Whoo Hoo! Got a raise...

iVillage Member
Registered: 01-06-2006
Whoo Hoo! Got a raise...
8
Sun, 01-29-2006 - 2:58pm
Hi everyone,
Just wanted to share my good news, I got a raise at work this week and immediately directed HR to roll entire amount to 401K! It's likely I'll never miss the extra money if I never see it. This is the first time in nearly 3 years I've worked their that I feel in control of finances where I can contribute. We're able to make our monthly minimums and sometimes more, no longer worried if we will have money to pay insurance, car payment, mortgage etc. The HR director said I should still see an extra few dollars in my check because the 401K is before taxes and that will result in a net gain somewhere between $10 and $20 he thinks. I'll just have to make sure to roll the extra $10 or $20 into cc payments.
Pam

Proud sister of a Marine:

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iVillage Member
Registered: 05-09-2005
Sun, 01-29-2006 - 5:23pm
Hi,
Good for you! Great decision -- if you don't see it, you won't spend it. And they money will be there for retirement.
Megan
Avatar for mrslove2000
iVillage Member
Registered: 03-26-2003
Sun, 01-29-2006 - 10:33pm

Congratulations!!!

Susan

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iVillage Member
Registered: 03-27-2003
Mon, 01-30-2006 - 10:27am

How fabulous! Congratulations! And good for you, putting it aside for the future. Go you!

:)

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Mon, 01-30-2006 - 10:44am
That's great!

All my best,
Danni

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Mon, 01-30-2006 - 11:44am
Congratulations!
Avatar for endomagazine
iVillage Member
Registered: 11-09-2004
Mon, 01-30-2006 - 2:05pm

Hello,

Congratulations on your raise! If you have savings account, you could set up an automatic transfer on paydays to put away that extra $10 or $20 into a savings account. Ing Direct can do this and so can many online banking systems. I recently changed our tax withholding on my paycheck to withhold *less* tax. I noticed that every paycheck had $60 more dollars coming in, so I immediately set up an automatic transfer to send that "extra" money automatically to my savings account. I will still use it for snowballing, but if it isn't in my checking account, then my husband and I can't spend it with the debit card. I transfer money from the savings to checking account and schedule a snowball payment to one of our credit cards for that amount. In the meantime, between snowball payments, which I send once a month, that money is earning a little interest. =)

Sincerely,
Lindsey Schocke

Sincerely,
Lindsey Schocke

Geeks on Tap: Mission Accomplished

iVillage Member
Registered: 01-06-2006
Mon, 01-30-2006 - 7:04pm
Yes, I already do $50 a paycheck to ING account, it is great never having to think about it. In the past I always raid that every 3 months when the car insurance installment is due, usually have $350 by the time I have to pay it, and the bill is always around $370, so that is at least one way I am forced to budget for that bill. Lately **knocking on wood**, though fiance has had more consistent income and we have been able to make extra payments to CCs and I'm hoping he'll finish the next big job about the middle of next month and we won't raid ING for car insurance or if we do I and replace it right away. One of my big goals this year was for each of us to contribute $100 a month to a vacation fund so we can go for 2-3 weeks the end of September on my first real vacation in about 5 years. If I can keep from raiding the ING account that is my $100 contribution a month. I set some big goals at the beginning of this year, but with discipline we'll get there and the raise helped me with the 1st, contributing to my 401K again.

Proud sister of a Marine:

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iVillage Member
Registered: 12-12-2004
Mon, 01-30-2006 - 7:33pm
Hi, Pam. Congrats on wise use of your raise. DH and I didnt get one this year (his company is going to be sold), so count your blessings (and $$). :) At least you are socking it away. That is great news. Whiz.