This might seem like an odd question. You can never have too much in savings, right?
Saving for retirement does not have to be scary thing. As with anything else, the more familiar you get with something, the less intimidated you will be by it. Investing for your future is actually not as complicated as you might think. One of the easiest ways to start saving for retirement is by contributing to your company’s 401k. This is especially important if your employer matches your contributions up to a certain amount. But what if your job doesn’t offer a 401k? Or what if you do not work? (Check out this post on spousal IRAs.) Maybe you can consider an Individual Retirement Account (IRA). There are several types of IRAs, with the Traditional IRA and Roth IRA being the two that many people have as a part of their retirement portfolio. You can either choose one or the other, or have both. Keep reading for the differences between a Traditional IRA and Roth IRA.
When I was working in the corporate world, I had my retirement contributions automatically withdrawn from my paycheck and deposited into a 401k. After a few years of working and contributing, I quit my job and rolled my 401k into a Roth IRA. I didn’t want to stop planning for retirement just because I no longer held a traditional job. That’s why I want to talk about retirement for the SAHM.
Are you familiar with the book The Five Love Languages? The author, Gary Chapman, suggests that we each speak our own love language. When we learn what our language is and understand our partner’s (or children, parents, friends) language, we are able to build healthier and stronger relationships.
My husband P and I were discussing our finances recently and it hit me. Talking to your spouse about money has a learning curve. We speak completely different money languages. I started to think about how my parents, cousins, and friends spoke about money and finances. It was interesting to me that we all have our own way of thinking about money! So, just for fun, I present to you: The Four Money Languages.
My parents were avid savers and made sure to teach me the value of saving at an early age. As parents of an only child, Mom and Dad were careful to not spoil me. Heck, they would purposely not buy me things that other kids (who weren’t only children) had, just to make a point.
Money is one of the most fought-over issues between spouses. Will combining your finances improve your marriage? Should you and your partner consider combining finances? Finances are a personal topic and only you and your partner will know what is best for your relationship. As for my husband and me, combining our finances has been incredible for our marriage and I will tell you why.