Last pay period was the first time it came out. I was relieved to find that I must have ran the numbers correctly because I can live on whats left after taxes, insurance and 401K come out. One thing that is disheartening is that there really isn't anything left over after that. Well, not nothing, but about $200 a month.
So that amount will go into my savings. I know I need to pay off my credit card, and I am paying a little extra each month, but I'm afraid if I don't put the extra money in savings I'll wind up running up the credit card again for little things..
And there are always little things. This month for example, it's time to renew my plates. In Utah you have to pay property tax on your vehicle every year when you renew your registration so between that and the cost of the emission text, that will eat up the $200 extra this month.
It's discouraging because it's hard to see how I can get ready for retirement when I'm money is so tight, but I do know that once I start getting commission I will have more flexibility.
In the past, I would not have put money in my 401K until I "had" money. That day would have never come. So I'm glad that I went ahead and started with 10%, which isn't a lot, but it's a start. My company matches 50% up to 4%, which is crazy math but basically they are adding about $60 a month to my retirement account. It's not a lot but every year it will add $720 to my retirement that I didn't have to earn.
It's a start. Now I just need to figure out how to look at my 401K account and see how things are doing. That's a job for another day!
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