Well, I finally got off my butt and opened up an online saving account. So which did I choose? INGdirect of FNBO?
Actually my crummy credit made the choice for me. I initially tried FNBO but they turned me down for an online savings account. So to INGdirect I went with great fear and trepidation but apparently they like my money more than my credit and I was in! I moved $5000 out of my checking and into my new online account. 2.39% interest is much better than 0.05%.
On another front, I sat down last night with all of my tax information and entered it into TaxAct. I knew that withdrawing my retirement would bite me and it did, but not as badly as it could have. I won't have to pay any in and should actually get around $1900 back. That's a steep cut for someone who's used to getting around $4500 back each year. That retirement withdrawal kicked my adjusted gross income up to $48000 for 2008.
I wish I could have done things differently but that withdrawal saved my a** in 2008. I essentially went 4 months without a paycheck. Had it not been for that money I honestly don't know how I would have paid my bills. Yes I worked during some of those four months but I wound up making less than $1000 for the time I worked at the restaurant and didn't get paid until December for the hospital work I did in November. That retirement carried me through those months, paid for a few unpaid bills (still lots more of those to go through), saw me through Christmas, paid for this semester's college tuition and books, and what's left is in savings.
Where I'm at now?
~ $1000 in my brick and mortar bank savings
~ $5000 in online savings
~$500 cash savings
~ an average paycheck of $600 every two week
~ $600 per month in child support.
Bills:
~$1000 for mortgage/utilities/food
~$245 car payment
~$106 student loan payment
~$68 car insurance
~$75 automatic savings withdrawal
~$40 cell phone (teenage daughter's)
~$60 cell phone every 3 months (my prepaid and kid's prepaid) or $20/month
~$80 fuel for car
This leaves roughly $166 per month for miscellaneous/bill payments. I'm debating requesting a deferment on my current student loan payment as I'm now back in school again. I also have $50 from each paycheck withdrawn for my flex account to cover doctor co-pays and medicine. I know that once we start with the rheumatology appointments for Anime that money is going to go fast.
I started getting organized with my paperwork. Started being the key word. Things are sorted but I still have not written them all out on paper to total the amount of medical bills owed. Yes, I know that needs to get done asap.
At least through my job at the hospital we have health and dental insurance at an affordable rate. I also pay $10 a month for life insurance. My main worry right now is that Mr. Ex would not be able to pay his child support. I really hate being dependent upon that.
I think I need to sit down and write an About Me post to summarize where I've been financially in my life. But first I should total up that debt, don't you think?!
Monday, January 26, 2009
Sunday, January 18, 2009
Financial Aid/Dependence
I am officially a college student once again. You can read about it over here. Since I am running behind, my financial aid package isn't processed yet. I wrote a check out on Friday for $1536 for 7 credits. OUCH! Add in the costs of textbooks to the tune of $402 for a total of $1938 spent in one day.
I'm debating now as to whether or not to take the full amount of the loan I'm offered. The preliminary figures suggest that I will be offered a subsidized loan somewhere around $5000 dollars with roughly a 6% interest rate. My initial plan was to take only what I needed to cover this semesters costs. However, Mr. Ex has recently informed me that he left his current job to open up a start-up company and that finances will be fairly tight for him for the next several months.
This puts me in a bind. I now depend upon his child support to make sure bills are paid and the kid's needs are met. If he were even to be late with his child support it would throw my finances into an even bigger mess. Now I'm wondering if I should take the full loan amount and bank the difference in the event the Mr. Ex has financial problems. This is part of my push to go back to school . . . so that I don't ever have to be dependent on someone else financially. I'd ultimately like to be able to take what he send for child support, split it by thirds, and bank the money for each child. Right now that isn't an option but my goal is to make it a reality.
I'm debating now as to whether or not to take the full amount of the loan I'm offered. The preliminary figures suggest that I will be offered a subsidized loan somewhere around $5000 dollars with roughly a 6% interest rate. My initial plan was to take only what I needed to cover this semesters costs. However, Mr. Ex has recently informed me that he left his current job to open up a start-up company and that finances will be fairly tight for him for the next several months.
This puts me in a bind. I now depend upon his child support to make sure bills are paid and the kid's needs are met. If he were even to be late with his child support it would throw my finances into an even bigger mess. Now I'm wondering if I should take the full loan amount and bank the difference in the event the Mr. Ex has financial problems. This is part of my push to go back to school . . . so that I don't ever have to be dependent on someone else financially. I'd ultimately like to be able to take what he send for child support, split it by thirds, and bank the money for each child. Right now that isn't an option but my goal is to make it a reality.
Friday, January 2, 2009
A Very Untrained Slayer
I'm ashamed to say that the amount of debt slayage for 2008 equals zero.
The amount of debt increase is yet to be determined. Many medical bills were accrued throughout the latter part of 2008. Lack of health insurance and a sick child will do that to you.
Happily, we now have some health insurance in effect with my new job. I received the cards in today's mail! While that relieves some stress, it's not going to cover a whole lot of potential medical bills coming up. I've made the decision to apply for the Children's Health Insurance Plan that all states offer to qualifying families. Here's hoping that we qualify.
My mission, should I accept to choose it, is to face reality and quit playing ostrich, and total up the amount owed to all parties, medical and otherwise. I have to admit that this really scares me. If I don't do it, though, then I'm not being responsible with what money I do have, and I'm not setting a good example for my kids to follow.
I will be adding more debt in 2009. I will be taking out loans to go back, yet again, for another degree, this one in nursing. The big battle though, is facing my fear of money, and working through that fear. This is the year that I need to begin slaying those financial demons.
The amount of debt increase is yet to be determined. Many medical bills were accrued throughout the latter part of 2008. Lack of health insurance and a sick child will do that to you.
Happily, we now have some health insurance in effect with my new job. I received the cards in today's mail! While that relieves some stress, it's not going to cover a whole lot of potential medical bills coming up. I've made the decision to apply for the Children's Health Insurance Plan that all states offer to qualifying families. Here's hoping that we qualify.
My mission, should I accept to choose it, is to face reality and quit playing ostrich, and total up the amount owed to all parties, medical and otherwise. I have to admit that this really scares me. If I don't do it, though, then I'm not being responsible with what money I do have, and I'm not setting a good example for my kids to follow.
I will be adding more debt in 2009. I will be taking out loans to go back, yet again, for another degree, this one in nursing. The big battle though, is facing my fear of money, and working through that fear. This is the year that I need to begin slaying those financial demons.
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