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General question about savings
Posted on 9/2/13 at 3:22 pm
Posted on 9/2/13 at 3:22 pm
Outside of retirement savings, how do you go about for saving for a car, house, vacations, ect?
Take the car for example: you plan to keep it for 10 years, are you saving a little bit each of those 10 years for the next car? Put more per year once the time gets close to get a new one?
I guess, do you save specifically for one goal at a time, or simply save into a general account, and pull from as needed?
Take the car for example: you plan to keep it for 10 years, are you saving a little bit each of those 10 years for the next car? Put more per year once the time gets close to get a new one?
I guess, do you save specifically for one goal at a time, or simply save into a general account, and pull from as needed?
3
Posted on 9/2/13 at 5:07 pm to jimbeam
I set up 4 separate accounts with ING and transfer money to each one every 2 weeks (pay weeks). I also use mint.com and attach each account to a goal (home, car, emergency, vacation). This works best for me because it allows me to stay on track. If I would just have one big general fund, it would be tough for me to keep track of each of my goals.
This what I'm planning on doing for a car.
quote:
Take the car for example: you plan to keep it for 10 years, are you saving a little bit each of those 10 years for the next car?
This what I'm planning on doing for a car.
Posted on 9/2/13 at 8:31 pm to jimbeam
I save into a general account. Keep it constant every month, and if spending is consistently in check for a few months, make a larger transfer.
Don't save specifically for goals all the time. However, if I know a large purchase is approaching, I'd set up a separate goal for that, and possibly adjust saving/spending.
Don't save specifically for goals all the time. However, if I know a large purchase is approaching, I'd set up a separate goal for that, and possibly adjust saving/spending.
Posted on 9/3/13 at 8:50 am to jimbeam
$325 comes out of my wife’s biweekly paycheck and goes into her credit union. Our plan calls for a new car every 4 years and keep it for 8 years. $325 times 26 pay periods a year = $33,800 in 4 years. Add in the trade in value (or sell it yourself) of the 8 year old car and you can get something pretty decent. We don’t need anything fancy.
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