Financial True Confession Time

As previously reported, we here at The Single Dollar are totally committed to anonymous transparency, but seeing as how we’re anonymous (at least, kind of), that relies on we — well, me — actually reporting the numbers correctly.

And lately I…haven’t quite been. Continue reading “Financial True Confession Time”

On a more cheerful note

My side hustling plan is off to a decent start! So far I have:

(1) made $355.79 from a combination of selling things on amazon and ebay, watching usertesting.com like a hawk, and skimming a little more than $100 off last month’s paycheck. I did that last accidentally, by the way, through double-transferring money from my checking account to the new savings account I set up to fund Roth shares. I am not a financial master of the universe. But having made the transfer I decided to let it stand, rather than pulling it back and using it for cash spending, so even though it is technically from my paycheck, I’m calling it a side hustle I pulled on myself.

(2) Talked to a friend of mine about booking me for a paid lecture in the fall (I am not sure how much this will be, maybe no more than a couple hundred dollars, but every little bit counts.)

(3) Mentioned to a few friends, in a casual and low-key way thus far, that I am looking for writing, editing, and, what the hell, pet- and baby-sitting work. By the way! Anyone reading this: I am looking for writing and editing work! Feel free to get in touch 🙂

(4) Signed up for a new checking/savings account that theoretically will give me $20 a month — apparently in perpetuity — for using direct deposit and billpay. By the end of this year, if this works, that would be $140. Again, repeat after me: every little bit counts.

I am not getting too excited yet, because I still have, uh, $5144.21 to go on my “fund the Roth using extra income” plan, and obviously I’m going to have to acquire more lucrative part-time work than I’ve done so far. But setting the goal and already making some progress feels good; I’m going to buy in $250 increments so I can do the first lot as soon as the money’s available in my savings account.

The Biological Savings Clock

One reason to start this blog is to keep me going as I finish hacking away at the student loan debt (how I acquired it and what I’ve been doing about it will be the subject of a future post.) But another one is to have a space to think through issues relating to making a more conscious turn towards the future: that is to say, emergency funds, savings funds, retirement funds. These things kind of freak me out.

Until a couple of weeks ago, I’d lived my whole adult life without getting into catastrophic debt, but also without any kind of financial margin or plan that looked beyond the next paycheck. From 22 to 34, I lived in the aforementioned giant expensive city; first I was a freelancer, then I was a grad student. Even the year that I made a grand total of $12,000, I did all right. I lived in cheap neighborhoods, with roommates, took public transportation, rarely ate out. But one thing I never did was establish any kind of permanent savings account. I didn’t work for anyone that had a 401(k); I never set up an IRA; I always had a regular savings account, but routinely drained it to pay for either normal living expenses (when I was between jobs) or travel.

You know how some women have the biological clock kick in around my age? They must have a baby right now or they’ll die? Yeah, I had one of those moments two weeks ago, except in my case it was about how I had to have an IRA, right this second.

Really, it felt like a switch flipped in my brain. One minute I kind of vaguely knew that at some point in the future, after I paid off the student loan and built up an emergency fund, I should start a retirement account. And the next minute I was frantically researching Roth vs. traditional, and how do you open the damn things anyway? Suddenly I just could not get enough, and I spent countless hours clicking around the various websites you get when you google “paying down student loans vs. retirement savings” and other search strings to that effect.

Reader, I drained my emergency savings funds again. But this time instead of going to Europe, or paying my rent after a down month, I put $2000 in a Vanguard target retirement fund. (Roth, in case you were wondering. It seems like a way better deal.)

It kind of makes me laugh, because hello, I’m 35, I have no job currently lined up for after July 2015, I don’t really know what I want to do with my career or what city I’m going to end up in…but hey, I guess I have a little something put by. A very little something. But maybe it’ll grow.