I started my undergraduate college in 1967. It was a revelation, and I can honestly say it opened my eyes to a whole new world outside of the small, homogenous, working class coastal town I'd grown up in. I was the first one in my family to even consider higher education. Heck, my mother was the only one who finished high school.
Thanks to scholarships, my college education cost me $54 a term.
But clearly it's a different world out there now.
This article from CNN just makes me sad.
Sad and angry--especially angry that an education could possibly cost anyone that much money, and sad that anyone would really think it is worth it to incur that level of debt.
I have five daughters, only two of whom have yet tried college. One started at age 30 and put herself through three years with Pell grants and her own earnings. She quit when a summer internship led her to the job of her dreams with the state. Another went for one semester, borrowing a small amount to supplement what her mother (Ahem! That would be Grace!) had saved for her. Had she not dropped out to be with her boyfriend (a whole other story, and needless to say, the boyfriend was history shortly thereafter!), I was prepared to sell my rental property in order to keep her in school.
But to incur $50,000+ in student loans? Or $100,000? Wow! Where were the parents? Didn't they offer any money or advice along the way? Where did these young people think their loan payments were going to come from?
I can't help it. I'm just shaking my head.
Friday, July 15, 2011
Sunday, July 10, 2011
Age or Stress or Both?
Although I sometimes take issue with her answers, there's no doubting that Morrison at "All Doors Considered" often asks the right questions. In this post, she talks about juggling bank accounts and making mistakes. What she wants to know is if the mistakes are related to age or to financial stress.
First of all, let me raise my hand when it comes to making mistakes when using more than one bank account.
Two months ago, in order to score a free $125, I opened a Chase Bank checking account. To make sure that there are no monthly fees, I had to have a direct deposit of at least $500 per month. That didn't appear to be a problem because I have my primary mortgage with Chase, so my plan was to deposit enough money in the account once per month to cover the mortgage payment. Unfortunately, my employer insists that the same amount come out of each of my two paychecks to go into whatever bank accounts I direct. This is the trade-off for being allowed to direct deposits into two different accounts.
Bottom line? I now have to decide which bills come out of which account. It's not rocket science, but for some reason, my age-addled brain has been having problems figuring this out.
So it's my age, right?
Or could it be stress, because the REAL bottom line is that there isn't quite enough in either account to fully cover all of my bills plus my WAM (Walking Around Money, which includes my food budget and gas for the car).
Still, if I had to bet, I'd bet it's mostly about my age, and not my stress level.
I so often find myself groping for a name or a word, even though I have always prided myself on my memory. I know this is a function of being 62, but that doesn't mean I'm happy about it.
I dislike crossword puzzles, but I make myself do the New York Times Crossword daily because someone told me it was a way to prevent memory loss. Yet more and more, I find that I cannot complete the puzzle in one setting. I have to put it aside and come back to it at least an hour later, at which point I can somehow put together the words that failed me the first time.
If it weren't that the alternatives are worse, I'd really hate getting older!
First of all, let me raise my hand when it comes to making mistakes when using more than one bank account.
Two months ago, in order to score a free $125, I opened a Chase Bank checking account. To make sure that there are no monthly fees, I had to have a direct deposit of at least $500 per month. That didn't appear to be a problem because I have my primary mortgage with Chase, so my plan was to deposit enough money in the account once per month to cover the mortgage payment. Unfortunately, my employer insists that the same amount come out of each of my two paychecks to go into whatever bank accounts I direct. This is the trade-off for being allowed to direct deposits into two different accounts.
Bottom line? I now have to decide which bills come out of which account. It's not rocket science, but for some reason, my age-addled brain has been having problems figuring this out.
So it's my age, right?
Or could it be stress, because the REAL bottom line is that there isn't quite enough in either account to fully cover all of my bills plus my WAM (Walking Around Money, which includes my food budget and gas for the car).
Still, if I had to bet, I'd bet it's mostly about my age, and not my stress level.
I so often find myself groping for a name or a word, even though I have always prided myself on my memory. I know this is a function of being 62, but that doesn't mean I'm happy about it.
I dislike crossword puzzles, but I make myself do the New York Times Crossword daily because someone told me it was a way to prevent memory loss. Yet more and more, I find that I cannot complete the puzzle in one setting. I have to put it aside and come back to it at least an hour later, at which point I can somehow put together the words that failed me the first time.
If it weren't that the alternatives are worse, I'd really hate getting older!
Wednesday, July 6, 2011
The First Years of Retirement
I've been a fan of Sylvia Bereskin's blog For The First Time: Feminist Women Retiring with Gusto since she first started it. It's never been a financial blog, but rather, a meditation on how retirement changes (or doesn't change) one's life.
Sylvia is giving up her blog, but not without first wrapping up the fears, joys and valid concerns about retirement as she experienced them during the first two years.
It's a fascinating list, and I find myself in some of her descriptions-- does the word 'workaholic' sound familiar? I have been defined by my work for the past 38 years and it scares me a little to think about putting it aside. Not that I would ever give it up entirely--there are still numerous volunteer opportunities in my field. But so much of my life has been planned around my job or my family. The family is grown and, more or less, on their own now.
The work remains constant. What will it feel like to walk away from that?
But reading Sylvia's take on it makes me feel better. We are still making progress even when we leave a huge chunk of our previous life behind. And the adjustments, both positive and negative, can be suprising.
Surprises! My favorite part of life.
Sylvia is giving up her blog, but not without first wrapping up the fears, joys and valid concerns about retirement as she experienced them during the first two years.
It's a fascinating list, and I find myself in some of her descriptions-- does the word 'workaholic' sound familiar? I have been defined by my work for the past 38 years and it scares me a little to think about putting it aside. Not that I would ever give it up entirely--there are still numerous volunteer opportunities in my field. But so much of my life has been planned around my job or my family. The family is grown and, more or less, on their own now.
