About Me: Suzy




An East-Coaster bewildered that I ended up in the Midwest post-graduation. More bewildered that I've come to love it.
[This budget blog chronicles my valiant attempts to make a living off my writing and stay in the black...]
Likes:
vegetables, CSPAN, high heels, travel writing, Anderson Cooper, rooftop bars, watching sports with strangers
Dislikes: monogrammed clothing, people who take pictures of food, my current travel budget, Wednesdays! ugh.

Thursday, March 13, 2008

Monthly Automatic Deductions

So, I thought I would do an audit of what I have automatically deducted from my checking account each month to help me save.
401(k) through my employer: $290 never see this 6% of my monthly take-home pay.
Roth IRA: $250
Term-Life Insurance (using as a midterm investment that I could cash into around the time I have kids/am settled somewhere) : $100
ING Deduct for B-School Savings: $100
Total: $740

I feel pretty good about the level of retirement savings, especially given how the markets are performing. But I think I could still stand to increase the monthly savings deductions for business school. I just did the math, and if I stay at my current deposit level and do nothing else, I will only be at 7% of my goal by the time I get there. To actually reach my goal of $50,000 by the time I reach business school, I would have to be putting in more like $3,000 a month. Which is more than I make a month. Fabulous. I probably should have done the math better before I set up that goal. But I should at least be trying to increase that incrementally each month. So this month we'll try to ramp it up to $150.

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