Planning for the future. Catchin up on lost time

[arthurb999]

ok sounds good perhaps i'll look into that. .. no then, if things stay as stated. what can i do to start myself on a savings plan?

Do the math... what is your total monthly income - total expenses (don't forget to include personal spending money). Is there anything left?

[Payn_it>>>]

yes usually and once my Capitol one card and my fiance's wedding band is paid off there should be even more.

[arthurb999]

yes usually and once my Capitol one card and my fiance's wedding band is paid off there should be even more.

How much... I'd start by putting that each month into a money market account till you hit a comfortable level (maybe 1,000 to 5,000). Then plow that "surplus" into debt.

[Payn_it>>>]

OK...i like that plan. This might be a dumb question, but can you explain MM accounts to me please. I've been told before but its been a long time.

Thanks

[arthurb999]

it's pretty much a savings account...

Money market deposit account - Wikipedia, the free encyclopedia

[Payn_it>>>]

so its prettymuch a one way savings account.

[I.T.Guy]

my bi weekly check is usually 1040 unless i get OT or miss a day, which is rare.

If you are being paid every two weeks, another option to help build up your EF a little quicker may be to use your "extra" 2 paychecks each year to go towards that. I'm guessing you'll be due another "extra" paycheck in a couple months.

Then, once your EF is in place, those extra paychecks can really help pay down the CCs, car, etc.

[Payn_it>>>]

yes i get two extras one in december and one in july. the one in july allowed me to put my Daily Driver car back on the road to keep my job. forked out $800 for that one and Decembers usually helps with Xmas. but i can probably start early and have the one in december for savings.

[project15]

yes i get two extras one in december and one in july. the one in july allowed me to put my Daily Driver car back on the road to keep my job. forked out $800 for that one and Decembers usually helps with Xmas. but i can probably start early and have the one in december for savings.

holy cow! An $800 repair job for a car you're paying $300+ per month on? Seriously...consider getting something cheaper. I like my cars too (I'm in a VW GTI), but my highest monthly payment was $250 and I've never spent anywhere near $800 for a repair bill.

[Payn_it>>>]

that was multiple things at once....clutch, breaks and rotors all around. ~500 for my clutch kit and just under 300 for the breaks.

[Payn_it>>>]

what do you guys think about this
Savings Account rate information from ING DIRECT

[arthurb999]

what do you guys think about this
Savings Account rate information from ING DIRECT

That's what i have...

[Payn_it>>>]

and it works with my existing Checking acct. ?

[investingnoob]

o

That's a crazy car interest rate, I would know cus I had the same rate. until I refinaced after one year and now I pay 5%. I recommend u do the same. Because with that interest rate and high insurance your getting killed and things will stay tight. Since you won't get rid of it, pay it off asap and change to liability.

Just a suggestion

[Payn_it>>>]

thats the plan. i'm calling on refi today. I figure if i can get the interest bumped down to 5% and stretch the loan a little farther, i can still pay the 354 when i have it, and if i want to pay less i have the freedom to do so.