The Happy Homeowner

Confessions of a PF Blogger: Powerless

2012-02-23T09:13:00.007-05:00

Another day, another installment of CoPFB! In the last post, I shared how I ended up becoming homeless after having no way to pay my rent. While I still remember that day vividly as if it had been yesterday, I've since lost most memory of the haze that was the following two weeks after.

Sure, I remember packing up my car with whatever belongs I could fit in it. I remember pushing my couch out onto the front landing of the apartment building with a sign on it that said, "Free to a good home." Most importantly, I remember the feeling of being lost as I wondered where in the world I could live given none of my family even lived in the state where I was at the time and my friends had struggles of their own.

As I drove, for the last time, down the beautiful, tree-lined mountain pass that had carried me to/from my apartment so many times before, I was numb to all emotion. While I had cried my eyes out mere days ago, on this day I had nothing left. The frustration, sadness, overwhelm, stress, and anger of the past month had finally taken their toll on me: I was drained and at the end of my rope. If this was what the phrase 'Rock Bottom' referred to, then I certainly was there.

Miraculously, something clicked in my brain that spawned a spark that would eventually ignite the fire to allow me to get where I am today, financially speaking. I needed a job, and I needed a job yesterday. So I parked my car in the local grocery store lot, walked down Main Street, and applied at every place I noticed a 'Help Wanted' sign in the window. Within 2 days, I had secured part-time employment at a gift shop and a coffee house.

While I'll forever be grateful for these opportunities as they allowed me to crawl out of the financial abyss I had landed in, I can't discount how humbling an experience it was. There I was, an honors scholar who'd graduated college with a dual degree in International Business and Marketing, a person who'd previously held a job making over $65K/year right out of school, working behind a cash register (and praying for tips from the tourists who were buying their $6 coffees so that I could scrape enough money together to figure out the next chapter of my life).

Never one to be too proud, I had accepted my fate and I knew that my past choices were the reason I was even in this position. In a nutshell, I had finally accepted that I was financially powerless.....

(And in case you're wondering, I spent 3 weeks living out of my car before a friend was able to take me in temporarily. During that time, I convinced another friend to smuggle me into the local gym so I could shower, I eagerly took any leftovers from the coffee shop for my meals, and I spent my free time at the local Internet cafe where a friend worked and would let me use the computers there for free as I networked and began to figure out my next steps.)

This post is part of my Confessions of a PF Blogger series. Other posts include:

Reasons Why You MUST Hire a Home Inspector

2012-02-21T15:34:00.004-05:00

Last night, my little sister announced some very exciting news: she just put in an offer on her first home and it was accepted! Being the voice-of-reason (and over-bearing...haha) older sister I am, I immediately began to wonder about her home inspection options after congratulating her. When I asked my sister if she's already made arrangement, she casually responded that she'd be using the inspector recommended by her real estate agent.

My initial response to this was, "Sound the alarms, danger Will Robinson!" because my experience has shown that some inspectors who work closely with realtors are simply those who pay the realtor to recommend their services, are a friend of the realtor, or who already have a standing agreement for trading of services, etc. While I know there are some legitimate partnerships out there, I really didn't want my sister to end up dealing with someone who had less than stellar motivations. As we began to sift through various Angie's List options for her area, I took the opportunity to educate my sister on how the process works and why it's so important to strive to have the best possible home inspection. Here are the highlights of our conversation:

Five Reasons to Hire a Home Inspector:

Beauty is more than siding/drywall deep. Sure, you may fall in love with the curb appeal of a home or the amazing potential for adding your own personal touches to a beautiful home, but do you really know what's hiding under that drywall? Inspections allow you to learn about the H-VAC, electrical, plumbing, and structural components of your potential new home. Could you live comfortably knowing that your wiring isn't to code and you're just a toaster malfunction away from your home burning to the ground??
Monsters truly lurk in the dark corners. An inspection also helps to reveal DIY gone way wrong. Consider this: if it's found that an addition to your home was done illegally, it could forever have financial impacts on your taxes, insurance rates, and usability of your home. That en-suite bathroom complete with jacuzzi tub could be the just the beginning of a perpetually frozen pipe-laden nightmare.
Know when to hold'em. Home inspections reveal levels of radon and carbon monoxide as well as the existence of mold. With this clean bill of "home health" behind you, it's smooth sailing to closing once you've ensured the items above are also given a green light.
Know when to fold'em. Home inspections are your out--they are written into your Purchase & Sale agreement (or at least they better be!) as an "out" in case the inspection proves unfavorable. With this contingency in place, you can enter any inspection with peace of mind that even if the house turns out to be it's very own Little Shop of Horrors, you can simply walk away.
Put your money where your mouth is. Inspections can act like a bargaining chip--if you find something that needs repair, you can certainly ask the seller to take care of it prior to closing or you can have the purchase price adjusted to compensate for any fees you'd incur to repair said damage. They really are the ace in your pocket!

How to Hire a Home Inspector:

Do your homework. Before you hire your inspector, make sure to inquire about their experience (How many inspections have they completed? Do they work full-time in this capacity? How long have they been an inspector?), training (Any official training attended? Professional affiliations?), insurance (Is it up-to-date?), and references.
Talk the talk. Once you've verified everything above, call or email those references! Ask the people about their experience as well as some of things listed below....
Know what you're in for. Solidify all payment details, report turnaround time, dates & timelines in writing prior to the inspection.
Walk the walk. ATTEND THE HOME INSPECTION AND ASK QUESTIONS AS YOU GO!

