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Financial Wins and Financial Losses

May 20, 2015

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We all have ups and downs in our lives - here are my financial wins and losses lately! via @shoeaholicnomore

Wow! There have been a TON of changes going in my life the last couple of weeks, including taking on a new staff writer for my site. Did you guys love her post on Monday? I sure hope so as I’m really excited to have Kristi on board! 🙂

Today I just wanted to give you an update on some of my recent life happenings and how they’ve affected my finances. Some of them have been financial wins and some have been financial losses. Some are TBD as I just don’t know how they’ll play out yet. So here we go!

Financial Win: I Got a Bank Fee Reversed

This first one is kind of a win and kind of a loss. I got charged an overdraft fee on my checking account last week. I was bummed because it’s the first one I’ve had since before I started tracking my spending in September 2013. I totally miscalculated when a couple of transactions would hit my account and thus I went into the negative by less than $20 and got hit with a $26 NSF fee.

After I got over feeling bummed, I decided to try to rectify the situation. I called my bank the next morning and asked if they would possibly reverse the fee. After a little sweet talking, they did it. Woot! Fee Averted!

Financial Loss: My Neighbor is a Cheapskate

A few weeks about I told you about my backyard project and how expensive it’s going to be. Well unfortunately I’ve run into some conflicts with this project that are going to make my portion even more expensive. 🙁

When I initially talked to my neighbor to see if she’d be willing to help with the side between us (my assumption: 50-50 as she didn’t say anything else) she didn’t ask about price or anything though she clearly had to know it would be expensive due to the cement I’m having poured.

I won’t get into our whole semi-heated conversation, but basically she’s not willing to help any more than $300 worth, so I’ve got to come up with an additional $800 that I wasn’t expecting by the end of May!

I decided to still go ahead with the project as I have my fence down already and I can’t really back out of it now as then I’d have no fence at all. So I’ve had to get creative to come up with some extra money.

Financial Win-ish: I Got a New Credit Card

This may not sound like a financial win, especially when I told you I wouldn’t be putting any of my backyard project on credit, but I decided to get a new credit card with a 0% APR for balance transfers and new purchases, plus a $0 transfer fee for the first 6 months. After a bit of debating with myself, I refinanced my debt from CC#4 on this card to help me get it paid off faster and to avoid any more interest. The total amount of my transfer is $2,007.35 since I put the wood and some other fence materials on my credit card. (I’m glad I hadn’t put all of my remaining tax money toward paying off the credit card purchase as now I’ll need to pay for the cement part that my neighbor will not be helping out with.)

By my math, I should be able to pay this transfer off in 12 months to avoid all interest charges by paying $167.28/month. In reality though, I plan to pay more than this so I can get it paid off early and start another balance transfer before the 0% interest and $0 transfer fee offer is up.

This will help me afford my backyard project without having to pay interest on it, and it’ll help me pay off some of my other debt more quickly as I also won’t be paying any more interest on it either. But even with this decision, I’ll still have to loan myself some money from my business account to get this project finished.

Financial Win: Business Expansions

As you know, I took on my first staff writer, Kristi, to help me with writing for my site. This will help me have more time to focus on other projects and ideas I have for my business, and hopefully you’ll enjoy hearing her perspective on fashion, frugality, minimalism, and life.

Another business expansion I announced on Friday is that I bought a new website. I wanted to hold back from telling you all about it and sharing a link until it was “perfect” but as I delved more into the site I realized if I waited for it to be “perfect” it could be a LONG time until I shared it with you. So here it is for your viewing pleasure despite it not yet being everything I want it to be. It’s still a work-in-progress I guess. 🙂

Financial Conversation

I hope you’ll enjoy following along with the new site as it will be a little more focused on other personal finance things besides my personal debt story and life happenings. In fact, I’d love to have your help in getting the Financial Conversations started, so if you have any good ideas of what you’d like covered, or if you want to be interviewed or guest post on the site, please drop me a line. I’d seriously appreciate it! 🙂

What financial wins and financial losses have you had lately?

*Part of Financially Savvy Saturdays on brokeGIRLrich, A Disease Called Debt and Shoeaholic No More*

We all have ups and downs in our lives - here are my financial wins and losses lately! via @shoeaholicnomore
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Kayla

Kayla is a mid-20s single girl living in the Midwest, USA. She is focused on paying off her consumer and student loans, while simplifying her life and closet. You can join her on her journey at ShoeaholicNoMore or follow her on Twitter.

