Saturday, September 05, 2020
I was originally planning on seeing what my monthly expenses would be like after I move out before changing my TSP contribution, but now that my mom said that I don't need to help my parents financially after I move out, I took the plunge, and finally increased my TSP contribution to 15% (including the match). I used to only contribute 10% (including the match), and it gave me a horrible feeling. Fidelity says that if you start investing for retirement at 30 years old (I'm no spring chicken), you should contribute 18%, but I'll get a federal pension, so I think 15% is sufficient (at least for now). I've been at my job for almost 3 years, and I've contributed anywhere between 10-15% (both traditional and roth, including the match) toward my TSP. I can't wait until I'm vested!
Also, Senator Warren created the 50/20/30 Budget Rule, which has become a staple in personal finance. You're supposed to allocate 50% of your take home pay for needs, 30% for wants, and 20% for savings. Just for fun, I crunched the numbers to see if my current and future budgets fit her rule, and they do! :) Feels good to know that.
My sister dropped off my toddler niece, as she and my brother-in-law are going to see his doctor friend (my sister needs medical advice). I feel a little bad, because my parents have been watching my niece, and I haven't really been interacting with her. To be honest, I'd rather just chill on my computer, and listen to music. I did hug her a few times though.