Money Monday: Embarrassment

Well, my bank balances embarrass me this bright Monday morning.

I didn’t go totally crazy buying a ton of stuff I didn’t need, but I did make a few impulse purchases. Today, I need to buy oil for the truck, milk, and cereal. That should be all I need to spend for the next few days. I get paid tomorrow night, so it will be better by Wednesday.

Hmm, I’m experiencing a great deal of resistance at the idea of posting this. But I should, in the interest of honesty.

The Positives:
Bank Savings:                                          $25.01
Bank Checking:                                       $25.00
Credit Union Checking:                            $49.43
Credit Union Savings:                                $0.72
Black Belt* Savings:                               $601.27
Summer (7/2011) Buffer Club Savings:          $5.00
Summer (6/2011) Buffer Club Savings:        $10.00

The summer buffer for July was deposited into my acct a few days ago, and, yes, I needed it, a little too much. I was initially hoping to roll at least half of it over to next year, but I needed it. There were a couple of bills that I almost forgot to pay, which is embarrassing.

Am I not an adult? Can I not handle things like this? I need to improve my memory systems. And clamp down on my spending.

One mistake I made was doing the bulk of my grocery shopping this week at SaveMart instead of Food Source. When I do that, I spend about $20-30 more, and I know it. I should be able to make sure I do that.

Money Monday

In the interest of accountability for my finances, I’m going to write about finances on Mondays.

Mondays are often when I feel a spending hangover and panic from the weekend spending.

I’ll talk about my budget and such on other occasions. Today, I’m just going to start off simple, with bank balances and savings goals.

I use YNAB (You Need A Budget) to track my balances and spending.

First, some background: I have some debt that is in collections from my bottom point. It’s been almost 4 years, and I have not made any payments on it. I will not track that here. I may eventually declare bankruptcy for that debt. It’s around $10,000, most of which is interest and late fees at this point. This means my credit is trash already, but I’m trying to be diligent about my current debt (mostly student loans).

I recently set up accounts at another institution from my primary credit union. The credit union is my primary account, the bank is my new savings and business checking.

The Positives:
Bank Savings:                                          $25.01
Bank Checking:                                       $25.00
Credit Union Checking:                          $326.18
Credit Union Savings:                                 $0.72
Black Belt* Savings:                               $601.27
Summer (2010) Buffer Club Savings:       $205.43
Summer (2011) Buffer Club Savings:         $10.00

The Negatives:
Checking OverDraft/Personal Loan:       $382.53
Student Loan Company A:                 $2,160.71
Direct Loans:                                   $21,692.90
Perkins Loan:                                    $5,760.00

*My credit union offers what they call “Club” accounts that one can name the terms of when they mature. It has to be a minimum of 3 months, to a maximum of 5 years. You can add to it any time, and start with a small balance. It’s modeled on the old idea of Christmas Clubs, where people used to save money for Christmas spending. With the customization, the small amounts needed to start, and the slightly higher than the savings account interest rate, I think it’s a great tool for me to use to save for specific things.

So, this is where I am now. Next Monday: My Ideal Budget.