Log In Sign Up

Thinking ahead . . . . . .


Forum: Financial Planning and Budgeting

Notices

Welcome to the JustMommies Message Boards.

We pride ourselves on having the friendliest and most welcoming forums for moms and moms to be! Please take a moment and register for free so you can be a part of our growing community of mothers. If you have any problems registering please drop an email to boards@justmommies.com.

Our community is moderated by our moderation team so you won't see spam or offensive messages posted on our forums. Each of our message boards is hosted by JustMommies hosts, whose names are listed at the top each board. We hope you find our message boards friendly, helpful, and fun to be on!

Reply Post New Topic
  Subscribe To Financial Planning and Budgeting LinkBack Topic Tools Search this Topic Display Modes
  #1  
April 20th, 2010, 01:53 PM
Lynsann's Avatar Platinum Supermommy
Join Date: Oct 2005
Posts: 8,867
I am jumping ahead of myself right now since our debt isn't actually paid off, but it will be in a few months. I was just wondering what people do when they have extra money? We haven't really ever had a great deal of extra money to really think about. I'm thinking we really need to get something going with retirement. Is it good to just keep building up your savings in a regular savings account? I'm thinking that when our credit card debt is all paid off, I am going to focus on retirement, regular savings, and a savings account for both of our kids. What do any of you suggest?

On a side note - I'm also going to buy me a treadmill and a dining room table as my reward for getting all debt paid off!
__________________
Mommy to Ava (5/24/06) and Kai (5/11/09)
Reply With Quote
  #2  
April 20th, 2010, 10:13 PM
Platinum Supermommy
Join Date: Sep 2007
Location: Gulf Coast
Posts: 11,402
I think those are great ideas. We also focused more money into our retirement accounts, fully funded a savings account to get us an emergency fund built up and in the last year, we've started a savings account for our daughter and for buying a house. We also like to make taking vacations (on a budget) a priority, so we also have a vacation fund.
__________________
Reply With Quote
  #3  
April 21st, 2010, 12:44 PM
mommy2Breana+Brandon's Avatar Platinum Supermommy
Join Date: Dec 2006
Location: PA
Posts: 39,401
I think it is a great idea to save for retirement.

you can open an ira or something like that.

Congrats on getting the paid off!!
__________________

Do you love food, entertaining, cooking?!?! Then you will LOVE Tastefully Simple. www.tastefullysimple.com/web/cpisch

Reply With Quote
  #4  
April 21st, 2010, 03:50 PM
sugarloafbaby's Avatar Mega Super Mommy
Join Date: Oct 2009
Location: Ohio
Posts: 2,974
I would definitely reward yourself for paying off debt! Since we're following Dave Ramsey's plan, I'll just rely what we plan on doing:

1. Pay off debt
2. Save up an emergency fund with 3-6 mo of living expenses
3. Invest 15% of income into retirement
4. College funding for children
5. Pay off home early
6. Build wealth and give

If you're interested, here's the link to his site that explains these things better...
Baby Steps
__________________

Thank you .:Shortcake:. for my siggy!


Reply With Quote
  #5  
April 22nd, 2010, 03:28 PM
Lynsann's Avatar Platinum Supermommy
Join Date: Oct 2005
Posts: 8,867
Thanks for that link! I am going to read it right now. I don't know why I haven't bought his book. I love Dave Ramsey.
__________________
Mommy to Ava (5/24/06) and Kai (5/11/09)
Reply With Quote
  #6  
April 23rd, 2010, 07:38 PM
JessP's Avatar Lovin life and family
Join Date: May 2009
Location: Washington
Posts: 22,034
Send a message via MSN to JessP Send a message via Yahoo to JessP
That is a great idea to reward yourself.
Retirement is always a good idea and life insurance if you don't already have some.
__________________

Thanks .:Shortcake:. for my great siggie
http://skinny-jessi.blogspot.com/


Reply With Quote
  #7  
June 2nd, 2010, 07:57 PM
ashleighgurl's Avatar Loving Wife and Mommy
Join Date: Jan 2007
Location: Arizona - formally, Michigan
Posts: 12,763
Right now, we are focusing on building our emergency fund.
__________________
*Ashleigh*
Wife*Mother*Student*Entrepreneur*
Kyleigh - 4 years old
Our beautiful miracle baby..


Do you want to learn how to stretch your dollars further?
Come join us on the Frugal Mommies Board!
Latest Trip: Spent $90, Saved $400!
Latest donation trip: Spent $0, Saved $675!!!
Check out what I'm selling! Lots of baby/toddler things!





Reply With Quote
  #8  
June 10th, 2010, 03:24 PM
Mega Super Mommy
Join Date: Aug 2005
Location: Texas
Posts: 4,649
I like the Dave Ramsey list. I'd also suggest redoing your budget so you have a written plan for the extra money. It's so easy to spend it away on junk if you don't. Of course, you can write in some extra spending money for yourself too - just make sure to have a plan to save it too.

I have our retirement contribution automatically transferred from our checking account after our paychecks come in. You can also set up a monthly transfer from checking to savings after your checks come in with most banks.
__________________


Reply With Quote
  #9  
June 11th, 2010, 11:25 AM
sara~b's Avatar Platinum Supermommy
Join Date: Aug 2006
Location: Pittsburgh PA
Posts: 10,350
Send a message via AIM to sara~b
Ditto Dave Ramsey's baby steps! Get at least 3 months of income stashed in liquid savings like a money market and then set up a Roth IRA (unless you make a rediculously huge income) and try to fully contribute every year. ($5,000 for 2010)

Don't worry about college savings for your kids until you do that! Life insurance is also a very good investment after you get your 3-6 months savings set up. I always aim for 15% of after-tax income to go into savings!

Oh and if either of you have access to a 401(k) with any kind of match with your employer then take FULL advantage. Those matched contributions add up really quickly!
__________________
Sara, 27, married to Shane, 31, mom to Gemma, 6, and Ashlyn, born 8/7/10







Running for my health and sanity!
PR's: 5k-25:05 (old PR 25:10), 5M-45:03 (old PR - 47:22), 10k - 52:00 (approximate - training), HM-2:25:58 (ran a 2:17:36 during marathon), Full- 4:49:25 (old PR -5:49:40), 50k-7:05:56, 50M-13:31:14, 100k- 18:59:31 (old PR 20:56)
(All of these PR's are going down this season!)

My Pregnancy Chart: http://www.fertilityfriend.com/home/1c6297
Reply With Quote
Reply

Topic Tools Search this Topic
Search this Topic:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off



All times are GMT -7. The time now is 10:56 PM.



Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
Search Engine Optimization by vBSEO 3.6.0