I finally got confirmation that I was selected from a recent interview. It's a job within the field but it doesn't nearly pay as much as previous job but at least, I can start focusing on debt repayment and paying some bills!
I'll be making $20,000 less than what I was making but I'll still be keeping an eye out for better job opportunities. On the other hand, the job seems alot more interesting the previous one. Once I gain more experience in this particular sector of the field, I can actually (potentially) make more than the previous one, which was pretty much at the top end of the pay scale for that specific type of job.
Now, I can breathe a little bit easier knowing that I will have money coming in to the bank and not just going out. Finally, some good news.
Showing posts with label Murphy's Law. Show all posts
Showing posts with label Murphy's Law. Show all posts
Wednesday, April 09, 2014
Thursday, March 06, 2014
Withdrawal from 401k Plan Decision
Withdrawal from 401k Plan is i know a horrible thing to do since I will only be getting some money after taxes and the entire withdrawal amount but as I'm still going for interviews (nothing heard back yet) and am not seeing too many job openings that apply to what my skills at the current time, I'm getting antsy!
On one hand, I want to take everything out (or most of it out if the plan allows me to) to pay off the current debt and have money left over to cover a few months expenses. On one hand, it's all the money that I have been socking away since I was 26, when i started contributing to retirement. The current balance of my 401K plan is at $151,000 (a few hundred more). Also, I have about $11,000 in a traditional IRA and Roth IRA. In addition, I have about $55,000 in my pension account, which i could leave in that account for annual pension payout of $16,000 per year when I retire (earliest retirement age is at 50 for this account). Or i can withdraw that money out. At age 36, I wish I am not faced with making these decisions since it will be hard to build up/make up any retirement withdrawals I make.
Currently, I'm leaning towards leaving my pension account alone...$16,000 per year guaranteed money when I retire is not great but it's better than nothing. I'm leaning towards withdrawing my 401k plan to pay off the debt...which means I might have to take out $100,000 to cover the taxes that will be taken out from the withdrawal amount. I will need at least $50,000 after taxes to pay off debt and to have some living expenses covered.
Either way, it's such a depressing decision. I will wait another month to see if I might get a comparable job by then since my tax refund will be covering April's mortgage. If not, I will just get any job and hopefully, will be enough pay to pay the mortgage, expenses, and minimum debt payments. R. is still in the process of being hired from his temporary position to a permanent position (pay will be the same but with benefits)...which means his monthly pay will be at least $300 less than currently (medical insurance for both me and him). But at least, there will be medical insurance available for us still. At least, that's something good.
On one hand, I want to take everything out (or most of it out if the plan allows me to) to pay off the current debt and have money left over to cover a few months expenses. On one hand, it's all the money that I have been socking away since I was 26, when i started contributing to retirement. The current balance of my 401K plan is at $151,000 (a few hundred more). Also, I have about $11,000 in a traditional IRA and Roth IRA. In addition, I have about $55,000 in my pension account, which i could leave in that account for annual pension payout of $16,000 per year when I retire (earliest retirement age is at 50 for this account). Or i can withdraw that money out. At age 36, I wish I am not faced with making these decisions since it will be hard to build up/make up any retirement withdrawals I make.
Currently, I'm leaning towards leaving my pension account alone...$16,000 per year guaranteed money when I retire is not great but it's better than nothing. I'm leaning towards withdrawing my 401k plan to pay off the debt...which means I might have to take out $100,000 to cover the taxes that will be taken out from the withdrawal amount. I will need at least $50,000 after taxes to pay off debt and to have some living expenses covered.
Either way, it's such a depressing decision. I will wait another month to see if I might get a comparable job by then since my tax refund will be covering April's mortgage. If not, I will just get any job and hopefully, will be enough pay to pay the mortgage, expenses, and minimum debt payments. R. is still in the process of being hired from his temporary position to a permanent position (pay will be the same but with benefits)...which means his monthly pay will be at least $300 less than currently (medical insurance for both me and him). But at least, there will be medical insurance available for us still. At least, that's something good.
Wednesday, February 26, 2014
Out of a Job!
I am currently out of a job! It doesn't help that I was sick for two weeks but I have been severely depressed about the situation. I have already exhausted my $4,000 emergency fund (I also had car troubles that reduced the emergency fund earlier)since I had to use it to pay my mortgage.
I am furiously applying for jobs in the environmental field but I have little hope that I would be paid the same amount. It would probably be $30,000/yr less but at this point, I am desperate for any job. I am going to have to use credit cards to buy interview clothes too. I am even thinking about getting any job, such as a retail job, just so that we do not starve and pay for lights, food, gas, etc. In addition, emergency surgeries had resulted a large medical debt that I had financed some on credit cards and some directly with the hospital. It's around $30,000. This is not including the $13,000 credit card debt that remains still(original amount was $15,000 when I took this loan out late last year).
