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Ran Dishwasher :) IRA musings

January 16th, 2012 at 05:54 pm

Sheepish smile Smile After searching all over tarnation for a faucet adapter and coming close to ordering one off of Amazon, I decided to check *everything* one more time. Guess what? I found the adapter!

I hooked up the hose to the faucet. It leaked for a while till I finally figured out how it needed to be positioned. The long cycle took about two hours. Most of the dishes came out pretty clean. It doesn't do well with peanut butter, so I'll have to be sure to pre-rinse any spoons/knives with pb on it.

I didn't do too much today other than laundry and a load of dishes. I really should have gone into school for a few hours, but still am not feeling 100%.

Tomorrow straight after school I head off to Albuquerque where I'll spend the night. Then Wednesday I'll be attending a seminar given by Judy Miller about the best books of 2011 for children. I'm hoping to come away with some free samples. Big Grin

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I put Netflix on hold last night. I do use it and enjoy it, however I'm not sure if I really get $9/month use out of it. I'll probably just use iTunes or maybe Voodo (sp?) for a few months whenver the urge hits to get a movie. If it starts looking like I'm running up against the $9/month average, then I'll turn Netflix back on. Otherwise, I think it may be cheaper for now at least, to go this route. Summer may be a different story.

(I would have waited til I got back from my trip to put it on hold, but my next charge date is the 16th, so I would've ended up paying for another month.)

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I'll be doing a Costco run on Wednesday after my seminar. Although really other than cat litter, I'm not too sure what all I'm going to get there.

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I'm getting reimbursed per Diem for my trip ... so I plan on eating out tomorrow night and after the seminar too. I get up to $35 per day.

All the money I'm spending on this trip I have budgeted from funds I already have. When they are reimbursed, they will be going straight to the emergency fund. Altogether will be around $700. So that will be a nice bit of a boost. Big Grin

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I need to contact the company I worked for this past summer to make sure they send me my W-2 form here. I'm so ready to get my taxes done and over with this year. I expect a nice bit of a refund I think (all of which will go to the EF, except maybe 10% or so for some treat or another.)

I've been debating about whether or not I should continue putting my retirement savings in a ROTH or a traditional IRA. If I stay here, my salary is likely to never go up, or if it does, it would be very incremental.

The advantages of continuing to put money in a ROTH is that in cases of dire and extreme emergency, I *could* take money out. (And I do mean *dire* emergency ... I came close to it where I was just about completely out of money ... then I got this job!) However, it seems like tax wise later on, ROTHs are better for people who think they'll be making a large amount in retirement. ...Considering how much I have saved right now in retirement and stocks (roughly $30k for a 36 year old) and that for at least the next three - four years I'll be able to add *maybe* up to $1500/yr to that (until I have my EF and CarFund savings up to par) ... I don't think my income at retirement is going to be much to write home about.

So ... if I put my retirement money into a traditional IRA instead, I would get a small portion of it back each year. That money could then be either put towards cash savings, or right back into the IRA, helping to beef it up a bit.

But then if something happens where I get a job in the future that pays twice what I get here (which would be laughably easy - at least in the public schools, not necessarily getting a job, but being paid 2x++ what I make here), and I have a 401k again plus maybe be able to make larger contributions to an IRA, therefore creating a larger retirement income ... using a Traditional IRA wouldn't make much tax sense. I think.

I'd almost go with splitting my IRA funds between two types, but my ROTH fund now requires a minimum of $100/mo (it used to be $50/mo), and if a Traditional one required the same ... well, it is not feasible. Plus it would greatly reduce any immediate tax refund benefits.

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I got another AGC from Swagbucks today. So far I have $20 in Amazon credit. It's nice to see it build back up again. I've been doing really well resisting the temptation to buy books for the library. Of course, the generous donations helped to get a lot of that out of my system. Big Grin

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Sunday and Monday - No spend days. Big Grin

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Oh, on the Per Diem, they only reimburse what you actually *spend,* otherwise I would be spending the bare minimum. But I figure if they'll reimburse me, I may as well enjoy a couple nights of nice restaurant meals. Big Grin

4 Responses to “Ran Dishwasher :) IRA musings”

  1. MonkeyMama Says:

    Yay on the dishwasher!

    I wouldn't get too caught up in the IRA dilemma. It's just important to save for retirement. I don't think you have an overly compelling reason to choose one over the other. Just be sure you are saving any taxes on the Traditional IRA. If income is so low, are you even paying any taxes? Lord knows we barely pay any income taxes. That is why we do the ROTHs. If income is high and taxes are high, that is when it makes more sense to do the traditional (just take the immediate tax break - why bother gambling on the future of taxes - it changes every 5 minutes). We do the ROTHs because we don't get much back (saved taxes) for the traditional IRA contributions. We've done a lot of tax-free contributions over the years. & then we get to take distributions tax-free, so win-win.

    Anyway, if it would save you anything now to do the Traditional, then flip a coin. Wink

  2. frugaltexan75 Says:

    Well, this year I will be getting back a good bit. However, my income for 2011 will be roughly $4k less than it will be for 2012. So I don't know if I'll still get a refund or not.

    So, probably just sticking with my ROTH would be just as good as switching to a traditional? It would certainly be easier.

  3. MonkeyMama Says:

    "So, probably just sticking with my ROTH would be just as good as switching to a traditional? It would certainly be easier. "

    Yes, probably. What really matters is your taxable income and tax rate.

  4. My English Castle Says:

    Yeah on the dishwasher too! My dishwasher won't deal with peanut butter either. And enjoy those meals out! It's a nice treat for you.

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