The work remains constant. What will it feel like to walk away from that?
But reading Sylvia's take on it makes me feel better. We are still making progress even when we leave a huge chunk of our previous life behind. And the adjustments, both positive and negative, can be suprising.
Surprises! My favorite part of life.
Tuesday, July 5, 2011
Quarterly Net Worth
My net worth is up this 2nd quarter of the year from last quarter by nearly $12,550, due largely to increases in value for my home and my rental. This brings my current net worth to $562,755. Before I start celebrating, I need to keep in mind that this is still some $2000 less than what I had in December, 2010.
Thursday, June 30, 2011
June 2011 Wind-Up
OK--vacation's over and now it's back to real life, with no lobster or lazy mornings in sight.
Overall, I stayed within my vacation budget, thanks to my friends who traveled with me and my sister who covered my transportation and housing expenses.
I did decrease my overall debt by another $835.79, which is less than last month, but pretty good considering that it is summer. That leaves my total debt, including mortgage, as $92,610.32.
Onward to July!
Overall, I stayed within my vacation budget, thanks to my friends who traveled with me and my sister who covered my transportation and housing expenses.
I did decrease my overall debt by another $835.79, which is less than last month, but pretty good considering that it is summer. That leaves my total debt, including mortgage, as $92,610.32.
Onward to July!
Sunday, June 26, 2011
Murphy Can Find You--Vacation or Not
Why I thought Murphy would be content to leave me alone while I am on vacation, I'll never know.
The disasters at home (some 3000 miles away!) range from minor (The toilet handle broke so, according to my daughter who is staying a the house while I'm gone, one has to lift off the top of the toilet and flush it by hand--an easy fix that can wait until I get home) to the seriously annoying (someone sideswiped my van parked in front of my home, knocking the front passenger wheel off--my insurance adjuster [thank God for e-mail] has already sent someone out to take pictures and will loan me a free rental car for the repairs when I return) to the crazy-making (As Union president, I was officially notified that our agency will be laying off up to 22% of the staff. While I have too much seniority to be laid off, it is likely we will negotiate an alternative plan for union-wide furloughs, which has a very direct effect on my wages).
Dang! Why couldn't Murphy wait until I get home?
The disasters at home (some 3000 miles away!) range from minor (The toilet handle broke so, according to my daughter who is staying a the house while I'm gone, one has to lift off the top of the toilet and flush it by hand--an easy fix that can wait until I get home) to the seriously annoying (someone sideswiped my van parked in front of my home, knocking the front passenger wheel off--my insurance adjuster [thank God for e-mail] has already sent someone out to take pictures and will loan me a free rental car for the repairs when I return) to the crazy-making (As Union president, I was officially notified that our agency will be laying off up to 22% of the staff. While I have too much seniority to be laid off, it is likely we will negotiate an alternative plan for union-wide furloughs, which has a very direct effect on my wages).
Dang! Why couldn't Murphy wait until I get home?
Friday, June 24, 2011
Vacation On The Cheap
I've been hanging out on Maine coast for the past week, with another week to go.
The trip was possible due to the largesse of my baby sister who has a summer home in Maine.
There's a lot to be said for free airfare (courtesy of my sister's airline miles) not to mention a free (and lovely) home in a picturesque New England town.
Of course, even a free vacation comes with expenses. I rented a car. Fortunately, I am traveling with my sister and another couple we both like. So I split the cost of a vehicle with our guests. We've cooked a fair number of meals which has cut down expenses, but grocery stores don't give the food away. And we're in Maine. Which means lobster! Which means more expense.
Surprisingly, the most famous lobster place we've eaten so far, Red's Eats, turned out to be a disappointment. Lots of ice-cold, tough lobster meat piled on a hot dog bun. We ate better and more cheaply at the local lobster pound.
I did go to L. L. Bean, but I managed to resist their lure. My friends have hit every antique store within a 50 mile radius but I stayed back and read books (Four so far, including Willa Cather's "My Antonia" and "Cutting for Stone.")
I've also been playing tourist, hitting the Farnsworth Museum to see the Wyeth paintings and drawings, along with Louise Nevelson's works. Today, we went to Portland to tour the Wadsworth-Longfellow House. Both times, I was hoping for a senior discount, but on the east coast, to be a senior seems to require at least 65 years of life.
Mostly this vacation is for relaxation, and I'm making the most of it. Good food, good books, good friends, and lots of good times--what more could I ask for?
Especially when it isn't costing me all that much.
The trip was possible due to the largesse of my baby sister who has a summer home in Maine.
There's a lot to be said for free airfare (courtesy of my sister's airline miles) not to mention a free (and lovely) home in a picturesque New England town.
Of course, even a free vacation comes with expenses. I rented a car. Fortunately, I am traveling with my sister and another couple we both like. So I split the cost of a vehicle with our guests. We've cooked a fair number of meals which has cut down expenses, but grocery stores don't give the food away. And we're in Maine. Which means lobster! Which means more expense.
Surprisingly, the most famous lobster place we've eaten so far, Red's Eats, turned out to be a disappointment. Lots of ice-cold, tough lobster meat piled on a hot dog bun. We ate better and more cheaply at the local lobster pound.
I did go to L. L. Bean, but I managed to resist their lure. My friends have hit every antique store within a 50 mile radius but I stayed back and read books (Four so far, including Willa Cather's "My Antonia" and "Cutting for Stone.")
I've also been playing tourist, hitting the Farnsworth Museum to see the Wyeth paintings and drawings, along with Louise Nevelson's works. Today, we went to Portland to tour the Wadsworth-Longfellow House. Both times, I was hoping for a senior discount, but on the east coast, to be a senior seems to require at least 65 years of life.
Mostly this vacation is for relaxation, and I'm making the most of it. Good food, good books, good friends, and lots of good times--what more could I ask for?
