Small Success towards retirement contribution

[athiker10]

I just got a 4% raise (the standard in my nonprofit org is 2%) with a possible additional raise in the fall, once some new projects have been put in process. Instead of seeing a dime, I'm putting it all towards my 403(b), which takes my contribution to 11% of my total salary. Since I'm entering grad school in the fall, I don't think I can up my contribution much more without going into family debt (I can borrow from my parents). It's not big, but I am excited to see the numbers go up. :)

[nereo]

I just got a 4% raise (the standard in my nonprofit org is 2%) with a possible additional raise in the fall, once some new projects have been put in process. Instead of seeing a dime, I'm putting it all towards my 403(b), which takes my contribution to 11% of my total salary. Since I'm entering grad school in the fall, I don't think I can up my contribution much more without going into family debt (I can borrow from my parents). It's not big, but I am excited to see the numbers go up. :)

Well done.  Putting most or all of each raise towards investments is one of the most painless ways of avoiding lifestyle creep and reaching FI early.  It's very hard to miss money you've never seen.

[RidinTheAsama]

That's excellent, I do something very similar - my raise goes mostly towards increasing my mortgage payments.

[aperture]

+1 for putting raises right into savings/debt reduction

[athiker10]

That's excellent, I do something very similar - my raise goes mostly towards increasing my mortgage payments.

I like that idea! It's something to consider when I get around to buying a place with my partner in a few years. :)