Where It Went 11/26-12/09

This budgeting period started out pretty great. As I hoped, going home for Thanksgiving was a real money saver, since I was fed and entertained for so long. When I got back into town I decided I had $50 to devote to shopping for The Holiday That Shall Not Be Named. As I've explained earlier, every time I want to buy something online, I have to physically walk to my secondary bank and deposit money. So I did. Here's what happened next in consecutive order:

Monday - deposit money in secondary bank. Realize I have misplaced said debit card. Search and search in vain (note: I suspect it will still be found but since I don't use it that often it is M.I.A.)

Tuesday - continue to search for debit card but then discover the wonders of my infrequently used Paypal account. Purchase $45 worth of presents.

Wednesday - wonder why my $20 payment to my credit card has still not processed through my bank account one week later. Log into my account and discover the credit card company isn't showing my payment and instead is charging me a $35 late fee/finance charge. Wonderful. Email them to see what's up.

Friday - go out of town to see my parents (yet again). Have fun and spend no money.

Sunday - log into my bank account and discover that the group that was running my hobby trip cashed a $15 check they made me write "just in case" they didn't find my earlier payment to them. Since I only had $11 in my account at the time I was hit once again with the Evil Overdraft Monster. I'm still trying to resolve this issue but in the meantime I am out $53 because of their screw-up.

So yeah this budgeting period has sucked and I'm so glad it's over. But here are the numbers so you can see in detail where my money went compared to the Budget I set two weeks ago:

Rent - 725/725
Water - 50/50
Credit Card - 20/0
Sprint - 65/64
Utilities - 105/105

School Loan - 80/80

Presents - 0/45

Misc. ?/100

My other problem was I decided I was too poor/tired to buy groceries when Boyfriend and I were at the store so I only picked up about $10 worth of stuff. What resulted in me buying lunches out (at least four that I can recall) and buying overpriced stuff at the local bodega. I've decided to revisit my old lunctime staple of PB&J for a while to attone for this behavior.

So that's my story. Still no clarification of the future of my employment. Still no Emergency Fund to deal with it. And yes still more presents that need to be purchased. Excuse me for being slightly discouraged.

Where it Went 10/29-11/11

Sad to say I was hit with the Evil Overdraft Monster during this past pay period. It was very aggravating and made me marvel at how that used to be a regular occurence back before I started budgeting. Back when I wasn't paying hardly any of my bills and was in debt to payday loan sharks. Man, that seems like a million years ago. But...even though things have gotten much better there will be no celebrating because I let it happen again.

I can't say it was totally my fault as I was out of town and needed cash so I decided to use my ATM card to take it out of my emergency savings account that I specifically set up to be linked to my checking account. Well, alas, I learned the hard way that the account was not linked to my ATM card. I still needed cash so I just took it out of my checking account (where there was none) and made an online transfer later that night at home. And what did the bank say about that? It shot me a big middle finger in the form of a $35 overdraft fee. Ugh.

I drained pretty much the rest of my emergency fund paying that sucker off and now have to start from Square One. But a lesson was learned that I need to call my bank and get them to link my Emergency Savings account to my ATM card so this does not happen again.

Now that my confession is out of the way, here's how my money was spent compared to the Budget I established two weeks ago:

Savings - 50/-4

Rent - 725/725

Water - 50/50

Sprint - 65/63.41

Utilities - 85/84.61

Capital One - 20/20

Boyfriend - 50/50

Hobby - 35/0

Groceries - 50/0

Misc. - 65/110

Out of Network ATM Fee - 0/2

Overdraft Fee - 0/35

Once again I totally didn't contribute to the Grocery bills but I told Boyfriend that the next shopping trip is on me (yikes!). Hobby I'm paying today as I have been under the weather and not showing up to meetings.

Miscellaneous spending includes Halloween costume expenses and beers bought at my very first professional football game.

And that's how the cookie crumbles.

Oh No, a Bank Robbery!!

Remember those chicks who robbed the bank and were caught laughing about it on camera? I feel like applauding them right now. Well, not really. But my bank has robbed me of $80. It's going to give it back, but still, it's annoying. Here's what happened:

Yesterday was Payday! I announced my plans to buy a plane ticket to an out of town wedding for the cost of approximately $520. Since my primary bank account has decided to deny me debit card functionality for six months, whenever I order something online, I have to do a bank transfer. Not a regular bank transfer, mind you, but a physical taking money out of one bank and handing it to the other kind of transfer. It's much much faster that way.

Have you ever noticed that when the bank wants its money, it can get it whenever it wants, but when you want YOUR OWN money from the bank, there are delays?

The original plan was to go on my lunch break to the branch of my primary bank and take out $580 in cash and then walk in to the branch of my secondary bank. Alas, you can't take that much money out of an ATM and standing on lines at two banks was not my idea of a fun lunch hour. Also, I just really didn't feel comfortable walking around with all that money in my pocketbook. The way I walk to my secondary bank takes me through a parking garage and it would be the perfect place to mug someone in my opinion. I've never been mugged but I also don't often carry around $580 in cash.

