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Registered: ‎05-06-2008
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Re: The Savings Playground for June, 2017 -- summer break!


Sandman771 wrote:

So I got my bonus check and I'll use it to pay off some bad stuff open a PenFed secured card and still have enough left over to pay bills and put a weeks expenses into savings. So all in all a decent week I believe. I'll get to where I need to be by December at the latest. More bad stuff I pay off that is more that I don't have to worry about honestly and the savings can then snowball. 


Congrats!!  Yes, those bonus checks really help to propel you forward.

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Re: The Savings Playground for June, 2017 -- summer break!


luxeprw9 wrote:

Happy Friday!

 

Finally - one month of living expenses has been saved!!  Only five more to go!!

 

After doing some back of a napkin calculations, I've decided that it would be in my best interest to 1) increase the amount of what I consider "living expenses" and 2) save 6 months of expenses versus 3 months.  Reasons: 1) I want to include in my living expenses amount,  enough money to accommodate the things I enjoy - dinners out and travel to my home state. 2). I want to be able to look for another job without a lot of pressure - 3 months is plenty of time but 6 months will allow me to make sure it's the right fit.  Or even to take a lower paying job that will be less stressful.  Or to move back to my home state! Options, I want options!

 


BINGO!  Having savings gives you options and flexibility -- way more than having high credit limits.  The more money you have saved, the more options are open to you.  You also make better decisions because you have less financial pressure and stress. 

 

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Re: The Savings Playground for June, 2017 -- summer break!


tacpoly wrote:

luxeprw9 wrote:

Happy Friday!

 

Finally - one month of living expenses has been saved!!  Only five more to go!!

 

After doing some back of a napkin calculations, I've decided that it would be in my best interest to 1) increase the amount of what I consider "living expenses" and 2) save 6 months of expenses versus 3 months.  Reasons: 1) I want to include in my living expenses amount,  enough money to accommodate the things I enjoy - dinners out and travel to my home state. 2). I want to be able to look for another job without a lot of pressure - 3 months is plenty of time but 6 months will allow me to make sure it's the right fit.  Or even to take a lower paying job that will be less stressful.  Or to move back to my home state! Options, I want options!

 


BINGO!  Having savings gives you options and flexibility -- way more than having high credit limits.  The more money you have saved, the more options are open to you.  You also make better decisions because you have less financial pressure and stress. 

 


I totally agree.  I never want to be burdened down with debt ever again.    My journey to minimialism has truly been eye opening.  With each item I get rid of, I can feel the stress leaving my body. 

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Registered: ‎06-13-2016
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Re: The Savings Playground for June, 2017 -- summer break!

[ Edited ]

It took me a little while to check in here, but I liked the idea of this thread when I first read about it. 

 

Edited to say I'm on the Swingset, but will jump off, fly through the air, and land on the Slide at the end of the month!!! 

 

  • What credit union or bank do you lilke for a savings account?  Interest rate?  Ease of transfer?  Fees? Barclays Dream Account. 1.15 APR, plus 6 month consecutive deposit and 6 month no withdrawal bonuses. $500/month direct deposit. Funds are in my CU checking the day after I make the request. .
  • What things have you cut from your spending habits to increase your Playground savings account?  How much has it helped you save over time? Honestly, having nearly $1500 per month in CC payments discharged through our BK has been the biggest factor allowing us to save. Also, going from eating out about 80% of the time to cooking at home 90% of the time has been huge!
  • Have you ever considered tapping into savings for non-emergency related spending, and how did it affect your stress and goals? I just did, hence my delayed entry onto the playground. Paid federal taxes, about $700, and we wanted to replace our car while it still had value to help with the new car purchase. Tapped about $4000 of savings and we're almost starting over. Stress is there, for sure, but still on track with saving, but this put us back about 14 months when you combine the months of savings we lost and the number of months it will take to get us to where we were.
  • What's the biggest mistake you've made in overspending and how do you work to avoid it now? High CC utilization that ultimately led to insolvency and BK. Now we live below our means, we eat out less, we have monthly services we could cut in an instant should it be necessary, and we save.
  • If you got into credit trouble before and can analyze it now, how much savings would have saved you the FICO destruction from your past dealings with The Bully? Probably about $70,000. Just an estimate because I don't remember the exact number.
 

 

Current Scores------ EQ 689; TU 653; EX 686 FICO 08---------------- Gardening until 07/07/18
Beginning Scores-- EQ 632; TU 576; EX 619 FICO 08 (06/13/16) - BK7 discharged 11/2015

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Re: The Savings Playground for June, 2017 -- summer break!


Sandman771 wrote:

So I got my bonus check and I'll use it to pay off some bad stuff open a PenFed secured card and still have enough left over to pay bills and put a weeks expenses into savings. So all in all a decent week I believe. I'll get to where I need to be by December at the latest. More bad stuff I pay off that is more that I don't have to worry about honestly and the savings can then snowball. 


That's a good bonus to be able to do all of that stuff for you! I get a Christmas bonus every year, usually in the form of a $1,000 WalMart gift card. I then use it to buy groceries and gas for a few months and then put the money I would have spent on groceries and gas in savings.

Fico scores as of 7/14/16 are EQ: 797 TU: 791 EX: 804
Regular Contributor
Posts: 203
Registered: ‎05-06-2017

Re: The Savings Playground for June, 2017 -- summer break!

Yeah it was a little more than I expected and of course this month is going terribly. But they pay me regularly and then my commision is figured and they "wash that against what theyv'e paid me" and I get the difference. So not really a bonus check per se, but I've always lived off my regular checks and used the washout check as a bonus to splurge a little and pay stuff down/off. 


Gardening since 05/13/2017

Starting Scores 03/17/2017 EQ 491 TU 495 EX465 Currently 07/15/2017 EQ 545 TU 543 EX 541
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Re: The Savings Playground for June, 2017 -- summer break!

So I guess I am on the trampoline. That's cool. I always like trampolines.

 

  • What credit union or bank do you like for a savings account?  Interest rate?  Ease of transfer?  Fees? I use BB&T for my savings, because it is my local bank. I don't pay attention to the interest because it is next to nothing. There is a branch near my office and I like the ease of being able to go in the bank if I need to. I also have a saving at NFCU but no branches within 100 miles of me so I don't keep much in there.
  • What things have you cut from your spending habits to increase your Playground savings account?  How much has it helped you save over time? I scaled back on take out food and pointless shopping. I try to be very intentional about what I buy or bring into my home now. It helped me save enough to buy a home and pay the closing costs and a moderate remodel of the home. I pretty much emptied the savings doing that so I am working towards replenishing it now. I also called my cable and cell phone provider and got them to cut the rates I was paying. I make it a habit to do that once a year now.
  • Have you ever considered tapping into savings for non-emergency related spending, and how did it affect your stress and goals? Yes. I drained my emergency fund to pay the closing costs on my house and to cash flow the remodel. It indeed helped me accomplish  my house buying goal, but I have been a bit stressed ever since I did this because I no longer have the cushion that make me feel secure.
  • What's the biggest mistake you've made in overspending and how do you work to avoid it now? Buying stupid stuff when I was younger, wasting money on cigarettes in my early 20s, loaning/giving money to people who didn't try to save or do anything to better themselves. I am so over giving away money I earned because someone else failed to plan for a foreseeable event.
  • If you got into credit trouble before and can analyze it now, how much savings would have saved you the FICO destruction from your past dealings with The Bully? Literally less than $1,000. I had a couple of $300 credit cards when I was about 21. Maxed them out and stopped paying. Man I was stupid.
Fico scores as of 7/14/16 are EQ: 797 TU: 791 EX: 804

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