Saving Money

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  • matt8204
    MVP
    • Sep 2008
    • 1164

    #1

    Saving Money

    With the economy being in such a sorry state, there seems to be a renewed emphasis on saving for that proverbial rainy day that everyone always mentions. How do you guys fare in terms of being able to sock away some dough?

    I automatically have ten percent of my pre-tax income deducted for my 401K (my employer matches 5 percent of my annual pre-tax income) and I also try to save about 10-15 percent of my take-home pay.
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    PSN ID- matt8204
  • NDAlum
    ND
    • Jun 2010
    • 11453

    #2
    Re: Saving Money

    Honestly I'm going to be able to live a good life, and it feels good. I don't have any worries about money at this moment. I am saving a good amount to set me up down the road.
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    • youvalss
      ******
      • Feb 2007
      • 16602

      #3
      Re: Saving Money

      Not really about saving money, but some scams to watch out for. Never hurts to know...

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      • Trevytrev11
        MVP
        • Nov 2006
        • 3259

        #4
        Re: Saving Money

        We've done several things:

        1) We just refinanced our home (I actually sign the paperwork on Monday). We knocked our rate down over a full point and will save roughly about $150 a month. The savings will cover the cost of closing in under two years. Everthing after that is pure savings. That's $1,800 a year extra or $54,000 over the life of the loan.

        2) Just about every year I go through and check around to see if I can get my insurance (home and auto) cheaper. I do this with most of my utility bills as well (electricity, alarm, phone, internet, cable, etc.).

        3) We save first and then save more. 10% from both our checks goes straight into our 401K. Unfortunately our company match is crap, but regardless, it's pre-tax. We then try and set a weekly budget, which allows us to put away another 10-15% away. We've built us a nice little nest egg that we keep liquid in savings/CD's will get us through several months of trouble. We now contribute less to the nest egg and the rest goes into our investment accounts as well as college and savings accounts for our kids. We try to live off a modest budget on a weekly basis (we are both paid weekly) and what we don't spend one week carries over to the next week.

        4) Flex spending at work. My wife gave birth this year, which when all is said and done cost us about $1500.00. But because we put away for it in our flex spending account. it was all pre-tax and saved us another several hundred dollars.

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