And the winner is....

I chose sfordinarygirl as the winner of the book, A Million Bucks by 30. Please send me an e-mail with your mailing address.

sfordinarygirl said...
My frugal habit is cooking from scratch. I've baked my own breads, made my own jam and countless other foods you can buy prepared but I make an effort to plan ahead and make.

Since my food budget is starting to run wild, sfordinarygirl's advice really hit home. My grandmother used to make strawberry jam in the summer and freeze enough for the whole family (for the entire year). The jam was amazing and had less sugar than the stuff you can buy in the grocery store.

May Spending Report

Budget/Actually Spent

Rent $670/$670
Utilities $15/$13.94
Laundry $10/$10

Car Payment $225/$225
Insurance $10/$8.80
Gas $125/$131.42 I have increased my gas spending to $150 for June.

Health Care $85/$113 I will be reimbursed for the overage through my FSA.
Gym $30/$30

Food $200/$237.28 I'm over on my food budget again! I spent $149.03 on groceries and $88.25 eating out.

Fun $100/$96.22 This also includes the donation to Obama's campaign, shipping supplies and postage for half.com sales.

Gifts $50/$90.01 I was included in a group present (baby shower) that I wasn't planning on.

Clothing $50/$155 I went a little over board at the MAC counter.

Travel $100/$380 I pulled $200 from my travel account, so I only went over by $70.

Retirement $711/$461 I stopped contributing to my Roth IRA, so I can save more cash for the move.

Car Maintenance $100/$0 I went over in other categories, so I wasn't able to contribute any additional money to my car maintenance fund.

Emergency Fund $245/$840 The extra $600 is from my rebate check.

Going back to school....

As I've mentioned a few (hundred) times, I will be moving to attend graduate school in the fall. While I did receive a position that will cover my tuition and provide a small stipend, my monthly income will be about $,1000 after taxes. My income will be decreased by more than 50%....How will I survive?!

I need to start looking for an apartment, but I wasn't sure how much I should spend. I created a rough estimate of my expenses to figure out how much will be left over for rent.

Food $150--I currently spend about $200/month. I usually spend about half on groceries and the other half on eating out. I will have to really cut back on my dining out, but I won't be near my boyfriend (no weekend meals out).

Car & Rental Insurance $100--This is how much I am currently paying, so I guess it will remain about the same. In November, I will look into getting cheaper car insurance.

Gas $50--Since I won't be driving to visit my boyfriend every other weekend, I think I can stick to a tank of gas per month. Plus, the city has a bus system that I will have to rely on if gas prices keep on increasing.

Entertainment/Clothing/Fun/Misc $100--Right now, I spend $100 for fun/misc and $50 for clothing. I realize that this category looks pretty big, but I want to give myself room to spend.

This leaves about $600 for rent and utilities. I've been looking at one bedroom or an efficiency near a bus line or within walking distance of campus. I would like to keep the rent below $500, so I would have $100 to dedicate to utilities. I will just pay for basic utilities--no Internet or cable. You may be thinking...SavingDiva, you will not be able to save any money! And you're right! I'm not setting aside any money for my emergency fund, my retirement accounts, or my down payment account. I may try to keep my second job (transfer to my new city) for extra money.

May Net Worth

My net worth is currently $28,073. It increased by $1,659, or 6.28%! If I can keep saving a lot (I added $1,074 to various savings accounts this month--down payment, emergency fund, etc), I may be able to reach my $30,000 net worth goal (2008 resolution) before the end of summer. However, I don't know how much I will drain my savings with the big move and going back to school.

I decided to look back a year (May 2007) and check out my progress. I've increased my net worth by $14,685 (from $13,388 to $28,073) or 110%. My retirement accounts have increased by $9,110 (from $9,086 to $18,196). I've upped my savings $5,151--from $600 in checking to $5,757 in savings and checking accounts. My mutual fund has increased by $242 (I don't do anything with it); and I also have $175 wrapped up in P2P loans.

$20 check coming my way!