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28 responses to “Financial Wins and Financial Losses

  1. Congratulations on the expansion of your business and getting your first staff writer! I enjoyed her post and thought she did a great job! I can’t wait to read more of her post.

    The last couple of weeks have been good in regards to my repayment and my career. I paid off my consumer loan (one loan left) and I got some great feedback on my 6 month review from my boss. I did have a loss, I went to the dentist for one thing and left having something extra done and an appointment for 2 weeks later for the other side. I didn’t plan for these and swiped my credit card. So now I have to find away to pay it off, because I don’t want to pay a finance charge.

    1. Thanks Sylvia! I’m glad you enjoyed Kristi’s post. 🙂

      It seems that every now and then there are some wins and some losses when it comes to finances. I guess that’s just part of it!

  2. Wow! Congratulations on the purchase of your new website! It look amazing. I love the layout of the site. It sounds like you have had more wins than losses. $800 is quite a bit to be shocked with though. I’m sorry your stingy neighbor is willing to split the cost.

    We had major financial setback last week as well. The transmission died on our second vehicle, and it will cost more to fix than the darn truck is worth.

    1. Oh no! That stinks 🙁 Is there anything else you do to fix it cheaper or another alternative? I appreciate your feedback on the site. I have a lot of work to do over there, but I’m excited to see what it can do. 🙂

  3. I love reading other people’s round-up posts. Thanks for being so open and honest about yours! That sucks about your neighbor – seems like she should have figured that out beforehand. I feel like having an emergency like that is the best reason for being good with your finances. You don’t realize how much it counts til you really need it!

  4. Congrats on your new site and on figuring out a smart plan for managing your debt and unexpected expenses!

    Recent win: My husband priced the new tires our car needed to pass inspection this month, and found a deal for about $100 less than what the dealership offered.
    Recent loss: My geriatric cat with health issues needed to go to the vet this week, which cost $100. Goodbye tire savings!

    1. Thanks Amy! Oh man, I hate when you have some savings and end up spending it somewhere else on something unexpected. I hope your cat is ok!

  5. Congrats on the website – it looks great! I’m sorry to hear about your neighbor. That’s such a sticky situation to be in. Years ago, my parents were going to split the cost of a new fence with our neighbors, and it never happened as they couldn’t reach a decent agreement. Bank fees are the worst to deal with – I’m glad they reversed it for you. It’s always worth it to call and ask!

    1. Thanks Erin! Neighbor situations can be tough. I’m trying not to be mad about it because I don’t want to have a bad relationship with my neighbor since neither of us plans to move away anytime soon, I don’t want things to be tense, haha.

  6. Yay for expansion! You’re rocking it, Kayla! For what it’s worth, I think you were super smart to open up that card. Removing the interest will mean less of your resources going to a creditor long term. The only sticky part is making sure you don’t rack up any new charges, but I totally think you’ve got the strength to make it through the right way!

    1. Thanks Femme! I’m hoping to pay off the balance transfer pretty quickly (with my snowball after another CC is gone in June) and then transfer some more before the promo expires so I can take advantage of 0% interest and a $0 transfer fee. 🙂

    1. Thanks Hayley! I’m hoping that the $800 will work out. I have some theories and ideas that might help 🙂

    1. Thanks Vickie! You’re right, I can’t just stop the project now or I’d be without a fence for a long time…

  7. Congrats on your business expansions–I’ve going to check out your new site as soon as I finish this comment!

    Wins: I just purchased my first free, roundtrip flight with credit card miles; felt pretty good to have credit cards work FOR me instead of AGAINST me for once!

    Losses: May was such an expensive month! Payday is at the end of the month and I will be s t r e t c h i n g my dollars until then.

  8. Hi Kayla!

    Congrats on the new writer for your site! 🙂 and I agree with others – definitely sounds like more wins than losses for you this month! And in terms of the finances for the backyard at least you’ve managed to find the best way to do it that works for you!

    Natalya x

  9. Congrats on the new website! That stinks about your neighbor though. I hope the hustling pays off and you make it to your goal!

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