Call me irresponsible or ignorant, but I confess DH does the bulk of our financial management. I'm pretty clueless as to what and how to follow and he enjoys it. Don't worry about me. He tracks things meticulously and should the worst happen, I'm able to find all the details and take to either his brother or a brother-in-law who are both financial planners, to get me straightened out. One annuity account though is linked to our bank so I can at a glance see the highs, and of course this past year, the lows. Some good signs lately though are the lowest lows are creeping back up. I won't say recovering as I still think there's a lot of volatility to come.
My point is that while I peek, there's not a lot I can do about the economy. I can't get upset, or overly relieved, about swinging numbers. As we approach retirement, hopefully the recovery will well be on course. We'll shift to even more conservative mode. Until then, I'm trying to build our cash savings, even if just a few extra dollars here and there. Heading into the last seven weeks of 2022, I have a few money goals.
- Shop loss leaders and only what we need for meals and holiday food. Last year I baked too many treats and bought too much of some savory items that went to waste, no matter how hard I tried to avoid it.
- Keep a close eye to errant holiday spending. If it's not adding joy and cheer to our family and friends, skip the expense.
- Limit eating out and encourage DH to come home for lunch more often. With all the extra food at holiday gatherings, this will be better for our health too in terms of managing our diet.
- Keep up with Fetch and MS Rewards to earn those extra gift cards.
- Submit for all medical expenses to my flex account.
- Continue to make charitable donations. People are in need and supporting food shelves, and other missions is part of our values.
I might not understand financial planning in full, the 401K portfolios, the differences between certain markets, but I can watch what's before my eyes and adjust accordingly my day to day actions. I feel that's my role right now.
There's nothing I can do about the day to day (M & I each manage our own 401k accounts, & I have a variety of other investments, so I can definitely see/feel the drops), so like you, I'm focused on the things I can control right now. Making small tweaks, ensuring we're using things up before they go bad. Planning more from the freezer. Reducing unnecessary holiday purchases, etc. They are all on my list.
ReplyDeleteSam volunteered at a food pantry with a friend yesterday, and I'm volunteering on Friday. There is a lot of need in our area, and we're trying to create space to help.
I feel so tapped out at work, adding hours for volunteering seems unmanageable right now, though I do serve on my daughter's nonprofit board. There's some actions I'm helping with there. Life feels like a series of tweaks and adjustment to make it all work.
DeleteI have full confidence you will learn what needs to be done.
ReplyDeleteHopefully Ill not need to manage alone ever or for a very long time.
DeleteI'm not much of financial person either but I agree with your approach. Maintaining zero debt and stashing cash away is also our priority right now.
ReplyDeleteThe zero debt in 50's is critical. I couldn't imagine how our life would be harder with a mortgage entering retirement. I guess we wouldn't be thinking retirement then.
DeleteAs for retirement, I had three professor friends, a PhDs who got a job and all three worked it. At night, they cleaned a doctor's office, each taking certain nights. They said they needed money to do things not in their budgets. One night, I went along and cleaned commodes. There were only 7 commodes, but I cleaned over a dozen because I did not keep up with what I cleaned. It was certainly not a hard job and they had the daytime/evenings to do things.
ReplyDeleteIf they felt the money helped their life m, they did well to ad the part time work. I don't like to clean period so that will not be a retirement job for me.
DeleteThese women were still working, teaching at a university, just wanted more money for causes they support. Plus, with three sharing the job, they worked two days a week.
DeleteYou've got a flexible approach towards your finances and I'm sure that you will see you in good stead whatever happens in the economy. Arilx
ReplyDeleteI just hope it'll be enough.
DeleteI used to control £million budgets but that was in my old life - Jon enjoys number crunching so I leave him to it unless he shouts for help! xxx
ReplyDeleteWe sort of divide and conquer but the long term stuff is confusing to me. My work budget that I manage is $71,000,000.
DeleteHubby gets overwhelmed with finances so it's on my shoulders. I do let him know where we stand etc. Son 2 knows where everything is kept and Hubby knows to call him if something happens to me.
ReplyDeleteDay to day, I've got a good handle - checking, savings etc. It's the Roth, annuity, 401K that he hones in on.
DeleteI am definitely not a financial person, and I feel that these days you need to be a math genius to understand it all. I am happy to stick my head in the sand and as long as my savings account increases every month then I am going in the right direction. You are right when you say that there is nothing you can do about the world economy, but you do have control over your personal economy and that is where you make the difference to better your life. Megan.
ReplyDeleteI feel I'm doing ok in personal, day to day economy. That's where I can see tangible change or at least keeping afloat.
DeleteOh, I so wish my husband would do some of the Fianacial. But alas it is me. Although I am grateful, he is not a spender.
ReplyDeleteMine is not a spender either, but he recreation shops occasionally in grocery stores.
DeleteTheHub is an CPA by trade though he no longer works in public accounting. He keeps all of our finances, but we discuss things every week, so I am informed about any and all financial decisions.
ReplyDeleteThe market is doing some crazy things right now, so every decision is a crap shoot.
I'm kept inform and we too discuss - I just feel overwhelmed with the risk.
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