money

6 Smart Money Moves We’re Making

Refinanced the house ✅

Now is a great time to do this! Interest rates have dropped and I’m pretty sure they’re dropping further. Don’t get me wrong: this is a HUGE commitment. You either have to pay for the closing upfront or wrap it into your house loan. You have to wait for it to pay itself back, but you also get month-to-month savings! It is a lot of time and energy – you are essentially closing on the house again.

We just finished refinancing and it took about a month because everyone was slammed due to the low rates. You have to wait a year after you bought your house (it had been two years for us) and you have to make sure it’s financially worth it! (aka: go over the numbers, talk to a trusted broker – if it only ends up saving you $20 a month- probably not worth it) Also think about how long you are planning to stay in the house. Generally, the longer you stay, the more financially worth it!

Retirement options ✅

Chris and I already have a retirement account set up, but we were thinking of adding one more each at least. Look into which account fits best with your longterm goals. We talked with our advisor about 403b, 457, and IRAs.

The biggest thing I would stress to anyone is to start saving for retirement as soon as possible. I started as soon as I jumped into my teaching career. (5 years ago) Luckily we had retirement representatives at our new teacher orientation who gave us some information and encouraged us to sign up. I did not start with a lot of money. I think $50 per pay check or $100 per month, pre-tax, taken out automatically. That was something I could afford. If you need to start smaller, do that! Time over the long term invested is better than a lot of money in the short term!

Also: think about social security as a bonus, but do NOT rely on it. (especially if you’re in your 20s-30s) We have no idea when it’ll run out and it’s just not a sure thing for us like it once was. Plan to not have it.

Met with our financial advisor ✅

We met with her 2-3 times virtually this past summer to get the ball rolling with the new retirement accounts, see if we were saving enough for retirement, and to get more information in general. We also set up life insurance plans through her as well.

She recommends meeting once a year to reevaluate retirement goals, check and see where we are, and make adjustments if needed. One of our (lofty) goals is to try and retire early, maybe 50-55. That requires us to invest a ton into our retirement and to make sure we’re keeping up with where our numbers and priorities lie. Think about what your goals are and go from there!

High interest savings account

We have not done this yet, but it’s on our to-do list for next month! While this probably won’t generate a ton of extra money, it’s all over the lifetime and amount of money. It’s better to have an account generating a 1% interest than one that generates .1%!

Watching videos/reading up ✅

There are SO many resources out there for us! On Youtube I love: His + Her and Graham Stephan – not a lot of recommendations, but I haven’t spent a ton of time watching different videos. I tend to get stuck on one channel and watch all theirs.

On Instagram I love: Millionaire by Next Year and Debt Free Gonna Be. I started following a bunch more, but these are the primary ones I love. Again, there are so many great accounts!

Building a Side Hustle ✅

For the past month I’ve been selling things on eBay! Mostly things I no longer use from the house: win/win! I would love to get to a point where we really don’t have clutter- that everything is used and serves a purpose. I do want decor/sentimental items, but I don’t need to hold on to everything. This is hard for me, but it’s worth having less stuff! I’m about to dive into Simple Matters by Erin Boyle- I’ll let you know how it is on my GoodReads.

I also want to get into building a passive side hustle. That is next on my list.

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Have you done any of these things? Is there anything else you’d add to this list?

You may want to look into some of my other posts in this category!

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