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re: How much money do you put in savings every paycheck?
Posted on 12/6/12 at 2:38 pm to Willie Stroker
Posted on 12/6/12 at 2:38 pm to Willie Stroker
quote:
Some of my monthly savings are actually spending accounts.
So some of your monthly savings are actually bills? Like the $215 (which I presume is a car payment) for your sons graduation gift. Or the payment of your annual taxes.
2
Posted on 12/6/12 at 2:53 pm to VABuckeye
This is similar to how I manage my savings, I allocate blocks to certain known expenses, as well as future known expenses. That is why budgeting has been such a refresher to my approach with financial management. Atleast I can utilize old spending data to provide predictions for how much needs to be set aside for what is up ahead.
Posted on 12/6/12 at 4:09 pm to VABuckeye
quote:
So some of your monthly savings are actually bills? Like the $215 (which I presume is a car payment) for your sons graduation gift. Or the payment of your annual taxes.
Not for monthly bills. The property tax is saved monthly for an annual payout. I did concede in my thread that I'm defining savings loosely - that it's a list of things I'm saving for to avoid or minimize financing. Some save for a retirement horizon, some for a 5-10-20 year horizon for things like a college fund, but I decided to start saving for various other things I plan to use these savings for, some with less than a 5 year time horizon.
The car savings is comparable to a car payment, but I'm paying myself at interest in advance of purchase to avoid or minimize financing later. Am I breaking the rules of this thread?
This post was edited on 12/6/12 at 4:26 pm
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