Friday, February 28, 2014

Operation Roth IRA 2013: Feb Update!

South County Boy's paycheck hit the checking account on the 27th so we officially closed out the February Budget a day early to make sure we didn't spend the coveted cash so I could set up the transfer.

We are up to: $3,592.57 of our $5,500 goal... and South County Boy is getting antsy at the idea that we still have 2 more months to go without dipping into his paychecks... (I guess he's forgetting that we are trying to live like we don't have that money coming in and start saving it for the future little goober we one day want to have).

But we will make that April 15th deadline if it kills us since we told Uncle Sam and the IRS that we maxed out 2 Roth IRA's on our tax forms. If we stick to our plan, we will only be short $132.43, instead of $174.95! We were able to end February with an extra $42.52. 

  • How'd we find $42.52 in our budget?
    • We had a few dollars leftover in our gasoline fund
    • a couple dollars from groceries
    • I cashed in some Credit card rewards as a statement credit when I paid our bill
    • and I made a math error in our favor and magically found around $10 that I thought we had spent but hadn't!

To make the April 15th deadline we are planning to drop $1,000 from SCB's paychecks and $275 from my paycheck in March... and we should get one of SCB's paychecks before the deadline, so that's another $500. 
  • March - $1,275.00
  • April - $500.00

If we can't find the $132.43 we need to in our budget in March, our current plan is to float the extra from our emergency fund (since SCB gets a paycheck the following week to replenish it), or use the mysterious "Profit Sharing" check to seal the deal...

SCB's job does profit sharing by individual store, and they cut everyone a check sometime in March.... The problem is we have no idea what kind of money to expect, especially since he wasn't with the company a full year (which means they technically don't have to include him) and he's just the warehouse guy. (I guess they give the sales men and office manager's a larger cut?)...

But all we know is the word of mouth from his boss that they were going to include him and he'd get half of what he normally would based on the years figures because he was there 1/2 the year... 

It could be $50.... $100... $500.... $1,000.....????... all we know is one of his co-workers gets excited because the money they get makes a big difference....  I hope we find out sooner rather than later, especially since we have been shorting my Roth IRA contributions just to make the deadline in time. (As we enter March, My Roth is short $825 that we will need to also "catch up" after his 2013 is all set).

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