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BN Editor
BookClubEditor
Posts: 546
Registered: ‎10-20-2006
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Saving Money: Planning

Read pages 134-138 of The Net Worth Workout.

Do you have any savings goals (like paying off a certain debt) that you haven't started saving for? How can you start saving for this additional goal? Share your goals and the steps you'll take to acheive them with the group.


Reply to this message to discuss any of these topics. Or start your own new topic by clicking "New Message."

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actngbug
Posts: 6
Registered: ‎10-19-2006
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Re: Saving Money: Planning

Hello!

I'm just out of college (well I've been out for almost a year) I have my first "real" job, which is unfortunately a temp position but good pay, and I'm hoping to move out of my parents' house in October at the latest. Location is still unclear. I am TERRIBLE with money, and saving it and staying on-budget is really really hard! I'd like to come out of this summer with at least $5,000 in my bank account (right now I have none) and a budget that both provides for my earthly needs and my spiritual satisfaction (I love travelling and books, and spend money shamelessly on both!) Any advice for the young budgeter?
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Jessica
Posts: 968
Registered: ‎09-24-2006
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Re: Saving Money: Planning


actngbug wrote: Hello! I'm just out of college (well I've been out for almost a year) I have my first "real" job, which is unfortunately a temp position but good pay, and I'm hoping to move out of my parents' house in October at the latest. Location is still unclear. I am TERRIBLE with money, and saving it and staying on-budget is really really hard! I'd like to come out of this summer with at least $5,000 in my bank account (right now I have none) and a budget that both provides for my earthly needs and my spiritual satisfaction (I love travelling and books, and spend money shamelessly on both!) Any advice for the young budgeter?


Hi there,

I'm no expert, but I have read a number of personal finance books, and they all seem to say the same thing about saving money: Pay Yourself First! That means, before you pay a single bill or buy that new CD, put a certain amount of money in savings right away. You'll get used to living on slightly less. That's where budgeting comes in.

But there's no reason your savings can't also earn you some income, both in the short or long run.

Also, you may want to look into setting up some kind of savings account that takes money out of your check *before* the gov't gets their tax hooks into it. A popular option might be a Roth IRA. Your money goes into the account on a pre-tax basis, and you can deposit up to $4,000 a year. Plus, if you don't touch the money until after you're 59.5 years old, all withdrawals are Tax Free. Pretty amazing. When you start the Roth IRA at a young age, you get *decades* of not paying taxes on a part of your income. Here's a good article about that.

For short term savings goals, look for a savings account that pays a higher interest rate than the one your bank offers. Otherwise, maybe check out some short-term, high return (usually means "high risk" though) investment CDs.

And one last thought about setting goals -- they're important, but if you don't meet them don't beat yourself up. The point, I think, is to make getting your finances in order a priority, set up a reasonable savings plan, and then live on the rest. Harder than it sounds, I know!

But like I said, I'm certainly not an expert. Here are some of the books that helped me (please take their word over mine!).

  • Smart Women Finish Rich by David Bach. It's not as focused on women as the title implies though -- a good general guide to personal finances.

  • The Money Book for the Young, Fabulous, and Broke by Suze Orman. Some folks find Suze annoying, but she does keep it real when dishing out advice on what's possible, what's a waste of time, and what's going to royally screw up your finances.

  • Secrets of the Millionaire Mind by Thomas Stanley. It's not really personal finance guide, but after reading other personal finance / investment books, it did give me a new way to look at bigger concepts like my lifestyle, other people's lifestyles, and some of the sociological issues surrounding wealth and the people who accumulate it.

    Good Luck!
    Jessica
    Book Club Editor
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