It’s been a while! I’ve started the new school year, so I have been busy with five classes and two jobs! I have a history of trying to do too much, but I have hope that this year will be different as I am planning more and more. For starters, I am keeping up with my paycheck distributions! These distributions are tied to my main financial goals, including getting organized and starting to save money.
My first goal is growing my emergency fund. I am trying to reach $1,500. Once I reach that goal, I will likely change my percentages around, including increasing my retirement from 5% to 10%.
Another goal is to open a retirement account. Neither of my part-time jobs offers retirement benefits (at least not until 1 year w/the company), so I will open an account on my own. The account I have my eye on has a $3,000 minimum, so until I have that amount set aside, I will hold the money in a high-interest savings account. Eventually increasing my retirement savings to 10% of my income will help me reach this goal more quickly.
Finally, another goal I have mentioned is to educate myself in personal finance. To help accomplish this, I am taking an online personal finance class through my local community college. There is actually a lot of work involved (the prof seems very Type A!), and we were warned that the class will be harder than a traditional face-to-face class. Still, so far so good. Our first assignment was to keep a spending journal for a week, categorizing expenses into needs and wants.
I will not be able to update daily (I can barely get my readings for classes done, after all!), but hopefully I can post something one or two times a week–a reflection on a PF lesson, perhaps, or a progress update on my goals. Posting less frequently, however, is better than the almost month-long posting drought I’ve had lately!