Well I purchased my first share! I actually purchased it awhile ago, it has just taken forever to get confirmation and get enrolled on the DRIP plan. But today I received my confirmation and am now officially a shareholder and have my first DRIP plan set up. Now if only the share price would drop a bit more... :P
Presently, Monmouth REIT (NYSE: MNR) is trading at $10.75 I'd really like to reinvest in it at $10/share though and they require a minimum contribution amount of $500 (yikes!!). I guess I'll be socking away some money to cover this (courtesy of Barclays). :P Fortunately for me, they charge no fees for processing contributions and, best of all, I get a 5% discount off the market price when purchasing through my DRIP plan. That is like receiving a 5% gain right there!
I finally began to earn interest in my regular bank's savings account and earned a whopping $0.01!!! While delighted that my money earned me more money while I did absolutely nothing but stockpile it, earning a penny for about $750 in savings is not exactly something to be super proud of. :P In any case, this got me thinking about locating a new savings account where I could drop my long term emergency savings money where it might earn better interest rates.
So I hopped online and did a quick search for banks with the best interest rates and discovered Barclay's online savings program. With zero fees, minimum opening balances, and automatic linking to existing banks I couldn't possibly resist this! However, due to the
So last week I shared my findings from "The Debt Free Spending Plan" by JoAnneh Nagler. Reading through it made me realize that, despite all my personal finance wins over the past year, I still have a lot of spending leaks in my monthly routine. JoAnneh's book revealed a few of these holes in my plan, along with the mentality behind spending problems.
Now as I mentioned, I'd already implemented a lot of her suggestions. I pay my auto insurance on a monthly, rather than bi-annual basis simply because I haven't built up a system to do the latter yet which requires a lot more capital than I presently have. I've automated most of my bills, which come out of my checking account at about the same time each month and I've already sat down and listed out what date each bill is due and calculated my total spending on bills. In addition, because I am a visual person, I sit down at least once each day and log into my online banking to check the balance in my account and remind myself exactly how much money I have relative to my upcoming bills.