So alas I just went to the second bank armed with a check made out to CASH.

Today I go to book my plane ticket using my debit card and find to my amazement that I don't have enough money in my account. What? How can this be so?

Despite my deposit of $580, the bank has decided to only credit my account $499 worth. According to the woman on the phone the rest should be available tomorrow. I had half a mind to walk to the bank again today and just deposit the $12 or so I need to buy the plane ticket, but I was too busy all day.

Also maybe the universe is telling me to wait until tomorrow to buy the plane ticket. Maybe it will be cheaper (cross fingers). Stupid bank robbers.

Budget 07/09 - 07/22

I feel like I've been waiting for this day for so long, the first paycheck not devoted towards Payday loans where I could finally tell my money where to go. And maybe even have some left over so I don't feel broke all the time. But, alas, maybe next time, as I still have the matter of paying back Boyfriend to attend to. So here's my budget:

Starting Balance = 1226

Good old Aunt Sallie - 406
Job Expense - 65 (included in last budget but still has not cleared, sigh)
Transfer to Other Checking Account - 200
Lab fees from my physical - 12
Nice Collection Agency - 125
Boyfriend Debt Payoff - 300

Left over for ME = 118. Actually it's a little more, let me explain.

So a while back I explained how my Dad will occasionally deposit money into another bank account that I have. It's nice definitely, but it made me not exactly mindful of what was going on in that account. Lo and behold, the balance has plumetted to NEGATIVE $119!!! Yup, I was smacked with the Evil Overdraft Monster. I've known about this for the past couple of days and was struggling to find a way to prevent it from happening but there was no money falling out of the sky so alas, I'm dealing with it now. But I have made sure it won't happen again - I QUIT THE GYM. It was a little depressing to go into the gym and fill out the paperwork but when you don't have money in your account, the $46 a month gym membership costs you.....$78!! I do like the gym and when I'm in the swing of things I go to an abs class a few times a week on my lunch break. But seeing that negative balance and knowing that this is not the first time this has happened prompted me to action.

So, anyway, pardon my long explanation, but I will have an additional $80 in that account that I can spend if need be. It does look like I'm going to have to hold off on buying my Sister's wedding gift until the next pay period. Sigh.

I am very excited to report that tomororw when he gets home from traveling, Boyfriend will be $300 richer (and I'll be $300 poorer)!! I'm happy that I'm finally able to pay off this debt to him. He has been really understanding about it this whole time but still I felt like a loser. I can't wait to update my sidebar!!

Independence Day Comes Early!!!

It's finally the end of June and I have A LOT of progress to report finally! At the begining of this month, I posted that my goals were to:

1. Avoid Evil Overdraft Monster

2. Stop Payday Loans Forever

And I am happy to report that, drumroll please....

I succeeded in both of my goals!!! It is such a relief to know that the money I earned this month actually went towards ME and what I needed to pay and didn't just dissapear out of the bank before I could even make a sustainable budget.

But, and here's the thing I've been sitting on for a while now. In the process of making these goals, I had to take a good hard look at how much my financial mistakes have cost me. And it's pretty damn shocking. So, please try not to judge me too harshly when I reveal the numbers:

This chart shows how my money has been spent from March 13 (the earliest I could look up online) to today. And it includes:

$2,375 in LOAN repayment. $100 of which was repaid to Friend A. $240 I eventually got back. But I did end up paying a grand total of $2035 to Payday Loans in three months time. And it's FINALLY OVER. My last payment posted on Friday. I am so happy I finally got out of the disastrous cycle. Now, I will have SO much more money to devote more wisely each month.

I also managed to avoid the Evil Overdraft Monster fees at my bank. Something that I've paid, wait for it, $741 to since March 13th, representing 7.41% of my spending. $741! That's more than a month's rent down the drain. Never again!!

Now that I have finally been released from the shackles of payday loans and regular bank overdrafts I am looking forward to planning a Master Budget that's more realistic and building an Emergency Fund so I never have to borrow money again!

Thank Goodness I Can Eat Now!!!

Quick update: I got $120 back from my bank today increasing my budget for food/other daily expenses for the next two weeks from a paltry $44 to $164!





I'm tempted to throw $50 towards Utilities just so I could knock that out faster but I think I will wait at least until I've made it much closer to the end of my 13 day waiting period.

I am officially allocating $21 towards taking the train to my Sister's Bridal Shower #2 next weekend.

Stay tuned for a long rant on Payday Loans very soon!

Got My Money Back!

So I'm new to budgeting and this month was always going to be a little tight, but some things have changed (some good and some bad) since I laid out my Budget last week.