I redeemed my points at MySurvey for a $20 check this morning. I have earned (after I receive this check) $240 from MySurvey. I plan on adding this check to my moving fund when I receive it. Maybe this $20 will provide 4 hours of drive time (in my 20 hour trip) during my moving process...or it might allow me to purchase a lamp or two from Target.

I've Earned:
PineCone $100
eBates $27.90
FatWallet $64.92
$698.57

June Goals

With a big move planned for August, my goals need to reflect the upcoming changes in my life.

1. $200 into my Emergency Fund--I'm still trying to build this up as much as possible. My account currently has $1,753.88. I want to have at least $2k in the account after my move.
2. $200 into my down payment account--I'm not sure what I plan on doing with this account because I won't be able to buy a place while I'm in graduate school. My account currently has $3,277.83. However, I'm going to keep contributing to this account until I reach $4k or leave for graduate school.
3. $200 into my moving fund--I'm going to try to contribute more, but this is a minimum. I've been selling stuff on half.com and Amazon; so I hope this account gets a healthy start in June. I'm not sure how much money I will need for the move and replacement of stuff, but I'm going to try to put away as much as possible. If I have any money left over (which I doubt), I will put the money in my emergency fund.
4. Weight<130--I sound like a broken record. I was close a few months ago, but then I put the weight back on. I haven't been working very hard (or at all) with the recent changes...
5. Drink at least 32 ounces of water at work. It's warm outside, so I need to be careful not get dehydrated. Plus, I think this will help with goal number 4.

Building up my Down Payment Account

I added $257.85 to my down payment account from my second job. I have to admit that I was shocked at the size of my pay check because I haven't felt overwhelmed with work. With the $2.03 deduction (oops), I currently have $3,277.83 in my down payment account (10.9% of my $30,000 goal). I have added $432.37 (including interest and the withdrawal) to my down payment account during the month of May, which means I met my May goal of adding $300 to my down payment account.

June Budget

I thought I would propose my June Budget...let me know what you think. I've put the changes in purple.

Rent $670
Utilities $15
Internet $0 I cancelled my service.
Laundry $10
Gym $30

Car Payment $225 This is going to be paid off soon. I can't wait!
Gas $150 Increased from $125. I have a weekend trip planned and I want to see my boyfriend as much as possible this summer.
Insurance $0 I paid it all last month because of a little mishap with the bank.
Parking $0 Still riding my bike or walking to work.

Retirement $460 Stopped Roth IRA ($250/month) contributions to help bulk up my moving fund.
Emergency Fund $200
Moving Fund $270 I need to contribute more, but I just don't have room in my budget.
Car Maintenance Fund $100

Food $200
Fun $100
Gifts $50
Travel $100 Trying to bulk this account up, so I can afford to come back to the Midwest for Christmas.

Travel Fund is wiped out....

With $300 in my travel fund, I thought I was set for the one trip that I was planning for June. I spent $135 on accommodations and two meals. However, I didn't expect to book a flight for apartment hunt ($245). I spent $380 on travel this month...which $80 unaccounted for :( I'm proud that I had money set aside for my trip, but a little disappointed that I didn't foresee the flight (or didn't start saving early enough).

I was able to add an additional $200 to my Emergency Fund. I've added $840 to my emergency fund this month (rebate check from the government and from contacts purchase). In my May budget, I outlined adding $245 to my emergency fund from my primary pay check. Unfortunately, the unexpected travel expenses required the extra $45, so I will have to settle for $200 again this month.

$65 just sitting....

I just bid on a loan with my Prosper account. I have about $65 just sitting in my account earning no interest! I've bid on quite a few loans, but the loans haven't been fully funded....frustrating....However, I have made $3.54 with the two loans that I am funding!

Want a free book?

I just reviewed Alan Corey's A Million Bucks by 30; and I loved it! However, I'm trying to keep my personal belongings to a minimum (for the move), so I thought I would give away my copy.

