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Jan coming to an end

January 21st, 2012 at 01:15 pm

The bills are all paid. I paid off BoA and two small credit card balances from Christmas. I also put $1000 to my Roth. I have about $20 waiting to clear on my checking for a prescription.

I have $140 in my purse to deposit into my checking, $90 coming back into checking from Paypal (two returns from Christmas), $62 coming from my mom for car insurance and $140 from Rite Aid rebates. Nick is going to "buy" a couple gift cards from me for $100. That's about $550 I'll send to Roth at the end of the month. Smile

Gas and groceries for the rest of the month will come from gift cards.

Plan to max Roth for 2011:
I already have $1000 in the account
I have $550 set aside
I set up monthly contributions of $100 so that'll be $300 by April 17th.
37% of the way there.

I'll need to average $1050 between now and April 17th. I'll probably file my taxes somewhere in there so it should be no problem at all. I just talked to my boyfriend about borrowing money for my bills if I see that I don't have enough by April 17th. I'm thrilled to have a plan to pull this off!

Now that I have a Roth IRA, I don't know what to do with it!

January 20th, 2012 at 09:02 am

So I easily opened my Roth with Fidelity the other day. I transferred $1,000 into it with the leftover bonus money instead of paying Discover extra. I realized I'm better off maxing my Roth for 2011 and worrying about the CC debt later. I think I'll be fine paying them off before the interest increases so it makes more sense to me.

But now I have this Roth and no idea what to do with it. My Traditional IRA is also with Fidelity and they do all the work with it. I've seen it steadily increase over time but there are people trading, etc. I put the money into a Freedom 2050 account and am being aggressive with the money since I'm young.

I need to do a lot more research on my IRA. Looking at basic investment account information, I know I want a Roth but I don't know how or what to invest in or if I need to do any work at all.

That'll be my project for this weekend. I'm also talking to my BF, trying to get him to also get a Roth and fund it by April. He has the cash sitting in his account so it wouldn't be too hard for him. Open account, transfer money. In fact, he could fully fund 2011 and 2012 right now and pay off his truck and student loan if he had the motivation to make the transfers. It might take more prodding then I think.

Opened a Roth IRA account!

January 18th, 2012 at 08:19 am

After reading a post about retirement contributions, I decided that I wanted to change my debt repayment schedule. In order to maximize my newly opened Roth IRA account, I will still pay my credit card minimums but max my 2011 contributions of 5k.

I will make this another 2012 savings goal as well. I've always known that I wanted to contribute more to my retirement but wasn't sure how or when to do so. I'm confident I will still meet my goal of paying off my debt by next June and contributing to my retirement and other savings goals.