Especially when it isn't costing me all that much.
Monday, June 13, 2011
Respect & Debt Collections--That's a concept?
Every time I hear someone (including my own adult kids) say "I'd never work in fast food," I wonder why not? It's not that I'd love asking "Do you want fries with that?" but if that was the only job out there, you can bet Grace would take it.
Still, that begs the real question, which is, 'Are there jobs Grace could handle but would never take?" Sure there are--and becoming a debt collector is chief among them.
Now the New York Times reports that debt collectors want more respect.
Say what?
Did they just use 'respect' and 'debt collector' in the same sentence?
I don't think anyone should have to face profanity or threats over the phone, even people deliberately calling at 8:00 a.m. on a Saturday morning or during the evening dinner hour. But my advice would be the same for the collector in that instance as it is for the person being dunned--HANG UP THE PHONE! What would be lost? Is it at all likely that a debtor threatening to cut off the collector's arms, legs, or more intimate parts has the money to pay the debt?
Am I supposed to be sad for the collector who has trouble getting cell phone numbers for those they are trying to chase down? Do they really think getting access to debtors' e-mail accounts would get the bills paid more quickly? Personally, I think e-mail collections would be fine--isn't that why spam filters and the delete button were invented?
I get a lot of collection calls on my landline since I've had it over twenty years and several of my children use that number on their (unfortunately, delinquent) accounts. Thanks to Caller ID, I seldom bother to pick up any of these calls. But in addition to the robocalls (does anyone really stay on the line when mechanically told "Please hold for an important call?"), lately I've gotten calls left on the answering machine whereby the mechanical voice says "Because you didn't hang up, we can assume that you are [X, the debtor]" and goes on to reveal details of the owed debt that collectors are forbidden to given to third parties.
Hence the lawsuits that the debt collection businesses find so annoying.
Pardon me if I'm not sympathetic.
Really?
It never occurred to you anyone other than the debtor would listen to answering machine messages?
A few years ago, my youngest daughter and I got our kicks harrassing the collectors back, but now I let the answering machine pick up.
I still wouldn't work for a debt collector.
I'd rather sell used cars!
Still, that begs the real question, which is, 'Are there jobs Grace could handle but would never take?" Sure there are--and becoming a debt collector is chief among them.
Now the New York Times reports that debt collectors want more respect.
Say what?
Did they just use 'respect' and 'debt collector' in the same sentence?
I don't think anyone should have to face profanity or threats over the phone, even people deliberately calling at 8:00 a.m. on a Saturday morning or during the evening dinner hour. But my advice would be the same for the collector in that instance as it is for the person being dunned--HANG UP THE PHONE! What would be lost? Is it at all likely that a debtor threatening to cut off the collector's arms, legs, or more intimate parts has the money to pay the debt?
Am I supposed to be sad for the collector who has trouble getting cell phone numbers for those they are trying to chase down? Do they really think getting access to debtors' e-mail accounts would get the bills paid more quickly? Personally, I think e-mail collections would be fine--isn't that why spam filters and the delete button were invented?
I get a lot of collection calls on my landline since I've had it over twenty years and several of my children use that number on their (unfortunately, delinquent) accounts. Thanks to Caller ID, I seldom bother to pick up any of these calls. But in addition to the robocalls (does anyone really stay on the line when mechanically told "Please hold for an important call?"), lately I've gotten calls left on the answering machine whereby the mechanical voice says "Because you didn't hang up, we can assume that you are [X, the debtor]" and goes on to reveal details of the owed debt that collectors are forbidden to given to third parties.
Hence the lawsuits that the debt collection businesses find so annoying.
Pardon me if I'm not sympathetic.
Really?
It never occurred to you anyone other than the debtor would listen to answering machine messages?
A few years ago, my youngest daughter and I got our kicks harrassing the collectors back, but now I let the answering machine pick up.
I still wouldn't work for a debt collector.
I'd rather sell used cars!
Wednesday, May 25, 2011
May Miscellany
1. Back to the subject of health care, I was appalled to read this Politifact article wherein it turns out that Newt Gingrich was correct in pointing out that a substantial number of folks making at least $75,000 a year (21% of all Americans with no health insurance) nonetheless do not have health coverage. Notwithstanding the families like the Dubinskys who cannot get health insurance (or, at least, cannot get it easily), that still leaves a whole lotta folks who don't see health coverage as a primary budget need. What planet are they on?
2. I've got a post in this week's Carnival of Personal Finance, hosted by My Personal Finance Journey. Lots of good reading, and a glimpse into some hotel rooms where Grace will NOT be staying any time soon!
3. It's Memorial Day week-end coming up, so the likelihood of me making another post before next week is not high. I hope everyone enjoys the holiday.
2. I've got a post in this week's Carnival of Personal Finance, hosted by My Personal Finance Journey. Lots of good reading, and a glimpse into some hotel rooms where Grace will NOT be staying any time soon!
3. It's Memorial Day week-end coming up, so the likelihood of me making another post before next week is not high. I hope everyone enjoys the holiday.
Tuesday, May 24, 2011
May Wrap-Up--Lookin' Good
In terms of paying off debt, May is my best month so far this year. A grand total of $1845.09 bit the dust. Of course, this means that there is still $93,446.11 (including my first and second mortgages on my residence) remaining, but I'm feeling very good about this.
With summer on the horizon (not that you would know it from all the rain we're having in the Pacific NW), the chances are not high that June will look as good.
But for now, I'm enjoying the feeling!
With summer on the horizon (not that you would know it from all the rain we're having in the Pacific NW), the chances are not high that June will look as good.
But for now, I'm enjoying the feeling!
Friday, May 20, 2011
Not-So-Extreme Couponing
This has been a financially tight week me.
For one glorious day last week-end I had over a hundred extra dollars.
