Honeymoon Planning

DH and I got married in November. However, do to our schedules we weren't able to take a honeymoon right away. In fact we got married on a Friday and we were back at work on a Monday. It was hectic to say the least. Now that the summer is upon us we are finally planning to go away.

If you are a long-term reader of this blog you know that DH and I love to travel. While we have traveled a lot together (and a part) we have actually never gone away just the two of us. We tend to travel to places where we know people or travel with other people. I love to travel this way because not only does it keep costs down, but staying with someone who lives in the area is always a great and different experience.

Since this vacation is technically our honeymoon we will not be staying or traveling with anyone else. We are both really looking forward to just the two of us traveling. We both really need a vacation! So we are taking three weeks to travel through Alaska and California.

There is no doubt that this is going to be my most expensive vacation, mainly because we will have to stay in a hotel every night. We are also on four one way flights, which tend to be a bit more expensive then round trips. Finally, we are visiting touristy places and touristy times so hotels are not cheap.

So far we have spent $2080 on flights and we are averaging $180 a night on hotels (and we still have three nights to book). There are also two things I want to purchase in preparation for our trip. A good pair of hiking shoes that can also be used to run in and a new bathing suit.

Since this is a personal finance blog I often feel like I have to justify my spending. While I think we did well on the flights, the hotels are costly. While I could go on and on about why $180 is actually not that bad I'm not going to. We have the cash to pay for this trip and we are continuing to save for retirement at our preferred rate. While I hate spending a lot of money I am a strong believer that personal finance is personal and we make decisions on what is important to us through how we spend our money.

This will be an expensive trip, but hopefully worth every penny!

photo by cobalt123

Practice Self-Control

It turns out self control needs to be practiced. In the Huffington Post Heidi Grant Halvorson discusses  two psychology studies that show that self control gets tired and can be improved through practice.

As Halvorson states:

...like any muscle, self-control can vary in its strength, not only from person to person, but from moment to moment. Even well-developed biceps sometimes feel like jelly after too much strain and so too does your self-control muscle. Spend all day dealing with distractions, hassles and stressors at work, and it's awfully hard to summon up the willpower to resist the allure of the cocktail, the cigarette or the fully-loaded nacho platter.

The good news is that depletion is only temporary -- after you rest it a while, you will get your strength back. The great news is that if you want more self-control in general, you can get more. And you get more self-control the same way you get bigger muscles: you've got to give it regular workouts.

I'm sure that this is not surprising to most of you. Anyone who has spent time struggling with their finances knows that the longer you do it the easier it gets. They also know that sometimes you splurge. I actually believe that while self control is important and should be practiced, a little splurge now and then is essential. I'm a huge believe in finding a balance. Anything in excess is a bad thing, including too much deprivation. Of course my idea of what is a splurge has changed depending on my financial situation. The more comfortable I have gotten the bigger my splurges are.

What I find most interesting about this article is how you can tire out your "self-control muscle". For the past two years I have been working full-time and going to school part-time. One of the consequences is that I no longer run on a regular basis. My assumption was that I have just been really tired and that something has to go. However, when you look at it from a self-control standpoint it does make sense that my self-control just kinda ran out (pun intended).

I would spend all day at work, using self-control to not browse the internet or waste time as I had to leave work by a certain hour. I would then need self-control to make it to class and to pay attention as the night got later. After doing this for three days a week, my self-control was tired the other two. I would have perfectly good intentions to go running after work, but then I would come home sit on the couch and never make it out.

Now that I'm currently taking my last class I'm trying to focus on running and getting back some of my muscles. I guess that includes my self-control muscles. 

Emergency Fund

My emergency fund took a big hit lately. Moving plus some costs on my studio, plus some other things means that I'm down to around $6500 from just under $9,000. Ideally I would like my e-fund to remain steady at $10,000 and then build up a smaller savings account for situations like moving and studio costs in order to save my e-fund for true emergencies. Sadly it seems like I can never quite make it there as something always comes up. 

Personal finance is full of decisions. I've been focusing on paying down my student loans until they are under five figures, but now I'm wondering if that is the right move. Should I be focusing on building up my emergency fund instead? 