Have you gone through the home inspection process? How was it for you? Any other tips you'd add to this list?

An Unexpected Hiatus

2012-02-20T20:28:00.001-05:00

I've noticed a pattern around here: I go away unexpectedly or get bogged down with work commitments and at precisely the same time my scheduled posts run dry and/or links come in from some fabulous places. This past weekend was a prime example of this new (quite ugly) phenomenon, so I have to apologize for my unexpected hiatus as I've just spent the past few days snowboarding on the icy slopes of New England with friends...wahooo!

On the bright side, I've noticed a spike in traffic from the following posts and mentions, so I have to give a huge "Thank You" to:

Hank at Money Q&A for including me as an Editor's Pick in the Carnival of Personal Finance #348, The Grammy Awards Edition
101 Centavos for including me in the Zombie Apocalypse edition of the Yakezie Carnvial
J $$ for including me in his most recent Friday Round-up
And BlogHer for listing me as a featured blogger last week (despite the horrendously overlooked typo in the title of my post about not sacrificing passion when it comes to paying bills...eek!!)

I hope you've all had a wonderful holiday weekend!!

Money and Friends Don't Mix

2012-02-15T18:06:00.001-05:00

A while ago, I wrote in detail about the struggles I was having with a friend who bailed at the last minute for this year's Goofy Challenge. The whole situation had me quite upset and stressed, despite the amazing adventure I was about to embark on. Fortunately, I went on the trip, completed both races, and had an incredible time. Unfortunately, I had apparently not felt the complete wrath of my "friend." While I don't usually post too many things about my personal life here, I can't help but share this in hopes that other people might have some advice/thoughts on the situation.

Today, I had an epic fallout with the friend I mentioned before....via email. As if that's not sad enough, no matter how I tried to reason with this person, she continued to spew what I considered to be nasty venom for no reason other than to hurt me further. It's not productive to share the exchange here (it went along the tune of me pointing out a lie she had told me and her responding that I'm pathetic....really??), but it is worth mentioning a huge lesson that I'm learning today: absolutely under no circumstances should money and friends mix.

So consider this short, rambling post my very own personal Public Service Message. I certainly hope all of you have had a far better Wednesday....

Have you ever had a fallout with a friend due to finances? If so, what was the outcome?

(and for the record, I'm still waiting for that money)

How to Overcome Emotional Spending

2012-02-13T17:05:00.001-05:00

The past few weeks have been an incredible whirlwind for me; I've taken the initial steps to start my own business, I'm working on refinancing my mortgage, and I'm moving forward on a bunch of my 2012 goals. While I'm exhilarated to take on/kick butt with these new challenges, I'm also exhausted because I'm doing all of this while balancing a full-time job, 3 part-time jobs, graduate classes, and marathon training. Lest you think this is a complaint (I do it to myself!), I feel myself struggling with the temptation of emotional spending as a result of the varied stressors in my life right now.

In an effort to maintain my bottom line (and sanity!), here's a list of habits I automatically employ when I have a bit too much on my plate and simply feel like spending my way into oblivion:

Quantify my stress level. When I feel like a wound rubber band that's ready to snap, I take a quick minute to quantify my stress level with a number from 1-5 (1= not stressed at all, 5= sound the alarm, she's gonna blow!). When I'm at a 4 or 5, I make sure not to complete any activities that involve spending until after I'm able to decompress.
Identify my triggers. If I really find the urge to spend but I'm not in a positive, balanced frame of mind, I've learned to take a breather in order to identify exactly what is bothering me. In the past if I've been upset, I've taken my sorry butt to the mall and purchased needless things simply to feel a retail high. Now, I stop to identify what is actually bothering me before spending, which in turn helps me to figure out a non-spending solution to the problem.
Eliminate impulse buys. During particularly stressful times, I institute a 24-hour rule on all spending which helps me eliminate impulse purchases. While I maintain a steadfast 72-hour rule when in the final stage of making larger financial purchases all the time, this shortened version is saved for when my circuits are feeling shorted.
Avoid advertisements as much as possible. For instance, today I'm feeling a bit frazzled, so I haven't checked my "spam" email address; the one I use to sign up for coupons, newsletters, discounts, etc. As I listened to the radio on my way to work, I switched the station when the ads came on. If I end up turning on the TV at all tonight, I won't be watching commercials. While these are all temporary, day-to-day measures, all can be adapted to limit ad exposure at all times (such as opting out of catalog deliveries, exercising during commercials, having a separate email account as I do, etc.).
Find spending alternatives. Instead of shopping, I'll go for a run, cook a meal, read a book, or call someone on the phone. I also like to clean, organize, take a bubble bath, or listen to music. Basically, whatever you like to do that doesn't involve spending, now is the time to do it!
Track spending to the penny. While I'm careful to not overspend when I'm stressed, it's not to say that there aren't ANY expenditures. The difference is that these are all pre-planned (note the 24-hour rule), they're budgeted, and they're all written down. I'm already in the habit of writing down every penny I spend, but I review the spreadsheet a few times more during the crazier weeks.
Take care of myself. As a means to reduce my stress (and thereby make it much easier to not spend emotionally), I make sure to get enough sleep, eat well, and take small breaks whenever possible. I also work hard to not become isolated, and I keep up with my exercise regimen. When you're stressed, it's way too easy to throw caution to the wind and slack off. But this is precisely the time I should be ensuring the continuance of my healthy habits--if only as a means to deal with the stress!
Forgive myself. I'm only human, and I'm bound to make mistakes along the way. Rather than let the mistakes pile up and be used as excuses to give up, I forgive myself, pick myself up, dust myself off, and continue moving forward. It's truly the best thing you can do for yourself in any situation where you've made mistakes. Of course, you should also attempt to learn anything you can from each mistake in order to not repeat them again!

