Right now I am saving for 2 new recliners and a vacation in Hawaii. I have opened an account at a different bank than my usual one and I am putting extra money there.
This is great information. I recently read that 52% of Americans are spending more than they earn. We keep racking up more and more debt, and in many cases, someone else will be on the hook for it!
I'm getting close to retirement and I want to be able to feel secure. Home is paid off, new car paid off, putting extra money in emergency savings, laddering cd's and continuing to fund my retirement savings to the max.
The key is to start saving/investing early in life and be consistent (save with every paycheck). Taking advantage of a matching 401k plan should be a no brainer. The power of compounding is lost on many people. Also maxing out contributions when possible, eliminating debt, avoiding risks with your nest egg, planning for multiple streams of income once retired (social security, pensions, dividends, part time work, etc.) and making catch up contributions once you reach 50 should all be part of everyone's plan. And work at staying healthy to reduce illness, injuries and medical costs. I recently found the site Retirement And Good Living which provides information on all these issues as well as many other retirement topics and also has several retirement and health calculators.
Hi! If you have debt you should consider paying them off -- the sooner you clear them the better. As you clear off your debt you'll gain some extra money, which used to be used for debt. Right?
Do you have an emergency fund too? Maybe look over your monthly expenses and calculate how much would it be to have 2 months worth? This is enough to cushion some emergency (hopefully), until you're completely debt free -- except for your mortgage, if you have one.
Once debt and emergency fund are marked off your list, you'll be able to gain some savings over time, provided that you don't incur more debt and you'll stick to a budget.
I will be married in 4 months. My fiance and I have done well saving as singles, but now we are focusing on saving for a home. We project it will take 4 years. We also have created a list of repairs and their priority for any fixer-upper house we purchase in the future.
We are currently saving to pay off our credit cards. Hoping to be able to do this before the holidays. We are saving all we can and eating at home more, using coupons and getting the best deals we can when shopping.
I have an idea. The basic membership is a lousy $50.00. If you are so worried about using the Costco services, and buying the products, just spend the $50.00 and call it a day. I'm truly sick and tired of people who always want to find a way around a businesses policies and procedures. Buy a membership, the prices and products are great, and we save a lot of money buying in bulk.
I'm saving up for when I transfer to a 4 year university. I'm newly divorced, and in my second year and a community college, and on my own so it'll be very slow but I figure something is better than nothing when the time comes.
I am saving for a small used travel trailer. My husband and I downsized and moved to a small house in a small city with a lower cost of living to save money. Our mortgage is only 500.00. We had dreams of traveling and working on the road a few weeks out of the year. Then I got diagnosed with a chronic illness at 38 and figured all my travel dreams were dead. My husband came up with the solution that, although we can't go about it the same way, we can adjust and adapt to our new circumstances and still see the country, but we will have to do it in a travel trailer so I can have all the stuff I'll need with me on the road. I love the idea. So we are saving for a used fiberglass travel trailer, hopefully under $5000.00. I already have the money in my savings account, but I'd rather keep saving and saving so that when the time comes to buy it, my savings account won't feel like its been half emptied.
We are okay on saving for retirement, but we need to beef up our emergency savings fund and then start saving for things we need to do to our property, like put vinyl siding on our house, etc.
Saving for financial independence in 9 years. In the early stages of establishing a freelance side hustle that could provide extra discretionary income once I pull the plug on a full-time job.
Agree with all you mentioned, specially number 7. When we were first married, we had 25 cent mac and cheese from a box 2 -3 times a week. Blow money does seem counter intuative when you have school and medical debt hanging over you, but even our small allowance maintained our sanity. DH could have a canned soda once and a while, and I could gather together yard sale money to buy pretty stuff for the house. It humanized our situation. And even though we never did it, we felt, if things get REALLY bad we have some wiggle room by eliminating the mad money.
I just bumped up my 401k to 25%. My savings goal right now is to bulk up retirement accounts and to save up for a new-to-me car so I can be a SAHM in the next year.
Hi
Thank you for this flashback! It is always a good idea to remind about the golden articles. My personal favourite is "9 Things in Your House You're Forgetting to Clean"
Violet from Clean N Gone.
First, THANKS! for asking in an encouraging way. I have - for many years - lived very modestly and saved extravagantly through my employer's savings apparatus. Now within 5-7 years of retirement that helps me feel more confident than not about older years. Currently I am saving outside that apparatus to build up a downpayment to own a home in retirement! While I dislike our complicated tax system (so 'rigged' with loopholes for the privileged) I do hope it keeps deductions for mortgage, for health care spending and other necessities of living.
Right now I am saving for 2 new recliners and a vacation in Hawaii. I have opened an account at a different bank than my usual one and I am putting extra money there.
I am saving up for an investment property
I'm saving/investing for retirement. My goal is 25% of my income into savings each month.
This is great information. I recently read that 52% of Americans are spending more than they earn. We keep racking up more and more debt, and in many cases, someone else will be on the hook for it!
