Since I work in Lawrenceburg, TN and live in Florence, AL I haven't been able to go by my bank to set up savings accounts, etc. I've been saving my income while living at home with my parents for about 7 months now, and I was finally able to put my money into something that would build interest instead of it just sitting in my checking account. Unfortunately, I had to take a day off from work to do so because:
#1. My bank (Regions) is not located in Lawrenceburg, TN
#2. My 40 minute commute does not allow me to be in Florence when my bank is open.
I needed the day off. I've been working everyday for the past 7 months without taking any time off. Well... except for a little kidney stone incident a few months ago (which I missed only one day!) Judy and Sara, you would definitely sympathize with me on that one. Fortunately, my boss is the best and didn't charge me any PTO time for that day. Anyway, back to my financial planning.
I know NOTHING about financial planning!!! Who knew there were so many different interest rates on CDs, money market accounts, savings accounts, etc? Plus, I'm not so great at math anymore since the last math class I took was about 7 years ago... The only finance course I've ever experienced was "Financial Peace University." Thanks to Dave Ramsey, I at least recognize some of the financial terminology and have some idea of how I should invest my money. I set up a money market account that will automatically withdraw a certain amount of money from my checking account each month, and also purchased a CD for 9 months. That was enough for me, and I'm still not understanding completely what I did this morning... Making my own budget during this process gave me a headache, and I can understand how a married couple trying to make a budget would get a little intense.
I can't wait until I can apply for my 401k at work! I also would like to start a Roth IRA, but need several months to figure out my CD and money market account. Thank goodness my Mom is a former math teacher and my Dad is an accountant. Otherwise, I would be lost at this point!
Until next post, Happy Saving!
4 comments:
Right there with ya. It stresses me out just thinking about it.
Thankfully Brad keeps me "up" on all the money stuff. I have to have it explained to me....very slowly! :) Also, my work takes care of a lot of things automatically. I don't know what I'd do if I had to go to the bank like you did. You go, girl!
I'm with you. Luckily Mark and my mom are CPA's so they help keep me in line.
I can totally relate. When Chad and I were trying to buy a house, I thought we'd never figure it all out. It seriously frightened me to realize how little I know about "such practical matters!" Sounds like you're figuring things out pretty well :-)
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