Do you spend emotionally? How do you overcome the temptation (or act) of doing so?

Weekly Spending, February 5 - 11

2012-02-13T06:02:00.004-05:00

Not too shabby at all! I'm making a conscious effort to minimize spending for the remainder of the month given my decision to move forward with refinancing my condo. By cutting back on miscellaneous spending, I hope to be able to offset some of the application fee cost. Here's to hoping the rest of the month goes so smoothly!

-$12.65 Sushi

No Spend Day!

-$12 GS cookies
-$12 HBR case study

No Spend Day!

-$41.50 FastPass toll bank refill

No Spend Day!

Spending total: $78.15

2011 Credit Card Annual Spending Report

2012-02-10T21:40:00.000-05:00

Last year, I highlighted my total 2010 credit card spending after receiving my annual report from Citi. Doing so afforded me the opportunity to critically analyze my spending habits. It also gave me the motivation to make some changes to how I spent my money for the upcoming year. While 2011's total number is larger than 2010's, I indeed took steps in the correct direction in terms of cutting back my spending (these figures also include a lot of work-related expenses that I was reimbursed for). Here are the numbers side-by-side (please note that this card is paid off every single month and I simply use it for convenience and cash-back rewards!):

According to Citi, the category inclusions are as follows:
Air Travel: Tickets, baggage fees
Auto Rental: Self-explanatory
Cash Transactions: Self-explanatory
Entertainment: Recreational, amusement & cultural services (concerts, movies, museums, sports clubs, events)
Health Care: Medical services (co-pays, Rx, etc.)
Lodging: All fees charged to room, including reservation
Merchandise: Purchases made in any store (in-person, online, mail order, phone)
Misc: Not sure! :P
Organizations: Charitable, political, civic, etc.
Other Travel: Taxis, bus lines, tolls, travel agencies
Restaurants: Self-explanatory
Services: Shipping, financial, cable, utilities, beauty, etc.
Vehicle Services: Purchases, servicing, fuel, parking

And here are my notes for the various increases seen among categories:
Air travel: Included my trips to Colorado, Greece, Mexico, and Disney World (internal links)
Auto rental: This was all 100% reimbursed by my employer
Entertainment: Somehow, my gym and wine club memberships were lumped in here?
Lodging: Included entire resort bill for Disney and other hotel stays that were reimbursed by work
Merchandise: Included all groceries, purchasing a new bike, home improvements, and registration fees for the Goofy Challenge
Organizations: Mostly PayPal transactions and random adult ed courses for photography
Other Travel: Entire package bills for Greece and this year's trip to Ireland
Restaurants: Includes work-related expenses that were reimbursed
Vehicle Services: $1,700 timing belt replacement, $400 control arm replacement, gas for personal car and work (which was reimbursed)

Considering that the above total for 2011 included a $2,100 pre-payment for a trip I'll be taking in 2012 plus over $3,500 in employment-related costs that were all reimbursed to me and over $2,300 in random car repairs, I'd say that I did fairly well for the year! I'm happy to see my shopping & dining out totals decreasing, and I plan to make those numbers continue to fall for 2012.

Do you receive an annual report from your credit card? If so, do you analyze it? Any surprises?

Friday Link Love: Tagged & Tagging Edition

2012-02-10T21:35:00.001-05:00

Debby over at Nanny's Place tagged me in a fun meme that requires sharing a bit of link love with your fellow bloggers. While I don't usually participate in too many memes because there are so many floating around out there, I like this one's ability to make me think a bit more as well as share additional details about my life. Debby's list consists of the following 11 questions that I've answered here:

When did you start blogging and why? I began blogging in 2010 as a way to stay accountable with my spending and saving habits. I was awash in credit card debt, and I needed a serious intervention. Luckily, I've created some sound habits from which to build a strong financial future for myself.
What was the last thing that you bought that you wish you didn't? 3 boxes of Girl Scout cookies--while I love supporting their causes, I hate the lack of willpower I have around them and the subsequent sugar highs I afford myself after indulging a bit too much!
What is your most precious childhood memory? There's a host of them, so I suppose I'm cheating here. One that stands out in particular is spending the summer before 7th grade living at my grandparent's house after my grandmother had heart surgery. I was her helper, and I relished being able to spend so much time with her/them.
What is your favorite color and why? Again, I'm cheating because there are too many! I love Earth tones the most because they're calming and grounding.
What was your best date with your significant other? Hmmm...we tend to not really go out on official "dates," but we do travel together. Our trips to Greece & Mexico last fall were definitely highlights!
What do you consider your biggest achievement in life? Buying my own home, hands-down. Considering my terrible financial past, it's really a miracle that I was able to make such significant changes for the better.
Are you a loner or would you rather be in a crowd? I'm a serious social butterfly, so definitely in a crowd!
What was the best meal you've ever had? Fresh pasta carbonara in Italy, with a glass of local Chianti. That, my friends, was utter bliss from start to finish.
If you were granted 3 wishes from a genie, what would you ask for? OK, now I'm seriously cheating because one wish would be for the completion of my dream list. And while I'm at it, I'd request the 2nd wish to be the fulfillment of my bucket list. Third, I'd wish for more time with my grandparents who have passed away.
If you could go anywhere in the world, where would you go and why? Antarctica, baby! (and then Kilimanjaro). Actually, I'm in the process of signing up for the 2015 Antarctica Marathon, so I suppose this will become a reality!
Who is your best friend? My grandmother (the one I mention in #3 whose house I stayed at). She's my rock and I'd be lost without her. She's also the one I'm taking to Ireland this spring, which is one of my 2012 goals.