If you're interested in winning a free copy of A Million Bucks by 30: How to Overcome a Crap Job, Stingy Parents, and a Useless Degree to Become a Millionaire Before (or After) Turning Thirty, here are the rules:

1. Create a post on your blog about your most frugal habit
2. Link your post back to this post.
3. Leave me a comment with a link to the post.
4. I will pick a winner on Friday, June 30th
5. UPDATE: There was an out cry from my readers that don't have blogs (I didn't even realize I had readers). If you don't have a blog, please post a comment to this post about your most frugal habit and I'll consider that your entry.

Book Review: A Million Buckys by 30

After my last book review (with a similar title) was so unpleasant, I wasn't really looking forward to reading another personal finance book written about being a millionaire at 30. However, I am not one to turn down free stuff; so I agreed to read and review the book on my blog.

After reading the introduction, I was motivated to try to live more frugally and to keep reading. Corey starts out in NYC (after moving out of his mother's Atlanta basement) at 22 with $10k in the bank and a job paying $40k a year.

All of his personal finance advice is weaved into stories about his life and journey. I really enjoyed the part about living in the projects in Spanish Harlem. His advice doesn't come off as a lecture, and he's not trying to sell other products. Corey explains how he made his first million at 29 while keeping a reasonably low salaried day job ($40k at the beginning, up to $52k by the end of the book). He ended up making the majority of his money in the real estate boom; but there are plenty of other ventures including reality television, a Shaggy (from Scooby Doo) impersonator, and as a guinea pig for psychology experiments.

While I don't think Corey's advice will apply to everyone, I read this book in one sitting because it was so captivating. I'm motivated to look for cheaper housing options for my move (at least I won't be living in the projects) and try to look for fun ways to make a few extra dollars (I'm not cut out for reality TV).

While I wouldn't recommend this book as a personal finance book, I truly enjoyed reading the book and am waiting for the sequel.

Shedding my Excess Stuff

I've been really getting rid of a lot of CDs and DVDs through half.com. It's really easy to print the shipping labels through paypal and bring the items to the post office during my lunch break. I'm not sure how much money I've made, but I'll sort it out when I start to receive payments.

I'm in the process of shedding excess books, DVDs, and CDS. I've also sorted through my clothing. Now, I'm starting to look at my kitchen. I have a lot of plastic gladware and other items that I think I'm going to give to my youngest sister for her new apartment. Since she doesn't have anything right now, I can give her all of my duplicate stuff.

Gossip Girl & PayPal mistake

I finally found the season finale (Episode 18) of Gossip Girl online. I missed it on Monday night because I was working at my second job. I would much rather have the money than watch the episode. However, I find it frustrating that CW stopped posting the episodes online.

Today, I sold a DVD on half.com. When I was printing off the mailing label, I forgot to switch it from bank account (my down payment account) to credit card. I spent about $2 of my down payment account. *gasp* I'm pretty annoyed with myself, but I realize that $2 isn't the end of the world. Plus, I will have a nice pay check from my second job to pad the account with :)

Am I being frugal or cheap?

I used Amazon gift certificates to purchase my sister's birthday present. Have I crossed the line into being cheap?

My sister bought a Nintendo DS Lite (in pink) a few months ago. Her only game is Brain Age. I got her New Super Mario Bros. The game is supposed to be a lot like the original Nintendo version that we used to play together as kids.

In Limbo

Since I have a HUGE move planned for the end of the summer, I've been sorting through my stuff. I've listed quite a few items for sale on Half.com and Amazon. I also have a few items that my siblings don't want that I will try to sell on Craigslist (stereo from the 90s, etc), give away (Freecyle), or donate (Salvation Army).

However, I've still been able to create a sizable list of wants:

• Running Socks
• Sports Bra
• Running Shorts
• Tennis Balls
• Tennis Shoes
• Laptop (this is becoming a need as I get closer to the fall)
• Flash Drive (2gb would be more than enough)
• Roomba (it's always been a dream)
• Khaki shorts
• Running shoes (my current pair is starting to get a little worn out)
• Space Saver Vacuum Bags (Fantastic for my move & Storage)

I probably won't buy any of these items for myself. Maybe I will receive a few of them for my birthday this summer.

