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Thinking

August 3rd, 2019 at 07:02 pm

After my Murphy of a week, I am glad to get a little good news. MIL has decided that she is going to up the amount spent on birthdays from now on, which means anyone who has had a birthday this year already, gets to be brought up to the new amount to make up the difference. Well, she has decided to give $100 per grandkid and $200 per me, DH, and SIL. So she gave me a hand mixer worth $70 on my birthday, so I get a check for another $130 and DS gets one for another $50.

So I am thinking I will take that $130 and open up a spousal Roth IRA since there don't seem to be any minimums for starting up an account. And then I get $50 every two weeks as my spending money and I seldom use much of it. I might get myself a corn dog now and then or a burger, but that's about it. I maybe spend $25 a month and that is being generous. I've gone whole months without spending anything. So I figure I will put in $50 every 4 weeks. It has always bugged me that I don't have any retirement of my own.

It isn't a lot. I would be putting in only $480 this year, but that's still something. I could probably scrape up an extra $20 and make it $500. Oh, and I could put all of my youtube money in there. Which isn't a lot, but I will probably earn another $200 this year. Next year I could put all $400 in. I had been putting it in the EF. So this year will be $700. Wish I could make it $1000, but not with us paying off Mom.

6 Responses to “Thinking”

  1. Creditcardfree Says:

    Sounds like a great plan to get started!

  2. Jenn Says:

    Good plan. Compound interest can only help when there's some seed money. Your MIL has always been generous! You are fortunate.

  3. HouseHopeful Says:

    That is a great idea!

  4. fireandi Says:

    Wonderful news. Saving even a little bit is much better than not saving. Good for you. And as you see it build, it will motivate you to find ways to add more. BTW - what is your YouTube channel? Is it something you share on SA?

  5. rob62521 Says:

    It all adds up, so even a small amount over a number of years will increase with interest. Wise move!

    Generous MIL too!

  6. Lucky Robin Says:

    FireandI--my channel link is in the side bar. If you scroll all the way down to sites I enjoy, it is the first item there and will link you directly to my channel. The channel name is Lucky Robin's Homestead.

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