Mom used to grind them up with mayo and pickle relish and make a sandwich spread.
I'm getting close to retirement and I want to be able to feel secure. Home is paid off, new car paid off, putting extra money in emergency savings, laddering cd's and continuing to fund my retirement savings to the max.
The key is to start saving/investing early in life and be consistent (save with every paycheck). Taking advantage of a matching 401k plan should be a no brainer. The power of compounding is lost on many people. Also maxing out contributions when possible, eliminating debt, avoiding risks with your nest egg, planning for multiple streams of income once retired (social security, pensions, dividends, part time work, etc.) and making catch up contributions once you reach 50 should all be part of everyone's plan. And work at staying healthy to reduce illness, injuries and medical costs. I recently found the site Retirement And Good Living which provides information on all these issues as well as many other retirement topics and also has several retirement and health calculators.
Hi! If you have debt you should consider paying them off -- the sooner you clear them the better. As you clear off your debt you'll gain some extra money, which used to be used for debt. Right?
Do you have an emergency fund too? Maybe look over your monthly expenses and calculate how much would it be to have 2 months worth? This is enough to cushion some emergency (hopefully), until you're completely debt free -- except for your mortgage, if you have one.
Once debt and emergency fund are marked off your list, you'll be able to gain some savings over time, provided that you don't incur more debt and you'll stick to a budget.
save to the federal max on all accounts for an early retirement.
I will be married in 4 months. My fiance and I have done well saving as singles, but now we are focusing on saving for a home. We project it will take 4 years. We also have created a list of repairs and their priority for any fixer-upper house we purchase in the future.
We have a goal of saving our first $1,000 as a couple. Hopefully some of it can be used on our honeymoon after our wedding this coming March!
We are currently saving to pay off our credit cards. Hoping to be able to do this before the holidays. We are saving all we can and eating at home more, using coupons and getting the best deals we can when shopping.
I have an idea. The basic membership is a lousy $50.00. If you are so worried about using the Costco services, and buying the products, just spend the $50.00 and call it a day. I'm truly sick and tired of people who always want to find a way around a businesses policies and procedures. Buy a membership, the prices and products are great, and we save a lot of money buying in bulk.
I'm saving up for when I transfer to a 4 year university. I'm newly divorced, and in my second year and a community college, and on my own so it'll be very slow but I figure something is better than nothing when the time comes.
I am saving for a small used travel trailer. My husband and I downsized and moved to a small house in a small city with a lower cost of living to save money. Our mortgage is only 500.00. We had dreams of traveling and working on the road a few weeks out of the year. Then I got diagnosed with a chronic illness at 38 and figured all my travel dreams were dead. My husband came up with the solution that, although we can't go about it the same way, we can adjust and adapt to our new circumstances and still see the country, but we will have to do it in a travel trailer so I can have all the stuff I'll need with me on the road. I love the idea. So we are saving for a used fiberglass travel trailer, hopefully under $5000.00. I already have the money in my savings account, but I'd rather keep saving and saving so that when the time comes to buy it, my savings account won't feel like its been half emptied.
We are okay on saving for retirement, but we need to beef up our emergency savings fund and then start saving for things we need to do to our property, like put vinyl siding on our house, etc.
I hate to admit that I currently have no savings goals. I'm barely keeping my head above water and it requires every penny to do that.
saving up for retirement!
Saving for financial independence in 9 years. In the early stages of establishing a freelance side hustle that could provide extra discretionary income once I pull the plug on a full-time job.
Agree with all you mentioned, specially number 7. When we were first married, we had 25 cent mac and cheese from a box 2 -3 times a week. Blow money does seem counter intuative when you have school and medical debt hanging over you, but even our small allowance maintained our sanity. DH could have a canned soda once and a while, and I could gather together yard sale money to buy pretty stuff for the house. It humanized our situation. And even though we never did it, we felt, if things get REALLY bad we have some wiggle room by eliminating the mad money.
I just bumped up my 401k to 25%. My savings goal right now is to bulk up retirement accounts and to save up for a new-to-me car so I can be a SAHM in the next year.
I am saving for Retirement and not taking any money early.
Hi
Thank you for this flashback! It is always a good idea to remind about the golden articles. My personal favourite is "9 Things in Your House You're Forgetting to Clean"
Violet from Clean N Gone.
First, THANKS! for asking in an encouraging way. I have - for many years - lived very modestly and saved extravagantly through my employer's savings apparatus. Now within 5-7 years of retirement that helps me feel more confident than not about older years. Currently I am saving outside that apparatus to build up a downpayment to own a home in retirement! While I dislike our complicated tax system (so 'rigged' with loopholes for the privileged) I do hope it keeps deductions for mortgage, for health care spending and other necessities of living.
My husband and I both max out our 401(k) plans and save my entire paycheck in order to be able to retire when we're 55 (soon!).