My 401k contribution will begin
I got started in the 401k. It doesn’t really seem like enough, but I guess anything’s better than nothing. Fortunately my company does contribute to a separate pension plan for me.After I pay off my credit cards and car payment, I want to start saving for a home. I figure I can create some kind of a strategy to increase my contribution. I think increasing what I contribute by $5-10 each month will help me get where I want to be. Does anyone else have a better suggestion on how to increase your savings in the long term?
Filed under: 401k, Retirement —
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[...] I’ve increased my 401k contribution to 10%. For the first time, I’m now paying myself first. That first 10% of my check comes off the top and goes directly to me. Well, almost, it goes to my 401k. I’ve actually lost money since I first decided to join my companies 401k because the price per unit is less than what I paid for my first contribution, but I’m staying optimistic. I expect dollar-cost-averaging to come to my rescue and continue to help my nest egg grow. Filed under: 401k, Savings — [...]
[...] Jeff at Personal Finance Advice has issued his Financial Challenge – Day 5. Here he challenges you to enroll and participate in your company’s 401k. I’ve already got a head start and have even bumped it up. If your company matches any amount, and you’re not participating, you’re MISSING FREE MONEY. Signing up is usually rather painless, and is one of the best investments for its simplicity that you can make. [...]