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Update

August 31st, 2013 at 11:14 pm

I finally got around to figuring out where my money will be disbursed.

I gave several thousand dollars away to family and friends in need, it felt good to do this and they are always there for me.

My mom had a $2,000 plumbing problem in her home and she put it on a credit card, so I wanted to help her. I think the last job should fix it for good.

I still have a few monetary gifts to give, but I'll wait for the smoke to blow over.

I banked my last paycheck with my new bank, I won't need to touch any of that money until next month.

I deposited money into a low interest savings account which will become my emergency fund.

Although I could have, I did not fully fund my emergency fund because I will use one of my paychecks each month to save for it.

I set a goal to deposit $1,385 each month into my EF and live off the remainder of my check.

I deposited the bulk of my money into a Barclays account at a decent interest rate and will let it sit there for a while. TBD.

I also opened a Roth IRA with Vanguard with a minimum of $3,000.

I plan to make the maximum contribution of $5,500 (or $2,500) to my Roth IRA by the end of 2013. I have to deposit at least $800 from Oct - December. This should be interesting.

I may or may not add something for September. Being it is August 31st, I feel like the initial deposit is my September contribution.

I also set an automatic transfer for one of my savings account with Capital One and need to set two more automatic transfer.

Tomorrow I have to rework my budget and make sure my dollars have a name. I feel a bit of momentum to start things off on the right foot this time.

7 Responses to “Update”

  1. scfr Says:
    1377993819

    Good job - It sounds like you made a lot of decisions followed up with action.

  2. Wino Says:
    1378047100

    Well done on starting the Roth. It will serve you well when you retire. I wish you well in staying out of debt forever this time around. I understand your "failing" when you spent yourself back into debt. I did it even worse, and even longer, but I'm back in the saddle myself, and looking at life with a smile once again.

  3. imarunner Says:
    1378079494

    scfr - thanks, i'm so trying this time. it took me a minute to think about what needed to be done, but i'm doing the darn thing now.

    wino - it's so easy to get back into debt when something hits, i'm not prepared but the procedure has to be done. most of my debt was medical but there's stupid in there too. i have to better prepare for these "surprises."

    congrats to you for being back in the saddle. enjoy the ride.

  4. rob62521 Says:
    1378082749

    Sounds like you have some sound plans. Congrats!

  5. imarunner Says:
    1378379524

    @rob62521 - thanks. my accounts have been funded, now i have to figure out the automatic transfers. one thing at a time. Wink

  6. Permanent Temp Says:
    1379655336

    How is Barclay's treating you? I have had my account in ING (now Capital One 360) but this interest rate is .20% higher. Is it a good place to stash money?

  7. imarunner Says:
    1379678910

    @permanent temp - my barclays account is very new and i haven't seen one cent of interest yet. it pays .90 APY. i also have capital one accounts, but the bulk of my money is with barclays.

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