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About Me:

terri77

I am 46, single, no kids. I am a health care professional. I feel that I'm generally a very good saver and a not so good budgeter - hence the credit card debt payoff I worked through in 2020.

My personal finance goals for 2024:

1. Contribute maximum to Thrift Savings Plan. This is a recurring goal that I’ve accomplished every year since 2008.

2. Contribute maximum to Roth IRA. This is a recurring goal that I’ve accomplished every year since 2001.

3. Pay off credit cards. Completed January 2021. Now the strategy is to pay off my credit cards monthly with no balance carryover.

4. Build up emergency & long-term savings. I completed my initial goal in April 2021. I have 3-6 months of expenses saved at this time & I continue to save for my next car purchase, which is hopefully many years away. I use high yield savings and CDs.

5. Invest in brokerage account. I started with the proceeds from selling my condo & have added monthly. This account is for a future down payment when I purchase a home again.

6. Give to church monthly. I attend two churches right now so I alternate my monthly offerings.

7. Give to charity monthly. Food banks are my preferred charity to give to. I have automated my charitable donations at work to give with my biweekly paychecks.

8. Apply for promotions as they become available. Right now I’m very happy in my current position, so this isn’t much of a goal currently. I have received several raises, I enjoy the work I do, & the people I work with…I’m very happy to stay where I am.

9. New goal for 2024! Build new home with $100k down. This will be funded from my brokerage account & cash savings. 🏡

Bonus & 2 raises

January 28th, 2017 at 06:29 pm

This paycheck I got my performance award & two raises (annual & step increase), but not the significant raise that we were awarded back in October. They will pay us backpay when they finally give us that raise. Still it was nice to have the other extra money this paycheck. I did increase my 401k deduction to 75% for the previous paycheck, so I hope that the other raise kicks in soon. I'm not really sure what to expect with this new administration.

Posted in Retirement readings, Savings stories | 4 Comments »

4 Responses to “Bonus & 2 raises”

alice4now Says:
January 28th, 2017 at 10:01 pm 1485640900
1485640900

Enjoy the raises! I'm not sure what to expect with this administration, either, feels like I'm watching some foolish TV show.
snafu Says:
January 29th, 2017 at 02:14 am 1485656087
1485656087

Congratulations on performance award, step increase and raise. It always distresses me when they combine bonus, award, step increment and raise to regular pay as it often impacts all deductions, particularly income tax. You will get relief but only when filing 2018 a year in the future.
terri77 Says:
January 29th, 2017 at 04:11 pm 1485706274
1485706274

The performance awards usually come the last paycheck in December and the other raise was awarded back in October. So I'll be receiving a significant amount more of income this year than last year. My high amount of tax-deductible contributions should help with that, I hope & I have claimed zero exemptions at my second job. I may need to decrease my exemptions at my full-time job to zero exemptions as well, which I have done in the past.
rob62521 Says:
January 29th, 2017 at 08:38 pm 1485722329
1485722329

Yay on the extra money and good job on increasing your 401K money.

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Firefly's Personal Finance Blog

Working out my spending impulses.

Bonus & 2 raises

4 Responses to “Bonus & 2 raises”

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