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Archive for February, 2019

Spring Break

February 17th, 2019 at 01:22 pm

So, Spring Break this year - a two week break, and we are staying put.

D is going to the UK to be with and help his parents ($713.53 flight plus rental car but no hotel or food because he'll stay with family). F and I are not going for several reasons:
- why spend an extra $1400 to go over there to only stay 1 week (when we go, we maximize our time there)
- F has soccer and track (practices, meets, games)

So we will give him a list of things to bring back (Nairn's rosemary and sea salt flatbreads and Tesco GF chocolate wafers which are like kit kat for F), and then plan a fun couple of weeks.

On the agenda:
- a chocolate tour and tasting at a local chocolate factory that was a gift (so no charge to us)
- trip to Albuquerque to get lunch, hopefully find an 8th grade graduation dress
- online scavenger hunt (also already paid for Christmas present)
-a splurgy lunch out (not somewhere expensive, it's just that we are normally pack lunch people)

The weather will probably continue to be cold for a while, so that eliminates a lot of outdoor activities, but if we get some nice weather, we can go on some hikes. Or just play board games at home.

My daughter is such a great kid - she says she doesn't care about going places and that all she wants is to go see her new cousin in August in San Francisco (and see Hamilton!). Her friends will be going all over, though - one skiing in Pagosa, one to Belize, etc. What are you doing to make Spring Break special?

Raise v. Expense Increases

February 15th, 2019 at 10:06 am

My husband got a raise this year- yes! Not a huge raise, but we are super happy! The result is $98.90 per month net.

Now for the increases in expenses for 2019:
- 83.33 more to the IRAs which gets us to our limit
- 58.67 increase in F's tuition
- food cost increases - our old food budget is not cutting it anymore - probably need to add about $75 more a month to be safe but $50 more would be ok

So budget needs to change by about $192 and we have $98.90... need to find another $93.

One way to do this is to take money out of other categories:
- 20 from karate (since she does so many sports that there isn't time for a lot of privates and the testing will slow down, too)
- 10 from camp (since F doesn't really like camp anymore and will do one or two at most - one karate and one soccer)
- maybe some money from the tuition savings (we try to save a little extra each month) to offset the tuition increase

Another option is a small distribution every so often from my business, but I hate doing that.

What categories do you use to offset budget increases?

Taxes - Two Ways

February 9th, 2019 at 01:42 pm

Because I had been reading so many stories about refunds v. owning money as a result of the new tax changes, I decided to do our taxes two ways: using last year's tax code and this year's because everything else could be a result of withholding/different earnings/other factors.

This was easy to do, because I do my own taxes and I use Turbo Tax. I just opened a new file in last year's program and entered the info side by side with this year's program.

My dad said he had been planning to do the same thing: like father like daughter! My dad is 86 and still does his own taxes. The first time I did mine, he sat patiently with me as I did my (then) very simple return.

Ok, so this year we are getting back $4475 more than we would have under the old tax code. That is insane (and not in a good way, except for us it's good, but not for the country).

This is the part of the post where things get nerdy. But this is SavingAdvice, so you're probably into this! This is why I think the difference is so much in our favor:
- Standard deduction - we always took the standard deduction so the difference is pretty dramatic for us (we never itemized)
- Child tax credit - this gained us $2000 (would have been 0 under the old tax code)
- I made some pass-through money (my business profit which is taxed as personal income, and under the new rules, 20% of that is just written off
- I guess we end up in a lower tax bracket because they changed the brackets (we would have been in the 28% tax bracket last year, and now the same income is 24%)

All of this is great for us, as I mentioned, but completely unfair. Of course we can use the money (D may have to go back to the UK, but that's a different post and we are saving for college) but we shouldn't have been the ones to get a tax break. We make a good living (with both of our salaries about 120k) and I feel like this should have been aimed more at people less fortunate. Besides giving to college, some of this refund will be given as a charitable donation (along with the money F raised by making friendship bracelets for a local non-profit that deals with domestic violence).

School Re-Enrollment, Tickets to CA, etc.

February 4th, 2019 at 07:12 pm

Frugal stuff....

1. Spent the weekend playing around on Excel to make sure we have enough to pay for school. I also called the school's financial office to find out what we save if we pay the full tuition by June v. paying monthly. It's $75, and it would be super hard to pay by June, plus we keep the money that we're saving for education in an account that makes interest. So - monthly it is! But good to do the research.

2. We bought our plane tickets to visit my brother and sister-in-law after they have their baby. Not cheap, but it's our vacation this summer and we're going to help with the baby for a few days. (We'll also do some driving trips around our state - maybe Chaco, Very Large Array). My mom let me know there was a sale, so I got on Southwest. The choice was Oakland v. San Jose, and although San Jose would've been more convenient (a little closer to Palo Alto), it also meant two flights and a lot more time spent traveling, so we opted for Oakland.

3. I am finishing up a library book - Nine Perfect Strangers by Liane Moriarty (one of my favorite writers!). A super fun book! I'll return it tomorrow along with books that F read. I truly love our little library.

4. We now have a professional soccer team in our state (second division, but still - how cool for our young soccer players)! The are having a youth clinic up here (they play in Albuquerque, so that's super nice). You get to watch them practice, then you get a meet and greet, then a training session with them!!! I had to get a ticket but the ticket was FREE! They just want people to register. The whole team is going.

5. More free stuff - our wonderful soccer coaches have been putting together some winter programs for the team including what they call "soccer class." These are in addition to indoor practices, and each week covers a different subject: athletes + sleep, focus + relaxation, goals + habits, game day prep. And I talked to the owner of the gym where I teach and she let me do a class for three weeks on resistance training for free.

6. Track is starting and uniforms are - gulp - $95. But not unexpected, and since it's a school sport, everything else is covered. F told the coach she wants to run the 800 and 1600 and his eyes lit up. She came in first in the soccer team timed mile (6 min. 45 sec.), and I'm excited to see what she can do with training. The coach said he has picked several meets at lower altitude to take advantage of the fact that our students train at 7000 feet.

7. We spent $138 on groceries this week, which isn't great. May need to do "eat out of the freezer" at the end of the month. This does include bringing a meal to my friend B who has a concussion (and is a single mom).