weeks ago and much of my free time was spent at the hospital and later with her at her house.

So in general I have been putting posting for way to long and finally decided to just do it rather than continuing to procrastinate. However, I have a birthday and a house guest looming over the end of the week so I doubt my posts will become regular by the end of April but, I will be trying to keep up with it.

But enough excuses! It feels great to be back.

Unfortunately, much like this blog, my finances have also been completely lacking TLC over the last 2 months. One thing I am beginning to realize more and more as of late is that I do not seem to have a happy medium when it come to my finances. I am either obsessively involved or completely disconnected with what is happening. Anyone else get that?

So in order to find a happy medium I am going to try to use this blog as an outlet for more than just my financial obsessions. I hope to have more posts about fashion, news, health and anything else which may be on my mind. What are your thoughts?

Shoe Gal

Does frugality apply if it not your money?

noreply@blogger.com (Shoe.Gal) — Mon, 21 Feb 2011 12:00:00 +0000

I'm baaaaack! Sorry about missing most of last week but I had a vicious could...and worked 53 hours which made it very hard to find time for anything other than feeling sorry for myself. But on the bright side I had a fantastic weekend and was more productive this weekend than I have been in the last 2 months. So yay me. AND today is a provincial statutory holiday for where I live so I can spend all day continuing to be productive and starting to study for my upcoming course in May!

This past Saturday OT and I had our Valentines Day getaway, it was perfect. He planned the whole thing and we ended up going to the Fairmont in our city. Probably one of the best dates we have had in quite some time. We ordered pizza, watched girly movies (The Notebook AND Dirty Dancing...that was his gift to me), and stayed up talking until 4 am. AMAZING! But the hotel stay did get me thinking about how people interact with "free" stuff.

This kind of came to me when I found myself reaching for the mini shampoo and conditioner. In the past I normally take them with me...and they end up collecting dust in a drawer. But I feel like I should take them because they are free and leaving them seems somehow wasteful, even though I don't even want/need it (I ended up leaving the products). So I got to thinking about other behaviours I have observed when something is free or at least free for you.

Another hotel example: I find that I take longer showers when I know that my parent's don't have to pay for it. I also leave the light on even though at home I harp on people for wasting electricity. Really I should be treating it the same way, but because it is "free" I do not think of the cost that is still associated with me. I have seen friends do the same thing...some have even justified it as "getting their money's worth".

I have gotten better at this though. Although I am very far off from minimalistic, I do what I can not to be wasteful. The area I think I have improved the most is thinking twice before getting something just because it is free. I do love freebies and samples still, but I try to consider if I am ever actually going to use the freebie because at the end of the day useless free stuff is still useless.

Another thing that bothers me to no end is when people spend like no ones business when they are not the ones footing the bill. I have seen this countless of times and it really bothers me...here is the most recent story:

One of my coworkers is getting married this summer and really loves to talk about her wedding...a lot...really a lot....and since I tend to work with her quite a bit I know many details about the magical day. One of which is that her parents are covering the entire event, and no expense has been spared. She constantly talks about how when they want something they get the very best. And every time she mentions an upgrade it goes a little something like "....well the other thing was fine, but I really wanted the other one and everything should be perfect so what's another $*insert sum*". Now from what she has told me this event is already costing a pretty penny...as in tens of thousands of dollars...and personally I would never be able to justify spending $2,000 on wedding favours for the guests (not even making this up).

So one particuarly stressful day while she was discussing how it was only going to be an extra couple of hundred dollars for the caligrapher to mail out the invitations I asked her point blank, "But would you still spend the money if you and your future hubby were paying for it". Her response was exactly what I expected...silence followed by a hesitant and somewhat guilty sounding "probably not".

So I think it is somewhat safe to say that most people are less concerned with being economical when they are not the ones spending money.

What are your thoughts? Do you shamelessly take all the free stuff you can get your hands on or order the most expensive meal when you do not have to pay (no judgment, I've done it too)?Do you even consider the cost of something when it is free for you?

Shoe Gal

Still alive...but barelly

noreply@blogger.com (Shoe.Gal) — Fri, 18 Feb 2011 04:00:00 +0000

If anyone is still reading this I am sorry about my absence this week. I have been working crazy hours this week and sleeping for the rest of the time because I caught a cold.

Will be back to business as usual next week...I hope.

All the best,

Shoe Gal

Its the most wonderful time of the year!

noreply@blogger.com (Shoe.Gal) — Wed, 16 Feb 2011 03:29:00 +0000

Well guys and gals, it is official accounting busy season has begun! I left for work at 6:55 am and did not get home until 9 pm. This included a total of 2 and a half hours of driving to the client. To make matters worse I woke up feeling awful this morning and progressively felt worse and worse as the day went on.

I took my temperature when I got home and sure enough I have a fever. :( I have being sick.

A quick valentines day update: I ended up getting stuck at work so I had move back our reservation, but OT and I make it for dinner as planned. It was a great meal and overall the evening was a success, even though I started to feel sick half way through. He ended up breaking one of our VDay rules and paid for the meal! It was really nice not to have to spend money, but that was still not part of the deal.

Other than that everything is great. I apologize for the tarty lame-duck post today, but I am feeling rather ill so hopefully I will be back to myself on Thursday!

