Who has a saving plan? - Page 2

The Honest Dollar · 03-26-2008, 05:47 PM

I don't have a formal saving plan. I take a look at my spending habits each month and make mental notes when something looks off. I pay myself first by making an IRA contribution at the beginning of every year and by putting 22% of my gross pay into my 401(k). I spend what I need to spend to cover living expenses. Then I pay myself last, by saving everything else.

I'm pretty much a homebody (no bars or clubs), and except for work clothes I slum around in jeans and old tees. Since I don't have any major expenses and thus save a lot of money, I've never felt the need to really buckle down on a budget or a saving plan.

KelR1 · 03-26-2008, 09:59 PM

I've just started saving seriously this year. It was my New Year's resolution, and so far so good! I opened up an online savings account and was making a deposit monthly, but now I've increased it to twice a month. I've also started truly budgeting and doing the snowball and snowflake steps to pay down debt. I've really cut back on frivolous spending too. I'm finally learning to discern between "want" and "need" and, more importantly, acting on it! It's such a good feeling to know you have that cushion of emergency savings just in case, even when paying down debt.

Frugal Fannie · 03-27-2008, 05:44 AM

We have 16% of DH's gross pay going into his savings & security plan at work. We also have accounts at ING and HSBC. Using these accounts, the first thing we did was save up 3 months of income for emergencies. Then we saved for home emergencies. For several years now, I have been saving $300 a month for home projects (this year will be a new roof) and another $300 for a car payment. We have an 11 year old car and an 8 year old car. Since I just spent $600 on the 11 year old car, I won't be saving a payment for it this month. We also have some savings set aside for a vacation. So far we haven't had to dip into one fund to pay off another problem.

amyschiff · 03-27-2008, 08:40 AM

My savings plan is pretty basic... no budgeting. I try to limit my spending as much as possible.

I have an amount automatically transferred from my checking to an ING account each month and I plan to make additional deposits depending on what my account looks like each month. This will be my emergency fund until it gets big enough. Then maybe I can start an IRA or something.

I'm still in the process of paying off my only credit card balance which resulted from not getting a job right after grad school and then having to move when I finally did get one. I'm itching to pay that off so I can save more.

MSMomsmoney · 03-27-2008, 12:07 PM

I have a car fund account, ING, that gets auto funded each month.
I have an escrow fund account, FNBOdirect that gets auto funded each month.
I have a WAMU online savings account that gets auto funded each month.
And I have a WAMU savings for success that gets auto funded each month.

The car fund--$$ to repair my existing car or replace when necessary.
Escrow fund, real estate taxes and insurance.
Online savings account, baby emergency fund.
Savings for success working on completely funding my emergency fund.

trixs · 03-27-2008, 01:45 PM

Personally I don't really budget like some of you guys do. I get payed once a month and then before anything else take away one third for investments. Next comes the bills and and anything else is play money. Btw, I consider food play money. Can always get soup very cheap!

gtwise · 03-28-2008, 07:56 AM

Define savings plan.

I have monthly budget with allowances for half a dozen to a dozen different categories.

I have money going into our savings account for annual expenses such as property tax, auto and homeowner's insurance.

I have money going into our savings account for a car budget so we can buy our next car using cash only.

I have money allocated and planned for annual vacations, also going into our savings.

I have money going into my 401(k) as well as my wife has money going into her 401(k) for long term retirement savings.

Do we have a savings plan? I think we do. I plan for short (monthly budget) intermediate (annual expenses) and long (retirement) term goals.

Gootsy · 03-28-2008, 08:09 AM

I do have a minimum amount each month I aim to save. Though I always save more. Like others, I don't have to fool myself into thinking the money isn't there. Put less value on my wants(or alternate ways to get it, like library!), more on needs, and rest takes care of itself (as long as income isn't completely terrible).

ThePennyMine · 03-28-2008, 02:08 PM

I don't have a specific savings plan, but I have very good control of my finances. If an unexpected expense comes up one month, I don't move money into my savings account, but will double my contribution the next. It all evens out in the end, so I don't stress myself with strict limits as I"m not in a position where I need to be doing so.

Jenny's Dad · 04-05-2008, 12:04 PM

I max out my 401K on each biweekly paycheck. The plan includes employer matching up to 4% of annual income- paid quarterly. My wife and put money aside over the course of the year so that we have a fund to deal with any tax surprises come April. The remainder goes make the maximum IRA contributions.

03-27-2008, 12:07 PM	#15
MSMomsmoney Member Join Date: Jan 2008 Location: Pacific NorthWest Posts: 41 Reputation: (13)	I have a car fund account, ING, that gets auto funded each month. I have an escrow fund account, FNBOdirect that gets auto funded each month. I have a WAMU online savings account that gets auto funded each month. And I have a WAMU savings for success that gets auto funded each month. The car fund--$$ to repair my existing car or replace when necessary. Escrow fund, real estate taxes and insurance. Online savings account, baby emergency fund. Savings for success working on completely funding my emergency fund. __________________ It's not about having what you want, It's about wanting what you have.

