missions accomplished

Since meeting our last financial goal, we have chosen to take a break from paying extra toward our debts. Instead, we have met three other goals. They may not seem huge to all of you responsible types, but for the three of us who are relying on one income (and that income was gone for two months this year, remember?), each one is a pretty big deal.

Goal #1: Have $1000 in savings. This is, of course, one of the first steps toward financial responsibility, because it means having a cushion to fall back on in case of emergencies. It’s been a tight year, and it’s so good to have that cushion there again.

Goal #2: Have the money for next month’s expenses before the month begins. It is amazing what a relief it is to not be living paycheck-to-paycheck or even two weeks out. Today I am able to look November square in the face and have no qualms about the expenses it will bring.

Goal #3: Open a Roth IRA. This one is the most exciting for us. We have met the other goals before, but this one has been hovering beyond our grasp for years. Almost a decade! I can even remember talking about it together just after we finished high school. But there is always some other way to spend that nice plump chunk of money that it takes to open a retirement account. It was actually quite hard for me to resist putting the extra money toward my student loan during these last few months of saving! But we did it. Tonight we opened a Roth IRA. Hurray!!

Published in: on October 27, 2009 at 12:06 am  Comments (7)  

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7 CommentsLeave a comment

  1. We just opened our very first ROTH this summer! 😀 YAY!

  2. Great goals! And I could see that they would be very satifying to accomplish.

    Could you explain a ROTH IRA to me? I’m not very familiar with this.

  3. Well, I’m not exactly an expert on Roth IRAs! But they are essentially a retirement investment fund. You put money in until retirement age, it grows a lot, and then you take it out tax-free. Here are a few sites about Roth IRAs. The first explains them and the second is a savings calculator.



  4. Congratulations! That is a lot to accomplish in one month! I am IMPRESSED!

  5. hey james!! i keep checking back to see what you’re up to over here in financial town!! i really wish i could sit down and let YOU help me figure out my finances!! student loans are killing my spirit right now. but i love that you are openly writing about your journey and its REALLY helping me!! today i thought back to so many things you were writing about! i wish you would update soon!!

  6. I know it’s late to comment on this, but I found a recipe for “Debt Snowball Cupcakes” and thought it would be very appropriate for a late celebration!


  7. Good idea, Josie! I can’t make those ones because I’m allergic to coconut, but I really like the idea of little celebrations like that.

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