Thursday, February 6, 2020
Retirement Savings and Money!
Saving for retirement is so hard! I often find myself jealous of all of the FIRE (Financial Independence Retire Early) people younger than me that already have close to half a million dollars saved. I can't help but think that I went wrong somewhere! Anyways, in January of this year I checked in on my retirement accounts and found that I had finally reached a total of over $50,000!!
My 2020 Retirement contributions so far are as follows:
Only $4,700 more to go to max out my Roth for the year.
On to the car savings fund. So far I have $28,996 saved for my new car (this includes the value of my trade in too). I have so much anxiety about purchasing a car. I would like a car that will last 14 years, just like this one has. The car I am hoping to buy will be around $40,000, out the door. The vehicle I currently drive was ~$38,000 when I bought it 14 years ago.
I've thought and thought about this. I've changed my mind multiple times. I really want to have all of the cash saved up before I buy. However, I'm not sure that my current vehicle will cooperate. I really just can't stomach the thought of making car payments. What if another recession hits? What if I get fired? Then I am left with a car payment and no income. I'd rather pay for the vehicle in cash and them go right back to saving money. Keep your fingers crossed for me. I hope this car makes it.