Comments on: Getting Financially Fit in 2010: Save For Retirement and Large Purchases http://www.moneycrashers.com/getting-financially-fit-in-2010-save-for-retirement-and-large-purchases/ Personal Finance Blog, Your Guide to Financial Fitness Thu, 09 Feb 2012 21:28:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Audrahttp://www.moneycrashers.com/getting-financially-fit-in-2010-save-for-retirement-and-large-purchases/#comment-8245 Audra Sat, 16 Jan 2010 20:30:46 +0000 http://www.moneycrashers.com/?p=1943#comment-8245 Most people pay for their land/home taxes as part of their mortgage payment. If you're like us, and pay those taxes yourself, then putting money aside for that cost per-month really does help. Land/home taxes are usually a very large yearly bill. I calculated how much $ I would need to set aside each month to save up for that bill. So each month I literally put that money aside for that purpose. It's nice when the bill comes, to know I have the money to pay for it. It's the same principle as setting up an emergency fund, just more specific to what it will go towards. Most people pay for their land/home taxes as part of their mortgage payment. If you’re like us, and pay those taxes yourself, then putting money aside for that cost per-month really does help. Land/home taxes are usually a very large yearly bill. I calculated how much $ I would need to set aside each month to save up for that bill. So each month I literally put that money aside for that purpose. It’s nice when the bill comes, to know I have the money to pay for it. It’s the same principle as setting up an emergency fund, just more specific to what it will go towards.

]]> By: Anissahttp://www.moneycrashers.com/getting-financially-fit-in-2010-save-for-retirement-and-large-purchases/#comment-8147 Anissa Thu, 14 Jan 2010 14:56:32 +0000 http://www.moneycrashers.com/?p=1943#comment-8147 I have a 401K at work, and both my husband and I started Roth IRA's. We can do this because we make smart financial decisions. The only debt we have is our morgage. We don't buy cars we can't pay for outright (aka over $5000) and we don't have credit card bills that can't be paid. Do these things and you'll be surprised how much you can put aside for the future. I have a 401K at work, and both my husband and I started Roth IRA’s. We can do this because we make smart financial decisions. The only debt we have is our morgage. We don’t buy cars we can’t pay for outright (aka over $5000) and we don’t have credit card bills that can’t be paid. Do these things and you’ll be surprised how much you can put aside for the future.

]]> By: Need A Job? Job Resources and Employment Statisticshttp://www.moneycrashers.com/getting-financially-fit-in-2010-save-for-retirement-and-large-purchases/#comment-8123 Need A Job? Job Resources and Employment Statistics Thu, 14 Jan 2010 00:59:05 +0000 http://www.moneycrashers.com/?p=1943#comment-8123 [...] Money Crashers: Save For Retirement and Large Purchases [...] [...] Money Crashers: Save For Retirement and Large Purchases [...]

]]> By: Jennifer Phillipshttp://www.moneycrashers.com/getting-financially-fit-in-2010-save-for-retirement-and-large-purchases/#comment-8118 Jennifer Phillips Wed, 13 Jan 2010 23:31:27 +0000 http://www.moneycrashers.com/?p=1943#comment-8118 We were pretty well off, and then both jobs were lost to downsizing and closings, I ended up with major major surgeries and medical bills, and now at almost retirement age we are starting over again. We ate up our regular savings and emergency savings and then our retirement savings plans lost a bunch in the market along with we had no choice but to use it for bills lest we would be homeless now. We are slowly trying to make it back, but I doubt we reach the amount we had ever again. I would love to know what to do in times like that so I could teach our adult sons what to do. I don't want them ending up this late in life in the same predicament. We were pretty well off, and then both jobs were lost to downsizing and closings, I ended up with major major surgeries and medical bills, and now at almost retirement age we are starting over again. We ate up our regular savings and emergency savings and then our retirement savings plans lost a bunch in the market along with we had no choice but to use it for bills lest we would be homeless now. We are slowly trying to make it back, but I doubt we reach the amount we had ever again. I would love to know what to do in times like that so I could teach our adult sons what to do. I don’t want them ending up this late in life in the same predicament.