I had to pay $315 TWICE to my landlord a couple of weeks back. It was money that I owed him. Problem was: I wrote out a money order so that my check wouldn't bounce and HE LOST IT. It was my fault. I didn't tell him I was putting it in the envelope with the rent check so he didn't see it I guess. I went to the bank to see about cancelling it and they told me it would take 90 days to get it back. Frustrated, I just waited for the next pay period and paid him again, figuring I would wait the 90 days for the money to be returned to my account.

Well this weekend he calls and says HE FOUND THE MONEY ORDER. I was extremely happy to hear this. Took it to the bank this morning and boom, $315 back in my account.

Alas, it was needed as I have taken out $100 in cash since Thursday and still hadn't paid my student loans. And another payday loan that I must have forgotten about went through and I'm out another $65.

It's embarrasing that I am this bad with money. It really is. But I'm glad the money is back in the account. I promptly paid $100 to my student loans this morning and now will have enough to cover the $300 settlement I made to a Collection Agency that hasn't hit the account yet.

Luckily I can't eat any solid foods or smoke this week so I'm going to be pretty much spend free for the next couple of days.

Online Banking - Or Else!

I am at a new level of mad only seen before in cartoons where steam starts to shoot out of a character's ears.

I have been SO on top of my finances lately, devoutly checking my account balance to make sure I do not incur the terrible Overdraft Monster. On Saturday, I knew that I had $27 in the bank. I went to an in-network ATM and withdrew $20. I get into work today, do my ritual calling the automated bank number just to confirm that I still have $7 left in my account.

What do I learn?

I have NEGATIVE $13 in my account!

I immediately get on the phone with a represenative to find out how this could have happened.

Here's the deal:

I apparently went to a couple out of network ATM branches during the month. So, in addition to paying the fees upfront at the ATMS (ranging from $1-$2), my bank assesses a fee at the END of the billing cycle based on how many out of network ATMS I used. The damage? $8.

AND I have apparently been calling the automated number TOO FREQUENTLY so they decided to charge me for that too! I expressed my frustration with the representative and she could relate to my situation and genuinely felt bad. She suggested I apply for Overdraft Protection and I told her I had already been denied. She then admitted to me that she had in fact been denied once before and had opened up a Savings Account linked to her Checking Account and had used Online Banking to transfer the funds when she had to cover an oferdraft.

I told her I had never used Online Banking at this particular bank and she told me it was easy (unlike HSBC where you need six million passwords that arrive in separate envelopes in the mail). So now I am using online banking because apparently I am not allowed to check my account balance by phone everyday. She said I will most likely incur an Overdraft Charge of $38 as well but to call back when it goes through and ask for a Courtesy Waiver.

So I'm pretty pissed but so far liking Online Banking. It shows you everything, where ATMS are and even copies of the checks you write.

AND I learned I can only SPEAK to a Customer Service Representative three times a month or I incur another fee. How's that for service? I hate banks!

"You have excellent credit history"

Ha! That's what one of my Payday loans told me when I logged in to see how much would be debited from my bank account on the date of my next paycheck. They love me apparently since I have paid off two loans in full with them. It was nice, although a bit funny, to hear that. At least someone thinks I have good credit history! The good news is I wasn't sure if I still had money on that loan left to pay and the balance is zero, yay!

This means I can devote $100 to paying off the balance of the OTHER Payday loan I took with another company at the end of April ($350 borrowed, $455 owed). If I pay the finance fee plus $100, I am pretty sure I can knock off the balance by 5/29, my next due date.

Organization is key to debt management I realize. Sallie's Niece of the past would get so discouraged that she would go days without checking her account balances for fear of getting depressed. The overdrafts, finance fees, late fee, etc. would add up. The new Sallie's Niece is going to know exactly how much she owes, to whom, and when it is due at all times.

I didn't spend any money at all yesterday except for the soda from the vending machine. Went home for lunch (had a pitiful chicken noodle soup but oh well, my parents gave me like a case). So I still have $20 cash on hand and $27 in the bank. It's hard to get encouraged by this pitiful balance but at least I know where it is!

No More Bank Fees!!!

So the other night (when I needed a venting session with a friend) she told me how much she hates overdraft fees. She hears me complain about them all the time and she even admitted to me that her boyfriend thought that he thought I was "irresponsible" for getting them. AND THEN she made a mistake with her bank, and found out the bank's policy of not just penalizing you for the charge that made you overdrawn, but ALL charges you made that day. That's because the bank can reorder the charges to get even more.

As much as I felt for her situation (hey I've been there more times than I care to admit) it helped to know I wasn't not alone. I found this article on The Street today talking about how banks are now relying on fees to make a profit.

My friend was so frustrated that she ended up opening an account at a local credit union. This is problematic for her, however, as she works in a different state and is in the process of moving slightly closer to work (though she's not sure what town yet) and now has to figure out where she's going to move AND what bank suits her needs best.

I told her if she has a good experience with the credit union I may join as well but my current bank is very convenient for me right now (branches close to work and home). I've also resolved to keep vigilant track of my account balance so that I never get overdrafted again!