Then, on Monday, I discovered I'd somehow forgotten to make my $162.00 car payment. It was, at that point, two days overdue with attendant late charges.
I was once again, behind on my budget. When that happens, the only two places to make up the difference are with the gas money or the food money. We all know the story about gas prices, so I was looking forlornly at my food budget and wondering if now was the time to start a starvation diet.
But then I hauled out my coupon stash, stuffed not-so-neatly into an ecologically correct but seldom used reusable grocery bag.
Therein, I found salvation.
For readers who never let fast food darken their palate--STOP READING NOW!
As it happened, my bag held a coupon for a free Arby's chicken salad sandwich and another for a free McDonald's frozen Strawberry Lemonade. Great! They took care of one night's dinner. And isn't it lucky that my neighborhood Arby's is next to the McDonald's?
My handy Entertainment Book had a Jack in the Box coupon for two free tacos. And the newspaper insert was giving away free Lara bars. As it happens, my neighbor always gives me her coupons from the Wednesday paper, so make that TWO free Lara bars. Voila! Another balanced meal!
I was signed up for a two-day educational conference, which took care of breakfast and lunch both days, and, in fact, provided extras for yet another dinner. But wait! There's more! Included in our materials were two coupons for free Starbucks drinks.
So while I don't have shelves full of couponed freebies hidden in my garage, I'm still proud of how I managed to both eat and not spend money this past week. Though maybe next time, I'll just keep a closer eye on that car payment!
For one glorious day last week-end I had over a hundred extra dollars.
Then, on Monday, I discovered I'd somehow forgotten to make my $162.00 car payment. It was, at that point, two days overdue with attendant late charges.
I was once again, behind on my budget. When that happens, the only two places to make up the difference are with the gas money or the food money. We all know the story about gas prices, so I was looking forlornly at my food budget and wondering if now was the time to start a starvation diet.
But then I hauled out my coupon stash, stuffed not-so-neatly into an ecologically correct but seldom used reusable grocery bag.
Therein, I found salvation.
For readers who never let fast food darken their palate--STOP READING NOW!
As it happened, my bag held a coupon for a free Arby's chicken salad sandwich and another for a free McDonald's frozen Strawberry Lemonade. Great! They took care of one night's dinner. And isn't it lucky that my neighborhood Arby's is next to the McDonald's?
My handy Entertainment Book had a Jack in the Box coupon for two free tacos. And the newspaper insert was giving away free Lara bars. As it happens, my neighbor always gives me her coupons from the Wednesday paper, so make that TWO free Lara bars. Voila! Another balanced meal!
I was signed up for a two-day educational conference, which took care of breakfast and lunch both days, and, in fact, provided extras for yet another dinner. But wait! There's more! Included in our materials were two coupons for free Starbucks drinks.
So while I don't have shelves full of couponed freebies hidden in my garage, I'm still proud of how I managed to both eat and not spend money this past week. Though maybe next time, I'll just keep a closer eye on that car payment!
Tuesday, May 17, 2011
Healthcare in Retirement? What Are We Thinking?
There's an interesting new study out from Sun Life Financial that looks at how we currently think about healthcare during retirement.
The study doesn't pretend to give us answers. Its purpose is to see what or how we're approaching retirement healthcare issues.
At least we ARE thinking about it, or at least those of us coming up on retirement are.
But I have to admit, with my retirement date 7.5 years away, the only things I know for sure are that I will be eligible for Medicare (since I expect to retire at age 69, well beyond the date Medicare kicks in, at age 65) and I will have to pay for some level of additional coverage.
I'm not sure that qualifies as a "plan."
While I am lucky to have pretty good health benefits from my current employer, there will be no pension and no continued employer-paid healthcare when I leave. I will have Social Security, Medicare, and my 401 (k). Period.
Where I am fortunate is that I'm not among the 9% of the study responders who have already raided their retirement savings to cover unanticipated medical costs. As longtime readers know, my $47,000 quadruple by-pass surgery two years ago cost me a mere $50 in out-of-pocket medications and follow-up office visits.
At some point, I need to assign a dollar figure to what I will need and what I can get in additional health insurance coverage. To me, that's the point at which I will have a genuine plan.
I did find the study interesting when it posited that 53% of those responding are changing their lifestyle in more positive directions. I believe that, but I'm not sure I believe it is because these people are concerned about future health care costs.
For myself, I'm trying to get healthier because I can't stop getting older, and I'd like to stave off death as long as possible!
The study doesn't pretend to give us answers. Its purpose is to see what or how we're approaching retirement healthcare issues.
At least we ARE thinking about it, or at least those of us coming up on retirement are.
But I have to admit, with my retirement date 7.5 years away, the only things I know for sure are that I will be eligible for Medicare (since I expect to retire at age 69, well beyond the date Medicare kicks in, at age 65) and I will have to pay for some level of additional coverage.
I'm not sure that qualifies as a "plan."
While I am lucky to have pretty good health benefits from my current employer, there will be no pension and no continued employer-paid healthcare when I leave. I will have Social Security, Medicare, and my 401 (k). Period.
Where I am fortunate is that I'm not among the 9% of the study responders who have already raided their retirement savings to cover unanticipated medical costs. As longtime readers know, my $47,000 quadruple by-pass surgery two years ago cost me a mere $50 in out-of-pocket medications and follow-up office visits.
At some point, I need to assign a dollar figure to what I will need and what I can get in additional health insurance coverage. To me, that's the point at which I will have a genuine plan.
I did find the study interesting when it posited that 53% of those responding are changing their lifestyle in more positive directions. I believe that, but I'm not sure I believe it is because these people are concerned about future health care costs.
For myself, I'm trying to get healthier because I can't stop getting older, and I'd like to stave off death as long as possible!
Friday, May 13, 2011
Grace and the Gas Monster
The rising price of gasoline is wreaking havoc on my finances. I budget $60 every 15 days. That used to buy me a full tank with ten or more dollars left over. Nowadays, it won't even completely fill the tank. I currently pay $3.83 a gallon.
