I believe saving is the way to go. I feel better when I have 3 months of living expenses in my account. I don't like the bank taking money out automatically. I like to know where all my money is. I believe the compound interest is true. But who has $2,000 at the age of 19 through 27. On the chart on page 120, The 19 did get more money than the 26 year old BUT if the 26 year doesn't pull his money out for another 3 years, he will triple what the other guy has.
I am in love with the emergency fund plan. Just a couple of months ago I made the HUGE mistake of charging an emergency that happened with Juno. Granted I have a year to pay it off and we are will be done with it next month, however, I don't want to fear taking it out of savings. I want to clearly distinguish a particular savings account for just emergencies!
I also need to get health insurance and I am praying that God will provide a wonderful plan!
I am so thankful that Stephen has understood the power of saving since a young age. We are so blessed by his faithfulness. :) I am so thankful that now I understand and I want to help him in any way I can to provide for our families' future.
most americans only save 2.2 percent of their income. i dont understand that concept at all. they should have had parents with the envelope system, the japanese have it a little more in the right direction with almost 28% of their money going to savings.
three to six months of expenses in liquid savings just for emergencies. for julia and i we have ours in ING direct Certificate of Deposit, i understand that it says liquid but to break a CD only cost's 3 months interest. that way it takes a little effort to get it out of the emergency fund. i understand that he wants cash, but for us sometimes my emergency involves H&M or forever 21, so one extra step doesn't hurt.
julia loves the chart on page 120, we show it to everyone. TIM GET GOING! but at age 19 who has a spare 2,000??
4 comments:
I believe saving is the way to go. I feel better when I have 3 months of living expenses in my account. I don't like the bank taking money out automatically. I like to know where all my money is. I believe the compound interest is true. But who has $2,000 at the age of 19 through 27. On the chart on page 120, The 19 did get more money than the 26 year old BUT if the 26 year doesn't pull his money out for another 3 years, he will triple what the other guy has.
I am in love with the emergency fund plan. Just a couple of months ago I made the HUGE mistake of charging an emergency that happened with Juno. Granted I have a year to pay it off and we are will be done with it next month, however, I don't want to fear taking it out of savings. I want to clearly distinguish a particular savings account for just emergencies!
I also need to get health insurance and I am praying that God will provide a wonderful plan!
I am so thankful that Stephen has understood the power of saving since a young age. We are so blessed by his faithfulness. :) I am so thankful that now I understand and I want to help him in any way I can to provide for our families' future.
wow julia what a nice thing to say. man i want to make out with you now. so i am, ill post more later.
-s
most americans only save 2.2 percent of their income. i dont understand that concept at all. they should have had parents with the envelope system, the japanese have it a little more in the right direction with almost 28% of their money going to savings.
three to six months of expenses in liquid savings just for emergencies. for julia and i we have ours in ING direct Certificate of Deposit, i understand that it says liquid but to break a CD only cost's 3 months interest. that way it takes a little effort to get it out of the emergency fund. i understand that he wants cash, but for us sometimes my emergency involves H&M or forever 21, so one extra step doesn't hurt.
julia loves the chart on page 120, we show it to everyone. TIM GET GOING!
but at age 19 who has a spare 2,000??
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