As part of our efforts to save more money in 2012, we have committed to reducing our eating out and ordering in expenses.
Accordingly, I found myself at Costco this Saturday afternoon with Mr. Sam. I really do not care to grocery shop and Costco on a Saturday, during season, was horrible. The place was jam packed and, I swear, half the people in there were just hanging out eating samples. The other half of the people were running into me with their carts. Also, I didn't know where anything was so I found myself walking around in circles wondering why I agreed to go to Costco in the first place.
Not surprisingly, I have decided that Costco is not the place for me. I assumed that I could buy the many Morning Star Farms products that I enjoy - wrong! The only fake meat product that Costco seems to carry is Boca Burgers. While I did pick up a box of the burgers, a gal can't live on fake burgers alone. I also assumed I could stock up on Lean Cuisine products, which I eat for lunch, but again - wrong! Costco only carried one flavor of Lean Cuisine and it was chicken which is not something I eat. When it came to things that I do eat that Costco carries, cheese, yogurt, pasta, the portions were just too large and I had no idea if the prices were a deal or not.
Mr. Sam, on the other hand, happily bought chicken breasts, turkey burgers and turkey bacon. We also loaded up on paper towels, toilet paper, cleaning supplies and personal care items like soap and razors. Additionally, we stopped by the liquor store section and got a bottle of rum and a bottle of vodka. The Costco liquor store was my favorite part of this trip.
We spent more than $500 on our trip to Costco. Yikes, how is this saving us money I ask. But, Mr. Sam assures me that he is set for the next two months for food. I, on the other hand, need to hit Publix this week.
Monday, March 12, 2012
Friday, March 9, 2012
Additional 2012 Goals
We still need a new accountant, so that is a priority goal for 2012. Additionally, I would like to get our debt load below $565,000.
As for non-financial goals, I would like to finish my office organizational goal (a carry over from 2011) and then maintain our paperwork habits. I also would like to install plantation shutters in our front bedroom which faces east. The front bedroom includes three large side by side windows (more like the photo on the right) and one additional large window on the south wall. We have plantation shutters in one room in our home, the entry way, and my plan is to eventually install them in both downstairs bedrooms, the office and possibly the dining room. The first room we did was expensive, so we are savings our pennies, see house account goal, and I hope that we will have enough saved to do room number two this year.
As for non-financial goals, I would like to finish my office organizational goal (a carry over from 2011) and then maintain our paperwork habits. I also would like to install plantation shutters in our front bedroom which faces east. The front bedroom includes three large side by side windows (more like the photo on the right) and one additional large window on the south wall. We have plantation shutters in one room in our home, the entry way, and my plan is to eventually install them in both downstairs bedrooms, the office and possibly the dining room. The first room we did was expensive, so we are savings our pennies, see house account goal, and I hope that we will have enough saved to do room number two this year.
Thursday, March 8, 2012
Mortgage Musings
With our March prepayment of an extra $415 towards our principal, our mortgage (on our primary home) is now below $265,000. Whoo-hoo!
I like to imagine us being debt free and no longer having a mortgage payment. [As an aside I don't include our investment properties as our personal debt regardless of the fact that it is personal debt.] At our present pace, our mortgage will be paid off in 14 years, which is 7.5 years ahead of schedule, and that is just with an extra $415 a month. If we upped our extra principal prepayment we could have our mortgage paid off in 10 years.
When I start thinking this way, I really get excited about paying down our debt and start seriously contemplating funneling extra money to the debt rather than savings.
I like to imagine us being debt free and no longer having a mortgage payment. [As an aside I don't include our investment properties as our personal debt regardless of the fact that it is personal debt.] At our present pace, our mortgage will be paid off in 14 years, which is 7.5 years ahead of schedule, and that is just with an extra $415 a month. If we upped our extra principal prepayment we could have our mortgage paid off in 10 years.
When I start thinking this way, I really get excited about paying down our debt and start seriously contemplating funneling extra money to the debt rather than savings.
Wednesday, March 7, 2012
2012 Savings Goals - March Report
(1) Max out 401k(s) - $6788 (20%)(goal is $34,000)
(2) Max out IRA(s) - $0 (0%)(goal is $10,000)
(3) Add to e/r fund - $ 2000 (20%)(goal is $10,000)
(4) Pay down mortgage - $1245 (25%)(goal is $5,000)
(5) House projects - $250 (5%) (goal is $5,000)
(6) Trading account fund - $0 (0%(goal is $5,000)
Total - $10,283 (15%)
We are just about $3,000 behind on our goals. Which makes sense, since we didn't finalize our goals until a couple of weeks ago. Plus we have spent close to $6,000 on Mr. Sam's two certification classes. It is going to take real focus and drive to catch up.
I have also updated our networthiq.com profile. With the market off yesterday, our investments are down today.
How are you doing on your 2012 savings goals?
