Wise Bread

Today I have an article over at Wise Bread. Be sure to check it out!

There are lot’s of exciting things going on here! I’ll be posting some news very soon….but on to my monthly updates, which keep me honest with myself and motivated to keep forging on.

Bike Challenge

Riding two days a week to school and back equates to 24 miles a week. When I add on my additional 4 miles to Starbucks on the weekends, I can confidently say I’m exceeding this goal. Below is my status:

May's Bike Challenge Update

This challenge has been pretty easy for me to meet, it just requires me getting up 30 minutes earlier than normal. You can see I’m almost  at 144 miles. Easy, breezy!

Crummy Loan Pay Off

My loan repayment challenge is much more of a challenge! Since the crummy loan is at such a high interest rate, almost 30%, paying it off is like taking two steps forward and one step back after they apply their finance fees. Yuck! I’ve been diligent in paying at least $400 a month, and this month I was able to apply an additional $50 making the total payment towards this loan $450. View my status below:

Crummy Loan Repayment for May

Even though I made a $450 payment, my balance only went down $251 due to to an almost $200 in monthly interest fee charge. This high of a rate of interest should be illegal.

I recently read about a low income person who was paying this very same financial company through a wage garnishment. He ended up going to court because the total he was paying on the loan wasn’t making much of a dent in his outstanding balance. The lawyer representing him found out that he had paid over $10,000 in the course of 2 years for an original $7,000 loan. Yet the company claimed he still owed close to $8,000! What a rip off. The company eventually dropped the balance due from his credit report. How nice of them. *note the sarcasm.

What’s Next

• To make paying off this crummy line of credit a little more tolerable, I might hit up my bank this summer and to reduce the rate of this loan. I tried with Lending Tree but to no avail.
• Plan my retirement savings! This is my end of summer goal.
• Continue writing, guest posting, and plan my summer project (I have two that are secrets for now!)

What’s on your list for projects, planning, or just plain summer fun?

Between my bike challenge for April and May and my debt repayment strategy plan, I’ve been keeping myself in check  with accomplishing my goals through baby steps. My bike challenge is much more rewarding; at the end of the week I can successfully say that I’ve accomplished my 24 miles for the week, if not more. It’s great exercise, so I don’t feel guilty if I scarf down a bowl of mint chocolate chip ice cream, and I’m saving wear and tear on my car and gas. Basically I’m saving money by committing to this challenge.

My debt repayment plan is on track as well, I paid $400 in April towards my crummy line of credit (my original goal was to pay $525, so I’m a little short). In contrast to my bike challenge, it’s not nearly as much fun! As much as I like seeing that total debt shrink, I also notice my bank account going in the same direction. Yet, I must keep persevering so that I can pay it off, then save that monthly payment for my down payment. At that point, I will also be in a good position to open an IRA and begin seriously contributing.

Summary of my goals and challenges for April (to keep me honest!):

• Bike Challenge: 60 miles in 16 days. That’s 12 miles more than what I had committed to. Whoo hoo!
• Debt Repayment Plan: reduced line of credit to $7,930. I would have liked to have paid off another $125 so I’m a little behind on this goal.

Crummy Loan Count Down

April / May Bike Challenge

Late summer goals that I will be pursuing by August:

• Open IRA
• Increase my savings account by a significant amount (I really can’t compute an actual number yet since I’m moving funds around and my income fluctuates greatly!)

I will continue end of the month status reports to help me stick to my goals. Hopefully, my current goals will help me meet my late summer goals!

What goals have you made this year? Are you meeting them? What about the goals you are behind on, do you feel guilty?

I love biking. Now I need to challenge myself to bike more.

I fizzled out on my 30-day Shred challenge, motivated by Well Heeled Blog. I think I just got bored of the same video; I know my husband was tired of hearing the music over and over again. However, this month I’ve set a goal that I’m pretty sure I can complete: bike to work 2 times a week, totaling 24 miles. Before December, I was very dedicated to riding my bike. But then, the cold, wet weather set in and the slightest cool breeze or dark cloud gave me reason NOT to ride.

Now, with the clear skies and warm temps becoming the norm, I have no good excuse not to ride at least twice a week. Riding on the days I go to school is even more motivating: I don’t have to pay a parking fee! And it’s much easier riding directly to the door, rather than hiking a mile from the parking lot lugging my books on my shoulder. Some benefits I hope to see during this two month challenge:

• No more tummy bulge. I used to have a six pack. However, after a few too many six packs, that area has become slightly jiggly. My husband is kind enough to say he likes my stomach more now than the earlier version, but I think he’d prefer our stomachs to match .
• Stronger legs. Compared to my wimpy upper body, my legs are superior. I recently helped unload a very heavy fountain basin and used my legs to do all the work (i.e. push it out of the back of our car). Since I have little hope of ever achieving super-woman arms, my legs will have to take their place. So,the stronger,the better.
• Limit the wear and tear on our single vehicle. Last week, we replaced our rear brakes. Luckily, we’re very diligent about car repairs, so only the pads needed replacing. My bike riding will limit the car being used, decreasing the span of time needed for our next set of repairs.
• My husband won’t feel stranded. As a single car family, when I have the car, my husband feels a little stranded. Since he works at home, he rarely needs to go anywhere on the spur of the moment. However, that doesn’t mean I need to hog the car all week.
• Save gas. Biking riding is one of the most efficient modes of transportation. I’ve noticed that gas prices are beginning to climb a little. Biking means I won’t have to fill up as frequently.

I’m clearing out my cycle meter tomorrow and will update my progress on my right side bar. Beware, drivers!

Do you use alternative transportation to get to and from work? Do you ride your bike to work or school?

Tuesday Tips, Just Another Great Post from Little House. I'm so humble.

This week’s Tuesday Tip is bicycling as an inexpensive mode of transport. Have I mentioned that I love my green, Raleigh Comfort bike? Probably, right?

Tip # 3: Bicycle your way to the grocery store, save money and lose inches!

Why Cycling is Frugal

• When gas prices were hovering around $5.00 per gallon here in sunny Los Angeles, I bought myself a bicycle. My trips to Starbucks, the grocery store, and even the bank were all under 2 miles. I saved money on filling up my Honda with gas less often -and smiled to myself as I rode past the gas stations. (I love my Honda, but it’s not very fuel efficient ).
• Pedaling my way around town, I realized I didn’t have to spend the extra time working out. I was never a gym-goer, I like being outside more often than not. However, I saved time in the evenings by getting in my exercise while completing an errand. Save time, save money – bike!
• Fit people cost our health care system less money. Cycling not only strengthens your legs, but your heart as well. And, heart disease is the number one killer among humans.
• You don’t have to pay for parking. Biking to school saves me over $300 on parking permits. Whoo-hoo!

Cycling is Good for the Environment

• When you pedal, there’s no petroleum based byproduct to worry about. You are conserving petroleum, reducing your emissions, and getting fit all at the same time.
• If you worry about the amount of energy that went into making your bike, you can always purchase a used one. That’s one of the great things about bicycles, their simple, but effective, design. A good tune-up and some new tires on a used bike and you’re ready to go.

Don't believe me? Check out this cool image. Image from BikeNow.org

Do you ride your bike? Does your city make it easy for you to do so? Do you ride offensively or defensively? How many of you ride weekly?