I hope everyone is having a good week and is avoiding the nasty cold bug going around.

Shoe Gal

You can't put a price on love...

noreply@blogger.com (Shoe.Gal) — Mon, 14 Feb 2011 12:00:00 +0000


Credit

Although I have not been single on Valentine's Day for a very long time something about this holiday irks me....well actually a lot of things about it irk me. Most of all it is that it a holiday that makes it the social norm to spent money for no real reason. In fact according to this article the average US consumer is planning to spend $103 for the occasion.

Not sure about you guys, but I think that is a ton of cash to spend on a teddy bears and chocolates!

It's not that I have anything against romance, to the contrary actually, I think it is great to show your loved one how you feel about them. It is even greater to do it everyday rather than waiting for the one day a year to make a grand gesture.

All that being said Mr. OT does not share my feelings about the holiday. So in order to reach a happy medium we have agreed on the following:

1. No presents. We always get each other a card but that's it. (If you listen very carefully you can hear Hallmark executives rejoicing!)

2. When we do spend money it is on experiences such as meals and getaways.

3. The celebrations do not need to take place on actual Valentine's Day (great way to save cash!).

4. We split the expenses.

So this year we will be going for an Italian dinner (I picked the restaurant and made the resos) tonight and he panned a surprise for me for next Saturday. I would totally be lying if I said I wasn't excited, but on the other hand I do not know if we would do as much if we lived together. I think the total cost of everything will be around $200 so despite my best efforts we are right spot on with the statistic.

What are your plans for tonight? Do you and your sweetie split the costs or does the guy pay?

Shoe Gal

The things we put up with in the name of frugalty

noreply@blogger.com (Shoe.Gal) — Fri, 11 Feb 2011 12:00:00 +0000

TGIF!!!! I cannot believe how much I look forward to Friday every week (despite that my last few weekends have been total busts!).

I had a great week in terms of not spending. In fact I have not spent a cent since Monday, except for the chocolate croissant I had today, but I paid for that with the Starbucks GC I got in December. YAY!

I know I am going to have a pricey weekend, since I am going for my extra lush facial on Sunday. But that is not getting counted in discretionary. I am actually really looking forward to it now that it is getting closer. Going to be very nice to unwind and even spending a day at the spa is more productive than what I have done my last couple of weekends.

Anyway I digress...The real purpose of this post is to rage. We all have things that we do in order to pinch pennies. Things that we may not nessaraliy want or like to be doing. Well my big thing is living with my parents.

Credit

Please do not get me wrong, I am extremely grateful that my parents let me live at home rent free after graduating (I offered to pay after I graduated but they would not take it). But do they ever get on my nerves at times, and I on theirs. The reason I have yet to fly the co-op is because I want to start saving for a downpayment. Which means that my parents are doing me a huge favour by letting me have a place to live.

The thing that really sets me off is that I hate how casually my moving out gets thrown about. Anytime I protest anything the response is "well you can move out" or "when you move out" or something to that effect. It is like I am living with them because I love it so much. Yea it does have it's perks...a generally stocked fridge at all times and my mom still does my laundry (I know *shame*). But if given the opportunity I would happily spread my winds and get a place of my own. However, I really don't see how I would be able to move out and save for a place on my salary.

Generally things are great. But every once in a while the issue resurfaces and I really don't like feeling unwelcome in my own home (or their home).

Maybe (quite possibly) I am over reacting. But still it is a situation that I would rather not be in. I do not want to feel like a burden and am at the stage in my life when having my own place would be amazing. However, I stay at home. Suck it up. And apologize profusely any time I step on someones toes. Oh well, if I ever get there, having a 20% cash downpayment should make it all worth while.

What are your biggest sacrafices in the name of saving?

Shoe Gal

Money well spent

noreply@blogger.com (Shoe.Gal) — Thu, 10 Feb 2011 12:00:00 +0000

I used to have a terrible habit to hand over my hard earned money without really considerign what I was getting in return. Now I would like to think that I have grown (at least a little) smarter and try to really consider my purchases before hand.

I know some people will read the list and question whether some of these purchases are worth it/necessary. And truth be told they may not be, this list is based on the things I value and things I was willing to work into my budget.

So here is a list of my biggest purchases:

1. My Education - Corny. I know. But this is totally true. My parents did help me out a lot by paying for a full two years of schooling. The rest I paid for on my own and although I have yet to hang up my diploma (I convocated 5 months ago) it is truly one of my ~~most expensive~~ best investments.

2. My Car - I never had a car up until last October. Because I waited I decided that I should make it worth the wait and bought a brand new Nissan Sentra. Yes, it came with a hefty price tag of just over $22,000 (for another few grand I could have gotten another degree) but it is totally worth it. I use it all the time for work (tax deduction) and it is SO very nice not have set foot on public transportation in 4 months!

3. My Auto Starter - Since I was determined to get a new car, I felt I would compensate by haggling...a lot. Part of the free perks I got was a free auto started installed on the car, so this one doesn't really count but I love it so much I had to mention it. I would never go without one now. In my defense it is bellow -30 where I live on a regular basis during the winter. The cost of the started had I bought it would have been $560 and when I do end up getting my next car (which won't be for the next 7-10 years) I will for sure be getting one put on.

