Working For Financial Freedom

A Memorial Day Salute

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This Memorial Day weekend we honor and remember those who have made the greatest sacrifice for their country.

While my heart aches for all of those who have lost loved ones; know that there are Americans out there who will never forget the sacrifice that they so bravely made.

Don’t miss Dave Ramsey’s Memorial Day Weekend Salute. A special one hour edition of The Dave Ramsey Show entitled “Military Families” will air Monday, May 26th at 11 am EST and 8 pm EST. The show features Dave’s recent trip to Fort Carson, Colorado where he addressed over 1,700 service members. I look forward to seeing this.

Semper Fi!

Photo by BlueDaisy

Posted in Military Finance | No Comments »

Senate Passes the New Gi Bill

As part of the Iraq War Funding Bill the New GI Bill was just passed this afternoon in the Senate. Soon it will be on the President’s desk for veto or approval.

What kind of benefits would the New GI Bill provide?

Check out the New GI Bill’s website here for the complete list of benefits. GIBill2008.org also includes a state by state breakdown of benefits. They include:

* a monthly living allowance
* $1,000 a year for books and supplies
* full tuition paid directly to the school (capped at the highest in-state tuition rate).

Passage of this bill would have a positive impact on thousands including my family. My husband (pictured with his unit above in a picture from Iraq in 2003) would be eligible for the New GI Bill. Along with my brother who is currently attending college and working two jobs. The current GI Bill doesn’t even cover all of his tuition even though he is attending a state school and paying in-state tuition. He doesn’t qualify for Pell Grants to cover the remaining cost of tuition because he receives the GI Bill. I too am a veteran and am eligible for the GI Bill. I don’t qualify for the New GI Bill because my enlistment ended before 9/11.

For more on the New GI Bill and the Post 9/11 Veteran’s Educational Assistance Act:

Post 9/11 Veteran’s Education Assistance Act Fact Sheet

Posted in College | 1 Comment »

How To Blow Your Budget - 5 Simple Ways

Awhile back Paid Twice shared how she budgets; some great advice for anyone learning how to budget or wanting to change their budgeting strategy.

I thought I’d add onto what she has shared with my thoughts on how to blow a budget (or 5 things you shouldn’t do).
Estimate - You *think* you have $100 left for groceries so you go and spend $98. Only to find out later you really only had $50. Oops.

• Don’t Write It Down - Take money out of the ATM and don’t record it for a week. Lose receipts and forget about that automatic payment you scheduled for your cell phone bill.

• Forget to Cancel - Don’t use your gym membership anymore? Well, every month you forget to cancel your membership is another $30, $40, $50 or whatever you pay lost that could go towards other more important budget items (like paying off debt, savings, retirement, emergency fund).

• Get Lazy - Get Chinese take-out for dinner after a long day and put off paying bills only to incur late fees. It can be hard to be frugal or 100% gazelle intense all the time when it comes to being on track with your budget. But when you start getting lazy, your unplanned spending will go up and that is when you will go over budget.

• Don’t Budget - And the best way to blow your budget is NOT to budget. We did this and this is one of the contributing factors to our credit card debt. For example, I had it in my head that we could spend $300 a month on groceries. I never took the time though to see what we were ACTUALLY spending and make a written budget. If I had I would have seen that we were actually spending more like $600+ a month on food (this is before I started shopping sales and using coupons).

How have you blown your budget? 

For more reading on budgets (with tips that actually work) check out the following:

What is a Budget?

How To Make A Budget that Works

Key Strategies to a Successful Budget

Photo by Woodsy

Posted in Budgeting | 4 Comments »

Don’t Bail on Your 401k

Earlier this year when the stock market really started to dive I got a little nervous. There was no way I was going to take money out of our 401k although I wondered if I should change my future contributions to go to different funds. After getting some feedback both in comments and reading some really great advice on the net I changed nothing. I left the 401k alone and we continued to contribute 4% of my husband’s pay (we are doing the minimum right now to get the company match. We’ll up it later after we pay off our debt).

I stopped checking as often as I used to on the progress of our 401k. Whenever I did I would see the Year To Date Return numbers look this -10.9 and -8.2. Yes, those are negative signs in front of those numbers!

I am happy to report that we are finally in the positive.

• Personal Rate of Return from 01/01/2008 to 05/19/2008 is 1.6%

Of course this really doesn’t mean too much because tomorrow the account could be back in negative numbers again. Oil hit $129 a barrel today and is edging closer to $130 so the stock market is taking a beating. What is shows is that the market will improve. It may not all happen tomorrow and it might just taken some time to do it.

It’s ok to be nervous when the stock market takes a dive. But trying to keep up with (or ahead of) market fluctuations is like trying to convince your two year old to go back to sleep when he awakens at 5:30 am bright eyed and bushy tailed. It’s almost always fruitless.

Photo by OmirOnia

Posted in Investing | 3 Comments »

5 + 1 = A Minivan?

Pssstt…Can I share a little secret with ya’ll? One that has been a contributing factor to my extended absence from this blog?

Well, later this year we will be adding to our family! Baby Boy #4 is due October 2nd! (and yes, that is FOUR boys, not just 4 kids. Wish me luck!)

We are really excited about the upcoming addition. We have been trying for quite awhile for one more.

With the arrival of the 4th little guy we are going to be in need of a bigger vehicle. We currently have a Ford F-150 Supercrew, Mustang and Ford Ranger. The Mustang will be sold as soon as we get a buyer for the house. The F-150 is the truck we use for the family and it seats six. BUT, only 3 can sit in the back seat and I don’t feel comfortable putting my oldest (almost 10) in the front seat. We do have an automatic sensor that turns off the airbags if the passenger weighs less than 90 pounds. From what I’ve read experts recommend that the child is at least 12 before they sit in the front seat. So, now we will be saving up money to buy a new (to us) vehicle.

I’m feeling fine now, so glad to be done with morning sickness. And the little guy looks healthy and I’m already feeling his kicks.

Thanks for letting me share my news

Posted in Life | 4 Comments »