Heyy, I've been away from The Long Road to Financial Freedom, so that I could devote more of my time to my family over the holidays. I would like to say merry belated Christmas to you, and in a few days, HAPPY NEWYEAR!!
For now, I will be posting a little big irregularly, but come the New Year, I will resume my daily postings for you. I have come up with quite a few ideas for future posts. Among them, are 2 postings that I think you may find especially interesting. The first, I believe I spoke about in an earlier post, is to give a daily update on my battle to become smoke free in the coming New Year. The second one I think you may like more. In one of my earliest posts, I spoke about ways for college kids to make money. What I plan on doing, is to take a practical look into these money-making ways by showing exactly how much money I have made so far from these different ways.
I plan to touch base with you before the New Year, but JUST in case I don't, HAPPY NEW YEAR
Frank
Saturday, December 27, 2008
Saturday, December 20, 2008
Experiment #1: Analysis
Ok, it's been a while since i've been on here. Thankfully, finals are over and I can continue posting. I just added up everything and put them into categories. I broke it into needs/wants, and then from there, I broke the categories down further into sub categories. Here is my finding
Needs- $181.95
- Gas- $50.50
- Other Expenses- $131.45
Wants- $110.08
- Cigarettes- $32.50
- Coffee- $9.41
- Food- $21.19
- Fun/Going out- $46.98
Looking at this, I spent a total of $292.03. Below is the percentage make-up of needs/wants
Needs- 62.31%
Wants- 37.69%
Total- 100%
When I was looking at different budgets, I decided that I don't want my wants to be any more than 30% of my total check. I'm not too far off, only 7.69% off. Out of the wants, I am looking at what I can cut out of my budget, so that my wants will only be between 25%-30%
My most costly want is obviously smoking. I am taking a big step to quitting. Recently at my doctors, I received a prescription for a drug called Chantix. The purpose of it is to reduce the physical side-effects of smoking cessation. I've planned to start taking that and quit for my new years resolution.
If I remove smoking from the list, my wants would be reduced to $77.58, which would make my wants only be 26.57%.
Conclusion- I will be able to meet my goal of spending under 30% of my budget on wants by quitting smoking. Considering smoking is related to my finances, I have decided to post about the progress I will have made quitting smoking. These posts will begin in the new year.
I highly recommend you to try this experiment if you have not already done so. I have become a lot more aware of my spending habits through tracking my weekly spending.
Needs- $181.95
- Gas- $50.50
- Other Expenses- $131.45
Wants- $110.08
- Cigarettes- $32.50
- Coffee- $9.41
- Food- $21.19
- Fun/Going out- $46.98
Looking at this, I spent a total of $292.03. Below is the percentage make-up of needs/wants
Needs- 62.31%
Wants- 37.69%
Total- 100%
When I was looking at different budgets, I decided that I don't want my wants to be any more than 30% of my total check. I'm not too far off, only 7.69% off. Out of the wants, I am looking at what I can cut out of my budget, so that my wants will only be between 25%-30%
My most costly want is obviously smoking. I am taking a big step to quitting. Recently at my doctors, I received a prescription for a drug called Chantix. The purpose of it is to reduce the physical side-effects of smoking cessation. I've planned to start taking that and quit for my new years resolution.
If I remove smoking from the list, my wants would be reduced to $77.58, which would make my wants only be 26.57%.
Conclusion- I will be able to meet my goal of spending under 30% of my budget on wants by quitting smoking. Considering smoking is related to my finances, I have decided to post about the progress I will have made quitting smoking. These posts will begin in the new year.
I highly recommend you to try this experiment if you have not already done so. I have become a lot more aware of my spending habits through tracking my weekly spending.
Sunday, December 14, 2008
Experiment #1 Day #7
Expenditures for Day #7 12/11/08
12:00 - Doctor Co-Pay - $10.00
12:45 - Prescription Co-Pay - $10.00
14:20 - Gas - $15
19:30 - Coors Light Thirty Rack - $24.99
19:35 - Wendy's Dollar Menu Items - $3.15
Total - $63.14
Total So Far - $299.16
12:00 - Doctor Co-Pay - $10.00
12:45 - Prescription Co-Pay - $10.00
14:20 - Gas - $15
19:30 - Coors Light Thirty Rack - $24.99
19:35 - Wendy's Dollar Menu Items - $3.15
Total - $63.14
Total So Far - $299.16
Experiment #1 Day#6
Hey, I've been MIA for a few days. I decided to head home for the weekend to relax before finals this week. I have two tests tomorrow (Monday), and then one on Wednesday & Thursday. So I may not be posting too much between now and Thursday. I have decided to cut the length that I track my spending to 7 days. By the weekend, I will have analyzed the data and I will put it up in a post for you.