So, the currently debt stands at around $45,000 and climbing due to the job situation. I pray that I can find a job soon but it's been a long time since I had been unemployed and can not help but feel hopeless. It is amazing how things can go from manageable to disastrous. The subject of declaring bankruptcy had entered my mind, of course. However, I do not want to declare bankruptcy unless I can't find a job for more than six months at least. I want to at least fight for getting a normal life back and pay back what I owe.
I just have to remember to not implode! I will update the debt progress and emergency fund pages soon with all the breakdowns.
I am furiously applying for jobs in the environmental field but I have little hope that I would be paid the same amount. It would probably be $30,000/yr less but at this point, I am desperate for any job. I am going to have to use credit cards to buy interview clothes too. I am even thinking about getting any job, such as a retail job, just so that we do not starve and pay for lights, food, gas, etc. In addition, emergency surgeries had resulted a large medical debt that I had financed some on credit cards and some directly with the hospital. It's around $30,000. This is not including the $13,000 credit card debt that remains still(original amount was $15,000 when I took this loan out late last year).
So, the currently debt stands at around $45,000 and climbing due to the job situation. I pray that I can find a job soon but it's been a long time since I had been unemployed and can not help but feel hopeless. It is amazing how things can go from manageable to disastrous. The subject of declaring bankruptcy had entered my mind, of course. However, I do not want to declare bankruptcy unless I can't find a job for more than six months at least. I want to at least fight for getting a normal life back and pay back what I owe.
I just have to remember to not implode! I will update the debt progress and emergency fund pages soon with all the breakdowns.
Tuesday, February 11, 2014
Sick & Bank Account is EMPTIED!
Isn't it just perfect the way things go bad in a bunch? I got sick over the last few days and today, I'm back in the living world just to find out that my checking account with Chase has been emptied. I've made the necessary phone calls to chase as well as in person visit.
They are definitely reimbursing the charges but it might take a while. It could be a day to a few days. In the meantime, I have my mortgage going through by friday and HOA fees going through as well. Just to be on the safe side, I've asked my mortgage lender to waive the late fee penalty if I end up being late with the payment. Thank goodness, I've never been late with my mortgage payment in the 8.5 years I've had it. I wish I had stayed home today instead of coming into work. I can't even think straight but at least the fever's down with the help of Ibuprofin.
Stay healthy out there because there's something going around offices and schools right now. Two of my nearest co-workers are out sick at the same time too.
They are definitely reimbursing the charges but it might take a while. It could be a day to a few days. In the meantime, I have my mortgage going through by friday and HOA fees going through as well. Just to be on the safe side, I've asked my mortgage lender to waive the late fee penalty if I end up being late with the payment. Thank goodness, I've never been late with my mortgage payment in the 8.5 years I've had it. I wish I had stayed home today instead of coming into work. I can't even think straight but at least the fever's down with the help of Ibuprofin.
Stay healthy out there because there's something going around offices and schools right now. Two of my nearest co-workers are out sick at the same time too.
Monday, January 27, 2014
Importance of an Emergency Fund Strikes Again!
Unexpected expenses...and the Importance of an Emergency Fund
Once again, our emergency fund is going to be depleted before we can rejoice over the fact that we actually managed to save SOME money!
Over the weekend, I happened to look after R. pulled away from the garage to see a puddle of motor oil on the garage floor.
The mechanic suspects that it's the timing belt and the seals near it (?)but we will know for sure in two days when R can finally take it in on his day off.
The expected costs? Around $500 or more....depending on what other things need to be replaced. It is a 1992 used Toyota Camry that has seen 300,000 miles with four previous owners. It is still going strong despite having been in a couple of bad crashes and looking like a frankenstein car. We hope that the cost will not be over $1,000 but it might be.
I guess we definitely need to save more than the current emergency fund amount to be comfortable with expenses such as this. It just takes so long to save for us, considering our disposable income is minute at this moment. I can't help but feel frustrated with taking six months to save $1,000 to just see it poof in a day.
Once again, our emergency fund is going to be depleted before we can rejoice over the fact that we actually managed to save SOME money!
Over the weekend, I happened to look after R. pulled away from the garage to see a puddle of motor oil on the garage floor.
The mechanic suspects that it's the timing belt and the seals near it (?)but we will know for sure in two days when R can finally take it in on his day off.
The expected costs? Around $500 or more....depending on what other things need to be replaced. It is a 1992 used Toyota Camry that has seen 300,000 miles with four previous owners. It is still going strong despite having been in a couple of bad crashes and looking like a frankenstein car. We hope that the cost will not be over $1,000 but it might be.
I guess we definitely need to save more than the current emergency fund amount to be comfortable with expenses such as this. It just takes so long to save for us, considering our disposable income is minute at this moment. I can't help but feel frustrated with taking six months to save $1,000 to just see it poof in a day.