4. My Gucci Wallet - This is where I figured the gasps would come in. What kind of PF blogger drops $600 (no I didn't add an extra 0 by accident) on a wallet. Well I did. It is beautiful. And I love it. So here is the story. One of my BFFs lives in Toronto, and without fail every time I would go to visit her I would end up getting drawn to this amazing wallet anytime I was within 20 feet of a Gucci counter. This went on for years (4 years to be exact...with 4 trips to Toronto a year). I could never bring myself to spend that much on a WALLET. Then the economy hit and designer prices went up even higher making this even more unattainable. And believe me I tried to find another (much cheaper) wallet but none came even close. I was deeply in love. Finally, when I was in Toronto in the summer of 2010 I took OT to meet my one and only. Let me say he is so totally not into labels, and he loved it and after much discussion we decided that I should just bite the bullet and use some of the cash I had saved up for the summer and buy it as a University grad present to myself. And that is what I did. I still love it, and to me it was completely worth the price tag (and a part of me is expecting it to outlast the car), I feel so posh every time I take it out .

Things I cannot wait to hand over cash for:

1. Camera - I have wanted a fancy camera for years but never had the means of getting one or maybe I just didn't want it bad enough. Anyway, I decided that this year was it. I have taken so many absolutely amazing vacations and always wish I had a nicer camera for the trips. So in a few short months (strategically shortly after my birthday) I will be getting a SLR camera.

2. MacBook Pro - Now this one is in the far off future. Like the camera, I have wanted one for ages but always talked myself out of it because I don't NEED a Mac. Well 3 years ago this September, I bought a Toshiba laptop and the thing has crashed more times than I care to remember (the latest of which was January 1, 2011). So I decided that when the damn thing dies I will replace it with a MacBook. That being said I am doing everything in my power to extend poor Toshi's life since that means I can put off having to pay for a new comp. But still I cannot wait!

What is your biggest and bestest purchase? Are you totally judging about the wallet?

Shoe Gal

Motivation

noreply@blogger.com (Shoe.Gal) — Wed, 09 Feb 2011 12:00:00 +0000

In case I forgot to mention this before...I am generally a fairly lazy person. This coupled with only a few hours a free time in a day means a whole lot of un-motivation. I know a lot of people would feel the need to utilize every last second of their free time being super productive but I find myself just wasting a lot of it.

Here is the dilema:

I will start off on a happy note, sometime in January I got over the feeling of impending doom regarding having to go to work. I have had a lot of jobs, and I mean A LOT, but when I started in my current position in September I was very overwhelmed because this is the first time that I didn't have University to come back to, or another light at the end of the tunnel. This is my career...anyway, that feeling has ~~be muffled~~ passed.

Now my issue is how to motivate myself to do all the things that need to get done outside of work.

I really don't know how people do it! I mean I haven't been able to drag myself to the gym in the last 2 weeks let alone come home after work, cook dinner and spend time with the kids! Props to you.

I wake up at 6 and by 7:15 am out the door. On a regular workday I am home around 6pm (I have an 8-5 workday). Which leaves me with only 4-5 hours before I have to go to bed. If I am not taking courses that time is usually spent catching up on TV (I am addicted) and generally wasting time. Sometimes I will go to the gym, but not as often as I like.

I try to get my to do list done on the weekend but never seem to have enough time. I do not feel like it is a lack of organization, I got that down it is actually getting off my ass and doing things that is the problem. Even things like updating my profile on Blogger have been on the back burner for weeks. I just feel like by the time I come home I want to put on sweat pants and do what I want not what I know I should.

So I open the floor to you...how do you get yourself motivated to do stuff?

Shoe Gal

20 Financial Milestones for Your 20s

noreply@blogger.com (Shoe.Gal) — Tue, 08 Feb 2011 12:00:00 +0000

I am trying to remain optimistic about keeping a $100 spending limit for the month but to be honest it is not looking too good. My mom did pay me back $5, but sushi tonight ended up costing $29.32 and I did not even get that much. On the bright side though I did get a check from Co-Op gas for my annual refund and I got $23.63 back, which almost covers the dinner. I know I have more expenses coming up in the category over the next few weeks so I doubt I will make it, but here's hoping.

I saw this post on a few different blogs the most recent of which was by TeacHer over at TeacHer Finance and I am deciding to get on the bandwagon.

Here goes:

#1 – Finance a dream vacation…in cash

Yup! In fact travel is where a large chunk of my earnings has gone for the last several years and I always save up for the trips in advance. The 2 biggest trips I have done is Israel and Ukraine for 3 months in 2008 and a 7 week road trip of Canada and the USA in 2010. I think my next really big one would be Russia. I am not counting Israel in May because this is not really a "dream vacation" but I am still very much looking forward to it.

#2 – Pay off your student loans

I got through university with no student debt so I guess I can count this one.

#3 – Automate paying your credit card bill in full

I don't have it automated, mainly because I never knew this could be arranged. I do pay my credit card in full every month though so I am going to count it.

#4 – Get rid of all bad debt

Done as of December 2010!

#5 – Build an adequate emergency fund

Working on this one, I have started this month and set a goal of $5000 for now. This should take me around 2 years or so to achieve and once I get there I may increase it $10000.

