The American Dollar
One industrious American family's focus on a financial goal of freedom. Through worldly personal finance education, here is our story.
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Our Story: Both my wife and I are 27 years old and have gone through financial hell and back. Now we are on track to financial freedom, however we are not financial advisors or professionals, just everyday people. Share our journey from a negative networth and email us if you have questions or comments! :)


Thursday, January 25, 2007

Working so much, my head aches...

My head aches and the rest of my body functions fall right in line at the end of the day. I think with this Friday, I will have worked approximately 60 hours or more. Now many of you think, well youre a young guy, just suck it up, when I was your age I could work about 80 hours or so in the hot fields of Kansas. Well, my friends, that isnt me and 60 really burns me out. What I really need to start doing is getting back into some exercise regime so I dont have to feel so tired. Maybe that will make me more tired? Who knows... So obviously I havent been blogging the past few days because of my job demands and when I get home, I clean up the house, check my email, talk to the baby (wife thinks its funny), and get ready for tomorrow. Hopefully, when the baby comes, I'll be able to take a break from work and get to spend some time at home. I can't believe its only a month or less away. So basically this time next month, we will have had our child! Excited? Yes! Nervous? Yes! Prepared? Maybe. Ready? Sure, why not. Our last baby shower is Feb 3. We have gotten so many great gifts, my wife and I can't wait to start using some of them on our daughter. (my wife especially with the clothes)

Ok FINANCIAL stuff... I know you (or me) didnt come here for cutsie. We're battling the waves of saving currently. $6304.77 amassed in emergency funding. With the '07 utilities & insurance all socked away, we have $10507.37 in seperate money market savings accounts. Needless to say that only $2k of that is expected to be used shortly, so we have that in a savings account earning a whopping 1.21% interest! Holy cow! Since its short term, we wanted something even more liquid than the money market accounts. Our bank has been more than happy (of course) to open a savings account with no minimums. Hopefully we will have $8-9,000 in that savings account before Feb 10. (working those late hours should help out with reaching that goal easily) That's what we have planned on. Im sure with unexpected expenses arising with probably last minute baby items, that will be depleted to about $7,500.

We have overlooked our retirement and it has taken a backseat for now. I upped my 401k at work from 6% to 8%. Only 6% is currently being matched, but the 2% shouldnt hurt too bad. Last time I didnt even notice a jump. ROTHs NEED NEED NEED to be funded. However we just can't funnel money in there at this time. We have planned on catching up our total funding for 2006 ROTH contributions for both of us in mid March. Total retirement savings to date: $30,646.95. I've got to get up at 5am tomorrow, so time to wrap it up.

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Blogger James & Miel said...

Hey Dollarz,

Have you considered getting a higher interest rate on your savings account? I think that ING or Immigrant direct will give you around 4 percent.



9:24 AM  
Blogger Amdollar said...

Thought about it James, and I found that the difference in tenths of a percentage isnt worth the trade for the customer service hassle they give you at emigrant. Just my opinion though. Thanks for the question. Have a great week!

10:16 PM  
Blogger moneymonk said...

Wow I remember those days, having a baby shower getting gifts--- the anxiety is coming.

My little girl is 8 months now with 4 teeth time flies so fast.

Congrats on your little bundle of joy!

12:28 PM  
Blogger Amdollar said...

Thanks moneymonk! 8 months and 4 teeth already, sounds like fun!

7:17 PM  

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