Credit Card Center Advertiser Disclosure†
02-03-2016 01:01 PM
02-04-2016 02:47 PM
Age - 25M
Savings (not counting retirement) - $2500
Fico - 769
Goal by year end
Savings - $15000
A great place to record and track your finances every month is NetworthShare.com
02-04-2016 02:50 PM
02-05-2016 11:29 AM
Currently have 14 months of take home sitting in cash. Yes, this violates the 6 month criteria but I sleep better knowing it is there.
Aside from (1) CC reporting a balance I am 100% debt free.
02-05-2016 11:37 AM
02-05-2016 04:30 PM
7k in emergency fund
1k in short term savings (for car/bike/life insurance, other upcoming expenses)
4k in debt (student loan)
No other debt.
My financial goal this year is to get emergency fund to 8k and student loan down to $3.5k. I think I'll be able to easily hit this goal.
I have nothing in retirement I really need to learn about investing. My income is only 30k for now and I am stretched about as far as I can get. I need a second job.
02-05-2016 04:52 PM
02-06-2016 04:57 AM
Ann that's still really good. How old are you? As you reduce your debt and save your short term savings could become emergency fund, and emergency fund retirement. If you have a company matching 401K plan you should really consider jumping on that fast. If not (like me 😢) consider an Roth IRA and CDs.. If you have military affiliations NFCU has good rates.
I am 32, which is entirely too old to be living life without a retirement plan. I have bought so many books and such but I really just don't understand investing so I don't want to jump into it yet. I work for a small law firm that does not offer a 401k. They do have a profit sharing plan but I won't qualify to join that until I have been there for two years (which will be in a couple of months). I feel pretty good about my student loan. It started at around 8k last January so I have paid half of it off in the last year. I think I will be able to knock it out in the next year or two while still contributing a good amount to my emergency savings. I can't decide on what amount I am comfortable with in my savings. I guess ideally you want as much as possible in the emergency fund. But when do you stop saving for emergencies and start saving for a house or other large things?
02-06-2016 05:14 AM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.