#6 – Make your first, and last, investment mistake

Not yet for this one. I have read a lot about investing but am too scared to start doing it. I did purchase my first ever Mutual Fund though...which currently is getting its ass kicked, so that kind of counts and I am counting this as a work in progress.

#7 – Develop a statement of cash flows

I am working on this one, I have started but am too lazy to dedicate an evening to it and get 'er done. I am hoping that this one will only be a work in progress (WIP) until the end of the week.

#8 & 9 Max out a RRSP & Contribute to your TFSA

Work in progress for both. I have contributed to my RRSP in the past but an not even close to the max out point. I am going to start on the TFSA in March and have the bank appointment all set up.

#10 – Get a degree or certification that increases your earning power

Done, but not really. I have my undergrad but my read goal is the designation so this is one is being counted as WIP.

#11 – Take a career risk

Nope, but my career is only beginning!

#12 – Negotiate something

Yes please! I haggled my little heart out on my car!

#13 – Earn your first side grand

Not yet, but I am working on it. In fact I have an interview on Wednesday for a side gig. (Wish me luck!)

#14 – Start a sub-savings account for an upcoming financial goal

Few things get me as excited as saving accounts...which is why I have a separate one for each goal.

#15 – Set a target retirement date

I guess 65?.... I am not counting this however, because it is way, way, way too far in advance.

#16 – Monitor your credit

Sure do! I get my credit info once a year and monitor all my credit cards and accounts on a weekly basis.

#17 – Say no to a financial salesman

I do this on a regular basis.

#18 – Give just enough to make it hurt

No not yet. But I am planning to start donating my time which counts for something. I am going to pop this over into a WIP.

Two Milestones for the Over Achiever

#19 – Invest $1 for every $1 you spend

HA. Not. Even. Close.

#20 – Start a 529 College Savings Plan

No, but this is a conscious decision as I am not planning to have kids until my 30's.

How do I stack up?

8 milestones met

5 milestones not met

7 milestones in progress

I am considering this to be pretty good considering that I am still only 23 (if only for another 3 months)!

How do you all measure up?

Shoe Gal

Updates galore

noreply@blogger.com (Shoe.Gal) — Mon, 07 Feb 2011 12:00:00 +0000

So the overall verdict for the weekend is that I am a huge waste of space. I always make myself lists of things that need to be done and never do any of them...this included updating Quicken, which NEEDS to get done by the end of this week! Because I have been lazy all weekend, I have nothing exciting too terribly exciting to report, so here is how I spent my time and moola.

I attended an accounting conference (feel free to be envious!) on Friday evening which I helped organize for the past 3 years. This was my first year to just attend as a guest and I thought that it was marvelous! They had a great speaker who talked about starting her own business and was very motivational. After the gala dinner I was peer pressured to stay for the "after hours" festivities and ended up staying at the hotel (I got a comped room since I knew the organizers).

Saturday was spent nursing a hangover from Friday, so it was pretty much a write off. OT did come over in the evening and we watched the Eternal Sunshine of the Spotless Mind. It was a spectacular movie. A little odd but very good.

The only thing worth mentioning about Sunday is that I finally went for a massage. I normally go every month but due to scheduling conflicts I haven't been in since the beginning of December. It was amazing! But I think I am going to have to start seeing a physio-therapist because of a slight curving in my spine that I want to get fixed ASAP.

So here is the spending recap for February thus far:

Thursday- $0.50 for parking (it was only for 15 minutes).

Friday - $31.29 for going out...this is a lot considering it was only for drinks. I hadn't intended on going out that evening so had not planned for the expense.

Saturday - $39 for gas. I am not counting gas in my discretionary expenses since I have to get it. As a side not gas is insanely expensive now! This was for only 3/4 of a tank and I drive a very small car!

Sunday - $13.65 for a massage. The massage was actually $68.25 but my insurance covers just under 4 appointments per year at 80%.
- $12.98 on flowers and cat food. I also bought myself flowers as a pick me up and my mom asked me to pick up cat food. She normally pays me back for things I buy for the house but I never ask, so I am counting it in case she doesn't.

So that brings my discretionary spending to $58.42! This is a lot considering that it is only the second week and I know that I have a couple of dinner to pay for this month. One on which is tonight and will be around $25....I'm really going to have to stretch my pennies for the rest of the month.

Maybe $100 wasn't enough?

Shoe Gal

Are winter tires worth it?

noreply@blogger.com (Shoe.Gal) — Thu, 03 Feb 2011 12:00:00 +0000

Back in the end of September I bought my very first ever car. She was a brand-spanking new 2010 Nissan Sentra which I promptly names Coco. So I took Coco home (and she sadly lost 15% of her value) and loved her and showed her off to all my friends. Then a few weeks ago, Coco and I are driving to a co-workers house in the morning to get her before work. I am singing along to the 4th Glee soundtrack and everything is just peachy...then BOOM! I hit black ice get spin around and end up in a snow bank. Now I need a new bumper, have to pay a $300 deductible and am going to lose my 10% discount on my lisence and insurance for a previously spotless driving record. But I digress...

Prior to this ordeal I have had many discussions with people about whether or not to buy winter tires. Many people including my dad and OT said that I did not need them (but they don't drive sedans). I also argued with friends that said that I should buy winter tires saying things like "I have all-season tires I don't need them" and "I'm a careful driver and will drive extra slow when it is slippery". In addition I looked online, and even the reviewers seemed to be torn on the subject.

