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Savings Ideas Part 2

November 23rd, 2013 at 04:33 pm

Still feeling motivated! (Yay me!) To continue with my earlier blog this month about the ideas I've had for my savings...

Savings Idea #4: Open an online savings account with a higher interest rate (like Ally or Barclays) then transfer part or half of the wealth account to it.

Idea #5: Re-purpose the education account. (The Kid dropped out of college and missed his grace period to return...so the money is MINE, ALL MINE!!) About $2,400 in cash and the rest is savings bonds. I'll probably keep the savings bonds for retirement use, but I can use the cash to pay extra on the mortgage.

Idea #6: I've been inconsistent with the $20 challenge and the 52 Week challenge. I start off well, cuz I love the idea, but I think I lack focus and a good specific plan with what to do with the money saved. So here's the plan: Focus!! Then add this savings to the Christmas account every 2 weeks AND use part of the savings to purchase gift cards for myself and others.

Idea #7: Last week, I converted $3,000 of my traditional IRA to add to my Roth. I also started contributing 1% of my pay to a Roth 401K, which is in addition to the 15% I'm contributing to my traditional 401K. In 2014, I'll adjust: contribute less to the traditional 401K and more to the Roth 401K.

That's it for now. Still tweaking the budget to see where else we can cut. I'm inspired, as always, by the saving advice blogs still. Go forth and save, everyone!!

1 Responses to “Savings Ideas Part 2”

  1. baselle Says:

    Excellent being motivated! 7 ideas is a lot of ideas. Definitely narrow them to things that will pay for themselves or do double duty. For example, if you have a house project that will save money on bills that's a good candidate; Roth is good if you re-brand it as your Freedom account (contributions can be taken out tax free, its money it earns that has to stay until 59 1/2), and its always good to have some taxable, some tax-deferred, some tax free pools of money. However, be careful with the Roth - it won't helpful you out with you tax bill like a traditional IRA or a 401K.

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