Now for the "okay" news. I do save. I save for emergencies and for retirement. Could I save more? Heck yes. Have I dipped into my emergency fund for non-emergencies? Sadly yes.
One thing I learned working in the retirement financial industry is that it's important to save as early as possible. I've seen the best situations ($500k and upwards retirement accounts) and the worst ($10k or less in retirement accounts, totally dependent on social security and pension). $10k in your retirement account and you're retiring today?! I get awfully worried for people who walk into our office and have that much.
I feel like saving for retirement is a "slowly, but surely kind" of thing. And I know it's important so I guess that's a start.
So here is the breakdown of my savings:
$115.00 Per Paycheck
$451.00 in Account
* At one point it was up to $2000+, but I've spent most of it on non-emergencies. It still is a little cushion, which feels nice to have.
3% Per Paycheck ($45)
$5,617.51 in Account
** I have a company match up to 6%. I was contributing at 6%, but felt like I needed a little more take home pay to pay down debt. I know I'm not taking advantage of free money, but I didn't feel comfortable with my take home pay amount, so I've kept it at 3%.
$50.00 (6 Contributions Per Year)
* Opened this up assuming I would fund it nicely. $300 a year is not nice I know.
So I'm pretty much done with Christmas shopping. I'll admit I'm pretty giving during this time of the year, maybe too much for my own good. Last Christmas 2009 was my first Christmas with a full-time job so I went crazy and blew about $1000 on my family (my mom, dad and brother). I calmed down this year, but I'm still having trouble watching my spending allowance per person. I've improved promise!
I'll be updating my savings and debt on a regular basis, maybe every two paychecks? Next up, my favorite financial blogs.