So now that I've answered Debby's list of questions, it's your turn!

Here are the rules for the meme:

Post these rules
Answer the 11 new questions for the person who tagged you and link back to their blog
Create 11 new questions for the people you tag
Tag 11 people and link them to your post
Let them know you tagged them

My list of 11 questions:

When did you start blogging and why?
What are you top 3 dream travel destinations?
How do you make financial decisions?
What's your dream job?
What other blogs do you enjoy reading?
What are some of your hobbies?
How do you unwind at the end of a long day?
What are your biggest life goals/bucket list items?
How do you stay motivated with your finances (spending/saving)
What's your favorite movie?
Who inspires you?

And now for those I'm tagging:

Midlife Mom's Musings
My 1/2 Dozen Daily
From Shopping to Saving
Girl with the Red Balloon
Upendilife
Minting Nickels
Making Sense of Cents
Newlyweds on a Budget
In-Debt, Fat, Short with Bad Teeth (who also is amazing and nominated me for the Liebster Award a while back!)
TeacHer Finance
Homeowner by 30

Looking forward to reading all of your responses! If I haven't linked to you, please answer in the comments!

How I Obtained a Masters Degree from Harvard for $500--without Scholarships

2012-02-08T17:41:00.005-05:00

Yes, you read that correctly! Despite moving to Boston with a $14K+ credit card debt, I became quite savvy at navigating the perils of financing a graduate education. Along with learning how to balance my life, priorities and spending, I pushed myself to learn as much as possible about how to cut the costs of attending an outrageously expensive school--without having any scholarships to fall back on. Here's how I did it (and later applied the same knowledge to obtain 2 more Masters degrees and a few professional certificates at various universities in the area; yes, I love school!):

Secure part-time work at your university. The moment I moved to Boston, I worked to secure employment in the Harvard system (this was in addition to the other part-time job I had that provided all living expenses, which I've discussed on the "My Story" tab). Given that I knew very few people in the area and none that actually worked for the university, I had my work cut out for me. But that obviously did not deter me and I tirelessly submitted resumes & cover letters through the online employment site. Luckily, I was called for a few interviews, was offered a position, accepted it, and have worked there ever since (6 years and counting!). Once you have this job, leverage all you can out of the amazing Tuition Assistance Programs most universities offer to all of their employees, regardless of their employment status.
Seek out assistantships. "Assistantship" is basically a fancy word for doing grunt work for your professors. The silver lining is that most come with tuition and/or living stipends in exchange for your work. Additionally, assistantships provide ample opportunity to delve deeper into research and to network with other professors, students, and colleagues. I waived the living stipend portion of my assistantship in lieu of a greater tuition credit. Doing so essentially meant that I would be paying only basic fees for my classes, which averaged $30-50 per course.
Cut down on course material costs. I've never paid full price for a textbook, including those pesky 'course packs' that some professors sell themselves in the bookstore. Do your research! Those packs are usually full of case studies that can be found in libraries and online databases. For textbooks, use search engines built for searching for low prices by ISBN number. I once found, and purchased, a book for one CENT. Also, share your books! If you trust a classmate or have a colleague taking the same course, partner up ASAP.
Identify loopholes. When I completed my first Masters degree, the university had a policy where all Tuition Assistance Program benefits were automatically applied before any other tuition credits, etc. By piggy-backing my TAP benefits on top of my assistantship credits, I sometimes was able to receive a refund check for the semester because I'd "overpaid." I applied those refunds to the following semester's courses to drive down my personal costs. It's a double-whammy...in your favor!
Be Creative. These tips are just worked for me. There are literally hundreds of ways to cut down on tuition bills, including at the undergraduate level. By being creative, doing some extra work to seek out potential deals & credits, and being diligent, you can literally save yourself thousands. My time at Harvard should have cost me over $50,000. Instead, it was $500. If you ask me, that's a whole heck of a lot less zeros that my bank account surely appreciated not having to fork over!!

What have you done to cut down on education-related expenses?

Calling All Crystal Balls

2012-02-03T12:24:00.002-05:00

For the past week, my head has been a gigantic swirl of numbers. On Tuesday, I actually gave myself a headache just thinking about various financial scenarios. The source of my constant wondering? My mortgage! Or more specifically, the refinancing of my mortgage.

Back in September, I discussed my re-calibrated plan for attacking my debt as well as having a blended mortgage. I believe I've mentioned it elsewhere around here, but a blended mortgage essentially means having two mortgages at different interest rates. When I made the decision to buy, I chose this option as a temporary solution to satisfy both my desire to own property AND maintain some semblance of a savings account. Instead of putting 20% down, I put down 10%--much to the horror of some PF experts. The silver lining is that because my mortgage was blended, I avoided paying PMI--which would have been more than the interest charges of the 2nd loan.

