Review my investments and finances on the 28th of every month

I went to my financial guy on Tuesday. I hadn’t reviewed my stuff (no surprise there) but I had committed to seeing him this month.

I gave him my 2009 IRA money then we sat and discussed “the future”. We’d stopped the bleeding in my investments and a few seemed to be bouncing back. I felt confident enough that we could move some things around.

Basically, he bought 2 more Fannie Mae’s(or is it Ginnies?)and bought some stock that I felt comfortable with (AT&T, GE). Like he said, in tough times, people cut back on luxuries but still pay their phone and electric bill.

Let’s hope he’s right.

I received a letter about a tender offer for some stock I hold. I purchased it thru eTrade in ‘05 but transferred it to my broker last year. I figured it was worth selling since there’d be no fee. I called my broker today to have him accept the offer. He figured that after the sale, I’d made a whopping $172 on the investment. Well, I can’t complain since at least it’s not a loss.

While on the phone, we did a basic review of my account. He pointed out that I can put $6,000 into my Roth IRA since I’m now 50 (then he apologized for reminding me – lol!). It’s doable but I just have to commit to it. I did give him him the OK to buy government bonds if he finds good rates (3 3/4% I think he said).

I so need to get my head into this stuff…..

I have to take time this weekend to review my expenses for the year.
Starting soon…I don’t know exactly when…I’ll have a monthly car payment to pay out. I’ve got the money, no problem, but I need to make sure I set up auto-pay, etc.
Also, I need to put aside extra money to cover the increase in car insurance (another “benefit” of living in NJ) plus a higher deductible expense (which hopefully I’ll never have to use).
Maybe I’ll set up a separate bank account for it?

I must try harder to remember to write all my expenses down,

On Sunday, I updated my expenses for July, August and September -yes, I fell behind again despite this goal staring me in the face.

My expenses are stable and my income is stable – thank goodness. But the investments are frustrating me. A CD came due in July which I kept liquid, anticipating a new car purchase. When that didn’t happen, I put it in my “high value” checking account where it’s been lanquishing at a measly 1.49% interest.

I have another coming due on 10/1 and another on 11/1. I want to stay pretty liquid just in case the job situation changes but the current rates for short term CD’s are pitiful! 3 to 7 months are earning 1.25%...what the heck is that?!

I’ve followed all the rules for years: I pay myself first, putting $ into savings and a 401K. I pay my bills in full and on time. I donate generously to causes I care about. So why do I feel like I’m still working for my money instead of the other way around?

I have written a budget and I have a cashbook, where I am writing all my daily expenses down.
I went to see a second financial advisor last week, who was definately more helpful.
He advised me to always have 3-4 months of living expenses in the bank in case of emergencies, so i am in the process of doing that. I will have a second meeting with him soon.

I updated my expenses for May and June and put all my receipts together for July. It was pretty easy to do because I pay everything with 1 credit card. I just pay 1 bill every month – makes it really easy.

So far:
-Clothes expense is way up. This was expected because of my weight loss (from a size 14/16 to 2/4) and because it’s a goal.
-Gas expense is up, probably from driving to the trainer twice a week (another goal). That will stop since the trainer is gone.
-Food expense is up, again expected. My food plan – and new interest in cooking – makes that necessary. Yet another goal. This goal stuff is getting expensive….
-Medical is up, residual expenses from my tail-bone injury in December….which is STILL an issue.

The other expenses are holding steady. I didn’t get a salary increase in February but I did get a (partial) bonus. Combined with my tax refund and my automatic savings, I have a surplus. It does add up. It’s nice to know since I want to get a new car.

Next month, I’ll check out my investments since it seems they’re making a slow rebound.

I used to be really diligent about recording my expenses and summarizing my finances monthly. But I’ve realized this year, I’ve slacked off. Not good considering how the economy has changed. I’m sure I’m not spending any differently (I’m pretty low maintenance in the extravagance area) but I need to get back to monitoring more closely.
I’ll adjust this goal to include a date every month, like the Inner Child and Self-Check goals. It helps keep me on track.

I’m car shopping. I have to decide the best way to pay for it. I’ve got a few options.
1. I have money in the bank plus 2 CD’s coming due this month. I could pay for the car in full – cash, have no debt but no savings.
2. Borrow from the dealer at 3% financing and pay it off monthly – probably 3 years.
3. I could use the CD $ to pay for 1/2 the car then finance the rest.
4. I could use my Home Equity line for all or part of it. It’s at 3.25% interest but I’d get a tax deduction.
I don’t want to wipe out my savings, just in case but I hate having debt.
Any suggestions from you financial wizards out there?

Both were short term – 3 and 4 months. The rates WERE a whopping 3.5%. Renewal rate? Just 2% ! What the heck is that?!
And that’s on 4,5,6,7,8 and 9 month. Only 1 year is higher – inching up to 2.25%.
Oy!