Home > No $$ of the Challenge, but Nice $$ Surprise

No $$ of the Challenge, but Nice $$ Surprise

September 27th, 2007 at 03:18 am

You probably haven't noticed, but I sure have: babysitting has been slow this month.

Aside from being away last week, there have been 4 nights I was scheduled to overnight babysit that were canceled because The Dad got his hours switched at the last moment. It's nice to sleep in my own bed, but I miss the money. It's not money I "count" on, though, so I'll be OK.

I did have a pleasant monetary surprise come my way on Tuesday, though. I wanted to attend a professional conference in early November, but the registration fee ($255) was more than I was interested in paying out of pocket. I submitted an application for a scholarship and was lucky enough to have one awarded to me. The conference is the city where Mr. Bean lives, so I expected that the scholarship would pay my registration and possibly offer re-reimbursement for lodging-- in which case I would say I already had housing arrangements and didn't need a hotel.

However, I found out on Tuesday that the Scholarship is a free registration and a check for $995 to help cover lodging and transportation! What a pleasant surprise! My transportation costs will just be gas for the ~500 mile round-trip.

I'm not going to add the money to my challenge because I'm using the Challenge only to total new income streams and things I wouldn't have done in the name of making money prior to joining the SA community. Honestly, I probably would have balked at paying $255 out of pocket for a conference prior to SA.

Now I just need to decide where I'll but the money. I'm leaning either towards earmarking it for my 2008 Roth IRA or earmarking it for a non-retirement mutual fund. I feel comfortable with the amount of cash I have in savings and will be able to max out my Roth for 2008, so I'm starting to think out moving some of the cash in savings into another vehicle. Any thoughts? Any suggestions for where to do more reading? I could come up with 3K (Vanguard's minimum). I'm thinking about the Vanguard 500, but I'm still wet behind the ears.

5 Responses to “No $$ of the Challenge, but Nice $$ Surprise”

  1. denisentexas Says:

    Out of curiosity, what do you charge for babysitting?

  2. monkeymama Says:

    You probably can't go wrong with Vanguard. Wink

    If you want something a little more on the safe side, Vanguard Star and Wellesley are balanced funds, which have the growth of the market, balanced with bonds and safer stuff (if you think you may need the money in the next 5 years or so). But the Total Stock Market Index or 500 are good as well (long-term).

  3. Ima saver Says:

    I have been in Vanguard 500 for more than 15 years and am very happy with the fund.

  4. threebeansalad Says:

    Denise- I don't "charge' so much as I'm paid, if that makes any sense. When I first started babysitting after a long hiatus (I babysat a lot as a teen and undergrad, and then started again when I was 29) I didn't know what to charge, but by first family offered $10 / hour. I drive to their house and watch their three kids every Wednesday and Saturday. I am still babysitting for them.

    My other family is in a unique situation where both parents work nights. I come over around 11:30 pm and stay until 7:30am. There's a bed in the finished basement where I sleep. they pay me $50 / night.

    I think the pay for both jobs is good, but I probably won't babysit for any less now that I understand the "market" better. I feel both families are paying me well in part because it's hard to find a reliable sitter who has as much evening availability as I do. I'm old enough that I can be trusted as an adult, but I'm also young enough that I can run around with the kids, bounce on the trampoline, ride skateboards, etc... so the kids like me, too.

    The other reason that I won't take less is that unless the job was many hours long, the pay just won't be enough to be "worth" it to me.

  5. denisentexas Says:

    That makes complete sense to me! Thanks. Smile

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