Emptying the Travel Account

Today, I booked a flight ($250) for a trip I'm taking in July. I also have a weekend trip planned for the first weekend in June. Together, I have already spent about $400 on flights and accommodations. Since I don't travel often; I'm not sure how much I'll spend on food (no souvenirs necessary), gas, and parking.

I have trips planned for June and July. I planning a huge move in August. This summer is going to be busy!

Selling my Stuff & New Phone

I listed my items yesterday, and I've already sold 5 items!

I'm going to walk to the post office and mail my items during my lunch hour. I think I made only a dollar or two on a few of the items, but I made about $40 on an old text book. I plan on adding all of this money to my moving fund :)

I also ordered a new phone through Sprint. I chose a phone that I could get for free. I don't need anything fancy from my cell phone...just something to talk on.

Half.com & Amazon

I listed almost all of my DVDs, books, and CDs on half.com or Amazon. Most of my items will earn a dollar or less in commissions. However, I will be happy to get rid of them. I'm keeping a few of my favorite DVDs (The Office), a few CDs, all of my knitting books, and some of my text books.

I need to start sorting through my clothing. I'm going to have to figure out how to itemize my items for a donation to the Salvation Army. I also have a few books and CDs that I wasn't able to list on half.com or Amazon. I think I may try to donate these items to the public library. Once again, I'm unsure about how to accomplish this.

$10 checks make me happy!

I just received a $10 check from MySurvey in the mail! I will put this money in my moving account (when I create it) because I have saved $0 for a 1,500 mile move!

If you're thinking about joining MySurvey, please use my link :) I've tried out a lot of survey sites, and I have only received payments from PineCone (my favorite) and MySurvey. 1,000 points=$10 check. So far, I've made $220 from MySurvey and $100 from PineCone.

In other happy news, I'm working at my part time job on Monday evening. I'm expecting a pretty nice pay check next week! I'm still adding this money to my down payment account; but I may have to shift this income stream to my emergency fund, moving account, or new furniture account.

Weekend Update!

Last night, I went to see a friend's band. There was no cover and beer was insanely cheap. Did I drink too much? Yes. Did I spend under $10 getting wasted on Bud Light? Yes, I spent $8 (including tips). Was the band horrible? They did play Rick Springfield's "Jessie's Girl"...

This morning I had to work at my part time job. I put in a solid 3 hours of work, and I'm done for the weekend. I still plan on having a quiet weekend in, but I broke out of my rut last night.

A quick round-up of my favorite bloggers from the Wealth, Money, Life Network
Dividends4Life asks Who is Jeremy J. Siegel and Why Should We Listen to Him?
Dollar Frugal asks, "What do you do differently on pay day?" in Pay Day Spending Creep
Her Every Cent Counts is Moving...Sound Familiar? Moving: The Latest on My Decision
How I Save Money discusses How To Be Poor
Living Off Dividends is also going to graduate school! UCLA Loves Me
Check out the Banana Roundup at TheLocoMono Website

Quiet Weekend

I'm going to have a quiet weekend at home. I'm planning on renting a few movies from Blockbuster (free with Blockbuster online), riding my bike, and returning a suit to Target.

I'm also planning a quick trip to the mall. I also have a coupon for a pair of free underwear from Victoria's Secret. I have to admit that I get at least one coupon a month. I don't redeem the coupons as much as I used to, but I have about 10 pairs of free underwear. I used to buy something, but now I just take the free underwear and run unless I need something else.

I'm also going to start listing my stuff on eBay, half.com, and Amazon. I'm going to try to list DVDs, books, and CDs this weekend. I am also cleaning out my closet. I need to figure out how to itemize the clothing for a donation to the Salvation Army.

First eBates Payment

I just received my first eBates payment of $27.90 (which includes the $5 sign-up bonus)! This extra dough put my down payment account over the $3k mark. My down payment account currently stands at $3,022.01, which is 10% of my $30,000 goal!