Well it looks like I may be forced to eat my hat...As I am now looking into buying winter tires.

I looked online and it seems like a decent set will be about $800 (ouch!). Buy I know Costco has a sale around April every year where I could get a great deal so I may look into that since my parents are members (yay for mooching of parents!). I get paid a car allowance from work every time I have to drive to a client that is further from my house than our office. When I first started I opened a savings account for exactly those funds in case of a rainy day. I curenly have just over $200 in the account and will be getting around another $200 in a few weeks, the sum of this will be used for at least in part paying for the tires and the deductible.

So whats the general consensus, winter tires yay or nay?

Dear Nissan, please take my money

noreply@blogger.com (Shoe.Gal) — Wed, 02 Feb 2011 12:00:00 +0000

Although I cannot believe how quickly January flew by, I say good riddance! Nothing good really happened in January for me and all the news that I did have was mostly disappointing. So here is to a fresh start and being one month closer to spring!

On a less optimistic note, you know what really grinds my gears? When you enter into a binding agreement to fork over your hard earned cash to companies and they think that they don't have to stick to the payment schedule. In particular I am referring to my car payments to Nissan.

Let me just say that if they tried to take my money and it wasn't there believe you me, there would be hell to pay, yet they think they can be all willy nilly with the dates they take it! Now its not that they have ever taken the money out early, that would really make me blow a gasket, but in the 5 months that I have had my vehicle, not once did the payment come out of my bank account on the 1st of the month (as per the payment schedule). Instead the dates vary from the 2nd to the 7th of the month.

Now I know they don't take it out on the weekend and all that junk but that has not been the reason for the delays. I am also aware that most people wouldn't care, but for a super-neurotic-OCD-control-freak such as myself this is the cause of much stress on a monthly basis. I even called them one month and they said that the system was being slow...which was of little comfort.

I mean the money is just sitting there waiting to be taken and loved. PlusI find that it helps me get a better sense of where I stand if I do not have an extra $367 sitting in my account that is not really mine.

Would most people actually notice this, and/or let it bother them, or am I just looking for reasons to stress myself out?

Shoe Gal

Secret blogging

noreply@blogger.com (Shoe.Gal) — Tue, 01 Feb 2011 12:00:00 +0000

So for all of you out there that have a blog, do people in your life know about it?

I have had this blog for a few weeks now, and have thought about starting one for over a year, yet none of my friends, family or even my BF know about it.

It is not that I am ashamed or anything, I just don't think they would get it. And what if they want to read it?! It is one thing to air out all your dirty PF laundry under a veil of anonymity, but I am not sure that I would want my friends reading this.

The part that surprises me the most is that I have not told OT. We have been dating for almost 4.5 years and I generally tell him every mundane detail of my very boring life. Yet for some reason I have not made a sound about this blog. I have mentioned to him in the past that I read PF blogs, and it didn't really seem to spark his interest. But it is not like he would not support it.

Any thought? Do you go around telling everyone about your blog?

Shoe Gal

Tightening the purse strings

noreply@blogger.com (Shoe.Gal) — Mon, 31 Jan 2011 12:00:00 +0000

What a crazy weekend! I cannot believe how quickly it went by. I review my credit card bills and I am convinced that it is time that I go on a spending diet.

I have done no spending challenges in the past and have succeeded, except that once the challenge ended I always snap and go overboard on buying stuff.

To avoid snapping, this time the challenge is that I am limiting myself to $100 of discretionary spending a month. I think this amount is very reasonable, especially considering that accounting busy season is upon us and I do not see myself having enough free time to spend too much more than this...Although I shouldn't give myself that much credit. This spending would not include:

a. Things I am legally obligated to pay for - such as my car payments,cell phone bills, and the like.

b. Things that I am in a prior commitment to pay for, such as the facial in 2 weeks, my laser hair removal sessions (which are around $100 - $150 a month), hotel and dinner for Valentine's day and birthday presents. (This is a very long list of non essential commitments...going to have re-examine this later).

The purpose of this challenge is to get myself into a good spending habit and to make it easier to pay off the credit card bills I have racked up over the last month. (My goal is to have my credit cards back down to $0 by March 1.)

In addition, in the past I have found that I always have a time limit that is too short for me to make it habit forming. This time I am giving myself a longer time horizon. I am going to try to only spend $100 a month for the next 4 months which will take me right up until when I leave for my trip. So the firm date for this challenge is May 27.

In order to make sure that I stay on track I have created a spread sheet on my blackberry, and I am going to set up a progress bar on the blog. I will also keep track of it in Quicken once I finally get around to setting it up.

So is $100 reasonable? Anyone attempt a set spending budget? I am thinking of taking $100 in cash and leaving the credit cards at home but that makes me very uncomfortable so I think I will consider that only if the 1st month is a complete disaster.

Wish me luck!

