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Post Info TOPIC: creating a new budget, have questions.
greendiamond


Marc Jacobs

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RE: creating a new budget, have questions.
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Wow, you gals have been super helpful!


I'm currently saving %6 in a 401K, employer puts in 2% (that's their measly max). I up it 2% every year. Both husband and I have pensions, and we own a home. I am preparing to open a Roth IRA for both of us in January. Until then we are spending the money we would spend on the IRA to finish the loose ends around the house


In the new budget we are going to try to limit it to $400/mo. Husband is a personal trainer, so he eats a TON of food, plus we eat out more than we should. Our protein shakes and bars and vitamins come out of this fund, so we'll see how it goes. I think we used to spend closer to $500, but a lot of food went to waste, so that will have to change. We do shop Costco, and an inexpensive fruit/veggie market.


Currently only have 1 month saved, and that is about to drop. I have to have a laptop for grad school (an actual requirement of the school) plus the basement is being carpeted, and the kitchen remodeled. I really want to beef it back up, and then save an extra 2-3 months on top of that, just for security sake.


I'm going to use David Bach's (The Automatic Millionaire)plan for paying of CC debt. You take the balance, divide by the minimum payment and get a "Dopl" score. Then you make a point to pay off the CC with the lowest dolp score first, and work your way through. Apparently this maximizes the pay off .


FYI, I'm 26.


 


Wish lots of luck my way as I do to you!


Thanks for sharing,


-gd



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-gd
bex


Chanel

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1. yes, i contribute 10% of my income to my 401K and i also vest in personal ROTH IRA and my savings account.  When it is all said and done, i save about 15% of my income.


2. i don't buy the groceries.  the boyfriend does.  i travel for work all the time and rarely eat at home.  so what he buys is mostly for himself and not me.  i have no idea what he spends.


3. i don't have 3 months saved.  i have about 1/2 of that figure in savings though. 


as for debt.  i take the CC or loan with the highest APR and pay if off first... i drop LARGE amounts of cash on it for a couple of months and pay it off that way.  and it feels gooooood to pay it off fast! 



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ico


Dooney & Bourke

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greendiamond wrote:
I have to have a laptop for grad school (an actual requirement of the school) plus the basement is being carpeted, and the kitchen remodeled.
-gd


Hey, GD: a quick note.
If the laptop is a requirement for your grad school, you can deduct it from the taxes next year. Don't remember which line that is, but I am sure about it. If someone else is preparing your taxes, don't forget to mention it and keep the receipt
hth


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ico
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