Monthly Review: December 2016 and January 2017

Welcome to our monthly review! Every month or so I review the progress we’ve made on our goals and any frugal hacks I’m trying out. Older updates are here. The background on our money journey can be found here.

Goal Progress: Mr. Steward’s Roth IRA

I announced in our 2017 goal update that our first goal for the year would be to open a Roth IRA for Mr. Steward. We’re trying to keep all of our investments in one place (we’re with Fidelity), and the minimum buy-in for Fidelity’s total market index is $2,500. (Not sure what a total market index is? Click here.)

December: $282
January: $953
Current Amount Saved: $1235

We’ll knock out the remaining $1300 or so in February, assuming we get our tax refund. Then it’s on to getting the PMI off of our house!

Improvements

  • We opened a 529 for the Bean. When Bean was born, we were given lots of cash. People asked us to use it to buy a big ticket item for her. The “problem” was, people were so generous that we haven’t needed anything for her. We decided it was time to pull the trigger on putting the money to work for the Bean. Now it sits in index funds in an Indiana 529 plan. College is a big ticket item, right?

Goal Changes

  • I also mentioned in our 2017 goal update that there was a chance we would need to go to Florida for a family reunion. Those plans seem less likely, since our brother and sister-in-law are no longer bringing their family. There’s no firm decision either way (and we might decide to go anyway, just because!), so we’ll keep saving the ol’ credit card points. Big travel looks less immediately imminent, however.

It’s been fairly quite around our house these past few months. How did your December and January go?

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