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Reading and thinking

June 4th, 2006 at 12:16 am

I recently read The Automatic Millionaire. I really enjoyed it. It had simple concepts, was easy to read and really got me thinking. I have specific goals: saving for retirement, buying a house, paying for and finishing school. I have certain priorities, but some things have been put to the side in my attempt to save for school and the house.

I've decided to tweek my budget to allow for automatic contributions to an IRA. I'm researching companies and weighing benefits between regular and Roth. Even if I don't fully fund it in the first year or two due to saving for the house, getting it started automatically will ensure that I'm not missing the money and it will be easier to increase the contributions later on.

This is the concept I've already used for my 401k. I just kept increasing the amount with raises, never missing the extra money going out of my paycheck. So even if I start out with $50.00 a month, its still a start!

So for the month of June, I have the following goals:

-Redo my budget to include IRA contributions
-Research new car insurance companies(the costs rose this year and I feel that the increase was unecessary). Renewal has to be completed by the 25th of this month
-Work a total of 40 hours overtime in June
-Put all but normal allotted amounts for groceries and gas from the 'extra' paycheck in June to my savings
-Put all but 10% of my income from overtime into savings. The 10% will be for some summer activities that I want to do this summer
-Redo my resume, references and general cover letter, and routinely look for positions that appeal to me
-Pack lunch/dinner during the workweek, allowing for only 1 lunch out per week.

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