**Edited once on March 8, 2012
Tuesday, March 6, 2012
Not Lucky
I pay for one magazine subscription, for Real Simple, which corresponds to my efforts to clear clutter from life, appreciate the life I have, i.e. wear the clothes I own, decorate my home with items I already own, etc. I buy Real Simple each year when my neighbor's kids run their magazine subscription fund raiser.
Recently, I started receiving Lucky Magazine. Lucky is basically a magazine for people who love to shop. And while I love to shop and enjoy fashion, I don't love this magazine because it is filled with tempting items that I want to purchase. Basically it is a glorified catalog and I find it very tempting. I am generally pretty good with recycling the catalogs the minute I go through the mail. But last night, while I tossed the catalogs I found myself sitting down to flip through this "magazine" and also found myself thinking that I would like to purchase some of the items featured.
When I peruse a Vogue or something similar I never really get to the point of contemplating purchase as the items in Vogue are way out of my price range and frankly not practical for my life (way too runway). But the items featured in Lucky are in my price range, fit my style and life and the mag gives the details on how to purchase (like a catalog).
After last night's tempting review, I have decided that I will recycle this magazine the second I receive same. I didn't sign up for the magazine, I'm not obligated to read it and it would be better for my wallet if I avoided same.
Recently, I started receiving Lucky Magazine. Lucky is basically a magazine for people who love to shop. And while I love to shop and enjoy fashion, I don't love this magazine because it is filled with tempting items that I want to purchase. Basically it is a glorified catalog and I find it very tempting. I am generally pretty good with recycling the catalogs the minute I go through the mail. But last night, while I tossed the catalogs I found myself sitting down to flip through this "magazine" and also found myself thinking that I would like to purchase some of the items featured.
When I peruse a Vogue or something similar I never really get to the point of contemplating purchase as the items in Vogue are way out of my price range and frankly not practical for my life (way too runway). But the items featured in Lucky are in my price range, fit my style and life and the mag gives the details on how to purchase (like a catalog).
After last night's tempting review, I have decided that I will recycle this magazine the second I receive same. I didn't sign up for the magazine, I'm not obligated to read it and it would be better for my wallet if I avoided same.
Wednesday, February 29, 2012
2012 Savings Goals - February Report
(1) Max out 401k(s) - $6123 (18%)(goal is $34,000)
(2) Max out IRA(s) - $0 (0%)(goal is $10,000)
(3) Add to e/r fund - $ 1600 (16%)(goal is $10,000)
(4) Pay down mortgage - $830 (17%)(goal is $5,000)
(5) House projects - $0 (0%) (goal is $5,000)
(6) Trading account fund - $0 (0%(goal is $5,000)
Total - $8,553 (12%)
And, since we just finalized our 2012 savings plan, it should be no surprise that we are approximately $3,800 behind. We are really going to have to work hard to meet, or come close, this year's ambitious goals.
NetWorth
I've updated our networthiq.com numbers. The up market has boosted our net worth to $1,048,677. Also, you may notice that we have $2000 on the credit card. Mr. Sam is taking a class and we paid for it via plastic rather than take money out of savings. Should be paid off prior to incurring interest.
Tuesday, February 28, 2012
2012 Savings Plan
I continue to work on the details of our 2012 Spending Plan. At present, I've completed all the details regarding expenses associated with bills, mortgage, taxes, insurance, utilities, investment property expenses, etc. I have also worked on budgeting for annual expenses like vacation, travel, holiday, charitable expenses. I am still working on the numbers for categories such as groceries, eating out and entertainment which has never been an area where we really have tried to maintain a budget. I expect that we will continue our normal procedures of paying known expenses, moving money to savings and then spending the rest rather than trying to come up with budgets for these day to day, week to week spending categories.
We have, however, settled on our 2012 Savings Plan, which is good considering we are almost two (2) months into the year. So with out further ado, here we go:
(1) Max out 401ks - $34,000 ($17,000 for each)
(2) Max out IRAs - $10,000 ($5,000 for each)
(3) Add to our emergency fund - $10,000
(4) Principal prepayment for mortgage - $5,000
(5) House project fund - $5,000
(6) Trading account fund - $5,000
Total: $69,000
Last year our savings goal was $63,000 and we saved $60,060. This year's goal pushes us to save $9000 more than we saved last year. It is going to be a challenge and since we really are starting late (although I left the automatic transfer to savings on from last year) we likely are already behind.
We have, however, settled on our 2012 Savings Plan, which is good considering we are almost two (2) months into the year. So with out further ado, here we go:
(1) Max out 401ks - $34,000 ($17,000 for each)
(2) Max out IRAs - $10,000 ($5,000 for each)
(3) Add to our emergency fund - $10,000
(4) Principal prepayment for mortgage - $5,000
(5) House project fund - $5,000
(6) Trading account fund - $5,000
Total: $69,000
Last year our savings goal was $63,000 and we saved $60,060. This year's goal pushes us to save $9000 more than we saved last year. It is going to be a challenge and since we really are starting late (although I left the automatic transfer to savings on from last year) we likely are already behind.
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