My emergency fund is not the only cash savings that I have. I have smaller savings accounts for various items and a joint savings account with my husband. Of course I also have my retirement savings, which is non-negotiable and untouchable. 

picture by borman818

I've decided to continue to focus on paying down my student loans. While I do want to build up my emergency fund, at this time, mentally, I think it is more important for me to pay down my loans. Based on past experience, something will always come up that derails my e-fund savings. Mainly because what goes in can always come out. Whereas, what goes towards my student loan is gone and the loan is reduced. Of course this doesn't mean that I won't continue to contribute to my e-fund. I just won't be putting my focus and any extra money towards it and instead continue on the path that I have been towards paying down that loan! 

Travel or Save for Retirement

I recently came across this blog post about whether or not to focus on traveling or saving for retirement. While the post was focused on people who are older than I am, I found the idea of choosing between the two interesting. Mainly because the two main priorities I have in my life right now is traveling and saving enough for retirement. It may be because I'm in my 30s, but I don't think it has to be an either/or situation. I save 17% of my income towards retirement and plan a trip every summer.

This article made me think about how many people wait to travel until they have retired. While it is never too late to travel, I would hate to wait my entire life to do it. I was lucky enough to have parents who took my sister and I abroad quite a bit growing up. And so in a way, traveling and seeing different parts of the world is in my blood. I would much rather forgo expensive clothes and dinners in order to travel. So for me traveling and saving for retirement are both musts in my life. What about you? What are two priorities in your life?

Photo by xlibber

Six More Weeks

I just started my final course. In six weeks I will have completed my degree and I can move on to the next stage in my life. What that stage will be I have no idea. It is always a little scary finishing up something, because it causes you to look forward and think about what's next. When you finish up a degree the biggest question revolves around a career. I'm not completely sure where I want my career to be in five or even two years. What I do know that I would like more responsibility and more money.

I hate feeling unsettled about my career. I find that I need to be invested in my job in order to be happy with the rest of my life. It is probably because I spend so much time working. I just need to feel a greater purpose for what I'm doing. Now that I'm unsure about where I want to be, I've lost that greater purpose. Honestly, I think I lost it earlier, but it was such a busy year that I barely had time to notice.

Uncertainly, doubt and questioning where you are and your choices is just a part of life. I can't imagine it ever really stops as every new opportunity brings more uncertainty. I have a lot of thinking and exploring to do this summer.

Whatever happens with my career, DH and I are determined to have a "fun" year. I put fun in quotes, because honestly every year is great. However, we haven't had much time to just enjoy the city we live in. We don't expect to be here for the rest of our lives so we want to enjoy it while we have the time.

Photo by digital_freak

45% of the Way There

My major goal of the year is to get my student loan under five figures. And honestly, I'll be happy if it gets to $9,999. Of course I'll be even happier if it gets even lower.

In the month of May I was able to put $360 towards my student loan. $300 of this was the money I had saved towards an iPad. I'm still a little sad about giving up a shiny new toy, but overall I'm happy with my decision. I'm sick of having student loans and the sooner I can pay them off the better.

Currently I only have 55% left to pay in order to complete my goal! 

June Goals

I haven't put together monthly goals in a really long time. And, as you can see I'm already late when it comes to June. However, late is better than never.

Goal #1: School - Stay on top of my work for my summer class. I began a six week course yesterday. This is my final course of the program and I want to finish with a bang!
Goal #2: Work - Put together a fabulous and honest self-evaluation.
Goal #3: Run - Run three times per week this month. I need to get back into shape and that begins with being more consistent with working out.
Goal #4: Budget - Stay within budget. My budget is a little tighter this month so it is going to take some careful planning to stay within budget.
Goal #5: Pay - I hope to put at least an extra $50 towards my student loan this month.   

It feels good to have goals again.

Photo by abcdz2000

Money Questions to Ask Before Getting Married

DH and I will be married 7 months on Sunday. It is amazing how quickly the time has flown!

There are a lot of things to consider and talk about before getting married. The obvious ones are children, religion, where you are going to spend the holidays, and where you want to live. As a pf blogger you are probably not surprised that I believe the most important things to discuss is money. To me, being aware of each others finanical situation is more than just knowing what you are getting into. It also allows you and your future spouse to make realistic goals together that help to inform everything else.

I recently came across this Kiplinger article on 4 Critical Money Questions to Ask Before You Are Married.  I think they are excellent questions.

• How much is there?
• Where does it come from?
• Where is it kept and invested?
• Where is it going?

They are great questions because they get the conversation started and that is the hardest part for most people. 