]]> By: Elizabeth Ihttp://www.moneycrashers.com/getting-financially-fit-in-2010-save-for-retirement-and-large-purchases/#comment-8086 Elizabeth I Wed, 13 Jan 2010 08:08:42 +0000 http://www.moneycrashers.com/?p=1943#comment-8086 People just do not know how to make a realistic budget and stick to it. My husband and I made a very conservative budget at the beginning of 2009. Then we reviewed it three months later...were our projections for groceries, gas, etc. reasonable. We made minor changes and we met our budget every month and had the money we projected left over. This is with three kids and a stay at home mom. People just do not know how to make a realistic budget and stick to it. My husband and I made a very conservative budget at the beginning of 2009. Then we reviewed it three months later…were our projections for groceries, gas, etc. reasonable. We made minor changes and we met our budget every month and had the money we projected left over. This is with three kids and a stay at home mom.

]]> By: thriftygalhttp://www.moneycrashers.com/getting-financially-fit-in-2010-save-for-retirement-and-large-purchases/#comment-8053 thriftygal Tue, 12 Jan 2010 18:12:42 +0000 http://www.moneycrashers.com/?p=1943#comment-8053 We scrimped and saved for several years for a badly needed new car. It wasn't easy because we had paid for our wedding a while back and hubby was in grad school for almost all the time we were saving. But we lived in a 3rd floor attic apartment, driving beat up old cars even after we started making decent money. So it was finally exhilarating to pay cash for our new car :) Just make sure you also invest in an anti-theft and/or recovery system when you've taken pains to save for a large purchase. We sure <a HREF="http://www.chasingprosperity.com/2009/12/my-first-post.html" rel="nofollow">learned that the hard way!</a> We scrimped and saved for several years for a badly needed new car. It wasn’t easy because we had paid for our wedding a while back and hubby was in grad school for almost all the time we were saving. But we lived in a 3rd floor attic apartment, driving beat up old cars even after we started making decent money. So it was finally exhilarating to pay cash for our new car :)

Just make sure you also invest in an anti-theft and/or recovery system when you’ve taken pains to save for a large purchase. We sure learned that the hard way!

]]> By: Seanhttp://www.moneycrashers.com/getting-financially-fit-in-2010-save-for-retirement-and-large-purchases/#comment-8041 Sean Tue, 12 Jan 2010 16:48:52 +0000 http://www.moneycrashers.com/?p=1943#comment-8041 I have been using SmartyPig for large purchases for the last couple years now and I have to say it is great! Every month they take money out of my checking account and give me a 2% return (it used to be much higher, but I'll take 2% these days). I use this for my homeowners insurance, property taxes, and various other large purchases. Right now I'm slowly saving up for some new furniture and I think I'm going to start a new goal for 5 years out for a new car. The way I figure it most people pay more than 2% for a car loan over 5 years so why not save over 5 years and *make* 2%. I'm sure there are other ways to auto-save, I just like SmartyPig's website and I've never had any issues getting my money at any point into a goal. I would definitely recommend them as a great way to pay yourself first! I have been using SmartyPig for large purchases for the last couple years now and I have to say it is great! Every month they take money out of my checking account and give me a 2% return (it used to be much higher, but I’ll take 2% these days). I use this for my homeowners insurance, property taxes, and various other large purchases. Right now I’m slowly saving up for some new furniture and I think I’m going to start a new goal for 5 years out for a new car. The way I figure it most people pay more than 2% for a car loan over 5 years so why not save over 5 years and *make* 2%.

I’m sure there are other ways to auto-save, I just like SmartyPig’s website and I’ve never had any issues getting my money at any point into a goal. I would definitely recommend them as a great way to pay yourself first!

]]> By: Kendrahttp://www.moneycrashers.com/getting-financially-fit-in-2010-save-for-retirement-and-large-purchases/#comment-8036 Kendra Tue, 12 Jan 2010 15:29:24 +0000 http://www.moneycrashers.com/?p=1943#comment-8036 I wish I would have saved up for the bedroom set, washer and dryer, and living room furniture I recently financed. I know now that was a mistake. I am going to continue to follow this blog to make sure I don't make any more mistakes this year. I wish I would have saved up for the bedroom set, washer and dryer, and living room furniture I recently financed. I know now that was a mistake. I am going to continue to follow this blog to make sure I don’t make any more mistakes this year.

