I am a natural spender, and I have fought this instinct since I first became financially independent (for the most part) at age 23, with my first full-time job. I love shiny new electronic gadgets, new clothes, and Starbucks. But I also need to balance that with bulking up my retirement and emergency savings, as well as continuing to invest through the app Acorns. And honestly, I’m not going to buy any clothes this year as I really don’t need any. The only way I will change my mind on that is if I lose some weight.
This past year I experienced job loss, became unemployed, then worked for $11.50 an hour briefly, along with a contract job, then started working part-time in a library along with the contract job, then I lost the contract job for a month and a half, then I had the contract job reinstated in the middle of December. This year (next week), I will begin full-time hours in the library (37 hours per week), along with my contract job. I will be able to support myself much better now. Assuming nothing changes. And it could. So this past year I was only able to save about $500, half of which went into my Roth IRA, half of which went into my Acorns account. I am looking to change that drastically this coming year.
My goal, at this point, is to save $500 per month in regular savings (starting in February, due to a surprise vet bill), as well as $250 monthly in my Roth IRA. I am finding that saving can be fun. I recently earned dividends at the end of December with both my Roth IRA and Acorns account. It’s incredibly fun to earn passive income in which I don’t have to do anything! I really like this, actually.
So even though I still make a modest salary with both jobs, if I can save $750 monthly, that will be the most I’ve ever been able to save in my adult life. And that’s pretty awesome. By the end of December, my goal is to have saved $3,000 in my Roth IRA and $5,500 in my regular savings account. AND TO NOT TOUCH THAT MONEY. My fiancee and I would like to buy a house/townhouse this year/early next year, and we are both looking to reduce debt, bulk up savings, and live modestly. Wish us luck! Here’s to spending and living lightly in 2017!