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

@iced

Not sure....now if I keep CD and it rolls over ...and has been open 12 Mo or more wouldn't I qualify for the full apy.?

wells.jpg 2chase navychase east westchase us bankimg src=ChaseFreedom_F.inddC_DP7_EMV_MNLW_18-PID 257.epsnavy fedBCE&ED|Chase|NFCUcc&CLOC|WF|Cash+|ElanFin.|Dia'md prefer.|Gard'N since 6/23/2017|TOTAL CL$111.2K !!!NOIIICE!!!
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Re: The Savings Playground for June, 2017 -- summer break!


MILOfico wrote:
@iced

Not sure....now if I keep CD and it rolls over ...and has been open 12 Mo or more wouldn't I qualify for the full apy.?


You should, though the question is if NFCU will let you keep re-rolling the money into a new 5-month CD. Of course, any interest you earn off the $10,000 can't be rolled over since it's capped at $10,000. It's also advertised as a limited-time offer so if they stop the promotion within 5 months you might not be able to roll it over. This may well be their tactic since it would entice a lot of people to join and/or toss cash at them in the short-term without obliging them to higher interest rates long-term should the Fed not keep increasing rates. Of course, if they do, 3% will become a horrible rate and that money will just move to the next highest-interest savings account or CD out there.

 

I would likely shift part of emergency savings into it as the likelihood of my needing my entire emergency fund is minimal (and it's limited to $10,000).

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

@iced great advice!!!

Ymmv but ....I now have 3cds with all special rate ...one rolled over 2 times and kept the rate....Jan and Jun I'll see if it holds up fingers crossed for other 2
wells.jpg 2chase navychase east westchase us bankimg src=ChaseFreedom_F.inddC_DP7_EMV_MNLW_18-PID 257.epsnavy fedBCE&ED|Chase|NFCUcc&CLOC|WF|Cash+|ElanFin.|Dia'md prefer.|Gard'N since 6/23/2017|TOTAL CL$111.2K !!!NOIIICE!!!
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Re: The Savings Playground for June, 2017 -- summer break!

Happy Monday everyone!

 

I had a fantastic weekend!  Went to gather the mail and got a unexpected check!  Woo hoo!  It felt so good to be able to put 100% of it into my savings account.  My goal is to have my 6 month emergency fund fully fund by the end of the year.  So far, it looks possible!  

 

Still pretty happy with my Vanguard funds even though the market has been down.  

 

 

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

@luxeprw9

LoL I gotta check the mail box now!!

Here's a question for the playground. When you met your emergency saving goal say,6 or 10 mo. Income sav. (Example) do you still sav. in reg. Saving acc.s or do you start 100% funding ira,401k, etc. Or both???

Please give formula of saving or mix of saving.

(after emergency goal met,


wells.jpg 2chase navychase east westchase us bankimg src=ChaseFreedom_F.inddC_DP7_EMV_MNLW_18-PID 257.epsnavy fedBCE&ED|Chase|NFCUcc&CLOC|WF|Cash+|ElanFin.|Dia'md prefer.|Gard'N since 6/23/2017|TOTAL CL$111.2K !!!NOIIICE!!!
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Re: The Savings Playground for June, 2017 -- summer break!


MILOfico wrote:
@luxeprw9

LoL I gotta check the mail box now!!

Here's a question for the playground. When you met your emergency saving goal say,6 or 10 mo. Income sav. (Example) do you still sav. in reg. Saving acc.s or do you start 100% funding ira,401k, etc. Or both???

Please give formula of saving or mix of saving.

(after emergency goal met,



I attack it in parallel. Each month I put money into 401k, stocks, and savings (though I hit the $18000 limit this month on 401k so the excess will go to savings and stocks until January). My emergency savings is somewhat fluid in that I take money out and put it in with some regularity (withdraw every other month or so), but I don't let it fall below $10000. I can do this because I also have (as of this week) an additional $100,000 in a personal E*TRADE account I can liquidate for a severe emergency.