Expenditures for Day#6 12/10/08
16:40 - Dunkin Donuts Large Coffee - $2.15
20:15 - Cigarettes - $6.50
20:15 - Amp Energy Drink + Large DD coffee - $4.60
Total - $13.25
Total So Far - $236.55
Expenditures for Day#6 12/10/08
16:40 - Dunkin Donuts Large Coffee - $2.15
20:15 - Cigarettes - $6.50
20:15 - Amp Energy Drink + Large DD coffee - $4.60
Total - $13.25
Total So Far - $236.55
Tuesday, December 9, 2008
Experiment #1 Day #5
Expenditures for Day#5 12/09/08
12:40 - Dunkin Donut's Large Hot Coffee - $2.15
16:50 - Dunkin Donut's Large Hot Coffee - $.96 (she charged for me a donut! =))
16:50 - Amp Energy Drink - $2.25
21:05 - Cigarettes - $6.50
Total - $ 11.86
Total So Far -$ 223.30
***Today I received $15 Dollars, via paypal, from completed surveys***
IF YOU STUMBLED UPON THIS EXPERIMENT RECENTLY, YOU CAN CHECK OUT THE PAGE THAT INTRODUCES THIS EXPERIMENT HERE
12:40 - Dunkin Donut's Large Hot Coffee - $2.15
16:50 - Dunkin Donut's Large Hot Coffee - $.96 (she charged for me a donut! =))
16:50 - Amp Energy Drink - $2.25
21:05 - Cigarettes - $6.50
Total - $ 11.86
Total So Far -$ 223.30
***Today I received $15 Dollars, via paypal, from completed surveys***
IF YOU STUMBLED UPON THIS EXPERIMENT RECENTLY, YOU CAN CHECK OUT THE PAGE THAT INTRODUCES THIS EXPERIMENT HERE
ING Direct: The Orange Savings Review
You've heard of ING Direct. You may not have an account there for many reasons. I will be giving an in-depth review of the online Savings Account, the "Orange Savings," that ING Direct offers.
ING Direct is a subsidiary of the dutch based ING Group. ING Direct first opened for business in Canada in 1997. Soon after, in 2000, ING Direct made its way to the U.S.
I opened my own "Orange Savings" about a year ago. I decided to give it a try after being bombarded by ING Direct advertising. They had a very aggressive advertising campaign, and I wanted to try them out, to see if they are everything they claim to be.
Signing up was extremely straight forward. They ask the basic info required to open any bank, Name, DOB, SS#, and a few other things. However, the whole website is EXTREMELY user-friendly.
After my account was opened, it had to be linked to one of my other banking accounts, via a check link. All that you have to do it to give the bank account # and the check routing # to ING Direct. Soon, they will deposit 2 small amounts into your checking. You just have to confirm the 2 small amounts and then your all set!
BENEFITS OF THE ORANGE SAVINGS ACCOUNT
High Interest.
ING Offers many other services.
It takes a few days, from the time you request funds, until the time they are available to use. This helps cut down on those pesky impulsive purchases!
Offers Direct-Deposit.
You can submit a Direct-Deposit form, to your employer, so you can automatically have a percentage of your paycheck automatically deposited into your Orange Savings Account.
Ability to create Sub-Accounts + Name them
Overall, I would recommend this as your sole savings account. It is definitely mine. If anyone is interested in opening an account AND receiving $25 dollars for opening that account. Email me and I can refer to the site!
ING Direct is a subsidiary of the dutch based ING Group. ING Direct first opened for business in Canada in 1997. Soon after, in 2000, ING Direct made its way to the U.S.
I opened my own "Orange Savings" about a year ago. I decided to give it a try after being bombarded by ING Direct advertising. They had a very aggressive advertising campaign, and I wanted to try them out, to see if they are everything they claim to be.
Signing up was extremely straight forward. They ask the basic info required to open any bank, Name, DOB, SS#, and a few other things. However, the whole website is EXTREMELY user-friendly.
After my account was opened, it had to be linked to one of my other banking accounts, via a check link. All that you have to do it to give the bank account # and the check routing # to ING Direct. Soon, they will deposit 2 small amounts into your checking. You just have to confirm the 2 small amounts and then your all set!
BENEFITS OF THE ORANGE SAVINGS ACCOUNT
High Interest.
Compare for yourself.
