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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. 🏡

Second Stimulus

December 21st, 2020 at 03:58 pm

It looks like both parties have agreed to a second stimulus package. This second round will be half of the first round at $600 and based upon the same income limits as the first round. I haven't read how quickly it will be sent out, but I thought the idea was to have something in place before the end of the year. I suppose I can use it to either shore up savings or put towards my IRA. That's not really stimulating the economy, but that may be the wrong word for a relief package. What are your plans for the money if you qualify?

Posted in General musings | 12 Comments »

12 Responses to “Second Stimulus”

Lots of Ideas Says:
December 21st, 2020 at 09:13 pm 1608585212
1608585212

I heard they need two weeks to start processing.

From an IRS perspective, they would be smart to wait until 2021 to start payments as 2020 tax forms are already being printed and don’t account for this. Having everyone receive it in the same tax year makes sense.

I am fortunate that I will receive a payment but the pandemic has been ‘good’ for my financial picture because I go nowhere and spend very little. I plan to donate to a local food bank because the idea that people are hungry guts me.
terri77 Says:
December 21st, 2020 at 09:43 pm 1608587022
1608587022

Yes, I believe it was based on AGI last time. I thought I wouldn’t qualify, but I think my TSP contributions didn’t count towards AGI.
mumof2 Says:
December 21st, 2020 at 11:24 pm 1608593077
1608593077

I just wish that before they get these payments done they would process our taxes for this year...they still haven't been done!!
Wink Says:
December 22nd, 2020 at 12:53 am 1608598435
1608598435

I will be donating it to the food distribution center where I volunteer.
CB in the City Says:
December 22nd, 2020 at 03:03 pm 1608649432
1608649432

I heard that some payments will be made next week. My payment will go into savings temporarily, but will eventually go toward home improvement.
Kym Fisher Says:
December 22nd, 2020 at 06:24 pm 1608661484
1608661484

I thought one guy on Twitter had it right, " $600 is what rich people think poor people think is a lot of money " :/

Folks are struggling and that's the best our government can come up with?
terri77 Says:
December 22nd, 2020 at 07:03 pm 1608663804
1608663804

Democrats are saying that Biden will have another stimulus package once he’s in office. I hope it focuses solely on aid for Americans.
terri77 Says:
December 23rd, 2020 at 03:51 pm 1608738675
1608738675

Trump has tweeted that he’ll veto the bill (it’s veto-proof) unless the stimulus payments to Americans is increased to $2k and the fat cut. Speaker Pelosi is ready to roll in the House. Now it’s on the Senate Republicans.
disneysteve Says:
December 25th, 2020 at 05:36 pm 1608917808
1608917808

We don't qualify but our daughter does. I'm sure she'll add it to savings like she did with the last check. She might treat herself to something with a bit of it, so maybe $50-100 to spend and the rest to savings.

Of course, that's assuming that they can actually get Trump to sign it. If it goes unsigned until January 6, it expires and Congress will have to start over when they reconvene.
terri77 Says:
December 25th, 2020 at 05:53 pm 1608918823
1608918823

What a mess! They really shouldn’t have put it off until after the election.
terri77 Says:
December 28th, 2020 at 03:34 pm 1609169663
1609169663

Trump signed the stimulus for $600 last night. Not sure when the first payments will go out, but House Democrats says they will continue to advocate for additional relief for American workers.
disneysteve Says:
December 28th, 2020 at 05:27 pm 1609176476
1609176476

I'm sure the Biden administration will push for additional stimulus come January. $600 is nothing if you're out of work, facing eviction, buried in debt, etc.

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Firefly's Personal Finance Blog

Working out my spending impulses.

Second Stimulus

12 Responses to “Second Stimulus”

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