 

As for a formula, I currently do 14% 401k (which caps me in August/September each year), 10% stocks, and 15% savings/stocks depending on savings balance, and 4% HSA. Total is around 45% of each paycheck goes into one of the savings buckets.

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

[ Edited ]

MILOfico wrote:
@luxeprw9

LoL I gotta check the mail box now!!

Here's a question for the playground. When you met your emergency saving goal say,6 or 10 mo. Income sav. (Example) do you still sav. in reg. Saving acc.s or do you start 100% funding ira,401k, etc. Or both???

Please give formula of saving or mix of saving.

(after emergency goal met,



I love unexpected money!!  LOL!!

 

My plans are as follows:

1) Complete 6 month emergency fund by end of this year (I also have an account for misc small emergencies)

2) Pay off $9,600 student loan by June 2018

3) Start to fully fund Roth IRA yearly

4) Save for house downpayment/closing costs - will probably qualify for assistance so that will help

5) Add additional funds to auto loan 

6)Look for a new job

7) Remain credit card DEBT FREE!!

 

I will be doing 3,4 and 5 at the same time.  I'm focused on 1 and 2 separately because completing them will help me sleep better at night.  The sooner I get those two taken care of, the easier the other 4 items on the list will be.  1 and 2 gives me anxiety!!  LOL!

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

@luxeprw9

That's a good plan ...thks for sharing


I kinda wanna jump on 6. Bandwagon LOL

wells.jpg 2chase navychase east westchase us bankimg src=ChaseFreedom_F.inddC_DP7_EMV_MNLW_18-PID 257.epsnavy fedBCE&ED|Chase|NFCUcc&CLOC|WF|Cash+|ElanFin.|Dia'md prefer.|Gard'N since 6/23/2017|TOTAL CL$111.2K !!!NOIIICE!!!
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Re: The Savings Playground for June, 2017 -- summer break!


MILOfico wrote:
@luxeprw9

That's a good plan ...thks for sharing


I kinda wanna jump on 6. Bandwagon LOL


I just switched careers from banking to technology.  I'm happy with the career change, I just wish I could have done it with a large corporation versus a small privately owned company.  I thought I would gain some solid experience going this route but that hasn't been the case.  The only up side is my salary increased significantly (plus quarterly bonuses) and I don't think that would have happened with a larger company since I came in with zero experience.  But I have confidence that it will all work out for my good.  That's also why I am working diligently to get my emergency fund completed and my student loan paid off.  If I have to take a lower paying job, I can handle it comfortably with only my auto loan.  

 

Sorry, I know you didn't ask about that but I needed to vent!!

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


iced wrote:

MILOfico wrote:
@luxeprw9

LoL I gotta check the mail box now!!

Here's a question for the playground. When you met your emergency saving goal say,6 or 10 mo. Income sav. (Example) do you still sav. in reg. Saving acc.s or do you start 100% funding ira,401k, etc. Or both???

Please give formula of saving or mix of saving.

(after emergency goal met,



I attack it in parallel. Each month I put money into 401k, stocks, and savings (though I hit the $18000 limit this month on 401k so the excess will go to savings and stocks until January). My emergency savings is somewhat fluid in that I take money out and put it in with some regularity (withdraw every other month or so), but I don't let it fall below $10000. I can do this because I also have (as of this week) an additional $100,000 in a personal E*TRADE account I can liquidate for a severe emergency.

 

As for a formula, I currently do 14% 401k (which caps me in August/September each year), 10% stocks, and 15% savings/stocks depending on savings balance, and 4% HSA. Total is around 45% of each paycheck goes into one of the savings buckets.


I miss having a 401k and employer match.  But I'm working on getting a new job so that I can reap those benefits again.

 

Soon my Vanguard account will be like your E*Trade account and I can't wait!  I think I'll be on solid ground in the next 36-48 months.  I just have to stay the course.  

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