According to Gas Buddy, there is one station a long way from me that charges 10 cents per gallon less but otherwise, my neighborhood Arco station is among the least expensive places to go. Supposedly, we may see some relief around Memorial Day week-end, at last according to the LA Times. That would be nice, but I'm not counting on it.
The frustrating thing is that I do live in a city with excellent public transportation, and I have an annual pass that is heavily subsidized by my employer. So I don't quite know where all my mileage is going.
Last week, I made a concerted effort NOT to use my car. It did not go well. It was my week to shop for groceries, which took me to three different stores, not one close to the other. I could have taken the bus, but since I shop for a month, I didn't want to be lugging bags of groceries by bus. Then one of my daughters needed help moving so it was Mom's minivan to the rescue. And then, and then . . . [many excuses later] I was riding around with a gas gauge that was perilously close to empty.
I'm going to try this experiment again this next week--we'll see.
According to Gas Buddy, there is one station a long way from me that charges 10 cents per gallon less but otherwise, my neighborhood Arco station is among the least expensive places to go. Supposedly, we may see some relief around Memorial Day week-end, at last according to the LA Times. That would be nice, but I'm not counting on it.
The frustrating thing is that I do live in a city with excellent public transportation, and I have an annual pass that is heavily subsidized by my employer. So I don't quite know where all my mileage is going.
Last week, I made a concerted effort NOT to use my car. It did not go well. It was my week to shop for groceries, which took me to three different stores, not one close to the other. I could have taken the bus, but since I shop for a month, I didn't want to be lugging bags of groceries by bus. Then one of my daughters needed help moving so it was Mom's minivan to the rescue. And then, and then . . . [many excuses later] I was riding around with a gas gauge that was perilously close to empty.
I'm going to try this experiment again this next week--we'll see.
Sunday, May 8, 2011
Mother's Day is Every Day
Revanche, at A Gai Shan Life, has been writing for awhile about her need to financially support her parents and her disgust at her brother continuing to take adavantage of them. But buried in the heart of her posts is puzzlement that her parents are so vulnerable to her brother's needs while taking her help for granted.
I hear her, loud and clear.
I do wonder, sometimes, how my children see my entirely inconsistent financial assistance to them and if they harbor ill will either to me or to their sibings, as a result.
I have five daughters, each of them special to me in her own way, I adopted them as older children, and each was reared largely as an only child or, at most, with one other child in the home. All have special needs ranging from organic brain damage to severe emotional disturbance. I was warned that two of them might never be able to function on their own as adults. But they are all adults now, and they all do live outside my home.
I contribute, in various ways and amounts to all of my daughters and to their children. It rather shocked me to add everything up and discover that it comes to $653 a month.
Whenever I bring my expenses for my children and grandchildren up in this blog, I can count on (largely anonymous) responses about "enabling," and suggestions that my children will never learn good money management unless I stop helping them.
But most of my daughters are doing well, given their handicaps. They have jobs, they pay taxes, they care for their children. To demand that they also do a good job of managing their money is ignoring their intellectual and emotional limitations.
So I step in.
When I can't convince one daughter that auto insurance should be at the top of her list of expenses (instead of the first one eliminated when things get tight for her), I pay it. When one grandchild wants to go to college and is intellectually able to do so in spite of her more limited parents, I pay the tuition. When one child's health insurance does not cover dental, I tell her to go anyway and I pay the bill.
I buy monthly bus passes for two of my daughters, neither of whom can or should drive, both of whom have jobs.
And sadly, each month I deposit money for one of my daughters, whose behavior and addiction has landed her in jail. Jails, as I have discovered, charge for underwear, writing materials and stamps, all at exorbitant prices. And no, I can't just send those materials to her.
But it is this latter child who is most jealous of the amounts of money that go to her sisters. She normally gets SSI but once a person is in jail for more than 30 days, SSI payments are suspended. She feels like I should give money equally to each of my kids, which would increase the money I deposit for her.
I don't.
I don't treat my daughters equally. The amounts I spend are flexible though I've done it for so long now that most of the expenses are fixed.
When I get the 'enabling' responses, I do heed them. But then I think that these posters cannot know the mechanics of my family nor the issues my daughters struggle with on a daily basis.
What will happen when I die? Good question. My most seriously disturbed child (the one currently in jail) will have any money I leave her managed by a local foundation for special needs children. The others? I'm still working out the details. I may use the foundation for them, too, though they function at a much higher social level than the one receiving SSI. I do have a will, and at this point, they will be in charge of their own money once I die. But I may have to rethink that position.
I hear her, loud and clear.
I do wonder, sometimes, how my children see my entirely inconsistent financial assistance to them and if they harbor ill will either to me or to their sibings, as a result.
I have five daughters, each of them special to me in her own way, I adopted them as older children, and each was reared largely as an only child or, at most, with one other child in the home. All have special needs ranging from organic brain damage to severe emotional disturbance. I was warned that two of them might never be able to function on their own as adults. But they are all adults now, and they all do live outside my home.
I contribute, in various ways and amounts to all of my daughters and to their children. It rather shocked me to add everything up and discover that it comes to $653 a month.
Whenever I bring my expenses for my children and grandchildren up in this blog, I can count on (largely anonymous) responses about "enabling," and suggestions that my children will never learn good money management unless I stop helping them.
But most of my daughters are doing well, given their handicaps. They have jobs, they pay taxes, they care for their children. To demand that they also do a good job of managing their money is ignoring their intellectual and emotional limitations.
So I step in.
When I can't convince one daughter that auto insurance should be at the top of her list of expenses (instead of the first one eliminated when things get tight for her), I pay it. When one grandchild wants to go to college and is intellectually able to do so in spite of her more limited parents, I pay the tuition. When one child's health insurance does not cover dental, I tell her to go anyway and I pay the bill.