After aggressively attacking the second mortgage in 2011, I was able to pay off almost $10K in additional principal for the second mortgage (which has the higher interest rate that makes me cringe). So when I set up my 2012 goals, I aimed to pay off at least $9K to the mortgage because I know it was an attainable goal that could be stretched even further (not all of my 2012 goals are super-stretch goals). One full month into the year, I've realized that I want more. In addition to paying off extra and seeking an interest rate reduction, I want simplicity with my mortgage; I'd love for the two to become one. The best way to do so? Refinancing, baby!

With rates still at historic lows, it makes sense for me to move forward with refinancing both of my mortgages into one. According to my bank's projections, I will be able to save over $360/MONTH by refinancing. Granted, I will extend the life of the loan, but I've only owned for 2 years--plus I will continue to pay down extra principal as much as possible.

The catch with all of this lovely news? Median home prices/values are still plummeting around the country, the first-floor unit in my building just sold for over $65K less than what my unit is valued at (thankfully it was a bank-owned, distressed sale), and the success of my refinancing efforts will be based on the impending appraisal of my unit. Essentially, I need the figure to come in at a value equal to or higher than my original purchase price to pull this off; which may be a tall order given the current market....

So I'm asking all of you (and basically everyone I know in-person...haha) to send some good vibes my way. Dust off those crystal balls and let the Appraisal Gods know that they really need to shine down on me in a few weeks. I'm not usually a gamblin' gal, but I'm taking quite a risk with going through with this process; all in the name of budget slashing. Wish me luck!

February Goals

2012-01-31T09:52:00.000-05:00

This month is definitely a big-money month for me: I'll be counting my annual bonus as February income, plus I have the pleasure of receiving a hefty tax return (thank you, mortgage interest & property taxes!). Luckily, this also means that I'll be ahead by a month for my goal of pre-paying the Ireland trip, I'll replace the money I used from savings to pay for my business hosting fees, and I'll be able to ship a bit extra to savings and extra mortgage payoff. If only every month could be like this...ha!

Financial Goals:

$2,250 saved for Ireland trip
$850 extra to mortgage
$800 into retirement accounts
$725 into savings
$433 back to savings for business expenses
$200 for TurboTax fees/e-filing
$100 extra to student loans
Limit variable spending to $500

Household Goals:

Complete dining room decor project
Crown molding in both bathrooms

Personal Goals:

Bike to/from work, weather permitting
Run 3x/week or more
Continue building business website/contacts

What are your February goals?

My Kind of Curveball

2012-01-26T11:08:00.002-05:00

"When life throws you a curveball, all you have to do is adjust your swing"

Usually, when people refer to curveballs, it typically is in one of two ways: a.) They're actually talking about baseball or b.) They're faced with some sort of unexpected challenge. But what about a positive curveball? A plan you had no intention of making, yet it literally would slap you in the face if you didn't make it?

A few weeks ago, my boyfriend casually mentioned the idea of taking a trip to China with his family. Considering my everlasting love of travel, my interest was immediately piqued--then reality set in and I realized that it just wouldn't be in the cards considering my financial goals and already planned trip to Ireland. As I was opening my mouth to tell him this, he smiled as he explained that it would cost me about $300 plus the cost of my flight for EIGHT days, all-inclusive. To say the least, I was stunned and stood there sputtering for a few seconds before it registered that my jaw was still hanging open.

It turns out that there is an incredible promotion, subsidized I believe by the Chinese government, for overseas Chinese people. Essentially, they want their native citizens to return home for a short while and in return, they are offering an insane incentive: For $49 (yes, you read that correctly), all native citizens currently with dual citizenship in the U.S., Canada, UK, Australia, or New Zealand can book a package for 7 nights/8 days which includes all meals, hotels (4 & 5-star!), transportation, guides, tours, and miscellaneous entry fees. The only additional fees are the mandatory $10/day tip and personal incidentals plus the cost of the flight over. The idea is that people coming over will spend their money shopping, etc. as opposed to paying for lodging, meals, and tours.

The one hitch for me is that I am not native Chinese (my boyfriend and his family are). The beautiful, glorious silver lining is that because I would be traveling with a family of native Chinese people, I, too, can take advantage of this opportunity by paying the $149 non-native subsidy. Total cost for 8 days in Shanghai, Nanjing, Suzhou, and Hangzhou? A (whopping) $199. This, my friends, is my kind of curveball.

I certainly hadn't planned to take a trip to China this year, but I'd be a cotton-headed ninny muggins not to take advantage of this opportunity. And in true PF blogger style, I will be figuring out a way to bring in extra income to cover the costs of the flight over, taxes, the tips, and spending money; thus ensuring the livelihood of my 2012 goals.

Have you ever been thrown a positive curveball?

January Re-cap

2012-01-25T18:55:00.005-05:00

Holy guacamole, I'm a bad blogger lately--plus, I never posted my January monthly goals! Fortunately, these were part of the plan all along but my 2012 annual goals took a front seat in my blogging efforts. The biggest takeaway of this month, regardless of not posting goals is that I met them all--and....I have finally broken the $100K mark for my net worth!!!!!!

Financial Goals:

$500 extra to mortgage CHECK
$800 into retirement accounts CHECK--plus sent an extra $200 to max out my 2011 Roth
$500 into savings CHECK!
$100 extra to student loans CHECK!
Limit variable spending to $500 CHECK!

