March Mini Goal

I’m not one for goal setting, per se. I usually set some major financial goals, like get out of debt or save $10000, but I don’t break those down into smaller goals. I just hope that eventually, I will meet those goals.

This month, however, I have a mini-goal I want to meet. This year our union negotiated a small raise. (I do mean small; it doesn’t even keep up with inflation.) I want to adjust my retirement to send my entire raise towards retirement. The raise increased my net paycheck by less than $200, but I want to bump my 403b contribution up by $200. I will then be contributing $1000, pre-tax to my retirement. That is $1000 above and beyond what is taken out of my check by CalSTRS. Even with contributing $1000 a month, I am still miles away from being maxed out in my retirement contributions. Eventually, I’d like to say that I will get there, but I don’t know.

I told The Husband that that is my goal for March; to go down to the District Office, pick up the paper work, fill out said paper work, and then turn it in to our payroll department so that the deductions will start coming out of my check.

I have already had two months’ worth of paychecks with the new amount and I don’t want to get too used to it. Lifestyle inflation is real and I don’t want to become a victim to it. I want to take that money and put it away so that I can retire comfortably. The best thing about investing all this money for our future, is that we ever have a financial hardship, we could always stop contributing if needed. Obviously, the hope is that will never happen, but the reality is that it could.

As long as we can continue to do so, I want to keep upping my 403b contribution amount. The Husband’s 401K should be maxed out in August of this year. At that point, any raises he receives will start to change my 403b contributions. Even upping my contributions to $1000 a month, I am a long way from being maxed out. I am, however, making good progress.

Anyway, that's my goal; to actually switch my contributions by the end of this month, so I have 2 weeks. 2 busy weeks between soccer, baseball, dance, work, selling our house (and looking at new houses), and life, but hopefully I do it!

Here's to goals.