I buy monthly bus passes for two of my daughters, neither of whom can or should drive, both of whom have jobs.
And sadly, each month I deposit money for one of my daughters, whose behavior and addiction has landed her in jail. Jails, as I have discovered, charge for underwear, writing materials and stamps, all at exorbitant prices. And no, I can't just send those materials to her.
But it is this latter child who is most jealous of the amounts of money that go to her sisters. She normally gets SSI but once a person is in jail for more than 30 days, SSI payments are suspended. She feels like I should give money equally to each of my kids, which would increase the money I deposit for her.
I don't.
I don't treat my daughters equally. The amounts I spend are flexible though I've done it for so long now that most of the expenses are fixed.
When I get the 'enabling' responses, I do heed them. But then I think that these posters cannot know the mechanics of my family nor the issues my daughters struggle with on a daily basis.
What will happen when I die? Good question. My most seriously disturbed child (the one currently in jail) will have any money I leave her managed by a local foundation for special needs children. The others? I'm still working out the details. I may use the foundation for them, too, though they function at a much higher social level than the one receiving SSI. I do have a will, and at this point, they will be in charge of their own money once I die. But I may have to rethink that position.
Wednesday, May 4, 2011
They Come; They Go; Sometimes They Come 'Round Again
I write a post like this every six months or so--bemoaning those folks who have folded their blogosphere tents and gone home, or have simply stopped posting for more than half a year.
I do appreciate those who write a 'last post,' but since I'm still here, I kinda expect that all of you other bloggers will stick around as well. I get cranky when you don't, and that goes even for those who give me a heads up before they leave.
So the latest to give notice that she's packing it in is the author of "The Boxcar Kids' Blog."
I'm going to leave her link up for awhile to see if she changes her mind. The reason she gives is that she'll just wind up saying the same old things over again--something that never bothers me, whether I do it myself or read it in someone else's blog.
Let's face it, life is cyclical. Finances are cyclical. Heck, my emotions are cyclical. If what you want to read is new and exciting financial stuff, you've got the wrong blogger in Grace!
"Connecticut Mom" has disappeared as well. In fact, she's taken her blog with her, which is too bad because I like the video she posted of the "Hallelujah Chorus" flash mob she joined at the local mall last December.
Of course, not everyone disappears forever. Florence at "Ruminations" left 'for good' in early February and didn't last more than two months before she was writing again. So she's back on my blogroll. Ditto the blogger at "Always the Planner who has now returned.
But I miss Dawn at "Getting Nine Hundred" and Betty at "Bouncing Back From Bankruptcy" who left a post saying she would be posting again, but never has.
I do appreciate those who write a 'last post,' but since I'm still here, I kinda expect that all of you other bloggers will stick around as well. I get cranky when you don't, and that goes even for those who give me a heads up before they leave.
So the latest to give notice that she's packing it in is the author of "The Boxcar Kids' Blog."
I'm going to leave her link up for awhile to see if she changes her mind. The reason she gives is that she'll just wind up saying the same old things over again--something that never bothers me, whether I do it myself or read it in someone else's blog.
Let's face it, life is cyclical. Finances are cyclical. Heck, my emotions are cyclical. If what you want to read is new and exciting financial stuff, you've got the wrong blogger in Grace!
"Connecticut Mom" has disappeared as well. In fact, she's taken her blog with her, which is too bad because I like the video she posted of the "Hallelujah Chorus" flash mob she joined at the local mall last December.
Of course, not everyone disappears forever. Florence at "Ruminations" left 'for good' in early February and didn't last more than two months before she was writing again. So she's back on my blogroll. Ditto the blogger at "Always the Planner who has now returned.
But I miss Dawn at "Getting Nine Hundred" and Betty at "Bouncing Back From Bankruptcy" who left a post saying she would be posting again, but never has.
Sunday, May 1, 2011
April 2011 Wrap-Up
Spring has yet to be sprung, but apparently time really does go on. Yes, April is now history.
And, thankfully, so is $792.62 of my debt.
The general plan is to do better in the future, but I am grateful I managed to at least do this much.
And, thankfully, so is $792.62 of my debt.
The general plan is to do better in the future, but I am grateful I managed to at least do this much.
Tuesday, April 19, 2011
My Money Went Where?
It creeps up!
Last year this time, I was meeting my monthly expenses.
This year, not quite.
And it took me awhile to figure out why.
First, my car insurance went up--nearly doubled, in fact, raising from $56 a month to $93. But I did it because if I bought my car insurance from State Farm, they would deign to insure my home for a thousand less dollars per year than any other insurance company. As longtime readers may recall, my homeowner's insurance took a skyhigh leap after the garage fire three years ago.
Then, I started paying $50 per month on my granddaughter's Sallie Mae loan.
Then my two-year great Comcast bundled deal wherein my cable, internet and telephone (complete with all sorts of bells and whistles I didn't have before, like caller ID--which I love--call waiting and long distance) turned out NOT to cost the advertised $99 per month, but is more like $128 per month.
And then, the biggest budget-breaker of all, gas prices went through the ceiling. I budget $30 a week for gas. My minivan is not great for mileage, but I used to have some money left over from my gasoline line item. NOT any more! It now costs me $62 to fill up, and I consider myself lucky if I can make a tank and a half last the whole two weeks.
All of this is leaving me with too much month at the end of my money.
Sigh.
Back to the budget for some major over-hauling!
Last year this time, I was meeting my monthly expenses.
This year, not quite.
And it took me awhile to figure out why.
First, my car insurance went up--nearly doubled, in fact, raising from $56 a month to $93. But I did it because if I bought my car insurance from State Farm, they would deign to insure my home for a thousand less dollars per year than any other insurance company. As longtime readers may recall, my homeowner's insurance took a skyhigh leap after the garage fire three years ago.