Household Goals:

Complete the Disney World Goofy Challenge CHECK!
Complete my dining room furniture makeover CHECK!

Personal Goals:

Figure out my business name/niche CHECK!

How was your January?

Weekly Spending, January 15 - 21

2012-01-23T19:02:00.002-05:00

I'm certainly missing the bike-appropriate weather; filling my gas tank each week is more painful than ever after going over 9 weeks without filling up over the summer when I bike to work each day! My spending was OK this week considering the desperate need for an oil change. Also, the $533 I spent on my business site hosting will not come out of my miscellaneous spending budget--it will be paid for with the tax return I'll be receiving. I scored another $100 in cash back from my credit card, so I decided to apply it to the hosting fees bringing my total cost for all things business web to $433 for the next 5 YEARS (provided I do all of the design myself...CSS coding...Oy!)!!

-$59.60 Oil change
-$10 Wine

No Spend Day!

-$7.48 Groceries
-$21.13 Dinner out

No Spend Day!

-$25.70 Gas

No Spend Day!

Spending total: $123.91

A Balancing Act, Indeed

2012-01-19T18:48:00.002-05:00

Wow, what a week it's been! From catching up on work after the holiday weekend to being awarded an annual bonus and taking the first steps to open my own business, I've been going non-stop. Lest you think this is a complaint, I have to say how absolutely motivated and excited I am (but certainly a wee bit tired)!

In an effort to maintain my 2012 goals, keep my full-time job, and manage my part-time work and budding business venture, I need to lay some ground rules for the next few months. The last thing I want to do is to run myself ragged and eventually burn out. In the name of securing some semblance of sanity, here's my newest set of rules for managing my time and money:

Make time for me. I will be sure to include activities that I love such as reading and commenting on blogs, reading my design magazines, watching a few episodes of Mad Men, and playing with my little kitty terrors. I will also try my best to keep exercise as even a small part of my day because those endorphins do wonders for my go-go-go lifestyle.
Reach out to friends. I may have honed the skill of time management, but I'm definitely not Superwoman. Therefore, it will be extremely important to know (and respect) my limitations. I will be reaching out to friends and colleagues to "pick their brains" about a varied assortment of topics: branding, coding, networking, etc.
Shut down at a reasonable hour. There won't be many nights of burning the midnight oil for this lady because I know the value of a good night's sleep. By forcing myself to shut down by midnight at the latest, I can typically guarantee myself at least 7 hours of sleep (wahooo!).
Slow down when necessary. Rome wasn't built in a day and neither will my business. I'll certainly need to remind myself of this and to do so, I've printed/taped up a photo of the Colosseum in my office. I'm a huge fan of visual reminders and this will help me steer clear of the "it must be.done.now" mentality.
Treat myself. Nope, this isn't the green light to regress back to my spendaholic ways, it's a reminder that it might be necessary to grab lunch or dinner out if things get a little too hectic. It will be important to balance my miscellaneous spending budget with my schedule's need for flexibility. I will also be treating my friends to dinner and/or drinks in exchange for their knowledge, so there will definitely be a (small!) uptick in spending.
Finance business expenses through tax refund and monthly cash flow. Apparently, I should be getting a tax refund that's just over $1K. Usually, I owe taxes because I make a decent amount of money and try not to give the Government any "free loans." However, mortgage interest is a beautiful thing and has led me straight to a nice, fat tax return this year. Once that money is depleted, business expenses will have to fit into my monthly cash flow in order to maintain moving forward with my annual goals for the year.

Additionally, I'll be adhering to my own set of personal check-ins for how I manage multiple jobs:

Am I content working this much?
Am I still engaged with family and friends?
Am I taking time for myself?
Do I feel balanced?
Can I still make AND manage my To-do list?
Are my sleeping, eating, and exercising habits still in check?
Am I genuinely happy and/or motivated by this job (or the income)?
Am I reaching (or on my way to reaching) my goals?

How do you manage a heavy workload and/or crazy schedule?

It's Dream Chasing Time

2012-01-18T13:46:00.001-05:00

Yesterday, it was bonus time. Today? It's time to chase down my dream of owning my own business (and make it my biaatch...sorry, had to..haha!). I've just plunked down a whopping $533 for my new business domain name, SSL certificate, privacy, and hosting for the next 5 years. I'm also knee-deep in designing my logo, Twitter, FB, blog, etc., and I'm so excited that I can hardly sit still to type this!

Unfortunately, this post is a big, fat tease for you readers as I won't be sharing my business name on The Happy Homeowner. While I know this is a prime avenue to grow my budding venture, I chose to blog in the PF world anonymously, and I want to continue to do so. I also want to ensure that I keep this blog financially focused, so I will be sharing all of the glorious expenses and eventual income streams that will be associated with said business instead of its name.

So stay tuned for additional details and wish me well; I have a feeling this is going to be the adventure of a lifetime!

Bonus Time!

2012-01-17T10:05:00.000-05:00

After a three-day weekend, it's sometimes hard to return to the office and jump right back into the swing of things. However, today is not one of those days because I was just awarded my annual bonus!!! Luckily, our company has been killing it in the growth & revenue departments, so everyone in my division was awarded the top-tier bonus. Unfortunately, I will only be receiving half because I've only been with the company since June, but I will see an extra auto-deposit go into my account for just over $1,500 this Friday (boo for taxes).