What I need...and want...

...moving to a new place is scary. I'm keeping calm by making a ton of lists (yes, they're in my moleskine). This list is what I need to find or purchase to make a smooth transition into a Southern Belle.

A new computer. My 7 year old laptop isn't going to cut it. I am guessing that I'm going to need to use my computer for a little bit more than playing minesweeper and checking my e-mail.
I want a laptop. I want to be a pompous graduate student sipping Starbucks while surfing the net and pretending to study.

A couch. I think it will be easier to have one large couch than having several chairs.
I want a Pottery Barn-esque couch that is extremely comfortable.

An apartment. After a rought budget analysis. I need the rent and utilities to be less than $600/month.
I want a one bedroom apartment, with a washer and dryer, a lot of sunlight, and within walking distance of campus.

A bed. LuLuGal from How I Save Money recommended using an air mattress. I'm not sure that I'm tough enough for an air mattress. I think I will purchase the mattress and boxspring, but delay the purchase of a bed frame.
I want a pillowtop mattress with a nice bedframe. Gorgeous linens would be great too!


Any advice about how I can get all of my wants without spending a lot of money? Free would be even better!

New Stuff & Moving

Moving 1,500 miles is going to cost a LOT of money! In order to off-set the cost of moving, I'm going to try to sell my some of my books, DVDs, and CDs (advice from Dog Ate My Finances). I'm going to create a moving account and contribute any money I make from selling my stuff. I will also start contributing to this account with money from my primary pay check in June. I don't think I will be able to cover the cost of the move, but I will try to lessen the burden on my emergency fund.

I've cancelled my automatic Roth IRA contributions for 2008. I contribute $250 per month. This year, I've contributed $1,000; so I can contribute a lot more before I reach the limit. However, I have quite a few things that I need to purchase for the fall semester. By stopping my Roth IRA contributions, I will be able to save $1,000 to put toward my transition into studentdom. I am still contributing to my employer's 401(k).

I will need to purchase a new computer. My current laptop is over 7 years old. I would like to purchase another laptop with a wireless card, so I can get free Internet access. Depending on my moving strategy, I will probably need to purchase a bed and a couch.

Jon at Patient Investing asked me about my down payment fund and home purchase plan. Unfortunately, going to graduate school is going to delay my first home purchase. I'm undecided if I want to keep my down payment account or roll it into my emergency fund. I'm leaning toward keeping the account separate and still contributing the small amounts that I make online.

Moving 1,500 miles

I will be moving 1,500 miles in August. With the price of gas, I think I might not rent a moving truck. I plan on loading up my car with as much stuff as I can fit into it and purchasing new (or new to me) furniture when I get to my destination.

While I really like my mattress, I don't think I can afford the rental truck ($60+$.80/mile) and the gas for the rental truck and my car. I think I will be able to use my bike rack to transport my two bikes and load my car down with clothing, kitchen stuff, and decorations.

My youngest sister is moving into her first apartment in the fall, so she is in need of furniture. One of my other siblings is claiming quite a few other pieces of my furniture. I could probably make a few hundred dollars selling my furniture, but I would rather give it to my siblings to help them out (they're still students and broke).

Does any one have any advice for moving? My last move was less than 3 miles down the street. I'm extremely stressed out about finding an apartment, moving my stuff, and being able to purchase new furniture.

Inching toward the $3k mark

Today, I added $5 to my down payment account from a PineCone survey. I also deposited $136.65 from my second job. I also received $5.41 in interest :) this month! I have contributed $148.65 to my down payment account during May.

I have $2,994.11 in my down payment account. I am currently at 9.98% of my $30,000 goal!

I'm back!

I'm back at home. Unfortunately, the weather is horrible, so any biking or running will have to be done inside.

I missed Gossip Girl, so I'm catching up online (Gossip Girl Season 1 Episode 17 Woman on the Verge). I received my package from the graduate program that I am going to attend in the fall (more on that later). I think I will be receiving about $1,000 (after taxes) per month from my stipend.

