Month: January 2016

Throw Back Thursday – Debt Repayment

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(Edit: Due to some technical difficulties, Throw Back Thursday is late. My apologies)

It’s that time of the week again, Throw Back Thursday. One of the best ideas I’ve had yet, even though it’s not totally original. Each Thursday for the month of January I post something regarding goal setting from my past and this is supposed to help me set my goals for 2016.

My first post was about my life time goals where I discussed what I achieve in the long-term (by 2029, when I turn 40). The second was about my reward list. I have to admit, after that post I have identified a few other goodies I could add to that list. Finally last week I posted about habits I want to either gain or get rid of, mostly to do with health, finances and organisation.

This week’s throw back is about debt repayment. I found a sheet of paper in one of my files. I think I must have come up with this plan right after my place was broken into and they took about everything material I value like my Xbox 360, TV, laptop, iPod and some clothes.

I needed to come up with a plan to get some clothes to just go to work but I had no money. I reviewed credit card and consumer debt situation and came up with a plan to pay off most of it.

It was a pretty simple plan. I was going to commit $2,000 NAD (about $120 USD) per month for the next six months to the repayment of my debts. There was a total of $12,800 NAD ($780.80 USD) outstanding.

Well I managed to close the one account and buy the engagement and wedding ring for my fiancé without making more debt but I couldn’t pay off my credit card and I didn’t have enough money to buy my own wedding ring, so I had to open another consumer debt account for that.

I didn’t make my goal but I think I came pretty damn close. Now I’ve created a new debt repayment plan for 2016 and hopefully I stick to this plan and pay off all my debt and go into 2017 debt free. Below you can see my new debt repayment plan.

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Please note that one NAD is equivalent to $0.061 USD. (Most of my readers are from USA).
The toughest thing about repaying debt is not creating any new debt and actually sticking to the repayments amounts set out. I really hope I get to stick to this.

It’s been a pleasure writing these series of blog posts. Maybe I will start a new Throw Back series soon, but I don’t have much in my archives. Next week I will post my final 2016 goals.

Until next time. Thanks for reading.

Please give me attention

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Ever since we got married I noticed that my wife would start complaining whenever I was doing something on my own at home while she was there as well. She wants me to sit with her whenever she is relaxing in front of the TV or just lying in bed.

In the beginning I had no issues with this. We are still in the honeymoon phase of our marriage and I wanted to spend time with her doing nothing. Now that the New Year has started and I’ve started setting goals and working towards those goals, I feel like I need some time on my own.

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The gift fund

After the fiasco of buying Mrs Lakendary’s friend a gift for her birthday, I told Mrs Lakendary we need to have a serious chat about gifts and how we are going to tackle it this year. She seemed a little hesitant but then I took initiative and created a list of people who will be getting gifts from the two of us for Christmas, birthdays, mothers and fathers day. She was pretty shocked at the length of the list and finally we got to talking.

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Marriage and Debt

No matter how hard you try to reduce your debt on your own, it’s pointless if your spouse isn’t doing the same. All your effort won’t be realized unless your spouse understand the importance of clearing debt, starting savings accounts and gaining interest instead of paying interest.

It was Mrs Lakendary’s friend birthday. We got a last minute message from her friend that she would celebrate her birthday at a restaurant and only invite her two closest friends. Since Mrs Lakendary’s friend is actually doing something for her birthday which she usually hasn’t in the past, we felt obligated to get her a gift.

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Marriage and Money

Last night Mrs Lakendary and I finally had a serious talk about finances after a month and a half of marriage.

Before we got married we sort of agreed that each will do with his/her money as they please. She knows I like to budget and track my money. She on the other hand has a budget but not as specific and she doesn’t follow it as strictly.

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Throw Back Thursday – Wish/Reward List

Back again for another installment of Throwback Thursday, the goals edition. I’ve gone through my old stuff and stumbled across some goals I set for myself. Before I set my goals for 2016, I first want to go through these goals I previously set and come up with a new and improved list.

This week I’m sharing my reward/wish list. Like every time I ticked off a goal from the list and I would get myself one of these bad boys., but I didn’t follow this system. I bought something when the money was available. So here is my wish list:

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Throw Back Thursdays – Lifetime goals

As promised in my previous post, I am going to start a series of posts called Throw Back Thursdays (very original, I know) whereby I go through all my old goals I’ve set for myself in the past. With the help of these goals, I will try and set my goals for 2016. 

I decided to start with the big one. I set these goals round about the time I dropped out of college and was living at my parents place. I had no job, I was single and I wasn’t really sure where to go. I took an aptitude test to determine what I am actually good at and really sat down and thought, what do I really want to do. What will truly bring me joy? And this is what I came up with:

Lifetime Goals – By the time I reach 40 (2029)

Work from home – consultant in finances and information technology
A PhD in Information Technology
Always be on top of the technological developments
Master all relevant web and software development languages
Set-up my own place with the latest tech gadgets
Own a sports coupé
Have a passive income that covers all my day-to-day expenses

It’s 2016, I still have 13 years left to get there. I am currently in my second year of studies. I am slowly but surely getting to my goal of getting a PhD in Information Technology. I’ve learned four languages in the past year, namely Java, C#, CSS and HTML. I wouldn’t call myself a master in those but I feel comfortable enough with those languages. I got a new smartphone last year and a new laptop. I have no car and I am no where close to having a passive income to cover my day-to-day expenses.

So far it’s looking good. I am on course to complete these goals. I haven’t deviated from the plan. I can’t come up with better goals at this moment in time. Those goals look pretty solid. 

From these goals, I can come up with the following goals for 2016 to bring me closer to my life goals:

Pass my second year of studies
Master Java by writing a Java app for desktop or mobile
Read new tech articles every day by subscribing to tech articles, blogs etc.
Save up money to build a home theater PC
Get my drivers permit (I was never in a position to buy a car)
Pay off all short- and medium-term debt
Start a savings account that will later turn into an investment account

These goals aren’t final yet. Still 3 more articles to go before I finalize my goals for 2016. Things are really looking up for me. I have a feeling this is going to be a fantastic year for me and my family. 

Until next time. Thanks for reading

She’s on her period – Last post

Okay, so I was mistaken. It’s not during the actual period that women get all irrational and crazy, its the few days leading up to it. Stupid me. At least now I know. So this series of posts hasn’t really been all that great. Oh well, next time.
I got another series lined up for the month of January. Every Thursday I will be looking back at the goals I set for myself in the past and use them to help me set goals for this year.
I thought I would’ve had a new years resolution post by now but after cleaning up my study area and going through my files, I came across those old goals and decided to do the Throwback Thursday series for January instead.

Until next time. Thanks for reading.