Budgets...What do you do?

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shineyourlight

shineyourlight

Senior Member
May 25, 2015
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Hey!

So I've been budgeting. I have an emergency fund, a savings account, a college fund, and a retirement fund.

I am struggling on how much I should put in from every paycheck.

Do you guys do any specific budgeting/savings? What do you do? Have any suggestions for a new-timer? ;)
 
I opened a savings account in April... Which is going to be used for if I get into grad school. But when it takes you 11 mi ths to get any job after graduating college, you kinda don't think about things like Retirement and emergency... You just want a job... Just saying.
 
shineyourlight said:
Hey!

So I've been budgeting. I have an emergency fund, a savings account, a college fund, and a retirement fund.

I am struggling on how much I should put in from every paycheck.

Do you guys do any specific budgeting/savings? What do you do? Have any suggestions for a new-timer? ;)
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If you can afford it, put $10 into each fund every month. It adds up quickly, especially with the interest. I agree with jsr--you DON'T need to plan for retirement any time soon..lol.. As for the emergency fund, definitely keep adding to that. :)
 
blue_ladybug said:
If you can afford it, put $10 into each fund every month. It adds up quickly, especially with the interest. I agree with jsr--you DON'T need to plan for retirement any time soon..lol.. As for the emergency fund, definitely keep adding to that. :)
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I can afford it. :) I just don't know what others do. I've been putting between 50-300 dollars in each fund and still have extra amount of money in my bank account afterwards.

I still want to put money aside for the retirement. I want to start out when I'm still young :) But retirement is typically the lowest amount I put in because I have other needs right now.
 
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shineyourlight said:
I can afford it. :) I just don't know what others do. I've been putting between 50-300 dollars in each fund and still have extra amount of money in my bank account afterwards.

I still want to put money aside for the retirement. I want to start out when I'm still young :) But retirement is typically the lowest amount I put in because I have other needs right now.
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okay.. I didn't know how much you could put into them each month, but if you can afford to put 50-300 in, then go ahead. You're only 26, retirement for you is several decades away..lol.. $300 each month seems really steep to me. Maybe do just $100? If I could afford to put $300 into my savings account each month, I'd be a zillionaire..lol.. :o
 
blue_ladybug said:
okay.. I didn't know how much you could put into them each month, but if you can afford to put 50-300 in, then go ahead. You're only 26, retirement for you is several decades away..lol.. $300 each month seems really steep to me. Maybe do just $100? If I could afford to put $300 into my savings account each month, I'd be a zillionaire..lol.. :o
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Haha, I only put the 300 in the college fund. But everything else is 100 :)

I know retirement is a long ways away, but I still think it's wisdom to start out now.
 
shineyourlight said:
Haha, I only put the 300 in the college fund. But everything else is 100 :)

I know retirement is a long ways away, but I still think it's wisdom to start out now.
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That awkward moment when you just used a savings/college/emergency as all in one? :confused:
 
jsr1221 said:
That awkward moment when you just used a savings/college/emergency as all in one? :confused:
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I believe she is putting in 300.00 in the other 3 accounts, and 300.00
in the college account. Or it could be, 100.00 for the other 3.
 
shineyourlight said:
Hey!

So I've been budgeting. I have an emergency fund, a savings account, a college fund, and a retirement fund.

I am struggling on how much I should put in from every paycheck.

Do you guys do any specific budgeting/savings? What do you do? Have any suggestions for a new-timer? ;)
Click to expand...

The emergency fund? What's that? Here's a thought. Eliminate your emergency fund. If it's an emergency, you will have funds. May have to dip into another fund, the savings. Just a thought. Think about it. EMERGENCY. Suppose the emergency fund has to be depleted to meet your emergency needs. You will have to either get a loan or dip into another fund. So just take the emergency funds and apply them to another one.

Also, is the college fund for you? Save enough for two semesters. A student loan is better than any other loan. If you have to get a loan for something, try to get it for student loan. They have lowest interest rates. But continue with the college fund, keep saving for it.

Retirement. DO NOT PAY A FINANCIAL INSTITUTION that asks for $500 up front. Then they charge you percentage.

At your age, buy stock. Go through Charles Schwab.

Go online and do search of what type of funds are doing well. Also open your food cabinets. Look at the makers. Nabisco, Procter and Gamble, etc. Go to your medicine cabinet do the same. I suspect if you went to your neighbors, they would have many of the same products.

Talk to a most trustworthy accountant about an retirement investment.

Some stock you can buy directly from the corporation, won't have to pay fees.

Go slow at this. Learn what you can. Don't rush. Save until you get retirement account.

Also, if you are with a bank, you might be paying fees right and left. Get into credit union. They are much more friendlier. No fees. More services. Low rates. Call several credit unions in your area.

PM if you have detail questions. Okay.

And continue to lay up for yourself treasure in heaven, where neither moth nor dust doth corrupt, nor where thieves break in and steal, for where your treasure is, there will your heart be also.
 
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