Then, I started paying $50 per month on my granddaughter's Sallie Mae loan.
Then my two-year great Comcast bundled deal wherein my cable, internet and telephone (complete with all sorts of bells and whistles I didn't have before, like caller ID--which I love--call waiting and long distance) turned out NOT to cost the advertised $99 per month, but is more like $128 per month.
And then, the biggest budget-breaker of all, gas prices went through the ceiling. I budget $30 a week for gas. My minivan is not great for mileage, but I used to have some money left over from my gasoline line item. NOT any more! It now costs me $62 to fill up, and I consider myself lucky if I can make a tank and a half last the whole two weeks.
All of this is leaving me with too much month at the end of my money.
Sigh.
Back to the budget for some major over-hauling!
Sunday, April 10, 2011
Once Upon A Boring Week-end
So I had no particular plans this week-end, except to make a four hour round trip to a monthly writer's workshop I've been attending for thirty years. It is run by an 84 year old science fiction and mystery writer. Her latest novel just came out and she's working on the next one.
Guess who I want to be when I'm 84!!!
But first, I woke up to sunshine.
No big deal, you say? Hah! That means you haven't spent the wettest month in two decades in the Pacific Northwest. It's not that we, who live here, don't know to expect rain. Just NOT the amount of rain we've had, and NOT every dang day of March!
So, it's looking like a good day from the moment I get up on Saturday. Then, on my way out of town, I see that one of the cities I will be passing through is having a used book sale to support their local library.
But I'm late getting on the road, and I arrive at the book sale during it's final hour.
Sounds bad, you say? Again, Hah! It turns out that since they still have a lot of books left and don't feel like hauling them all away, we latecomers can have the books for $2 for whatever we can put in a very large shopping bag.
I come away with a load of paperback mysteries, a bunch of CD's including a number of Christmas Albums that I'm always too cheap to buy during the holidays, some young adult books for my grandkids, two lovely garden books that I'll read even if I'll probably never plant a garden, and a bunch of maps I intend to use to paper my laundry room. Not bad for two bucks!
Then I arrive at my writer's group to find that one of the participants has landed a book deal, and insists on taking us all out to dinner on his dime. Which means I can hang onto the money I intended to spend for dinner.
On Sunday, a friend invites me to the local art museum, which is having a "bring a guest for free" day for its members.
She and I go out to dinner at a fast food restaurant that is famous for its use of locally-sourced products and its rotating meals that tend to correspond to what is in season. I've known for years that they have the best fresh strawberry milkshakes in the world--well, at least in my part of the world. But one can get them only for a month or so, twice a year. Luckily for me, April is one of those months.
So, while nothing truly special happened this week-end, I had good times with good friends, ate good food, and saved some money.
Pretty darn good, I'd say!
Guess who I want to be when I'm 84!!!
But first, I woke up to sunshine.
No big deal, you say? Hah! That means you haven't spent the wettest month in two decades in the Pacific Northwest. It's not that we, who live here, don't know to expect rain. Just NOT the amount of rain we've had, and NOT every dang day of March!
So, it's looking like a good day from the moment I get up on Saturday. Then, on my way out of town, I see that one of the cities I will be passing through is having a used book sale to support their local library.
But I'm late getting on the road, and I arrive at the book sale during it's final hour.
Sounds bad, you say? Again, Hah! It turns out that since they still have a lot of books left and don't feel like hauling them all away, we latecomers can have the books for $2 for whatever we can put in a very large shopping bag.
I come away with a load of paperback mysteries, a bunch of CD's including a number of Christmas Albums that I'm always too cheap to buy during the holidays, some young adult books for my grandkids, two lovely garden books that I'll read even if I'll probably never plant a garden, and a bunch of maps I intend to use to paper my laundry room. Not bad for two bucks!
Then I arrive at my writer's group to find that one of the participants has landed a book deal, and insists on taking us all out to dinner on his dime. Which means I can hang onto the money I intended to spend for dinner.
On Sunday, a friend invites me to the local art museum, which is having a "bring a guest for free" day for its members.
She and I go out to dinner at a fast food restaurant that is famous for its use of locally-sourced products and its rotating meals that tend to correspond to what is in season. I've known for years that they have the best fresh strawberry milkshakes in the world--well, at least in my part of the world. But one can get them only for a month or so, twice a year. Luckily for me, April is one of those months.
So, while nothing truly special happened this week-end, I had good times with good friends, ate good food, and saved some money.
Pretty darn good, I'd say!
Monday, April 4, 2011
When It Doesn't Pay to Be a Saver
I adopted my oldest daughter in 1979. Because her birthmother had died, and because her birthmother had a work history, this child received Social Security. For the first couple of years I invested the social security payments in CD's every month. What I remember the most strongly was being disappointed when the interest rate fell below 10%. It just didn't seem fair!
I was reminded of those glorious interest rates (carefully forgetting the double digit inflations rates also in effect in the early '80's) when I read this article from the Wall Street Journal. (Thanks to Boston Gal for the link.)
While the feds have necessarily held the line on interest rates for the good of the general economy, that line has not been at all kind to savers, particularly retired savers who were counting on interest rates to provide income without invading principal. These days, one feels good if interest rates break 1%, and mostly, they don't.
Boston Gal wondered why some of those interviewed didn't consider working, at least part time. That hardly seems like an option for the 91 year old retiree with whom the article opened. But I'm guessing that most of the folks in the two Florida retirement centers came there from somewhere else, and that employment opportunities are not as available as they might have been had they stayed in the communities where they were formerly employed.
It's my understanding that, as a whole, we are all saving more these days. But I didn't realize that these statistics include debt reduction as a form of saving. It is, but that doesn't mean anyone's bank account now has more cash in it.