Shoe Gal

But all the cool kids are doing it!

noreply@blogger.com (Shoe.Gal) — Fri, 28 Jan 2011 19:47:00 +0000

It never ceases to amaze me how easily I give in to peer pressure. Now don’t get me wrong I still think I have a pretty good back bone and normally stand my ground on things that are important to me… I am talking about the sway my friends have over me. Everyone has been guilt tripped into going out for dinner, or going to see a particular movie they would otherwise have no interest in, or a wide array of other activities which usually have one thing in common…they all cost money!!!!

And it is not so much that I can’t be honest with my friends. It is a combination of two other factors:

1. My friends mean a lot to me and I don’t want to “let them down”.

2. I suffer from a severe phobia of missing out…meaning what if this is the night that something really, really epic happens and I don’t go and they will be talking about it for years and I won’t know what’s going on. (For those who watch How I Met Your Mother…this can also be referred to as the Curse of the Blitz. For those that do not watch the show…you should definitely start, it’s amazing!)

Now I do have several recent examples which I can refer to. The most recent of which is how I got sucked into going for a facial. A while back a friend of mine asked me if I wanted to go and I said “Sure I will consider it.”…she heard “I would love to go, make an appointment!”

Fast-forward to yesterday, when I get a call from her saying that she is making the appointment and when I was available. Well before I knew it I was flipping through my calendar. I felt totally trapped. I mean do I want to go, yes. Can I afford it, no. But once again, I didn’t want to back out. So now in 2 weeks I am going for a facial at one of the fanciest spas in town, which is going to set me back $125 (before tax and tip).

I know I will enjoy it, I have never been to this spa but it is supposed to be fabulous…but I really wish I had told her right from the beginning that I couldn’t afford it for the next little while. I know she would have understood. But because I said yes to begin with backing out did not feel right.

I did however stand my ground though about going to a fundraiser party for a local art gallery though. Tickets are $50 and that includes only entrance and appetizers.

Most of my friends are still in school and I hate having to away justify my attempts to save money. The people in school never get questioned about it but because I have a job I am supposed to be rolling in dough…even though I have alluded to how painfully little I make. The friends that are working make significantly more than me and I simply cannot keep up.

I really do love my friends dearly and this is not an issue that comes up too terribly often but still. Any thought?

Shoe Gal

Thurday blues

noreply@blogger.com (Shoe.Gal) — Thu, 27 Jan 2011 17:11:00 +0000

So I finally worked up the courage to look at my credit card bills….YIKES!

Seeing as I am trying to wait until the end of the month to pay my bills I haven’t even paid off my December trip to Minneapolis yet, which makes it even worse. This is the most I have owed in a very, very, VERY the total came to just over $3,200. My heart sank when I saw this. I knew I was being careless with my spending but I didn’t realize that it was THAT bad!

I feel like am right back at square one! Has anyone else had this kind of set back? I really hope I am not the only one. I am wondering if it in part a braking point from pushing hard to save and pay everything off for the last year. Thoughts?

To make matters worse one of my credit cards is a charge card meaning that it has to be paid off in full every month otherwise they charge me an astronomical interest rate (30%!!!) and it would negatively affect my credit score. But it is what it is and I am going to have to pay it off and move on. I am going to pay about $1700 this month, $1500 in February and consider it a lesson learned.

I decided that I am still going to put $100 into my emergency fund this month and $200 towards my trip. I really need to focus on my savings which means that my personal spending is going to be bare bones for the next few months.

In lieu of these recent events I decided to look for side income…I spent my lunch yesterday looking all over the internet, and found nothing. A lot of pyramid scheme type things and general garbage. But I also called a couple contacts that I had made while in university and I did actually get a successful lead. It is helping a company with their booking (because this company works FOR a lot of public accounting firms there wouldn’t a conflict of interest!). I gave the guy a call and we are going to meet next week!!!! I am super excited to get more experience and the extra side income will be extremely welcomed! But I don’t want to jinx it so we will see what happens. Also, I am a little concerned about having enough time because I am going to be taking courses from May until December so I may need to get a lot better at managing my time.

One more day until the weekend!

Shoe Gal

When to use my money?

noreply@blogger.com (Shoe.Gal) — Wed, 26 Jan 2011 11:00:00 +0000

I get paid on a semi-monthly basis (meaning the 15th and last day of every month, unless they fall on a weekend or holiday in which case we get paid on the last weekday prior). Usually the whole paycheque is gone within the first day. This month however, I am trying something new. I am waiting until the very end of the month to distribute the money. Well actually until the beginning of the next month as my car payment comes out on the 1st.

So pretty much all the money that I got in the January 15th pay is still in my account except for a couple of cheques and $60 that I took out in cash.

I am not sure is this will work for me yet, but I thought it may be worth a try.

I never use cash or my ATM card because I have great points programs on my credit cards and use them for everything. For the last year I have been paying my cards off in full so using them has not been an issue. I am still a little apprehensive about going crazy on the charge card because I have racked up tons of credit card debt in the past but I pretty much have that issue under control.

My gym fees, car insurance and cell phone payments also all come out of my credit cards so I always have a very low balance in my chequing account, just enough to cover written cheques and an extra $50 just in case.

Normally I pay off my credit cards and put money into savings as soon as I get paid but I don't think that waiting is going to make that big a difference. The only thing I can see myself having trouble with is that I may not be patient enough.

Has anyone ever tried this? Do you spend your paycheque as soon as you get it?