- ING Orange Savings - 2.75% apy
- Citizens Bank - 0.25% apy
- Eastern Bank - 0.25% apy
- Sovereign Bank - 0.25% apy
- Rockland Trust - 0.25% apy
- Bank Of America Savings - 0.20% apy
- Century Bank - 0.10% apy
ING Offers many other services.
- Sharebuilder
- Electric Orange Checking Account
- Orange CDs
- Orange Mortgage Accounts
- Orange Home Equity Loans
- Orange Investment Mutual Fund Accounts
- Orange Retirement Accounts (IRAs)
It takes a few days, from the time you request funds, until the time they are available to use. This helps cut down on those pesky impulsive purchases!
Offers Direct-Deposit.
You can submit a Direct-Deposit form, to your employer, so you can automatically have a percentage of your paycheck automatically deposited into your Orange Savings Account.
Ability to create Sub-Accounts + Name them
Overall, I would recommend this as your sole savings account. It is definitely mine. If anyone is interested in opening an account AND receiving $25 dollars for opening that account. Email me and I can refer to the site!
Experiment #1 Day #4
Expenditures for Day #4 12/08/09
Just two bags of Doritos Chips - $2.00
Total - $2.00
Total so far - $211.44
Just two bags of Doritos Chips - $2.00
Total - $2.00
Total so far - $211.44
Sunday, December 7, 2008
Experiment #1 Day#3
Expenditures for Day #3 12/7/08
18:00 - Stamp - $.45
Total - $.45
Total So Far - $209.44
18:00 - Stamp - $.45
Total - $.45
Total So Far - $209.44
Saturday, December 6, 2008
Experiment #1 Day #2
Expenditures for Day #2 12/6/08
13:30 - Atm Fee - $2.00
13:45 - Contact Lenses - $95.00
20:00 - Marlboro Menthol Lights - $6.50
Total Spent on 12/6/08 - $103.50
Total So Far - $208.99
It is only the second day and I'm starting to get a little worried. Out of my $270 check, I only have $61.01 remaining. I'm going to have to conserve a LOT! Luckily, thanks to some surveys I've recently redeemed, I will have around $15.00 dollars coming in before the end of the week.
13:30 - Atm Fee - $2.00
13:45 - Contact Lenses - $95.00
20:00 - Marlboro Menthol Lights - $6.50
Total Spent on 12/6/08 - $103.50
Total So Far - $208.99
It is only the second day and I'm starting to get a little worried. Out of my $270 check, I only have $61.01 remaining. I'm going to have to conserve a LOT! Luckily, thanks to some surveys I've recently redeemed, I will have around $15.00 dollars coming in before the end of the week.
Experiment #1 Day #1
Below are the expenditures on 12/05/08
11:15 - Medium Coffee from Dunkin Donuts - $2.00
11:15 - Marlboro Menthol Lights - $6.50
11:30 - Gas - $35.50
11:30 - Coca-Cola - $1.75
11:15 - ATM Fee - $3.00
12:52 - McDonalds - $5.00
15:30 - Haircut + Tip - $16.00
18:30 - Atm Fee - $1.75
18:30 - 375 mL Smirnoff Vodka - $6.99
18:30 - 2 Red Bulls - $5.50
18:30 - Coors Light 18pk - $15.00
21:00 - Marlboro Menthol Lights - $6.50
Total for 9/5/08 - 105.49
11:15 - Medium Coffee from Dunkin Donuts - $2.00
11:15 - Marlboro Menthol Lights - $6.50
11:30 - Gas - $35.50
11:30 - Coca-Cola - $1.75
11:15 - ATM Fee - $3.00
12:52 - McDonalds - $5.00
15:30 - Haircut + Tip - $16.00
18:30 - Atm Fee - $1.75
18:30 - 375 mL Smirnoff Vodka - $6.99
18:30 - 2 Red Bulls - $5.50
18:30 - Coors Light 18pk - $15.00
21:00 - Marlboro Menthol Lights - $6.50
Total for 9/5/08 - 105.49
Thursday, December 4, 2008
Experiment #1 (Continued)
Tomorrow is coming upon us fast. I can't wait until after it is over, so I can find out what I waste my money on. Also, one thing I might change is instead of tracking my money for one week, I will track it for two weeks. I figure this is more practical considering I get paid every two weeks. I received my bi-weekly pay-stub yesterday, even though my direct deposit does not credit until tomorrow morning. I will have 275 to last me two weeks. I'm really hoping I can make it stretch.
My Published Article In Associated Content!
I know this does not really have much to do with the theme of this blog, I'm really excited that my article was published. Here is my article. Let me know what you think.
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