On a very personal level, I ran the Socal Security calculator to see what I could expect. From Social Security alone, I would get $1398 right now if I retired. Not only is that not enough, but I'd have to pay for health insurance to cover me until Medicare kicks in in three years. If I wait until age 66, I'd have approximately $1962 per month and access to Medicare. And if I wait until my projected retirement date when I'm 69, I should get around $2700 per month.
Right now, I live on approximately $3600 per month since I put away over $1000 a month into my 401(k).
Financial Engines projects that I will have $404,000 in my 401(k) by the time I'm age 69. At 1% interest, that will add $336 a month to my income. At 4% (which is the figure most retirement calculators use for regular withdrawals), I would have an additional $1347 a month.
With that kind of income plus the sale of my rental home to provide the basis of a travel/entertainment fund, I should be fine.
But then, the retirees in the article thought they'd be fine as well. Having had the foresight to save on a regular basis, they are now feeling punished. Not only does this have political repercussions (because retirees vote more often than the general populace, particularly when they are unhappy) but it discourages saving among younger citizens. As the authors of the article note, low interest rates "also penalize people of any age hoping to build up funds for the future, and discourage rainy-day savings that could make U.S. consumers more resilient to job losses and other financial jolts."
I was reminded of those glorious interest rates (carefully forgetting the double digit inflations rates also in effect in the early '80's) when I read this article from the Wall Street Journal. (Thanks to Boston Gal for the link.)
While the feds have necessarily held the line on interest rates for the good of the general economy, that line has not been at all kind to savers, particularly retired savers who were counting on interest rates to provide income without invading principal. These days, one feels good if interest rates break 1%, and mostly, they don't.
Boston Gal wondered why some of those interviewed didn't consider working, at least part time. That hardly seems like an option for the 91 year old retiree with whom the article opened. But I'm guessing that most of the folks in the two Florida retirement centers came there from somewhere else, and that employment opportunities are not as available as they might have been had they stayed in the communities where they were formerly employed.
It's my understanding that, as a whole, we are all saving more these days. But I didn't realize that these statistics include debt reduction as a form of saving. It is, but that doesn't mean anyone's bank account now has more cash in it.
On a very personal level, I ran the Socal Security calculator to see what I could expect. From Social Security alone, I would get $1398 right now if I retired. Not only is that not enough, but I'd have to pay for health insurance to cover me until Medicare kicks in in three years. If I wait until age 66, I'd have approximately $1962 per month and access to Medicare. And if I wait until my projected retirement date when I'm 69, I should get around $2700 per month.
Right now, I live on approximately $3600 per month since I put away over $1000 a month into my 401(k).
Financial Engines projects that I will have $404,000 in my 401(k) by the time I'm age 69. At 1% interest, that will add $336 a month to my income. At 4% (which is the figure most retirement calculators use for regular withdrawals), I would have an additional $1347 a month.
With that kind of income plus the sale of my rental home to provide the basis of a travel/entertainment fund, I should be fine.
But then, the retirees in the article thought they'd be fine as well. Having had the foresight to save on a regular basis, they are now feeling punished. Not only does this have political repercussions (because retirees vote more often than the general populace, particularly when they are unhappy) but it discourages saving among younger citizens. As the authors of the article note, low interest rates "also penalize people of any age hoping to build up funds for the future, and discourage rainy-day savings that could make U.S. consumers more resilient to job losses and other financial jolts."
Friday, April 1, 2011
Secret Spending Vices
No, not the big expenses. Not the laptop computer you decided you had to have. Not the credit card kept hidden from one's spouse. Not even the desire to dine out at a gourmet restaurant at least once a week.
What I'm talking about are the inexpensive but irresistable 'gotta-haves' that bring us joy.
Imelda had shoes.
Grace has books and notebooks.
Back in my college days, when my dormitory was in walking distance of a number of great thrift stores, I was seduced by used books. I arbitrarily set a spending limit that I honor to this day: the book or notebook must not cost me more than a dollar.
Of course, this rule would work better if I didn't find such great deals: the last time I went to a Friends of the Library Book Sale, I came across 27 such bargains!
I also love blank notebooks. I've kept a diary since 4th grade. Lately, I've branched out into 'subject specific' diaries, which is why I have a financial journal, a journal for each of my children, and, most recently, a journal in which I explore the patterns that have shown up in my life's journey.
But that still leaves me with a pile of unused blank books.
There's a great charity locally that would take donations--they run writing workshops for disadvantaged people such as the mentally ill, folks in domestic violence shelters, and the homeless. But I have such a hard time letting go of my treasures.
The dollar limit is seductive as well--after all, it's just a dollar. I can usually dig one of those up.
And it does save on home decorating costs--put up a bookshelf, cover the wall.
So, am I the only one with a secret spending vice?
What I'm talking about are the inexpensive but irresistable 'gotta-haves' that bring us joy.
Imelda had shoes.
Grace has books and notebooks.
Back in my college days, when my dormitory was in walking distance of a number of great thrift stores, I was seduced by used books. I arbitrarily set a spending limit that I honor to this day: the book or notebook must not cost me more than a dollar.
Of course, this rule would work better if I didn't find such great deals: the last time I went to a Friends of the Library Book Sale, I came across 27 such bargains!
I also love blank notebooks. I've kept a diary since 4th grade. Lately, I've branched out into 'subject specific' diaries, which is why I have a financial journal, a journal for each of my children, and, most recently, a journal in which I explore the patterns that have shown up in my life's journey.
But that still leaves me with a pile of unused blank books.
There's a great charity locally that would take donations--they run writing workshops for disadvantaged people such as the mentally ill, folks in domestic violence shelters, and the homeless. But I have such a hard time letting go of my treasures.
The dollar limit is seductive as well--after all, it's just a dollar. I can usually dig one of those up.
And it does save on home decorating costs--put up a bookshelf, cover the wall.
So, am I the only one with a secret spending vice?
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