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Thinking ahead . . . . . .

Forum: Financial Planning and Budgeting


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April 20th, 2010, 02:53 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)
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April 20th, 2010, 11:13 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.
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April 21st, 2010, 01:44 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!!

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April 21st, 2010, 04:50 PM
sugarloafbaby's Avatar Mega Super Mommy
Join Date: Oct 2009
Location: Ohio
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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
Mommy to 2 girls , 6/26/10 & 12/31/11

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April 22nd, 2010, 04:28 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)
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April 23rd, 2010, 08:38 PM
JessP's Avatar Lovin life and family
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That is a great idea to reward yourself.
Retirement is always a good idea and life insurance if you don't already have some.

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June 2nd, 2010, 08:57 PM
ashleighgurl's Avatar Loving Wife and Mommy
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Location: Arizona - formally, Michigan
Posts: 12,794
Right now, we are focusing on building our emergency fund.
Kyleigh - 7 years old
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Welcomed after 2 years of TTC.
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June 10th, 2010, 04:24 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.

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June 11th, 2010, 12:25 PM
sara~b's Avatar Platinum Supermommy
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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

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