Welcome back for our Week 7 check-in on our Financial Peace Journey.
Financial Peace University is a weekly course that takes place over the course of 9 weeks; if you're interested in checking it out, you can go to his website www.DaveRamsey.com and search for nearby classes. We're taking ours through our church.
Retirement and College PlanningOf all the lessons in our Financial Peace course, the investing lesson was probably the one I felt that I needed the most. The Mister and I both have retirement accounts, but I have felt for years that we could be way more aggressive about saving for retirement.
One of the hardest things for me mentally is stopping my IRA draft while we tackle the debt snowball. I know that getting debt-free will allow me to save a lot more, but it's still scary to think about not putting anything away since I don't believe there will be much in the way of Social Security by the time I get to retirement.
The homework this week was challenging. We were supposed to dream and talk about our plans for retirement. We discovered that the concept was a little too nebulous to discuss in a serious way. We have a 5-year plan, but 25 years was just too far out to have any real idea of what we want. We'll have to keep talking about that.
Since we don't have children yet, we tabled the college planning exercises with the knowledge that we'll have to revisit this lesson when we start a family. Though this lesson made me even more thankful that I was able to graduate and without any student loans.
- We built our November cash-based budget, and the process went much faster than October did.
- Since we found that we had extra in so many categories last month, we pared down a few allotments.
- Rather than taking all that extra and throwing toward debt, we built in some savings for taxes. Income tax is one of the biggest axes hanging over our heads, and I feel more secure knowing we setting aside toward that bill coming in April.
What financial victories have you accomplished this week? Are you happy with your retirement savings? What could you do to increase or improve your situation?
Want to catch up on our financial peace journey?Week 1 Check-in
Week 2 Check-in
Week 3 Check-in
Week 4 Check-in
Weeks 5 & 6 Check-in