Mini Book Review – Broke Millennial

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This month, Veronika at Debts to Riches invited followers to read Broke Millennial: Stop Scraping By And Get Your Financial Life Together by Erin Lowry. I read through the book pretty quickly, and read some chapters more in depth than others. I think I’m on the cusp of being a millennial, but the book was still applicable to me since I feel like I got a late start on earning a standard salary in my field since I finished my education later.

The first couple chapters touch on the basics like building a budget, picking the right financial institutions to house your hard earned money, your credit, paying off debt and student loans. If you’re already on your debt free/financial independence journey, this is probably stuff you already know. Still, it was a nice easy read to review the basics.

The next couple chapters I thought were more informational – and would have been beneficial to me say maybe, 5 years ago or when I accepted this new position almost a year ago with my new certification and master’s! These chapters focus on how to get out of awkward social events where someone shorts the tab, splitting the tab, talking finances with your significant other and negotiating a salary. Social events and work have a direct impact on your money (duh) so I thought the information on how to navigate these areas was useful. Again, maybe would have been more useful for me prior to me taking the job I have now, or back when I was single and enjoyed being social and going out…

Lastly, it wraps up talking about investing, saving for retirement, hiring a financial professional and homeownership. For me personally, these chapters proved the most useful as I am getting a late start on saving for retirement, and learning for investment. I’m not at the homeownership bit yet but I’m hoping to do so in the next 10 years or so, so the information was useful and shed more light on how much we’ll actually need to save for a downpayment on a home in CA (Hint: a buttload).

I didn’t want to bore you by explaining every detail of the book. That might also motivate you to not read it! Overall, I thought the book was a refreshing outlet for anyone who is just getting started with getting their finances in order. I’m now trying to figure out a way to send it to my younger sister without sounding like a bitchy older know-it-all sister (even though I am smarter). If you’re getting started with paying off your debt, or even budgeting I would recommend reading Broke Millennial: Stop Scraping By and Get Your Financial Life Together.

Overall (Subjective) Rating: 7/10 Ice Cream Cones

 

September Goals!

Hello friends! So, I’ve been lagging on blogging but that doesn’t mean that I’ve completely given up all together. I will admit that my spending has been looser, but I’m still doing my best not to acquire new debt and pay off what I already owe. It’s also my husband and my birthday week! Here are some goals for this month specifically, and I’ll probably post again on some goals I want to hit in my last year in my early 30s.

  • Get Capital One back to “Bills Only” – I haven’t stopped using my credit cards. I have a cash back rewards card that I designated to automatic payment of bills. I pay it off each month so it doesn’t accrue interest and so that I can maximize the benefits of earning a little bit of cash back. However I did use it a little in the past month for non-bills, and also had some larger ticket bills (our dog got fixed, and our electricity bill for 2 months was over $300!) so this month’s statement did get a little crazy. I want to pay it off, then resume it’s job as a “bills only” card and keep it out of my wallet.
  • Get Discover under $7k – Currently it’s a little under $7500. Getting this debt in the $6k range makes it more possible that I can be done paying this off this year!
  • Earn an extra $400+ from side hustle
  • Donate unwanted stuff to Goodwill
  • Get caught up on training protocol at work – The sooner I finish this, the sooner I can make more money and also start my year commitment. Not that I have immediate intentions on leaving, but it’ll be nice to not have a time commitment.
  • Get weight back down under 130 – I feel like a broken record but my motivation to diet has been really low this year in general. I’d like to get back down under 130 by the end of this month, and work on maintaining that through the holidays and end of year.

That’s it for now! I’ll be back with more goals for my 34th year as well as updates on my progress!

Keeping my Side Hustle a SIDE Hustle

Long time no post! So in an effort to minimize my stuff and also make some extra cash for debt, I started thrifting and reselling! It’s been fun so far, but I have a confession to make: I’ve let my spending get loose in the last month.

The purpose of having a side hustle for me is to make a little extra income on the side, however I’ve been putting my own money into this venture and my goal in September for my side hustle will to use my income from this only to fund this venture. That means using the income I bring in to buy source items to sell, buy shipping supplies and pay for shipping, etc.

I have a second checking account which I designated for “business expenses”. When I withdraw my earnings from paypal, Poshmark or Mercari I’m transferring 20-25% to that account then putting the rest towards debt.

So far this month I’ve made over $700 in sales and profited $350! I can’t wait to keep it going as a fun, income generating hobby and I don’t plan to let it put me further in the hole!

 

June Recap/July Goals!

A little late but here is the recap of my month of June:

  • Put at least $700 to my CC debt 
  • Sell ALL unwanted stuff, and toss the rest 
  • Eat out less
  • Get bodyweight back under 130lb

I put $556 towards my CC debt this month! Not exactly at $700, but I did reroute $540 to fully fund my Emergency fund at $1000. I sold a decent amount of things this month and racked up over $400 to put towards my debt! I ate out less during the weeks which was good, and I fell short of getting back under 130lb thanks to some minor injuries that forced me to scale back my training and probably hit me in the motivation department.

My month wasn’t at 100% but when is life ever at 100%? I’m a believer that when you aim for perfection, you set yourself up for failure. Sure my month wasn’t perfect but it was my first month making an attempt at getting my finances back on track so I’m ok with it, and it gives me room to improve in the upcoming months!

Here are my goals for the month of July:

  1. Pay off Credit Card #1 – With budgeting and extra money from selling stuff.. I think this is doable!
  2. Donate unwanted stuff!
  3. Get Postmark closet to 75+ available items
  4. Drink a gallon of water daily
  5. Get better at tracking no-spend days
  6. Get back below 130lb

What are you aiming to achieve in the month of July? Leave me a comment and let me know!

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Mid-Month check in

June just flew by! I’m sipping my first cup of coffee for the day and reflecting on my progress with my goals that I wrote out. So here is where I am as of today:

  • Put at least $700 to my CC debt – So far I’ve put $556 to my CC this month! I’ll get paid one more time before June is over and already have $400 scheduled, so I should be good on this goal!
  • Sell ALL unwanted stuff, and toss the rest – I’ve been listing on Postmark and Mercari and eBay, I’ve sold a few old electronics and a decent amount of high-end makeup. No one is biting on the clothes. I’m going to donate some stuff by next weekend.
  • Use cash system for daily spending – This I haven’t been doing.. mostly because my first paycheck I spent all on rent, paying my CC and paying myself that I didn’t have much cash left over, so I guess that’s a good thing? I took out $20 yesterday and had $6 in my wallet already, so I think this will be good going into the next week!
  • Eat out less – I have been doing a lot better packing lunch! I’d say at least 4/5 days! However, over the weekend our friends were in town and we spent a lot of money on eating out, and we have other friends in town today. We literally never go out on the weekend, so for now I’m sucking it up in an attempt to be social.. since we tend to be pretty anti-social 99% of the time.
  • Get BW back below 130lb – I’m about 132 as of today. Getting back on track with eating packed food and hitting my food targets per day has helped, but I haven’t been working out at my normal volume thanks to a string of small, annoying injuries (sprain here, tweaked my back, sprain there). I’m hoping by the last week I can resume normal workouts, and at least get within 1lb to this goal to be on track for August.

How are you all doing with your goals for the month or the year?