The past few weeks have been a bit ‘exciting’ when it comes to family finances.
No, we didn’t come into a bunch of money. Although, I am happy to report I got the taxes filed before the deadline and we are supposed to be receiving refunds. (I learned that Maryland charges a tax for non-residents!It’s a good thing we were only residents for 2 days in 2010. $10 for 2 days of residency seemed a bit steep to me. I’d hate to calculate out a longer time frame.)
The excitement came from all the budget shenanigans going on in the federal government. There’s nothing quite like the uncertainty of whether your bread winner will be furloughed and have to use up vacation days just to keep an income coming your direction. Or, worse yet, worry over how much is in savings to float you until it is all settled.
Yet, with all that tension, we are still considering how we can grow what money we do have available to set aside. Mr. O does have some money going into different funds through Uncle Sam’s pension and 401K type of plans. And, we have a mismatch of previous 401Ks and 403Bs that could use some consolidating. Hence, there is a base of long term savings started that just needs to be tweaked and expanded.
The banks we have relationships with offer different financial planning resources. And, I am investigating those along with the possibility of stocks. Determining the best online trading sites is one of the challenges. The other is deciding just how much risk we are willing to accept. After all, our 401Ks and 403Bs all took some big hits in the past few years.
Thankfully, retirement is still a long ways off and we are optimistic that those accounts will grow in value over time. But, it still makes this conservative investor a little gun shy. Of course, finding advice for investing from a trustworthy source would help settle my nerves a bit.
As to where money will come from for investing….I am hoping to put some of our tax refund aside for this venture. It won’t be a lot. But, if you get a good return, the little bit invested should grow exponentially over time.
So, what are YOU doing to save for the future?