Change Can Be Overwhelming

Pioneer girl is a little shell shocked by all this transition! Trying to beat tax due dates and frost dates has got my hair in knots.

File a tax extension

This is a very simple process and allows you an extra 6 months to file. It also gives you a chance to make your IRA contributions later and still get the most tax benefits. Although, it would be nice to just get the taxes out of the way, this would give my brain more space to decide the proper investment vehicle for my savings.

Getting your spouse on board

All these changes affect my husband and our plans. I'm urged to develop a plan together that benefits us both, today and in the future. Discussing these things now and without too much emotion, ensures that our goals will be met and we can be good counsel to one another. We both have very different styles when it comes to money management. Balance and communication is essential! It forces me to be on top of my game when discussing the merits of any steps I want to take. If I can't persuade my husband with the facts, I should carefully consider my understanding.


Money has an Emotional Quotient

Money can't buy happiness, but it can make you cry! You put in valuable life energy in a work setting to obtain the resources to fund your survival, aka a paycheck. You want that money to be accessible, there when you need it most. You also want control and order over this resource. You have to be able to pay your bills and store it safely. Plus, you don't want to be obsessed with all the variables of saving and earning so you can actually enjoy the fruits of your labor. With so many of life's activities and for many, self-worth, tethered to one's earnings, our relationship with money can't be underestimated. Once we make our decision, after carefully researching all our options, I think we'll just sit tight for a while. The best situation would end in all our transactions becoming automatic i.e. bill payment, investment deposits, direct deposit and even scanning in checks, from home, to deposit.


CD's vs. MMA vs. High-Yield Checking/Savings accounts

I've found some good CD rates and even better high-yield checking accounts. Most require direct deposit (DD), virtual banking or online everything except ATM use, and 10-15 debit card transactions. As a waitress, often our checks are blank. We are paid an hourly of $2.62 and that is gobbled up in taxes. DD is not an option for me. But, I do have a small business. I need to investigate whether I can do DD through my business.


Today's Economic Climate is in Flux

Then there are things we have no control over. Who wouldn't want to take advantage of such low prices on many great stocks. Many economists would say the time to strike is now. In the words of Warren Buffet, "...be fearful when others are greedy and to be greedy only when others are fearful." But a small investment could be wiped out quickly, not strong enough to weather further shifts.