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Update: Extra Money Goals
October 25, 2008, 11:53 am
Filed under: Money Basics

In a previous post, I mentioned some goals I have for all the extra money that I’m making now. I thought now would be a good time to update you all on my progress:

-Increase the amount of money I put into savings every month.
I haven’t changed the amount yet since I’m waiting to see what things will look like once I get my second paycheck. I need to find a balance between personal savings, retirement savings, student loan repayment, car loan repayment, etc. I plan to change the amount within a few weeks.

-Contribute enough money to my 403(b) so that I get the full company match.
Done. I contribute $40 a pay period and my employer contributes $20. $20 is the maximum they’ll contribute. In a few years, I plan to bump up my contributions, but for now, I’m happy with the $60.

-Start a Roth IRA.
I’ve only done a bit of research for my Roth. I know I’ll probably need at least $1000 to start an account, so that will take at least a few months to get saved. Once I figure out the balance I mentioned above, I’ll set aside some money to start up my Roth. I need to research my options more as well.

-Pay my grandmother back monthly for the money she lent me to pay for my car.
I hope to send her the first of many consistent checks within a few weeks, once I figure out the balance I mentioned previously.

-Change my student loan payment plan so that all of my loans are on the “Level” plan (right now, 2 of my loans [the two beefiest] are on a graduated plan).
Again, this is waiting for me to figure out the balance. I have emailed Sallie Mae to ask them how much more it would be if I changed the plan and they said it would be about $60. Definitely doable.

-Pay for half of the grocery bill (Jake has been paying for the vast majority of our groceries since I’ve never had enough to pay for my share).
I have started to pay for groceries. I would like to set up an automatic deposit from both of our separate checking accounts into our joint checking account to be used for groceries so that it’s not a battle over who pays this time (we currently do this for our utility bills and when we go on vacation and it works great). I need to crunch some numbers and look at our pay schedules to figure out how much we should deposit and when.

-Slowly incorporate organic and eco-friendly products into our daily lives.
This is underway. A Whole Foods currently came to town and we’ve stopped in a few times to get produce, eggs, and cheese when we are in the area.

-Donate money to charities and organizations.
This is another one dependent on the balance. My employer is currently in the midst of a donation campaign and I plan to contribute a donation in the coming weeks. I’m leaning towards the local food bank since I know how much they’re hurting right now.

-Some new work clothes wouldn’t hurt.
I haven’t bought anything yet and I hope to put this one off for awhile. I’m not in desperate need yet, but with the colder weather upon us, I may need to buy a few nice warm outfits.

-Continue utilizing all the money saving strategies I currently use and continue to seek out new ways to save money.
Even though the drug stores have been a bit drab lately, I’m still couponing it up and nagging Jake to turn off lights behind him.

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