As our kid gets off from school for summer break, our family will take a two-month oversea vacation. We have planned this international trip for over a year to take full advantage of anticipation for the long vacation. The study, published in the journal Applied Research in Quality of Life, demonstrated that the largest boost in happiness comes from the simple act of planning a vacation. Indeed, we found that anticipation for vacation really boosts happiness.
I also designated a separate fund for the summer trip to account for the upcoming expenses. I have budgeted $8,000 for daily family spending while on vacation. Vacation makes us happy, so the money is well worth it for us.
As mentioned in previous month, I increased my contribution rate to retirement accounts as long as my cash holding continues to build up. The goal is to save close to the聽overall 401(k) contribution limit of $54,000.
Here’s the breakdown for May:
Future Game Plan
Including company matching contribution, I should hit $18,000 contributions next month. After that I will maintain 50% contribution rate to see how far I get to the $54,000 limit.
During our family’s聽two-month vacation, I will have to return to U.S. for three weeks for work. I will then fly back and reunite with the family before bringing them back home in August. Essentially, I have to buy another round-trip ticket, but I will enjoy two vacation trips this summer.
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I was just discussing employer/employee contributions with someone. Unfortunately I cannot contribute to my money-purchase retirement plan (401a) that the employer contributes to (6% salary contribution by employer below social security index, 10% above that – almost there… ha). So the most I will be able to contribute in the retirement accounts is 20% (to reach the $18K max contribution) in my 401k. Boo. Not that I am anywhere near the ability to contribute. In fact, I have stopped my contributions this year (hurts bad) to pay off my debt quicker. Least paying of debt more quickly due to this is happening.
Anyway, $18K in contributions… that is awesome! Nice NW. 馃檪
Have a wonderful time on that 2 month vacation.