Here's what I plan to do with the money in an effort to continue to meet my 2012 goals:

Budget/save $1,150 for my trip to Ireland this spring (retirement present for my Grandma!)
Bump up February's extra mortgage payment by an additional $250
Bump up February's savings by $150
Treat myself to a hell of a lunch at Panera

Do you receive an annual bonus? If so, how do you plan to use it this year?

Friday Link Love: Suze, Success, and Standing Your Ground

2012-01-13T09:53:00.000-05:00

If you haven't heard of the uproar in the PF community about Suze Orman's latest stunts, head right over to 20 and Engaged to see why the new Suze Orman Approved Card is certainly the Cream of the Crap
Need some inspiration? Read Finance Fox's writeup of one very motivated entrepreneur who went from homeless to successful by never giving up. This relates perfectly to my own story about being homeless
DebtBlackHole talks about his family's biggest financial nemesis: G.O.T.E.
Head over to Careful Cents and help Carrie solve one of her biggest financial struggles right now: How to stop being your family & friends' personal ATM
Corey from 20's Finances wrote about why people can't get out of debt for Life and My Finances--do you make any of these excuses??
And finally, I was included in the Yakezie Carnival over at Broke Professionals. Check it out for even more good reads!

Happy Weekend!

Confessions of a PF Blogger: Homeless

2012-01-12T10:44:00.003-05:00

Welcome back to CoPFB! In my last post, I detailed how I found myself with $1 to my name. Even after years have passed, I still remember that day as if it were yesterday--I remember being escorted to my car (feeling like a criminal), I remember mindlessly navigating myself to the nearest ATM (running a red light in the process), and I remember the pit-in-my-stomach feeling when I realized that I wouldn't be able to pay my rent.

I had two weeks until the 1st of the month, no job, and no money. As I walked back to my car, I found myself thinking about the piles of mail I had woefully neglected for quite some time. Then it hit me: credit cards send you those convenience checks where you can just write them out and have the cash you need. Eureka; I could pay my rent!!

I hopped in my car, sped home, and tore through the envelopes. I wildly threw the papers everywhere, searching only for the glorious checks that Citibank had sent me time and time again. At last, I found a set. I held it up, beaming; proud of myself for figuring out some way to get out of this mess. I ran out of my apartment and headed to the nearest Wells Fargo.

As I stood nervously in line, I ignored all of the feelings and instincts screaming at me that this wasn't a good idea. But as the next available teller smiled and asked me how he could help, I timidly set the checks--hands trembling--on the counter and squeaked that I'd like to write one out for cash. His response? He laughed at me!

Apparently, the type of check I was trying to use as a cash advance was only good for balance transfers. Furthermore, with the amount of credit card debt I was carrying (about $13K at the time), there was no way my available credit could accommodate the cash advance, associated fees, and immediate interest. Essentially, I had nothing but a piece of useless paper in my hands.

Flaming red in the face and eyes brimming with tears, I high-tailed it out of there. I spent the next 20 minutes sitting in my car crying, wondering what to do. Here I was, a bright (4.0 student in college!), educated, motivated woman with no money, no credit, no job, and soon, no place to live. As I contemplated the very few options left for my situation, I made the hardest financial decision I had made up until this point in my life: I called my landlord and told her that I wouldn't be able to pay the rent next month.

Then I drove home and began packing my things because while I may not have had any money, I still had my moral compass pointing due-North. In good conscience, there was no way I could stay in a place where I wouldn't be able to pay the rent.

In two weeks, I would officially become homeless.

This post is part of my Confessions of a PF Blogger series. Other posts include:

Don't Sacrifice Passion in Lieu of Paying the Bills

2012-01-09T11:32:00.005-05:00

Have you ever felt so bogged down by your various responsibilities that you find yourself wondering what the point of the daily grind really is? Have you ever found yourself craving more purpose in your life? Do you think that you can't follow your passions and pay the bills at the same time? You're not alone!

Too often, we get lost in the daily minutia of our lives and lose sight of the value of having an outlet for our passions, hobbies, and personal interests. I've read about and spoken to far too many people who believe they are "stuck" in a job they hate/dead-end position/an industry they have little interest in merely because they have to pay the bills.

While I'm not advocating you just up & quit your day job, I am officially challenging each and every one of you to make room in your life for something you're over-the-moon passionate about. Here's a few ways you can do so:

Look past your job. Nobody ever said that your job must be aligned with your passions. Of course, this is perhaps the Holy Grail of employment opportunities, but it's also something that might not be in the cards for you right now. So look beyond the job. Are you a budding rock star? Moonlight as a guitar player/singer at a few local mic nights. Do you love to garden? Create one in your own yard or on your porch. Love the arts? Take a class at your local center for adult education.
Remember that service breeds passion and satisfaction. Helping others is helping yourself--it's documented fact that people who volunteer consistently have increased self-confidence, are less susceptible to depression, and stay physically healthier than those who don't give back. Volunteering is a wonderful way to connect your life with your goals and interests. Hello, passionate, fulfilling lifestyle!
Revel in gratitude. Still convinced that your job needs to provide money and fulfill your passions? What about having no job at all?! What about not being able to give back or take on extra endeavors because you're not able to work at all? Shift your perspective and you'll be amazed at the myriad of benefits you'll enjoy from doing so.
Be flexible, patient, and focused. Perhaps you're not where you want to be at this moment in life, but don't let that stop you from working your tail off to get where you want to be. Flexibility and patience are sorely undervalued traits in our go-go-go, fast-paced world. Don't fall victim to this negative groupthink. Chart your own course at your own pace and revel in the fact that you're on your way to doing great things!

