Friday, September 5, 2008

Slightly Increased My Retirement Contributions

I decided to slightly increase my 403b contributions from 2.9% of my bi-weekly pay to 3.9%. My company matches my retirement contributions dollar-for-dollar up to 3% of my base compensation and 50 cents per dollar beyond 3% up to 5%. I will increase it again to 5% in a few months. I’m sure I won’t miss the money since it's taken out before I receive my paycheck.

I still plan to start contributing to a Roth IRA account in January. The goal is to contribute $200 (automatically) to that every month. Doing things automatically is the only way I manage to save these days. If I see money in my account after I pay bills and other necessary expenses, I tend to substantiate extra purchases and treats for myself. So, doing my saving automatically makes up for my occasional spending impulses.

I recently started using Yodlee to track my expenses and may eventually use the bill pay option the site offers. I like being able to go to one place to see my accounts instead of visiting several sites to see what shape my accounts are in. Mint is good, but I think I like Yodlee a little better. Yodlee seems to be more functional though I like the actual look of Mint (aesthetics matter to me...). I am still tracking my spending daily in addition to checking my balances on Yodlee. Revised budget still to come sometime this month.


YBP said...

great!!! every little bit counts!!!

Money Maus said...

Good luck! I hope I can start contributing to Roth IRA in January 2009 as well :) I love automatic account building as well, it makes things SO easy. Way to go on increasing your retirement contributions!

Shana said...

EFT's are the way to go!I started investing $25 a month in college via EFT. I currently invest $180 a month via EFT. Every time I get a raise I increase the EFT amount! This is a great way to invest b/c you never forget!