Child Care Costs and 2018 Tax Changes
7 years ago
Wednesday, November 4, 2009
Thursday, July 23, 2009
Under 20k!
After sending in my most recent student loan payment, my balance is below 19k! I am so excited! I am still striving to get my student loan paid off by June 2010. Then I will be free!
Next June will actually be my 20th anniversary since signing my first student loan promissory note. I would have never, ever done it if I knew I would still be paying 20 years later! I plan to celebrate but haven't decided what to do yet.
Next June will actually be my 20th anniversary since signing my first student loan promissory note. I would have never, ever done it if I knew I would still be paying 20 years later! I plan to celebrate but haven't decided what to do yet.
Wednesday, April 1, 2009
Whiddling Down ...
I just made another payment on my student loan. The balance is currently around $24k. I think around $20k of the remaining $24k funded my ungraduate education. Wow. Eight years to pay off my graduate education. How sad.
My goal is to pay off the remaining balance by June 2010. I don't know how I'll celebrate when I mail in my final payment (or receive my "paid if full" letter). Any suggestions?
My goal is to pay off the remaining balance by June 2010. I don't know how I'll celebrate when I mail in my final payment (or receive my "paid if full" letter). Any suggestions?
Tuesday, March 10, 2009
Marty Nemko's Career Advice Website
There is a great career advice website hosted by Marty Nemko: http://www.martynemko.com/. He addresses a variety of topics related to making a living. He even has a group of writings discussing overcoming one of my biggest problems - procrastination! Unlike most advisers, he doesn't automatically assume that a college education is the best for everyone.
His website and blog hit such a nerve with me, that I relayed my pathetic story to him via e-mail. He responded and was very kind.
I highly recommend giving Dr. Nemko's site a read!
His website and blog hit such a nerve with me, that I relayed my pathetic story to him via e-mail. He responded and was very kind.
I highly recommend giving Dr. Nemko's site a read!
Tuesday, March 3, 2009
Out #1: Earn More Money to Make the Student Loan Payment
Earning more money is probably the most obvious option for someone who needs to make their student loan payments. But this is also the most difficult out to address. Most people would already be making more money if they were capable.
Everyone immediately jumps to the conclusion they should go back to school for a degree in order to make more money. This also has the added benefit of deferring any student loans you have. Unfortunately, you will plunge into more debt, and you may be in the same boat when you graduate. Earning your degree is a gamble as there is no guarantee that you will be able to get a job or the salary you expect.
If you do proceed with college, go for an inexpensive certificate or two year degree. Many community colleges offer courses for less than $100 per credit. Blue collar jobs often pay as much as those requiring a Bachelors or Masters! Usually hands on, technical skills have the highest ROI (Return On Investment).
You can also learn on your own. Do not underrate this. It demonstrates that you are motivated, a self-starter and responsible.
If you have a skill that is currently in demand, you can teach a class. Check for teaching opportunities at local colleges, high schools (continuing education), and even some retail stores (such as Michaels if you are talented in the arts).
Starting a business is also an option, but usually requires a large investment of time and money. Research the possible drawbacks before proceeding.
Everyone immediately jumps to the conclusion they should go back to school for a degree in order to make more money. This also has the added benefit of deferring any student loans you have. Unfortunately, you will plunge into more debt, and you may be in the same boat when you graduate. Earning your degree is a gamble as there is no guarantee that you will be able to get a job or the salary you expect.
If you do proceed with college, go for an inexpensive certificate or two year degree. Many community colleges offer courses for less than $100 per credit. Blue collar jobs often pay as much as those requiring a Bachelors or Masters! Usually hands on, technical skills have the highest ROI (Return On Investment).
You can also learn on your own. Do not underrate this. It demonstrates that you are motivated, a self-starter and responsible.
If you have a skill that is currently in demand, you can teach a class. Check for teaching opportunities at local colleges, high schools (continuing education), and even some retail stores (such as Michaels if you are talented in the arts).
Starting a business is also an option, but usually requires a large investment of time and money. Research the possible drawbacks before proceeding.
Monday, February 23, 2009
Out #2: Spend Less So That You Will Have More Money to Make Your Loan Payment
Spending less money so that you have more to pay down your student loans is a no-brainer. However, how can you spend less whenever you think there is nothing you can spend less on or you can eliminate altogether?
The best tool for spending less is to create a spending plan. But you can't create a spending plan unless you know what you are currently spending your money on! The best thing to do is track your spending for a month or two. Every penny gets recorded! At the end of the month, gather up your financial records for the previous year (bank statements, canceled checks, etc.). With this information in hand, you are now able to create a spending plan. Time to start trimming!
There are many great reference books on how to create effective spending plans. I highly recommend Making the Most of Your Money by Jane Bryant Quinn. If your local library doesn't have it, you can request them to get it for you via interlibrary loan.
Ms. Quinn also lists some great ways to lower your expenditures. And there are many ways of doing this.
Shelter - I remember that in grad school every month I spent one of my bi-weekly paychecks on rent! If you are renting, try moving to a cheaper apartment or finding a roommate to share expenses. If you own your home, rent out a room to bring in some extra cash. You can eliminate a monthly housing payment altogether if you can mooch off a financially stable relative or friend for awhile.