Shoe Gal

Financial goals

noreply@blogger.com (Shoe.Gal) — Wed, 26 Jan 2011 03:51:00 +0000

I had a ~~ton~~ some downtime at work today and decided to make over the blog. What do you think? I thought the other one was too bright and I wanted a cleaner look. I also took the time (a lot of it) to play around and create the progress bars! I had never worked with HTML before so this was a completely new thing for me.

Please let me know what you think of the new layout. I am also planning to add a couple more things this week but those will be minor changes.

I used the progress bars to lay out my 4 major goals and divided them into long and short term. Both of the short term goals are just up until the end of May. The long terms ones are for the next couple of years. I am hoping that both will be accomplished by January 2013. Here is a brake down:

Camera - I have wanted a nice camera for a very, very long time and for the last few months have been putting all the money I have received as gifts into a savings account specifically for this purpose. I also put in $60 that I got from doing a focus group as well as a random $20 here and there. I was originally only going to save $500 but decided to up it so that I have a little wiggle room. I am planning to buy the camera in April/May before I go on my trip. My birthday is at the end of April so with cash from that I should be pretty close to the goal of $750.

Vacation - At the end of May I am going to Israel to attend my boyfriend's cousin's wedding. I am going to be going with his family and will be gone for a total of 17 days. I have already booked the flight on points so all I have to save for is living expenses and shopping. OT (aka my amazing man friend) and I will have to pay for the hotel and most of our food so I am budgeting $100 a day for that. This is probably a little too much as the food there is not all that expensive and I doubt our hotels will average out to more than $100 a night ($50 each). The other $1,300 is for everything else including tourist activities and shopping (they have amazing shopping!!!!). I have tried saving for this trip but have not had much success especially with my latest indiscretions. I am hoping to save $1,000 myself and the rest of the funds will be coming from my tax return. (I have already done a rough version of my taxes and am expecting about $3,500 back). This brings my total saving goal to $3,000.

Emergency Fund - I have just opened up an emergency fund savings account. I decided to go with a high interest savings account. My goal was to find an account I would not have regular access to and I used this chart along with other research to help me make the decision. I decided to go with Achieva Financial. They are currently yielding 2% which is not great but still competitive, but they have had great results in the past when the markets were doing better. I signed up online and mailed in my first cheque for $25. I am intending to contribute $100 every month. Ideally I would like to save up $5,000 as that would cover 6 months worth of expenses.

Down Payment - I currently have $5,250 in an RRSP but would rather start over from scratch for the down payment and intend to invest the money into a TFSA. I have never contributed to this and will have $15,000 contribution room for 2011. The reason I am choosing this path is because my income is not high enough for it to make sense to max out my RRSP so I would rather save that contribution room and focus on a TFSA...for now. (I do have the RRSP available to me though if I need to use it as part of the first time home buyer plan.) I am wanting to start to contribute to this in March and intend to put in $800 a month. As I am planning to move in with OT the $20,000 would only be half of the down payment and he would be coming up with the other half. Depending on how much I am able to save and if I can contribute more than $800 I may increase the final goal as needed.

Car Loan (not included) - In September 2010 I bought a 2010 Nissan Sentra (Coco) for just over $22,000. This is my first car EVER so I have yet to be that excited to go 20 grand in debt. However, as part of the promotion I got an interest free 5 year loan. Because I do not pay interest on the amount I see no intensive to pay it off quicker and am viewing the $367 monthly payment as a car expense.

Happy Saving,

Shoe Gal

No giving up just yet

noreply@blogger.com (Shoe.Gal) — Tue, 25 Jan 2011 02:57:00 +0000

So I really need to apologize for dropping off the face of the planet so early on in the blogging game. It is has almost been a week since my last post...and the reason for that is that it is a lot easier to discuss successes, than falling off the savings bandwaggon.

It seems that after being frugal and financially conscious for the last year, a bump along the way (here) has totally thrown me for a loop. In the last week I have "retailed therapied" my way into a hefty credit card bill which I am to scared to check, I haven't updated or looked at a budget and I have started dinning out again.

On top of everything I hit black ice on Monday and spun into a snow bank so my BRAND new (well its 3.5 months but still) car needs a new bumper and my insurance and license premiums are going to increase. Not to mention the $300 deductible.

I have worked so hard to get to a stable base to start saving and now feel like I am back at square 1....I am nearly on the verge of tears as I type this.

But, I feel like at this point all I can do is try to piece it back together, make the best of a crummy situation and keep going.

So please stay tuned,

Shoe Gal

Deal or no deal?

noreply@blogger.com (Shoe.Gal) — Tue, 18 Jan 2011 12:00:00 +0000

Part of what used to get me into a lot of financial trouble is that not only was I incapable of walking past a sale, I was also unable to leave one empty handed. Most often would buy junk that I did not need, that didn't even fit properly or that did not work with anything else in my closet.

Thankfully I have learned from my past mistake and try to critically analyze all items I buy despite how good the deal is.

From the wide array of posts and articles I have read on the matter I know I am not the only one who has issues with saying "no" to a sale. So what have you done to stop? Have you stopped?

Personally I now try to go by these criteria:

1. Does it look absolutely amazing. I mean the fit has to be perfect and I have to look perfect in it. I no loger settle for second best or delude myself with hopes of loosing weight so I can fit into someday.

