Saving for emergencies

[princee18]

yes the people are getting more concious about their future but still there is no dearth of fools.Savings is all about your future security but some people dont compromise with their present and never consider any future possibilities.

[hjm331]

This is why credit card lenders are getting nervous because consumers are starting to use their credit card for all of their expenses since they are not able to pay back due to unemployment. This is what's making it harder for people like us to get approved for the cards we want. It's not the lenders fault, they're just trying to protect themselves.

[MsKiwi]

This is what I started to do recently regarding saving. I opened up an online BOA account, checking and savings, every check I get I put $50 in no matter what. This is a small start but better than no start. Since I have paid off a few cc's I will start putting what I paid on those cards and slap that into these accounts.
Once I get back from vacation (27 days to go ) I will start putting 10% of every check in on top of the now nonexistant cc payments.
It takes about 3 months to adjust to not having that money but you can do it. Trust me a year ago I was in a situation where I lived off of $40 a week for anything after rent and utilities were paid and I'm supporting 3 of us. That was tough let me tell you but it CAN be done. You really need to determine true wants from needs.
Now I'm in a better situation and kind of started spending not really remembering last years struggles. So I slapped on a reality check and decided to get serious about saving. It'll take some time but I think this is a good plan and hopefully next year I will be in even a better position than I am now.
Don't live within your means, live below and you can get ahead. Sorry for the book , my fingers are on auto pilot.

[Clifton]

Right now, I am putting over 25% of my check into my retirement. No wife, no kids. However I have to reduce this amount by half to pay off some debt which is not a bad thing, but I will be kicking it back up over next couple of years. I will not go below 10%. I can't.--I HAVE TO RETIRE WITH SOME MEASURE OF DIGNITY. In my old age, I want to travel and not be stuck in a room waiting for my SS check to come while eating grilled GOV'T cheese sandwiches. I am curious as to how much you guys are putting away?? I am also lucky that I will be getting a pension along with the money in my 403b.

[Clifton]

Just to make this clear, saving for retirement and saving for an emergency are two different things.

[Meya]

Nice planning Clifton, but No Wife, NO Kids, I think we need to hook you up bro. We got a love line in here also, don't let the credit fool you.

Well I have always saved for a rainy day and I do go inside of it pretty often (and replace) but this is my only set back. I usually put every dime into my account after a days work, but i check my statements on-line and use excel to figure out what I am going to put into my savings account for the week or biweekly. I am not saving like I used to because I am so upset with the way the economy has risen out of control which causes me to spend more than normal especially on groceries. I need to focus more on retirement than anything because I am not getting any younger. I am so glad that you brought this subject back up because it has left my mind for a while which means that I tend to focus more on the present and tomorrow. Now that my husband is back at work, I am going to set a savings goal because I caught hell when he was laid off. I will repost when I get everything back to normal because I have a lot of catching back up to do when we are done with our vacation.

[KMoney]

Wow what an excellent thread. I too am looking to put more money away once my bills are paid off and it should be now because I have no husband and no kids

[Meya]

Woooe, hehehehe, hmmmmm, should I?

[shark6]

Postman, the priority should be to have 3-6mths of living expensives saved. This is called an emergency see and it should cover your mortgage/rent, car note, insurance, food, light, gas, heat, credit card bills, etc

This is important incase you or your spouse lose a job then there is a fund in place to pay the day to day cost of living along with unemployment insurance so as you won't immediately get invicted or foreclosed on or repossessed on.

After this comes investments i.e 401k, IRAs etc

Then comes any other things. I would then list Christmas and Vacation club savings so that the cards don't have to be charged on during these annual events.

Then afterwards, I think comes the kids college education and then any other type of savings goal.

[KMoney]

Woooe, hehehehe, hmmmmm, should I?

[hjm331]

When is a good time to invest in a 401k?

[Meya]

From what I have heard, its best to start while you are young bro. You will have more invested.

[Clifton]

When is a good time to invest in a 401k?

Seriously, start putting in no less than 10% of what you make in a retirement account (if you can afford) RIGHT NOW.

[Eldarwen]

I just opened a savings account with HSBC and put 2 grand in it. After I have my cc bills paid down a little more, I am going to put more in. HSBC has a deal with a savings account that the interest rate is 3.5%. Needless to say that I took advantage.

[KMoney]

I just opened a savings account with HSBC and put 2 grand in it. After I have my cc bills paid down a little more, I am going to put more in. HSBC has a deal with a savings account that the interest rate is 3.5%. Needless to say that I took advantage.

That is an awesome interest rate