This week I want to touch on budgets again. My company recently did their annual pay raises for everyone. Thankfully, Steph and I had some extra cash every month to allocate. We decided to move some money around and hit some of our long term financial goals. We are putting a lot into my company 401k because it is bouncing back nicely from the pounding it has taken. We are also not putting as much into savings and instead buying some term life insurance. We want to make sure that we are taken of in case something terrible happens. Not to sound negative but our financial mission it to plan for the worst case scenario. Lastly, we’re funding the 529 plans already established for Jake and Cal’s futures.
My question to you is, how are you / have you allocated any extra cash you have received? Do you have a plan in place for the next step when money comes in? We’ve found it’s better to have a next step in place, than to make an emotionally based decision (which has left us empty handed at the end). What are some of your financial goals? Please don’t be shy to share and encourage other people.
