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Thread: savings and money management habits

  1. #1
    Featured Member Starfire's Avatar
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    Default savings and money management habits

    Alright, I really really don't want to post this thread in dollar den, because it's for the dancers, and quite honestly I think some of the blue members that post in dollar den are pretty unfriendly. I'm also not asking for advice.

    But, I thought that in light of the "good money" thread, it might be interesting to talk about our savings habits. I'll go first.

    Every night, no matter what, I put 20 dollars aside to go into my "have something to show for dancing after I quit" savings account that I don't touch for any reason barring SERIOUS emergency.

    I also have one of those recurring investment plans with t rowe price where they take 50 dollars out of your checking account every month and invest it in a mutual fund.

    Now, I know this doesn't sound like that much, but this year I've just started to pay attention to money management. I'm also a full time student-my schooling costs about 8000 a year plus books, etc. I'm also working on paying down my credit card debt. In january, I was about 9,500 in debt. I've paid it down to 4,600. Once the credit card gets paid off, more money will go for savings.

    How about everyone else?

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    God/dess holiday's Avatar
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    Default Re: savings and money management habits

    Dollar Den is a little too much for me sometimes too, so I'll add to this thread.

    Every month I put XXXX into savings. This is mandatory.

    Every year I max my IRA.

    Every year I max my daughters' college 529.

    I have a CD I locked in at a great rate that matures in a few years.

    I don't have specific plans for my savings, but it's for a start up. Or a "get out of stripping" fund.

    I do need to invest in some money market accounts. I'm just lazy about educating myself.
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    Featured Member veronicachick's Avatar
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    Default Re: savings and money management habits

    since I work a part time job and dance part time... I opened a savings account the day I decided to strip... and all the money I make dancing goes straight into the savings account and I live off the money I make at my part time job. doesn't allow many luxuries but I want to be smart with my money. the best time for me to save is now since the only monthly bill I have to worry about is my cell.
    I'm hoping to be able to buy a new car cash or at least put down a huge down payment to lower my interest.

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    God/dess jaizaine's Avatar
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    Default Re: savings and money management habits

    I put X amount in savings each week.
    I pay $200 off my car loan each week even tho the monthly repayment is much lower than that, I want to pay off the loan asap.
    I pay my tax ever quarter.
    I put money aside to pay for work - house fee, food, travel.
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    God/dess Bella21's Avatar
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    Default Re: savings and money management habits

    I don't have much of a recipe. I have a savings account connected with a checking account where I put 1k (well, it depends on my month... sometimes more, sometimes less) a month and I don't touch it unless something comes up. I have another checking account at a second bank where I put all of my cash for bills and purchases.
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    Default Re: savings and money management habits

    I'll admit, I'm a finance major and my effing finances suck. Up until now, I never looked as being a dancer as a job/career. So, I would just work to pay my bills.

    Now, I plan on being more consistant with my work ethic. Working 3-4 shifts/week.

    My plan by Dec. is to have:

    New savings account with 3 months living expenses
    No CC debt (currently have about $1,200)
    Max out my IRA
    Create a money market account







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    God/dess shasta's Avatar
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    Default Re: savings and money management habits

    I work with a great FA at my bank. Every year I max out my ROTH. This year I maxed out my SEP IRA. SEPs are great if you are paying your taxes because this money is tax deffered. You can only put 25% of you CLAIMED income in you SEP. I also have investments that are not tied to retirement. My investments were all in mutual funds but this year she wanted to use cds that are ties to the market and use options. It is really pretty cool.
    I just save as much as possible. I bought a house this year and was able to put 20% down.
    The biggest most amazing luxury that i allow myself is two months for travel.
    I just want to say that I do not earn as much per night as many other posters. I work only 4 hours at a time, but I work 5 nights a week. You do not need to earn over 700 per night to be successful.

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    Senior Member haleym's Avatar
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    Default Re: savings and money management habits

    I max out my IRA each year (4K)

    Put $1000 a week into my 'down payment for a house' fund (to be completed next May, CAN'T WAIT)

    Put $300 a week into my monthly bills account

    I am proud to say as of December, I have no debt, not even my car

    I'm also a full time student, and a large portion of my left over income goes to classes and books (the larger part on books...ugh!)

    Finance major, I love saving $!

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    Default Re: savings and money management habits

    I'm very financially savvy, but I also have goals ( international travel every year, working to live not living to work ) that might make you believe I'm not as with it. I drive a cheap car and live in a moderate place when I could have what some consider "more" .

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    Default Re: savings and money management habits

    I'm working on paying off my credit card debt. $5500 to go. I want it paid off by the end of 2008.

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