Archive for Savings

Site Update

My site was brought down temporarily for a few links that were displayed. I guess the WordPress Gods don’t like certain types of content. I have rectified the situation and removed the content. Hopefully, everything will be fine now. I’ve also updated my side bar with new “My Savings” and “My Debt” information. My Emergency fund had a set-back sometime ago and I’ve just now managed to get it back over my original $1,000 goal. I’ve also started a Car Insurance/Maintenance fund so I can pay my car insurance all at once, which should give me a small discount, rather than paying it monthly. I also plan to first use my cash back credit card to pay for the insurance, and then pay the card off right away so I can get the rewards.

My debt climbed up higher than it was. Mostly due to the fact that my dogs all needed their updated shots and Heartguard and flea/tick medicine. That stuff is very expensive. I think from now on I will get the medicines over the internet through 1-800-PetMeds or another site like it.

It’s been raining here the last few days. I like rain, but can only stand so much of it. Hopefully this weekend will end up drying out. No big plans for now. Father’s Day is on Sunday. I haven’t gotten my dad anything yet. I’m a bad planner when it comes to Father’s Day. My dad always says he doesn’t want or need anything. But no worries, I will come up with something. I hope all of you have a great weekend. If you’re a dad, Happy Father’s Day in advance!!



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Saving Money

I don’t really follow Suze Orman, but I think her new advice is good advice. Now is definitely the time to start saving as much as you can, and only make the minimum payments on debt. With all the layoffs and companys that have closed, it’s scary not to have a well funded Emergency Fund. I only make the basic payments on my debt now. The rest goes to savings. I also just consolidated my student loans again. I had consolidated my original student loans when I was in college the first time. I hadn’t done anything with the new loans I had when I started school the second time. Through the consolidation, I will save an extra $40 a month. My payment is changing from $187.28 to $141.61. This is a very good thing for me.

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2009 Contribution Limits

Employer Sponsored Retirement Plans
Elective Deferral Limit – $16,500
Catch-Up Contribution Limit (50 or older) – $5,500
Max Compensation Limit – $245,000
Highly Compensated Employees – $110,000
Key Employees – $160,000

Individual Retirement Accounts
Elective Deferral Limit – $5,000
Catch-Up Contribution Limit (50 or older) – $1,000

Health Savings Account
Coverage for Self – $3,000
Coverage for Family – $5,950
Catch-Up Contributions (55 or older) – $1,000

The contribution limit for the IRA’s may be more, but looking at the IRS site, I wasn’t able to see a change in the limits. I know for sure that they don’t plan on raising the Catch-Up Contribution.

I already did my annual elections at work and the one thing I do know is that I will be maxing out my Health Savings Account for the year. I don’t really go to the doctor that often (usually), but I have 3 prescriptions that I fill each month. If I didn’t have those medications, I would be saving a lot more money in my HSA. I’ve been thinking about getting rid of the one, which would drop my medication bill quite a bit – around $70-$80, I think. A friend of mine at work has the HSA as well, but he never goes to the doctor, so he’s basically using the HSA as another Retirement Account, which is definitely a smart move. You get to put away another $3,000 tax-free and it continues to rollover each year with maxium dollar amount. After you reach age 65, you can take funds out of the HSA for any reason (not just medical) and you will not be charged the 10% additional tax. I think anyone who doesn’t have children and tend to stay healthy for the majority of the year, should look into starting an HSA.

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Savings Accounts

I have 3 main savings accounts. They are my Emergency fund, Car Maintenance fund, and Long-Term savings.

Here is the interest I’ve accured for each; Month-To-Date:

Emergency – $1.24

Car Maintenance – $0.08

Long-Term – $1.73

My long-term account is actually a 6-month CD right now. I took $100 from my emergency fund Since I don’t plan on using that money (hopefully) any time soon. Plus, with working over time, I had a little more wiggle room with my finances this paycheck. Hopefully, more over time will be offered occasionally. I say, occasionally because after working 14 hours of over time last week, I thought I’d lost my mind. From now on I plan to keep my over time at 10 hours or less. The stress isn’t always worth the money.

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Oct 17 Paycheck

Full-time Job = $1082.87

Part-time Job = $106.02

Total = $1188.89


$95.00 – to brother

$20.91 – Citibank CC (Mine)

$58.85 – Bank of America CC (Mine)

$187.28 – student loan

$98.67 – utilities

$97.11 – Chase CC (Dad)

$40.00 – transfer to regular savings (investment purchases)

$46.18 – Fuel

$6.50 – pitcher of beer with friends

$29.00 – NSF fee

$26.36 – dinner & margaritas with my sister

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