Very rarely do I feel guilty about things; however, my desire to spend my *woot* bonus frivilously on BOOTS! and JEANS! and A SUPERFABULOUS PARTY! has made me feel a slight twinge of ... something.
For the lack of a better word, let's call it "guilt."
Thus, I'm reorganizing my savings plan and opening up a ROTH IRA.
Fortuitously, one of my $500 6-month ING DIRECT CDs matured today. I transferred that to my ING DIRECT savings account. I sent half of the CD (minus interest) to my BOFA checking account. I will use that money to open up my ROTH IRA with PAX WORLD (the balanced fund).
I am liking PAX WORLD because of their socially responsible investment approach (and their 8% annualized return).
Currently, I have $60 automatically deposited from my BOFA account into my ING savings account every 2 weeks.
4.3% interest, kittens! Much better than a regular bank account! You can open your own ING DIRECT Savings Account HERE!
In order to grow my ROTH (Did you know you can put up to $4000 per year into a ROTH IRA? And, that, when you withdraw the money at retirement, it is TAX-FREE?), I am decreasing my automatic deposit to $50 every two weeks. Every 2 months, I will send $50 to my PAX WORLD ROTH. With creative budgeting I should be able to find an extra $5 per month, right?
So, $100/month into savings! $50 every 2 months into the ROTH!
Eventually, I will be the Master of my own financial EMPIRE!
Of course, at the rate I'm going "eventually" means "in about a gabillion years."