A Reddit Refugee. Zero ragrets.

Engineer, permanent pirate, lover of all things mechanical and on wheels

moved here from lemmy.one because there are no active admins on that instance.

  • 2 Posts
  • 9 Comments
Joined 1 year ago
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Cake day: December 22nd, 2023

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  • Definitely change your deductions ASAP. Never loan the government free money, because you could be earning your own interest on that money and come out ahead.

    Consider setting up a savings account at your bank or credit union that allows automatic scheduled transfers. Set up a transfer that’s scheduled for every paycheck date that is a couple hundred dollars so you don’t even have to think about it. Then every 6mo or so, take what you have in that savings account and put it into a CD so it earns real interest and not the .05% crap most savings accounts provide (and also time locks it so you dont “accidentally” spend it.) That’s the bare minimum.

    If you have a employer sponsored 401k or similar retirement account, increase your roth IRA post-tax deductions. I wouldn’t put all your savings into it though, because it’s not accessible cash in case of emergency- but at least put enough in to have something earning ROI, or to take advantage of an employer safe harbor match.