DH and I talk about money all the time and we have throughout our relationship, so this conversation was not difficult. What was more difficult was to create a shared budget that worked for both of us. We now have a shared savings account that we both contribute to and we also put away the same amount into cash savings each month. After adjusting for our bills this leaves us with the same amount of "cash" to spend a month. How we spend this money is an individual decision. In this way we are both saving towards shared goals and also have freedom with our money. It works well for us. However, every couple is different and so every couple has to figure out what works best for them. The first step is having the money conversation. 

Photo by city of craft

Making Extra Money in College: A Way to Develop Your Interests and Make Some Extra Cash

This guest post is contributed by Lauren Bailey, who regularly writes for top online colleges. She welcomes your comments at her email Id: blauren99 @gmail.com.

Being short on cash in college can be stressful, and most university students end up working in the restaurant or retail industry to make some extra money. However, working long hours at a bar or restaurant can leave you exhausted and unwilling to finish your school assignments on a daily basis. As a university student, I found a way to make some extra money without compromising my study schedule. I began to freelance for various publications. Freelancers usually get paid more than bartenders, and depending on your publication of choice, you can usually find work related to your academic interests. Here are tips to help you find and obtain a freelance job while you are a student.
The Search

I recommend looking on Craig's List or job recruiting sites for freelance positions. Usually web marketing or web development companies will post ads on a recruiting site on a weekly or monthly basis. If you are interested in working for a particular publication, become familiar with the journal/publication's content and writing style. Make a list of ten different freelance positions you would like to apply for. However, you want to find a job that will help you make some extra cash. Try not to be too picky for your first few assignments. Once you start, you can show future publications or prospective sites that you have freelance experience. Thus, getting a few paid submissions under your experience belt is essential.

Contacting the Publication

Once you narrow down the list of publications you would like to work for, send an email to the human resources representative or Managing Editor of the publication(s). Be realistic. As a university student, you are unlikely to get paid for writing for the New York Times or Wall Street Journal. Look for some web journals or specialized publications that are likely to accept freelancers. Send a polite, professional email 

emphasizing your writing strengths and interest in the content of the publication. Keep it short and simple!

Resume and Writing Samples

Attach your resume and writing letter to the email you send out. In your resume, you may need to rearrange particular strengths and experiences relating to the job. For example, keep internships and experiences relating to the publication/writing at the top of your resume. Don't hide them towards the end. Also send in two writing samples. It is best to send it something you've written about the subject or content of the publication. You may want to write a one or two page sample (in addition to sending in academic papers), if you don't have a sample available already. Make sure to edit the sample and make it stylistically coherent.

Time Management

Once you land your dream freelance job, be sure to allocate ample time to get each submission done. For example, spend a few hours a week on each assignment, and make sure it doesn’t interfere with your school work! I would usually reserve two or three hours on a Saturday morning to get my freelance work out of the way. Best of luck, and happy writing!

Moving is Expensive

Since I graduated college I've moved nine times. It is a lot I know, but I don't think moving this much is unusual when you are young. I've moved back in with my parents three times (once for a full year and twice for a few months), I've lived in three different states and five different cities/towns. DH and I spent this past weekend moving a little less than a mile.  

There are various reasons that we decided to move such a short distance, the main one being that our landlord raised our rent but we still like our neighborhood. We looked around, realized that we had more space than we needed and decided to trade up to a smaller space in a nicer building and a better location. And yes, in NYC a little less than a mile can make a big difference in location if it puts you closer to the subway. Our new apartment is amazing! Smaller than what we had before, but laid out beautifully and it includes the perks of living in a luxury building. 

When you move around a lot you tend to keep your personal belongings to a minimum. DH and I did a goodwill purge before we moved and again when we were unpacking. We sold a bunch of furniture that wouldn't fit nicely into our new space and moved some things to my parents that we couldn't fit/didn't need in our new place, but were unwilling to sell or donate. It turns out we will have to move a few other things to my parents since we have less wall space and a lot of artwork. We expect to officially be settled in by Monday. 

Moving is expensive. We sold around $440 worth of furniture which we used towards paying our movers ($489). I know what you are thinking, why didn't you move yourself and save money. My answer to that is twofold - we can afford movers and we were moving out of a third floor walk-up. The money spent on movers was well worth it.  

We had a wall constructed in order to change a large alcove studio into a small one bedroom ($1122).

We bought some furniture that fits perfectly into the space and finally bought ourselves a bed frame ($1669).

So we ended up spending $2,840 on moving expenses. So yes moving is expensive. I've always wondered if I would have more money saved if I didn't move so much. Since so many of my moves were done without movers I doubt it.

In this case our moving expenses were all well worth the cost. 

Photo by the coveted