03-27-2008, 01:45 PM	#16
trixs Junior Member Join Date: Mar 2008 Posts: 7 Reputation: (10)	Personally I don't really budget like some of you guys do. I get payed once a month and then before anything else take away one third for investments. Next comes the bills and and anything else is play money. Btw, I consider food play money. Can always get soup very cheap! __________________ How To Invest

03-28-2008, 02:08 PM	#19
ThePennyMine Member Join Date: Mar 2008 Location: Canada Posts: 46 Reputation: (10)	I don't have a specific savings plan, but I have very good control of my finances. If an unexpected expense comes up one month, I don't move money into my savings account, but will double my contribution the next. It all evens out in the end, so I don't stress myself with strict limits as I"m not in a position where I need to be doing so. __________________ The Penny Mine - Personal Finance Tips and Tricks

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
Looking for Tips on Saving Day to Day	Lisa23	Frugal Living	42	05-10-2008 11:37 AM
Energy Saving Products	smithys1	Promote Your Products and Services	1	03-29-2008 06:24 PM
How are you saving?	mtilmin	Personal Finance	4	03-18-2008 04:19 PM
Save $617.65 while saving the environment!	Byeutter	Promote Your Products and Services	0	02-09-2008 09:23 AM
Prosper? Or a Plan?	RyinLA	Personal Finance	13	01-24-2008 08:48 AM

03-26-2008, 05:47 PM	#11
The Honest Dollar Member Join Date: Dec 2007 Location: New York Posts: 90 Reputation: (63)	I don't have a formal saving plan. I take a look at my spending habits each month and make mental notes when something looks off. I pay myself first by making an IRA contribution at the beginning of every year and by putting 22% of my gross pay into my 401(k). I spend what I need to spend to cover living expenses. Then I pay myself last, by saving everything else. I'm pretty much a homebody (no bars or clubs), and except for work clothes I slum around in jeans and old tees. Since I don't have any major expenses and thus save a lot of money, I've never felt the need to really buckle down on a budget or a saving plan.

03-26-2008, 09:59 PM	#12
KelR1 Member Join Date: Mar 2008 Posts: 50 Reputation: (10)	I've just started saving seriously this year. It was my New Year's resolution, and so far so good! I opened up an online savings account and was making a deposit monthly, but now I've increased it to twice a month. I've also started truly budgeting and doing the snowball and snowflake steps to pay down debt. I've really cut back on frivolous spending too. I'm finally learning to discern between "want" and "need" and, more importantly, acting on it! It's such a good feeling to know you have that cushion of emergency savings just in case, even when paying down debt.

03-27-2008, 05:44 AM	#13
Frugal Fannie Member Join Date: Feb 2008 Location: Adirondacks Posts: 40 Reputation: (10)	We have 16% of DH's gross pay going into his savings & security plan at work. We also have accounts at ING and HSBC. Using these accounts, the first thing we did was save up 3 months of income for emergencies. Then we saved for home emergencies. For several years now, I have been saving $300 a month for home projects (this year will be a new roof) and another $300 for a car payment. We have an 11 year old car and an 8 year old car. Since I just spent $600 on the 11 year old car, I won't be saving a payment for it this month. We also have some savings set aside for a vacation. So far we haven't had to dip into one fund to pay off another problem.

03-27-2008, 08:40 AM	#14
amyschiff Senior Member Join Date: Feb 2008 Location: Lansing, MI Posts: 257 Reputation: (33)	My savings plan is pretty basic... no budgeting. I try to limit my spending as much as possible. I have an amount automatically transferred from my checking to an ING account each month and I plan to make additional deposits depending on what my account looks like each month. This will be my emergency fund until it gets big enough. Then maybe I can start an IRA or something. I'm still in the process of paying off my only credit card balance which resulted from not getting a job right after grad school and then having to move when I finally did get one. I'm itching to pay that off so I can save more.

03-28-2008, 07:56 AM	#17
gtwise Member Join Date: Jan 2008 Posts: 45 Reputation: (14)	Define savings plan. I have monthly budget with allowances for half a dozen to a dozen different categories. I have money going into our savings account for annual expenses such as property tax, auto and homeowner's insurance. I have money going into our savings account for a car budget so we can buy our next car using cash only. I have money allocated and planned for annual vacations, also going into our savings. I have money going into my 401(k) as well as my wife has money going into her 401(k) for long term retirement savings. Do we have a savings plan? I think we do. I plan for short (monthly budget) intermediate (annual expenses) and long (retirement) term goals.

03-28-2008, 08:09 AM	#18
Gootsy Senior Member Join Date: Jan 2008 Posts: 234 Reputation: (19)	I do have a minimum amount each month I aim to save. Though I always save more. Like others, I don't have to fool myself into thinking the money isn't there. Put less value on my wants(or alternate ways to get it, like library!), more on needs, and rest takes care of itself (as long as income isn't completely terrible).

04-05-2008, 12:04 PM	#20
Jenny's Dad Junior Member Join Date: Apr 2008 Posts: 5 Reputation: (10)	I max out my 401K on each biweekly paycheck. The plan includes employer matching up to 4% of annual income- paid quarterly. My wife and put money aside over the course of the year so that we have a fund to deal with any tax surprises come April. The remainder goes make the maximum IRA contributions.