Budgeting & Saving Support Thread

winneythepooh7 · #1 08-05-2004, 06:52 PM

Hey all of you! Well now that I am officially working a real job and done with school (hopefully for good) I can finally start budgeting and SAVING my money more effectively. This is gonna take support though!!!! All of us who are in the same boat let's support each other

I started by contacting my payroll dept. today and having them deposit $200 from each paycheck into my savings account (which is at a seperate bank that is out of the way for me to get to). I am also planning to deposit my monthly mileage/petty cash spending checks along with any miscellanous checks/cash I get into savings. My goal is to save at least $500 per month. What are all of your goals? I know we all have different salaries and budgets but I think $500 a month in savings is a good start, especially for someone who never really has saved $$$$$$ before........

chideltjen · #2 08-05-2004, 08:52 PM

Ooh. COunt me in. I opened a retirement fund/mutual fund at the beginning of the year. $50 a month goes in because my paychecks are slim. $25 goes in a month to savings but I need more in it. I am trying to pay for a Europe trip next summer. But I just LURVE my coffees in the morning and my shopping sprees dang it!

Help!

#3 08-05-2004, 10:06 PM

When I had a job (that is a whole 'nother story), I'd put half my paycheck in my savings and half in checking. I saved almost $3000 in 5 months. I had another savings account at BB&T which my dad cashed out without my permission (again, a whole new story) and put it in a bad mutual fund in which he was given a tip that the mutual fund was good. He put my whole savings account, which was $2000, into the bad mutual fund and it depreciated down to approximately $257.

Well, he cashed out the $257 and repaid me what it had lost because he put MY $$ into something I never gave him permission to do. Now, I have almost $5000 in my savings account.

When I get a new job, I'll pay my bills with the first paycheck of the month and the remaining $$, I'll put half in the savings and half in the checking (so I can have gas $$ and spending cash).

Wine&SilverBlue · #4 08-05-2004, 11:00 PM

i just opened a savings account with ingdirect (www.ingdirect.com)

they are a new fdic insured savings bank (they dont do checking so your account needs to be linked to a checking account) but the interest rate is by far better than any other banks.

ex: i was getting < 1% at my old bank, and im getting 2.1% at ingdirect

they also have great rates for CDs

also, theres no min balance, no fees and you can keep track of everything online. (you can also transfer back and forth between savings and checking with no fees, and you can set it up to take a certain amount from checking and deposit it into savings however often and for however much you would like)

i found out about this from my bf who got really into investing and CDs and banking lately...

*plus* if you sign up as a referral (from a special link) they give you a $25 bonus (still no min balance!!) .. the only catch is your account has to be active for at least a month i think before you can withdraw that money, and you get a $10 bonus for each person you refer who signs up

i know this sounds sketchy but look them up online.. they are the real deal and have a place on madison ave in NYC

if any of you guys are interested, PM me and I'll refer you so you can get the $25 bonus (and so I can get an extra $10!) -- you only get the bonus if you are referred by an existing customer

jen

texas*princess · #5 08-05-2004, 11:05 PM

I wish I had a big kid job so I could have paychecks that allowed for savings

Rudey · #6 08-05-2004, 11:19 PM

I have 401K withdrawn at max. I also have a good chunk of money deposited in a tax-free account that pays for health and transport costs. Every year I also have the max amount in an IRA. On top of that I have a growing investment portfolio where my safe picks grow at 10% average yearly and my high risk picks move at + or - 50%.

-Rudey

texas*princess · #7 08-05-2004, 11:32 PM

Maybe I should start a new thread for this, but what is 401K?

hehehe

Rudey · #8 08-05-2004, 11:57 PM

Quote:

Originally posted by texas*princess
Maybe I should start a new thread for this, but what is 401K?

hehehe

http://www.401khelpcenter.com/401k_defined.html

-Rudey

winneythepooh7 · #9 08-06-2004, 06:39 AM

Oh Yeah, my mom is so proud because I am saving $100 a month in my TDA "for retirement". Since I work for a non-profit we don't have 401K it is 401B which is not as great a benefit but at least it is something towards the future.

APhi Sailorgirl · #10 08-06-2004, 09:04 AM

Well i just have an internship, but i always set it up so that $200 of each paycheck goes to savings.

Also, I've got leftover money from undergrad (not a lot after 9/11) that's in a mutual fund. I am saving that and only using it to pay the $1000 that my fed loans don't cover for grad tuition.

When I get a real job I will save b/c like my parents got it hooked up. When my dad retires in a year or so, he'll be sitting home, making 90% of his salary (six figures) plus he's got a bunch of money in mutual funds sitting out there too.

angelic1 · #11 09-03-2004, 12:49 PM

I have the max amount on my 401K. Then I usually save at least 500 a month.

I think its good to start saving right away, bc I think if I got use to spend a lot of my paycheck it would be hard for me to cut back.

emleepc · #12 09-03-2004, 01:02 PM

I have my direct deposit set up to put $100 in savings each paycheck, and I have certain bills for the first paycheck of the month, and the last. (I do try valiantly to be organized with this....) Since I decided to run up a credit card bill while in college, I am trying to pay that off, little by little, and since I decided that I needed a new car, and the only way to get it was to total the other one, I have that new car payment, and insurance is ATROCIOUS!!! (just paid that this week, and it damn near broke me!) There's not a whole lot left for fun time for me, but I do alright for the time being. I have a big kid job now, but I'd like a better big kid job within the next year......

ZTAMich · #13 09-03-2004, 01:48 PM

Ugh. Money.

Moving costs + new rent = I need help! + back to school costs for my classroom grrr. No fun night outs for me in the city this fall!

winneythepooh7 · #14 09-03-2004, 02:14 PM

Quote:

Originally posted by ZTAMich
Ugh. Money.

Moving costs + new rent = I need help! + back to school costs for my classroom grrr. No fun night outs for me in the city this fall!

Is it true that all the stuff teachers buy for their classroom they have to pay for out of pocket without being reimbursed?

ZTAMich · #15 09-03-2004, 04:00 PM

Quote:

Originally posted by winneythepooh7
Is it true that all the stuff teachers buy for their classroom they have to pay for out of pocket without being reimbursed?

Sometime in Aug we can start saving our recipts and eventually we are reimbursed for $200 worth of whatever we spend. We get our check in Dec so in March when receipts are collected we have to find exactly $200 worth of stuff otherwise we owe the city whatever the difference is. However, they do not pay us extra if we go over $200 on our class and most everyone does. Special Ed teachers only get $150. I'm nervous bc this is my first year with a classroom and I know I have to be very choosy with what I buy or I'll have no money left over for a life outside of work....like say a fall NYC GC meet up for drinks??

Bc the stuff is paid with in city money the school could be really crabby and ask for all leftover supplies or teacher's idea books to stay in the school over the summer but luckily that didn't happen to me. I lost a recipt or two for computer printer ink (which you can claim..) and had to put some book recipts in!