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Upping the 401(k)

January 24th, 2013 at 02:55 pm

I just raised my contribution rate from 10% to 20%. Its the only way to double the amount in our retirement accounts because we did so well stashing money in them in December. What a problem to have...

It doesn't interfere with any of our other goals so everything is still on track or even ahead of schedule.

The January statement for my paid in full card closed and we did extremely well. We had cut our spending in January by over $2k and plan to keep it low in February as well. We did have to buy DH some clothes since he waits until everything has holes before telling me he needs some but even that was pretty cheap so we still didn't go much above $700 (original goal was under $1k, secondary goal was $600).

December is going to be huge for us. Because of all the payoffs this year, our monthly expenses will have dropped by $800. Which is good, because while I think we will start funding our EF this year, I have a hard time imagining it completed by the end of December, just because we are tackling a lot this year. So reduced expenses means less to save and more income available for saving. That said, I still see everything as targets in motion, probably because the idea of no salary interruption in a year seems foreign. We shall see.

4 Responses to “Upping the 401(k)”

  1. SecretarySaving Says:

    That's a big jump and a good one at that.

  2. rob62521 Says:

    Wow! You are going to be glad you upped that when you do retire.

  3. FrugalTexan75 Says:

    Smart thinking!

  4. Jerry Says:

    You definitely did some things right if they lead to an $800 drop in monthly expenses! Wow! I think that upping the 401(k) and funding your EF are great ideas that will provide some insurance for your financial future. Good job!
    Jerry

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