Food - Each month half of my other bi-weekly paycheck that didn't go towards rent was spent on food! Coupons are a must for the thrifty food shopper. Shopping at more than one store is prudent. Watch the ads. Items go on sale in cycles, and you will learn to forecast when certain products will go on sale. Most of the time the same items will not be on sale at the same time at all stores. Buy in bulk. If the food will go bad before you use it, start a group of money-conscience shoppers such as yourself and buy together. Split the groceries among the group.
Clothing - Buy used from yard sales and thrift shops. If you want upscale clothing, goto thrift shops in wealthier neighborhoods. Depending on what you are making, you can save money by sewing garments yourself. But most of the time this is true only with clothes made from expensive fabrics (which you probably don't want to spend the money on, anyway). Alter and repair old clothes instead of buying new. If you don't know how to sew, take it to a seamstress and get a quote. Take boots and shoes into cobblers for repairs (such as worn sole).
If you belong to a church or house of worship, oftentimes they have programs to assist with basic necessities such as rent, utilities, food and clothing.
When buying anything online, google "coupons" and the store you will be buying from. Very often you will find a coupon that will offer you extra savings.
If you are thinking about going to college, research if the college you are interested in offers tuition breaks or waivers to employees. If it does, seek employment there. Most colleges (that I know of) offer tuition discounts or full-tuition waivers for staff and faculty (and sometimes includes spouses and children of staff and faculty too). Staff includes AAs (secretaries), janitors, grounds keepers, etc., so you don't necessarily need an education or training to work at a college! You can also look into whether your current employer offers tuition assistance.
The best tool for spending less is to create a spending plan. But you can't create a spending plan unless you know what you are currently spending your money on! The best thing to do is track your spending for a month or two. Every penny gets recorded! At the end of the month, gather up your financial records for the previous year (bank statements, canceled checks, etc.). With this information in hand, you are now able to create a spending plan. Time to start trimming!
There are many great reference books on how to create effective spending plans. I highly recommend Making the Most of Your Money by Jane Bryant Quinn. If your local library doesn't have it, you can request them to get it for you via interlibrary loan.
Ms. Quinn also lists some great ways to lower your expenditures. And there are many ways of doing this.
Shelter - I remember that in grad school every month I spent one of my bi-weekly paychecks on rent! If you are renting, try moving to a cheaper apartment or finding a roommate to share expenses. If you own your home, rent out a room to bring in some extra cash. You can eliminate a monthly housing payment altogether if you can mooch off a financially stable relative or friend for awhile.
Food - Each month half of my other bi-weekly paycheck that didn't go towards rent was spent on food! Coupons are a must for the thrifty food shopper. Shopping at more than one store is prudent. Watch the ads. Items go on sale in cycles, and you will learn to forecast when certain products will go on sale. Most of the time the same items will not be on sale at the same time at all stores. Buy in bulk. If the food will go bad before you use it, start a group of money-conscience shoppers such as yourself and buy together. Split the groceries among the group.
Clothing - Buy used from yard sales and thrift shops. If you want upscale clothing, goto thrift shops in wealthier neighborhoods. Depending on what you are making, you can save money by sewing garments yourself. But most of the time this is true only with clothes made from expensive fabrics (which you probably don't want to spend the money on, anyway). Alter and repair old clothes instead of buying new. If you don't know how to sew, take it to a seamstress and get a quote. Take boots and shoes into cobblers for repairs (such as worn sole).
If you belong to a church or house of worship, oftentimes they have programs to assist with basic necessities such as rent, utilities, food and clothing.
When buying anything online, google "coupons" and the store you will be buying from. Very often you will find a coupon that will offer you extra savings.
If you are thinking about going to college, research if the college you are interested in offers tuition breaks or waivers to employees. If it does, seek employment there. Most colleges (that I know of) offer tuition discounts or full-tuition waivers for staff and faculty (and sometimes includes spouses and children of staff and faculty too). Staff includes AAs (secretaries), janitors, grounds keepers, etc., so you don't necessarily need an education or training to work at a college! You can also look into whether your current employer offers tuition assistance.
Monday, February 16, 2009
Added Countdown to Freedom!
I just added a new feature to my blog ... my countdown to F-R-E-E-D-O-M! I know that it isn't the greatest countdown ticker in world, but I designed it myself - quickly! I knew I wanted it to look something like the ball dropping for the new year in Times Square. The payment of my student loans will be bring financial freedom and a new beginning for me. And I thought the disco ball would bring some glitz :-)
I am hoping to have the $28k balance paid in full by the middle of 2010 and preferably in May, June or July - the 11th anniversary of my last semester as a full-time student. It was the last time I took out student loans. It would take another 3 years (13 years after I left school!) instead of little over a year if I just pay the minimum! I will update the countdown monthly to reflect my repayment status.
Wish me luck!
I am hoping to have the $28k balance paid in full by the middle of 2010 and preferably in May, June or July - the 11th anniversary of my last semester as a full-time student. It was the last time I took out student loans. It would take another 3 years (13 years after I left school!) instead of little over a year if I just pay the minimum! I will update the countdown monthly to reflect my repayment status.
Wish me luck!
Subscribe to:
Posts (Atom)