Tuesday, December 31, 2013
Do I Really Need A Smartphone?
Our Daydream about Smartphones has been sacrificed for the moment.
I have been thinking about finally getting on the bandwagon and becoming smartphone owners recently. I've been itching to pull the trigger especially when all my friends and family have been pressuring us to do so.
However, I'm going to have to be happy in my ignorance and stay with our $77 monthly bill for two cell phone lines. I use my cellphone quite alot for work and need it to be reliable, so, a good cell plan is necessary. Until my current non-smartphone dies, the current non-data plan is satisfactory.
What made me change my mind about getting smartphones for now?
We just spent a little over $300 bucks (charged on the credit card, of course. Bad, I know.) on Sunday on a day trip to Universal Studios Hollywood with my cousin and her family. Over $300 = Between the cost of two tickets, parking fee, lunch at Universal City Walk, dinner inside the park, and buying sodas multiple times (I'm still working on cutting that out of S.O.'s daily addiction). We MUST and NEED to recuperate this money through sacrificing something else...which, at the moment, sticking with a cheaper phone plan instead of upgrading seems like an obvious choice.
The main reason for us going to the amusement park is that we wanted to spend time with our friends since it's been ages since I last saw them and their baby. The baby is growing up too fast. Another reason is that I just could not keep telling them that I can not hang out with them because I don't have the funds anymore. Especially, when this is a once in every 4 years deal. So, basically, I'm going to sacrifice in one area in order to fullfill another area. I'm glad that I got to spend time with them and the baby.
Smartphones can wait. I've lasted 36 years (December Birthday!) without them, I can go at least a few more months without them.
However, the entire day was spent being referee to my friend's fighting about *i'm not sure what*, with the fight escalating to walk-offs, screaming, and crying in public. Me and S.O. are so happy to see them but were disappointed that it was a miserable day of constant fighting while we stare away uncomfortably. We are even more disappointed because $300 is a big deal for us but it's spare change to them and we would have liked to have had a splendid day instead if we're spending this much money.
Oh well, at least these tickets will be good for an entire 2014 year...if we go back.
Then, of course, there are so many other things that we need to budget for instead of getting smartphones. For example, I need to budget immediately for dental care. Both me and S.O. need it deep cleaning as well as cavity work and possibly more. I need to save at least $500 for this purpose just in case, although we do have PPO dental insurance plans.
Tonight, we'll sit down and celebrate the new year while we write out what we need to save for in 2014, besides debt repayment. That's right...we're not going out and getting drunk this new year's eve for a change!
Have a Happy New Year to everyone who happens upon this little blog!
Thursday, May 30, 2013
To be Cheap or Not at Weddings
I have a distant relative's wedding that is coming up on June 8th, which is less than two weeks. Even though I am really looking forward to seeing my cousins from my dad's side of the family again after all these years, I am feeling some dread about it.
It's hard to be frugal when it comes to a relative's wedding, even if it's a distant one... especially when the relative comes from a culture that asks for money gifts for the wedding. When I asked what is appropriate to give as the money gift, I was informed that it should be at least $100 per head...at minimum. I am sure it's going to be a great wedding and I really do wish the best for the couple but I just didn't have the heart (or guts) to say that I really can't afford that much.
I get paid tomorrow but I will have to put 99% of that paycheck towards my June Mortgage payment and HOA fees. I'm pretty tight on money each money with the tenant and lawyer issues. This $200 (for two people) money gift for this wedding is going to force me to live off my credit cards for the next two weeks since tomorrow's paycheck will be gone in a flash with bills.
I am excited about seeing everyone there though and at least, that is something to be happy about while I, yet again, try to keep up with the Joneses.
On a side note, my total debt is currently at $10,656. Not much down from a few months ago but considering what I have been going through, I'm glad I was able to pay down even a small amount.
It's hard to be frugal when it comes to a relative's wedding, even if it's a distant one... especially when the relative comes from a culture that asks for money gifts for the wedding. When I asked what is appropriate to give as the money gift, I was informed that it should be at least $100 per head...at minimum. I am sure it's going to be a great wedding and I really do wish the best for the couple but I just didn't have the heart (or guts) to say that I really can't afford that much.
I get paid tomorrow but I will have to put 99% of that paycheck towards my June Mortgage payment and HOA fees. I'm pretty tight on money each money with the tenant and lawyer issues. This $200 (for two people) money gift for this wedding is going to force me to live off my credit cards for the next two weeks since tomorrow's paycheck will be gone in a flash with bills.
I am excited about seeing everyone there though and at least, that is something to be happy about while I, yet again, try to keep up with the Joneses.
On a side note, my total debt is currently at $10,656. Not much down from a few months ago but considering what I have been going through, I'm glad I was able to pay down even a small amount.
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