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>> Friday, June 25, 2010
Once the new car fund was satisifed our next goal was to save $15,705 for retirement by the end of the year and also $3,000 for our anniversary. I'm a little hesitant to begin the retirement savings right now though. With me being on the verge of quitting like every other day, is it wise to save money where we can't get to it? I know we have an emergency fund and I know our expenses are less than Michael's income every month, so I like to think that we'd be totally fine if I were to walk out without something lined up. But you just never know.
What I'm thinking about doing, and I wonder what you think of this, is to just put that money aside each month into a regular savings account- one that we can access if necessary. Then, once the job situation is ironed out, I can move whatever we have saved into an IRA. To me this seems like a better plan than putting it in the IRA now and not being able to get to it if we needed it.
Is this me just being paranoid? I can be overly cautious sometimes when it comes to money so I'm curious what every else thinks or what you would do in this situation.
Until tomorrow,
Kelsalynn
3 comments:
Congrats! That is awesome. So you're you're finally getting rid of the old Alero are you? Remember when we both had that car? It was eons ago. Now neither of us will have it.
As for your savings dilemma, I'd do the regular savings account. I know I'm not as cautious with money as you are, but I too would want access to it. Granted you won't make much in interest if you put it in a bank, but it's only five months. The interest from those five months won't make or break you. I think the peace of mind of having it readily available is worth it.
Congrats on the car savings! That's awesome!
If it gives you peace of mind ot have it available, put it in a regular savings. You just aren't earning anything on that savings as opposed to an IRA or a CD where you are earning more on the investment. But, if it's for the short term, there's nothing wrong with that!
Banking a little extra money at a time where you might run into a problem is always a good idea. Once things settle you can always transfer that money toward another savings goal, into a mutual fund for longer term investment, or a big mortgage payment.
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