Wednesday, April 29, 2009

Where it Went 4/15 - 4/28

Readers, I suck at saving. :-(

I try and try to put aside just a bit of my paycheck each month but it never works out. I know that having it done automatically from the payroll at work would help but I still want to build up a reserve fund that's connected to my checking account so I never have to battle the Evil Overdraft Monster again.

I blame the nice weather and my need for new clothes for work but I spent more money than I planned during the past two weeks. I also treated my fiance to a nice dinner out. One of these days I'll be out of my apartment lease and will be able to save more but now it's just discouraging.

So, without further whining, here's where my money went the last two weeks compared to the budget I planned:

Aunt Sallie Mae - 420/420
Defaulted Student Loan - 260/260
Nice Collection Agency - 125/125
Perkins Loan - 93/93
School Loan - 54/54
Sprint - 48/64
Capital One - 125/125
Utilities - 74/74
Clothes - 100/75
Emergency Fund - 100/0
Misc. - 163/260

Way too many bills to pay with one paycheck so I'm going to pay the other two smaller students loans again today to split that up for the future. At a reader's suggestion, I did figure out that the interest does accrue daily so the day you pay the amount due is the reason for the last discrepancy.

Much more to report concerning the wedding and other plans but that's all I can do for now!


lulu said...

Instead of trying to use the savings deductions from work, why not use ING to do it. (don't tell me you write about personal finances and don't have an ING account!!!!!)

I have my whole paycheck deposited to my ING checking account and then I set up a savings plan from my ING checking account to a savings account. I started off sending just $2 a month from checking to a savings account and I gradually increased it to $10 a month. I do not let myself touch that money and make my budget based on what is left in the checking account.

That way my savings builds up automatically but I still have control and since I leave a buffer amount in checking I don't have to worry about overdrafts.

BTW I am loving reading your blog so keep on writing!

Anonymous said...

I agree. Make your savings automatic and out of sight. That way you won't be tempted to touch them.

Then again, it's also worth considering that paying off debt saves you more money in the long run than trying to save whilst paying off debt.

Karen said...

I always had the same issue: I really wanted to build up a savings account that was easily accessible from my checking, but that easy access always led me to tapping it.

This was the solution that finally worked for me: I have a savings account (my overdraft) that I deposit $334 in every month. Every three months, I take the $1000 that's in that account and buy a CD with it. The collection of CDs is my emergency fund.

The CDs I find very easy not to touch, and the savings account gets grouped into the same mental category somehow so I don't get tempted by it.

I think it also helps that my bank lets you group and reorder things on your account page, so when I log in I don't see the account -- it's grouped further down the page in "Emergency Fund" with all the CDs, instead of in the normal "Banking" group at the top of the page.

Good luck