Link Love

I wanted to post my favorite links from the past week. I'm going to try to start doing this a little more regularly.

Recently, I've become a obessed with my emergency fund. After deciding to attend graduate school, I realized that I'm really going to need my EF soon! As a graduate student, my income will be less than 50% of my current income.

My favorite posts from Wealth, Money, Life Network.
Are There Cracks in Your Foundation? at Dividends4Life
Why We Only Have $10k in Our Emergency Fund at Dollar Frugal
Put that rebate check into your emergency fund, before it's too late! at Her Every Cent Counts
I Will Not Save Money Because I Need a New Eye Exam at How I Save Money
Reporting From Omaha 2: The Annual Berkshire Meeting at Living Off Dividends
My Emergency Fund Update--May 2008 at TheLocoMono Website

On other blogs, I also had an obsession with EF or savings posts.
Becoming Debt Free at The terms and turmoils of Dolly Iris
Eliminate-Debt: Time to Refocus & Review at My Journey to Eliminate Debt
Substantial Retail Discounts? at One Frugal Girl
Thanks God for the Emergency Fund at Walk with Me

Book Review: Millionaire by Thirty

Since I read a lot of books, I thought that I would start doing regular book reviews. Unfortunately, the first book that I chose to review is not a book that I would recommend.

Douglas Andrew tries to set-up himself up as Robert Kiyosaki's Rich Dad. The entire premise of this book is the advice that he's given his sons on amassing a large fortune. As a contrast to his sons, Andrew creates "friends" for his sons. These "friends" are clearly made-up, and I gained nothing from the conversations between Emron, Aaron, and their "friends."

I agree with Andrew's ideas of creating a budget, having multiple income streams, and liquid savings. Unfortunately, Andrew believes that the only way to become a millionaire by thirty is to own at least 2 or 3 real estate properties. First, acquire a primary residence. Then, purchase a vacation home (really? I think I would prefer to invest in a solid mutual fund). Andrew recommends that now you should start investing in rental properties.

Andrew also recommends refinancing your real estate property loans frequently and to take out loans for 100% of the appraised value. He also recommends investing the equity that you build in your home (and remove with refinancing) into an annuity earning at least 8% annually.

I find the advice given by Andrew in Millionaire by Thirty dangerous. By constantly withdrawing equity for your home, you would run into problems when the housing market isn't doing well. I also don't know much about annuities, but I don't view them as a liquid asset.

More problems with Comcast

I haven't had internet access since April 19th. Unfortunately, Comcast is still billing me for 5/9-6/9! I'm so frustrated with Comast! Given my past issues with Comast, I should have gone without internet.

EF Goal=$12,000

Last week, I discussed why I need an emergency fund. I thought I would also address why I'm shooting for a $12,000 emergency fund.

I created my $12k goal because I would like a 6 month cushion. With the economy and my specialized skill set, it could take me a while to find another job. Since I'm single, my savings would be my only option to fall back on.

If I did lose my job, I would cancel my gym membership ($30/month), cut out retirement savings (~$700/month), cut back on food spending(from $200/month to $150/month), and stop adding to my savings accounts (down payment account, emergency fund, travel fund, gift fund). However, my health care costs would increase by over 200% with COBRA (from ~$80 to ~$400). I would need about $1800 a month if I cut back, but kept my health care coverage. This would also leave about $200/month for travel. I'm not planning on taking vacations, but I would probably need to travel for job interviews.

Camping Trip

I'm taking Monday through Wednesday of next week off for a "romantic" camping trip with my boyfriend. Okay, it's not really supposed to be romantic, but I'm looking for any excuse I can to spend time with him this summer. Moving 1,300 miles away will really put a damper on our relationship.

First Campaign Donation

I registered to vote as soon as I turned 18, and I have voted in almost every major election. I put a fair amount of research into choosing the candidates that I vote for, as well as which proposals to support. However, I have never donated my hard earned money to a campaign.