]]> By: Mikehttp://www.moneycrashers.com/getting-financially-fit-in-2010-save-for-retirement-and-large-purchases/#comment-8035 Mike Tue, 12 Jan 2010 15:20:49 +0000 http://www.moneycrashers.com/?p=1943#comment-8035 This year we didn't contribute to an IRA, cause I was in grad school. But since our income falls in the savers credit range, we will contribute some before April 15 to maximize our savers credit. This year we didn’t contribute to an IRA, cause I was in grad school. But since our income falls in the savers credit range, we will contribute some before April 15 to maximize our savers credit.

]]> By: Susanhttp://www.moneycrashers.com/getting-financially-fit-in-2010-save-for-retirement-and-large-purchases/#comment-8024 Susan Tue, 12 Jan 2010 13:55:18 +0000 http://www.moneycrashers.com/?p=1943#comment-8024 The Roth IRA - thank you, Dad, for making me switch to this type of account many years ago! The Roth IRA – thank you, Dad, for making me switch to this type of account many years ago!

]]> By: Machttp://www.moneycrashers.com/getting-financially-fit-in-2010-save-for-retirement-and-large-purchases/#comment-8001 Mac Tue, 12 Jan 2010 05:38:29 +0000 http://www.moneycrashers.com/?p=1943#comment-8001 Actually, I try to avoid paying cash for anything if at all possible. I try to put EVERYTHING on credit cards just to reap the benefits of the rewards or cash-back programs they offer. Then, I do pay back the full balance each month to save on interest. For large purchases, many retail stores offer a 0% financing program for a set number of months/years if you use the store card. I recently took advantage of a 12-month 0% interest deal through Home Depot for our $8500 driveway. I set aside money in a savings account each month for 12 months and just before the year was up, I transferred all the money to the home depot card and paid it off. Actually, I try to avoid paying cash for anything if at all possible. I try to put EVERYTHING on credit cards just to reap the benefits of the rewards or cash-back programs they offer. Then, I do pay back the full balance each month to save on interest.

For large purchases, many retail stores offer a 0% financing program for a set number of months/years if you use the store card. I recently took advantage of a 12-month 0% interest deal through Home Depot for our $8500 driveway. I set aside money in a savings account each month for 12 months and just before the year was up, I transferred all the money to the home depot card and paid it off.

]]> By: Winstonhttp://www.moneycrashers.com/getting-financially-fit-in-2010-save-for-retirement-and-large-purchases/#comment-7999 Winston Tue, 12 Jan 2010 05:32:56 +0000 http://www.moneycrashers.com/?p=1943#comment-7999 Americans need to adopt Chinese ways of thinking when it comes to money. They are nothing revolutionary. Don't spend what you haven't earned. Just because you are earning this xxx right now doesn't mean you are going to earn that several months from now. And don't fall for those commercials that say buy this and that with no interest for 1 year. They are traps to get you broke. Americans need to adopt Chinese ways of thinking when it comes to money. They are nothing revolutionary. Don’t spend what you haven’t earned. Just because you are earning this xxx right now doesn’t mean you are going to earn that several months from now. And don’t fall for those commercials that say buy this and that with no interest for 1 year. They are traps to get you broke.

]]> By: Ginahttp://www.moneycrashers.com/getting-financially-fit-in-2010-save-for-retirement-and-large-purchases/#comment-7980 Gina Tue, 12 Jan 2010 01:15:28 +0000 http://www.moneycrashers.com/?p=1943#comment-7980 We decided that we wanted a new deck and and a screened in porch added to our house. Instead of taking out a HELOC (like most of our neighbors), we put money away each month for 3 YEARS!! It sure feels good to sit in our PAID for porch while our neighbors complain about their debt! We decided that we wanted a new deck and and a screened in porch added to our house. Instead of taking out a HELOC (like most of our neighbors), we put money away each month for 3 YEARS!! It sure feels good to sit in our PAID for porch while our neighbors complain about their debt!

]]>