Monday, March 19, 2007

Day 1: No Money Spent (Except for Automatic Withdrawal)

Day 1: I think day one of my financial experiment was a good. I was able to not spend any money today. I rode the bus to work, brought my lunch, got a ride home with my girlfriend, and ate dinner at home.

We also went to an investment company and invested money into a money market account. As the end of the month comes around, I will add more money to this account.

I guess I can start by listing my costs for the month.

1) Rent- $600/month
2) Food- ?/month (This is part of the experiment)
3) Student Loans- a. $50.47, b.
4)Credit Card Debt- I'd like to pay this off as soon as possible!
5) Car Insurance- (need to calculate as I pay quarterly?)
6) Gas- (Part of experiment)
7) Internet/Cable- still getting worked out
8) Cell Phone Bill- $57.95 (variable)
9) Entertainment and other variable costs (Part of experiment)

Revenue:
Job (and maybe Adsense as my readership increases :-), and working towards Mutual Funds, CDs, Money Market, Stocks, etc.

It would be great if Day 2 could also be inline with my no spending of Day 1, but I think eventually I will spend something (or my checking account will be automatically deducted).

I am working towards finance intelligence and figure out a plan that works for me (and possibly give others a plan as well).

Tip for the Day- Erase your credit card debt by opening a new credit card with your bank that offers 0% interest for 6 months and then move your debt to this credit card. This gives you 6 months to pay off the debt without interest!

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