How do you fit in time for your passions while still balancing your bottom line?

Weekly Spending, January 1 - 7

2012-01-09T06:18:00.000-05:00

This spending report is looking much better than the last few (The Disney weekend is part of already saved $$, so it won't affect my miscellaneous spending, which is what I record here)! And yes, that's 62 CENTS for my Amazon.com order (Mad Men Season 4, two books, eye cream)--gotta love their buy-back program!!

No Spend Day!

-$12.95 Dinner out
-$2.11 Thank you card

No Spend Day!

-$15.00 Gas
-$0.62 Amazon.com

No Spend Day!

Spending total: $30.68

Friday Link Love: Young House Love

2012-01-06T20:05:00.000-05:00

This week, I'm dedicating my entire link love post to a blog that isn't actually based on personal finance. Young House Love, the brainchild of two of the most creative people I've read about in the past few years, is my secret addiction. It also holds a special place in my heart because I have a passionate interest in all things domestic (decorating, organizing, renovating, cleaning, cooking, design, baking, staging, DIY, etc.). Because this site is oh-so-wonderful, I'm not even going to give my favorite links--there are far too many of them! So get over there and find some of your own ;)

What are your favorite non-PF blogs? Please share!

Happy Weekend!

And I'm Off....

2012-01-05T18:26:00.001-05:00

....for one hell of an adventure!!

In less than 12 hours, I'm headed to Disney World to take part in the Goofy Challenge. Basically, I'll be running 39.3 miles between Saturday (half marathon) and Sunday (full marathon), then praying I'm still able to walk around the park on Monday! Not only will I hopefully complete one of my 2012 goals, but I'll also put to rest some serious drama that was incurred in planning this whole crazy experience.

Wish me luck!!

I have some scheduled posts set for your reading pleasure, but I'll be off the grid until next Tuesday. I hope all of you have a wonderful weekend. On a closing note, I leave you with 2 quotes that will definitely help me get through the toughest of the miles this weekend:

Failed Resolutions of New Years' Past

2012-01-04T16:29:00.000-05:00

I'm not too proud to admit it: I've failed over and over and over. I've created the "ultimate" New Year's resolutions, only to fall flat on my face not even 2 months into the year. In years past, my resolutions have yielded a veritable poo-poo platter of failure. Some of the best include:

"This year, I will pay off all of my debt!"
"I will run, go to the gym, stretch, and lift weights daily"
"I will create the ultimate organization system!"
"I will work full-time, go to school full-time, and work side gigs, see my friends, talk to my family, AND maintain my sanity"
"I will save more/build my e-Fund"

Where did I go wrong with these resolutions? They are all great ideas and goals that I want to be working towards. They're all applicable to my life in many ways. Furthermore, they're all things that my inner rock-star/perfectionist aims to accomplish in any given year.

It turns out that the key to understanding my past failures (and perhaps your own) lies not in the act of reaching goals, but in the act of setting them. Anyone can get fired up about the latest & greatest idea, craze, or mass movement. Something that not everyone can do is to set goals in a way that you guarantee yourself some measure of success (and notice that I've replaced 'resolution' with 'goal.' You'd be amazed what a simple change of a word can do to bolster your motivation!).

With this in mind, when it came time to set my current goals, 12 in 2012, I followed the SMART goals formula: I created goals that are Specific, Measurable, Attainable, Realistic, and Timely. I also made sure to have a mix of financial, personal, and health-oriented goals. In my world, variety surely is the spice of life--it keeps me motivated, excited, and positive--so it was very important that I vary my goals.

Looking back at those ill-fated goals of New Year's past, I can now see why each goal was destined for failure from the very start:

"This year, I will pay off all of my debt!"--not Attainable, considering that "all" of my debt included credit card and student loan balances that far exceeded my annual income at the time

"I will run, go to the gym, stretch, and lift weights daily"--not Timely; how on Earth could anyone fit all of this in on a daily basis?!

"I will create the ultimate organization system!"--not Specific; what exactly am I organizing? My home? My schedule? My closet?

"I will work full-time, go to school full-time, and work side gigs, see my friends, talk to my family, AND maintain my sanity"--definitely not Realistic; duh!

"I will save more/build my e-Fund"--not Measurable; how much would I be saving? Build my e-fund to what? How will I save?

So in the spirit of the celebrations we share to ring in the New Year, I raise my glass to you, SMART goals. May 2012 be filled more with success than trials & tribulations; may it help me remember that on some days, the only thing you can really do is grin & bear it; and may it be a testament to the benefits of my new-found goal setting approach.

What are some of your SMART goals for 2012? How will you attain them?

Weekly Spending, December 25 - 31

2012-01-04T13:53:00.000-05:00

Somehow, I still managed to come in under budget for the month with my $500 miscellaneous allotment. It's a good thing that I already know the next week's spending is waaaaay lower--time to get back on track!

No Spend Day!

-$5 Lunch out
-$26.94 Hostess gift
-$10.59 Hostess gift

No Spend Day!

-$12.68 Groceries

No Spend Day!

-$13.27 NYE goodies
-$10.21 Panera lunch
-$15.95 Equifax CS fee

Spending total: $94.64