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About Me:

Savings Queen

2013- TOTAL SAVINGS NEEDED FOR THIS YEAR: $168,050
TO PAY FOR EXPENSES:
Converting Real Estate IRA into Roth (pay .44% tax on $289K in rental house IRA acct) $130,050
Hubby's Jaw Surgery $15,000
(reduced to $7,000 since it's covered)
Emergency Fund $30,000

WHAT WE HAVE NOW:
7/9/13: $166,804 (including rental house account) OUCH! WE WENT DOWN!!
5/22/13: $168,511 (including rental house account)
5/3/13:$163,755.00 (including rental account)
4/17/13: $160,447.67 (including rental account)
4/1/13: $142,719 (including rental account)
3/17/13: $136,131.38 (including rental house account)
2/24/13: $128,516 in savings

WHERE WE ARE ON APRIL 17, 2013: Still need $14,602.33 to meet $170,050 yearly goal by April 15, 2014 ($1,216 per month - 12 months from April 1, 2012 - April 1, 2013)

Savings Goals:
Hubby's paychecks $2,478 X 26 wks = $64,428
My savings $1,500 mo. X 12 = $18,000
By March 1, 2014 hubby and I should meet our savings goal of $175,050 and have $50,097 in extra savings (this will give us an emergency fund of $80,097). Next year we hope to convert the remaining $100K of the real estate IRA into a roth and will need about $45K to do that. We will easily be able to meet that goal during 2014!

WHO ARE WE (money wise)?
I am a wife and mother of two grown sons. I own a business & my husband has a good job and we have done some things right (pd. off mortgage, pretty good 401Ks, more than $100,000 in savings, 9 mostly paid off rental houses (10 units). Previously we used a VISA card but now we are only using our debit card.

Most people would say we are in great shape which we are, however, I also have a tendency to overspend money at times (sometimes I worry I have a spending problem).

I want to learn to appreciate what I have and stop frittering money away. With me it is usually either wild overspending or total frugality. I want to learn to live a more balanced financial life, in the middle.

SPENDING/SAVINGS GOALS:
* Continue to stay off EBAY!!! DONE
* Write down all expenditures DONE
* Continue to use the debit card, not the charge card GOT RID OF CHARGE CARD! DONE
* FIND OUT WHAT WE NEED TO LIVE EACH MONTH! Develop a spending plan. DONE
* Continue to save my DH�s
paychecks and live on mine
DONE
INVESTMENT GOALS:
* Gather all figures for 401K,
IRAs, banks accounts DONE
* Create a Net Worth Statement DONE
* Use real estate (rentals) to produce income of $7,000 a month in income tax free

GOAL: Turn the rental account into a ROTH in 2013 so all rental income will be tax free. This is a BIG savings goal for us! We need $120-$160K to pay the taxes on this 400K account. (we have have to convert 280K of the account this year and 100K next year so we will still have some emergency fund money left)

INVESTMENT GOALS: Get our 401K invested in safe mututal funds
FEB - Created a plan and are dollar cost averaging to get back in over the next six months.

Not Overspending...Overeating!

January 21st, 2011 at 03:21 pm

I have stopped my excess spending, paid off one of my husband's car loans and my checking account is looking good this month. Unfortunately, I find I have gained two pounds!

That's what happens with me. When I get one area under control, another area POPS!! That's because I have an addictive personality/biochemistry. I have been doing lots of reading on this subject and now truly believe that people who suffer from addictions often have different biochemistries than other people. Two of the books I read emphasized the connection between too much sugar/caffeine use and addictive behavior.

Before Christmas when I was in my Ebay spending frenzy and truly frightened because I couldn't stop, I quit eating sugar and drinking coffee and within two weeks my excess spending stopped. I was so grateful! I have remained largely off sugar and caffeine and my reasonable spending has continued...but I think I am easing stress/handling emotions more with food. This morning a Dr. Oz I had TIVOd said that when you are tempted to eat remember to ask yourself "F-L-A-B"...are you FRUSTRATED, LONELY, ANXIOUS or BORED? If so, find something to do rather than stuff your mouth!!!

I am going to use that and continue to attend my telephone Debtors Anonymous meetings. I especially need DA since we are closing on our second rental house February 2. In the past, buying houses has always been a spending TRIGGER for me. This time, I will make a spending plan for the new house and stick with it. This time, my car won't be a wreck and filled with paints, wall mud, mirrors, etc. that I buy in a financial frenzy! This time I will handle this rental house investment with restraint and sanity...ONE DAY AT A TIME. Also, I need to not let the PERFECTIONISM bug bite me. This is a rental house...NOT the Taj Mahal. Thanks God!!

Posted in Budgeting, Credit Cards, Debt, Investing, Personal Finance, Retirement, Saving Money, Shopping | 4 Comments »

4 Responses to “Not Overspending...Overeating!”

HouseHopeful Says:
January 21st, 2011 at 04:42 pm 1295628158
1295628158

It can be hard to focus on cutting back in 2 major areas such as money & food. Good luck, sounds like you have a good plan
LuckyRobin Says:
January 21st, 2011 at 11:12 pm 1295651564
1295651564

I've noticed the same correlation between caffiene/sugar and spending. Also the more cluttered my house, the more messed up my spending, and the more messed up my eating is. When my spending is under control my house tends to be clean and my diet is as it should be. Weird, but true. I think it's all about control versus addictions.
Savings Queen Says:
January 22nd, 2011 at 11:27 am 1295695666
1295695666

Lucky, you are so right, my house is totally decluttered and my spending is great, but my eating is not quite there. I wish I were like you and ALL would be under control at the same time. You truly are LUCKY! I will be too, though, it will just take more effort on my part!
Savings Queen Says:
January 22nd, 2011 at 11:28 am 1295695709
1295695709

HouseHopeful, You are so right! I think the addictive part of me wants an outlet.AARGHHH!!

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Savings Queen's Personal Finance Journey

A Spending Queen Learns to Change her Spendthrift Ways...One Day at A Time.

Not Overspending...Overeating!

4 Responses to “Not Overspending...Overeating!”

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