Today I donated $10 to Barack Obama's campaign. I believe in his message and I support his candidacy. I've held off donating because I thought I would donate to the Democratic presidential candidate. Unfortunately, the Democratic party seat is still being fought over.

I know $10 isn't a huge amount, but I know a small amount can make a difference. Look at my down payment account. Even if Barack Obama doesn't win the Democratic candidacy, I won't be disappointed that I donated this money to his campaign. I appreciate his integrity and hope to hear more from him in the future (from the White House or Congress).

I didn't write this post to persuade any one to donate or vote, but I thought I would share why I donated this year...

Resolutions? What resolutions?

I haven't made New Years Resolutions since I was in high school. I broke the tradition in 2008 because I have a lot that I want to accomplish. I also enjoy working toward and accomplishing planned goals.

There are 239 days left until 2009, so let's see how much progress I've made on my 2008 goals.

1. Increase my net worth to $30,000. My net worth at the start of 2008 was $21,494. My net worth has increased by $4,920 to my current net worth of $26,414. I need to accumulate an additional $3,586. Since I'm going to graduate school in August, I think this goal will be very difficult to reach (especially considering the expensive moving costs). I think this goal is at the whim of the markets.
2. Lose weight. I started out the year at 140 pounds, and I am currently at 137 (with a low of 132 pounds). I hope to reach at least 125 pounds before the end of the summer.
3. $3,000 in emergency fund. I will have to deposit at least $200 in my EF every month....this is going to be my most difficult goal. Even with the $600 rebate check, I will still have to deposit at least $175/month into this account.
4. $4,000 in down payment fund. Since the beginning of the year, I have added $1,348.57 to my down payment account. In order to reach this goal, I will need to add an additional $145/month.
5. Get into graduate school. DONE! I've even decided that I'm moving South!

I think I can get my net worth up to $30k if the markets agree. However, I think I will have a difficult time contributing to my EF and down payment account while I'm in graduate school. My income will be less than half of what I'm making right now. I plan on down grading my life, but I'm not sure how fast/much I will be able to cut back.

Cash Back from TurboTax

I just deposited $1.59 in my down payment account. I clicked through Fatwallet before filing my taxes at TurboTax, and paid $19.90 to file my taxes. Getting a little bit of that cash back is nice. Plus, it's going to a good cause (to make me a less jealous person).

My down payment account currently stands at $2,847.05, which is still 9.5% of my $30,000 goal.

Green Eyed Saving Diva?!

As the title of this blog reveals, I want to buy a home of my own. I've been saving any alternate income or random money in this account for a little over a year. I've been shooting for a goal of $30,000 for a reasonable down payment.

I always feel a tinge of jealousy when my friends talk about going house shopping or looking at properties. However, my friends that are property owners are also married (and much more settled than I am). Some of my single friends have gone house/condo shopping, but no one has taken the plunge...yet.

I received a text message from one of my friends on Friday that she had big news and would call me this weekend. Within the first few seconds of the conversation, she blurted it out that she had bought a house. She is moving to a new area for residency and decided to purchase a house instead of renting. She only put down $2,000 for a down payment and predicts to spend another $3,000 for closing costs. She purchased the house for $135,000 and expects her monthly mortgage to be about $880.

I feel like I've been wasting my time saving for my down payment. I realize that I'm not ready to purchase a home because I don't know where I'll be in the fall. I still have not made up my mind about which graduate program I'm going to attend (leaning toward a school in the South). I also know that I won't be able to afford a home on a graduate student's stipend. However, I'm feeling left behind in the race to become an adult.

Weekend Update

I went to visit my boyfriend this weekend and had a fabulous time! I also was able to see one of my siblings before she leaves the Midwest for the summer.

A run down of what I spent this weekend:
$39.24 Mother's Day Gift
$13.27 Electric Bill (automatically charged to my credit card)
$38.68 Gas
$28.45 Dessert with my bf, my sister, my sister's bf--All three are students, so it was my treat.

