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Single Mom is Making Some Changes
By JLP | July 11, 2006
I meant to mention this earlier today but got busy and forgot about it. Anyway, Single Mom (I just can’t call her Single “Ma”) posted earlier today about the changes she is making to her finances. I like the way she detailed everything she is doing along with her thought-process for each item.
I thought it was interesting that she opted to take the $4,000 she had allotted for her Roth IRA (but hadn’t yet deposited it into an IRA account) and used it to pay down her car loan. Normally I wouldn’t suggest such a move but she is contributing to her 401(k) and is concerned about expenses now that she is a homeowner. So, it was probably a wise move for her. She did go ahead and open a Roth and is going to contribute $100 per month into that account.
She is living proof as to what can be done when you aren’t constrained by credit card debt. It would be MUCH MORE DIFFICULT to do what she is doing if you have credit card debt to deal with.
Good job, Sis! Stop by and congratulate her on her changes.
Topics: Budgeting | 1 Comment »
July 11th, 2006 at 7:40 am
Thanks for the shout out Big Bruh and ALL of your support!! I’d been procrastinating for a while, but all PF Bloggers have been an inspiration and motivation for me to get off my rump and JUST DO IT!
I hope this is just a start. Assuming no major financial setbacks, after the rest of my debt (car and student loan) is gone, I plan to increase my 401k and Roth to the max limits.
I’m just trying to be like you when I grow up!