Sunday, March 28, 2010

The practical and the impractical.

It is tax season. For most families this means prayers of a return and fear that you will owe the IRS. We have been fairly blessed to not have had an owing year since our marriage. (knock on wood!) This year was no exception however we approached things differently this year. We mad a vow before we even saw the amount that at least 50% was going into the retirement fund. With how things have gone we knew that this was the best thing we could do to plan for the future. Granted if Hubs has his way he will never retire BUT we still need to plan. A lot of couples our age tend to write off retirement. It is so far off and there will be time to save. WRONG. There is no time like right now. Saving is not only for your benefit but for the benefit of your family. We have a relative who has no savings at all and we have seen first hand how putting it off has harmed this person but also every one else in the family. So save save SAVE!!

Of course you also need to let yourself splurge some times as long as it does not negatively impact your financial health. We decided that each of us also deserved something fun after the money went into savings. Every year our returns have gone to pay bills and while we could have put this towards a bill as well we decided to splurge and buy a want rather than a need. Hubs gets his bear hunting trip to Canada. I got my computer that I have always wanted, and the girls got a 14" trampoline. It was wonderful to buy toys for once. I have a hard time spending money, especially on something decadent and unnecessary. Hubs had to push a little, haha, but I am glad he did. It felt good to fill a desire for each of us.

The moral here is that you need to find a balance with the practical and the impractical. You have to plan for your future first and foremost but once you do it is okay to treat yourself a little!


  1. Since you mention saving for retirement, I'd suggest you look at a Roth IRA. A married couple can put up to $10K/year in there and I highly suggest doing what it takes to max that out every year while you're young. The long term benefits are enormous, and at some point Uncle Sam will realize how much dough he's losing on the Roths and I think that program might go away.

    Chris from AK

  2. Seems like a nice plan. We save 10% of my take home for retirement. As for taxes we used a calculator thingy to make sure we wouldn't have to pay by tweaking our withholding.

    Everybody getting something fun is a big bonus.


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