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Whew ...

November 11th, 2009 at 04:03 pm

Feeling a bit pooped today. And worried. I'm a worrier and I hate it! I have no reason to be worried about my job or DF's job security but I still do.

I'll be taking three weekdays off (coinciding w/a weekend for a total of five days) when our house closes and I'll be setting up our 2010 finances. For Jan-June I'm going to have myself and DF setup to invest $150/mo. into Roth IRAs. I already do this (and have close to 3K woot!) but it's time to pull DF onto the retirement train. Starting in July, I want to start putting the max/12 into our Roths (~416/ea.) but I'm wondering if we should leave our auto contributions @ $150/mo. and just add the rest when we can? Ugh, it's the nervousness that's speaking. This whole economy just has me on edge.

We SHOULD have roughly 15K saved as an emergency fund by the end of 2009 and we hope to add another 5K to it throughout 2010. And another 5K in 2011 for a total of 25K and then divert any funds above and beyond the 25K to other various investments. FYI we can easily slash our expenses to about 3.5K/mo. so a 25K efund would be a little over seven months' worth of expenses. This would also be if we BOTH lost our jobs and literally had no income coming in - highly unlikely. We already have $200/mo. set aside in the budget for clothes, vet expenses, and car maintenance. Considering DF's car is a 2004 and mine is a 2008 I don't foresee us needing much in the way of car stuff over the next couple of years. DF will need a new clutch, tires, and brakes sometime in late 2010, and I will probably need tires in 2012/13 or so, so I'm not too worried on that front. Our house is also going to be brand spanking new so other than regular maintenance I don't foresee much outflow on that end.

We should have an overage of roughly 11K next year to put to other various financial goals after fully funding our efund to 20K and putting about 6.8K to our Roths. This will probably be eaten up pretty fast between our wedding, honeymoon, starting a baby fund (no worries, no baby till 2014 if all goes as planned!), car replacement fund, and various house stuff - ie that mattress and sectional I was talking about in the last post Wink

Oh, and did I mention that we should be totally debt free by the end of March 2010!?

2 Responses to “Whew ...”

  1. monkeymama Says:

    On the ROTH, put it in cash until you feel more comfortable. The nice thing about ROTHs is you can pull the contributions out tax-free (& yes, you can keep it in cash if you prefer). Not that I'd recommend that overall, but makes it easier to stomach making contributions with so much uncertainy in the air.

    By the same token, you have until April 15, 2011 to make any 2010 contributions. You can save it up and put it into ROTHs later.

  2. Jerry Says:

    Looking ahead to being debt-free in 2010 has to lead you to feel pretty motivated, indeed! Making progress like that is fantastic, and it gives other people some insurance that it can be done, even if it takes time and effort. Thanks for posting your progress!
    Jerry

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