My boyfriend cooked the rest of the meals at home (he's a fabulous cook). We had a blast cooking together (he cooked, I chatted) and creating new dishes. The only item that didn't turn out well was the herb bread. It was really dry and flavorless.

Rebate check-->Emergency Fund

I just received my rebate check from the government ($600) via direct deposit. Also, my rebate from my annual contact purchase ($40) showed up in my checking account. I moved $640 to my emergency fund. This brings the total to $1,553.88, which is 13% of my $12,000 goal. I allotted $200 from my primary pay check to be deposited into my emergency fund. I think I will easily meeting my May goal of adding $800 to my emergency fund.

The Importance of an Emergency Fund

My emergency fund currently has $912.76. I plan on building this account up as quickly as possible because I think it's the most important savings goal I have. With big changes coming up in my future, an emergency fund is more important than ever.

Top 5 Reasons I need an Emergency Fund

1. Going back to school. I plan on going back to graduate school in the fall. I will have to pay moving costs and additional fees out of my pocket. While I will receive a small stipend (probably about half of my current income) and have my tuition covered, my emergency fund will allow a cushion for adult costs on a graduate student's pay.
2. I'm single! With only one income to rely on, I am responsible for all of bills--regardless of injury or illness.
3. My car. Car maintenance has wiped out my emergency fund twice. I'm currently building a car maintenance fund. Since my car getting older (2000 Impala), the maintenance is going to get more expensive.
4. Unexpected health care costs. Last year, I had to have major dental work done. Even with my dental insurance (which covered 50%) and my flexible spending account, I had to pay about $1,000 out of my pocket. Luckily, I had a baby emergency fund (only $1,000) to cover the costs.
5. Unexpected travel costs. My grandmother recently passed away. Luckily I live within driving distance of my parents' house. If I do attend graduate school, I will be much further away. An emergency at home would require me to book an expensive, last minute ticket.

If my car maintenance bill and an unexpected health care bill came at the same time, I would be unable to pay them without going in debt. Therefore, I'm currently trying to build my emergency fund to $12,000. This amount would allow me to live for 6 months if I cut out my savings (retirement, down payment, etc).

I just made a list of the reasons that I need an emergency fund. Of course your list will be different. I'm lucky that I have a steady, secure job. However, I also don't have a spouse's income to fall back on in case I would be unable to work.

Why do you need an emergency fund? Consider submitting to the Wealth, Money, Life carnival!

Introducing The Wealth, Money and Life Network

It is with great pleasure that I announce the introduction of The Wealth, Money & Life Network (WML-Net). Saving for home is proud to be a charter member of this new personal finance network. We realize that it is a tremendous task for anyone to manage his or her personal finances. You now have access to a support group that can provide you with encouragement and share general information on personal finance matters based on our life experiences.

The WML-Net is made up of a diverse group of individuals. Our ages span across the 20s, 30s and into the 40s. We are located in different parts of the U.S.; ranging from the east coast to the west coast, from the Midwest to the Southwest to the deep-south. Our backgrounds are varied and include careers, education, income streams and lifestyles. Some of us have debt, while others do not. There are those who are married, with and without children, while others are single. Some of us have a college degree and there are those who do not.

We are excited about this opportunity to share with you what we have to offer. Realizing that no one situation is alike, our diverse group will able to provide you with insights based on our own personal finance experiences.

Each month we will present a topic and approach it based on our own unique experiences. This month, we are going to discuss Emergency Funds. I certainly look forward to hearing about each member's approach to the topic of having an emergency fund. If you would like to share your posts about having an emergency fund, feel free to contact any of us to add it to the network post at The Wealth, Money & Life Network site.

Be sure to pay a visit the other The Wealth, Money & Life Network member sites and subscribe to their feed, and my feed, if you haven't done so already. The links below will get you there quickly!

Dividends4Life
Dollar Frugal
Her Every Cent Counts
How I Save Money
Living Off Dividends & Passive Income
Saving For A Home
The LocoMono Website

Also, be sure to visit The Wealth, Money & Life Network site.

We look forward to sharing our financial and life experiences with you in the future!