2. Can I afford it. Just because something is $300 at 60% off doesn't mean its a great deal if I am going to be paying the purchase off for the next two months because it wasn't in my budget.

3. Does it work with what I already have. A deal just isn't all that great if you have to go out and buy 3 more things so that you have something to wear it with.

4. Am I going to wear it in the next 2 months. I generally try to not buy too far in advance any more. I will admit that I have succumbed to a great deal on a LBD that I will wear eventually but in general if I it is not practical in the short term I wait for the next sale.

Happy shopping,

Shoe Gal

A not so happy ending

noreply@blogger.com (Shoe.Gal) — Mon, 17 Jan 2011 12:00:00 +0000

So last week did not end on a very happy note.

I am currently taking some courses for my designation and found out that I failed my first exam...which came as a huge shock. Not only had I done great with all the course work but I really did put in the time and effort to prepare. To add insult to injury, I got exceptions on all sections except one (which I failed) and therefore am no eligible to proceed to the next module.

Thankfully I had a fantastic network of support from friends and family who spent the entire weekend trying to make me feel better. This is particularly true of my incredibly amazing boyfriend, who hence forth I will refer to as OT. He was incredibly supportive and even took me out for a pity Sushi dinner on Saturday.

So now I find myself at a crossroad. I can switch to a different designation, which is much less stressful to obtain, or retake this exam hopefully pass and move forward with this program. There are many factors which I need to consider but even though I keep changing my mind every hour as to what I am going to do, I have a feeling I will try again. This option also comes with a hefty price tag. Employers financially support the student for every first attempt only, for the second one I am on my own which includes any days I need off to study or partake in the courses AND on top of that the fee is $980.

So many important decisions need to be made in the next few weeks. I really don't want to be a giver-uper but maybe I should just know when to quit. Any advice?

On a bright side though I did get a $500 raise last week because the salary got bumped as of January and everyone who started in September also got the increase. So YAY!

Other than that my weekend was great. Had a lot of time to relax, reflect and be around people I love.

Where is all my money?

noreply@blogger.com (Shoe.Gal) — Thu, 13 Jan 2011 01:57:00 +0000

So I looked at my paystub today for the upcoming payday and it got me thinking as to where my money is actually going. So here it is...or at least this is what I would LOVE it to be:

*Monthly Pay*		*$ 2,064.00*

Car Financing		$ 367.00
Car Insurance		$ 137.00
Gas		$ 90.00
Cell Phone		$ 50.00
Charity		$ 5.00
Drivers License		$ 6.00
*Fixed Expenses*		*$ 655.00*

*Left Over*		*$ 1,409.00*

Emergency Fund		$ 100.00
Summer Vacay		$ 200.00
RRSP/TFSA		$ 800.00
*Fixed Savings*		*$ 1,000.00*

*Left Over*		*$ 309.00*

Now I don't make a ton, but that is a trend in my field...Non designated accountants are a loop hole in slave regulations. We work long hours, with NO overtime pay, and they may as well be paying us with actual peanuts. But you get what you put in, right? At least I hope so.

However, for the time being it is what it is. And as you can tell from my budget I do not pay for rent or groceries or any of those other "grownup" purchases as I still live at home and my parents are nice enough to refuse to accept rent. I also have no debt. I payed off the last of my credit card debt in 2010 and never had a student loan as I payed for school as I went (again, a benefit of living at home).

So if I can stick to this it would be just great because despite trying to be financially responsible in 2010, it did not work. Which can be seen from my $1,500 Amex bill from when I went to the Mall of America.

As I mentioned before I ordered Quicken 2011 and it was shipped today! YAY!!! This will allow me to create a more detailed budget which I will be sure to post.

So my plan is to start with this budget ASAP...although having to pay off my Amex may put a damper on the savings aspect.

Living at home would you say this budget is reasonable? What do you spend the most money on?

Change

noreply@blogger.com (Shoe.Gal) — Tue, 11 Jan 2011 02:50:00 +0000

For many of us every new year starts with a new project, goal or many of each. Unfortunately (...or fortunately, depending on how the year unfolds) I am no exception.

So as part of trying to keep a resolution I am going to list of my goals in an effort to hold myself accountable.

1. Set a budget and STICK to it! --- I have ordered Quicken 2011 and am anxiously awaiting its arrival. I have tried online programs in the past but have not found a good one except Mint, which is not all that great in Canada. The fact that Quicken was on sale with $60 off is just a bonus.

2. Get in shape. --- I know this one is predictable, and its not that I am out of shape its just not where I want to be (need a little tummy toning) and am going on a 2 week vacation at the end of May that I need to look stellar for. I have subscribed to Fitness magazine and have gotten a lot more use out of my gym membership.

3. Start getting out of bed on time. --- Along with my love for shopping and food there is also my affair with sleep. Which on a good day causes me to get out of bed about 30 minutes after my alarm and has led me come up with a wide array of excuses to my carpool buddy as to why I am late. But more importantly than that, I find find that I am not physically presenting myself the way I want people to see me. But that is a whole lot of posts all on its own.

Now I know everyone makes resolutions, be it for a new year or just because it's a Monday so what are yours? Do you have an action plan?

Sincerely,

Shoe Gal