Saturday, October 26, 2019

Money, money, money!!!






In addition to paying off my sister's $3,000+ furniture bill, the new HVAC (which works great by the way)I have paid about $800 for a crown because I cracked a tooth.  Oh, I also had a super expensive car repair as well! Yes, I have paid out over $15,000 in cash over just a couple of months. Thank GOD I paid off all of my debt (other than my mortgage) because otherwise I just would not have been able to cash flow any of this stuff.  When it rains, it pours. 

So of course, now I have to replace all of the money that I have spent. Which means I will not meet my retirement savings goal for this year.  Or really any other money related goal for the year.  My plan is to stop my retirement contributions (I still had about $3,964 left to contribute for the year) and stop paying extra (approximately $500) on the mortgage.  All of the extra money I can muster will go towards recouping the cash that I have spent. 

I think, generally, I would not stop my retirement contributions, but due to some uncertainty at work, I would much rather replace the cash in my bank account rather than worry about the retirement contributions.  I have maxed out my Roth for the year and the rest just would have gone into an investment account. 

Work is always crazy, like always.  However, there have been some significant health problems affecting both partners.  Both partners have undergone surgery this year and both will likely undergo surgery again within the next few months. Both partners are getting up in age (one approaching 70 and the other approaching 60).  One partner is probably in a better position to retire if necessary, the other is not. There is always a possibility that one of the offices could close and/or there may be a reduction in staff.  If there are layoffs I want to be prepared with a nice cash cushion.  Right now the firm is being very careful with money and it is evident that they are cutting back. 

Once I get the cash reserves built back up, I will try to get that $3,964, in addition to my 2020 retirement money, into my retirement account. 

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