Frequent Contributor
Roarmeister
Posts: 331
Registered: ‎04-21-2012
Re: Need a category called, "Rebuilding Your Savings"

Depending on your priorities and inclination may I suggest the following:

1.  Make a budget

2.  Pay your taxes (Give to Caesar what is Caesar's and to God what is God's)

3.  Tithe for God, church and charity

4.  Pay your bills & mortgage

5.  Pay yourself 10% for savings (long term savings for retirement, house down payment, kids education, etc AND short term savings for vacations, large priced items AND a rainy day fund)

6.  What you have left is your discretionary spending.  Choose wisely.

 

I have payroll deductions for taxes, part of my charity and part of my savings.  The rest is set up through auto payments (bills & mortgage, and another part of my savings).  I am blessed with a decent salary with not a lot of spending requirements and a simple non-extravagant lifestyle.  But I am playing catch-up with my retirement savings because I was not so spending careful earlier in my life.  My rainy day fund has about 4-5 months at the moment.

AMEX_PlatinumBMOWorldMCCapOnePlatinumMBNA_Platinum+ScotiaMomentum
____$25k_______$20k_______$20k_______$25k_______$25k____
Starting Score: 676 Feb 2008; Current Score: 788 EQ, 814 TU, October 2014; Goal Score: 800 by end of year Oldest Account reported by EQ: 12 years; EQ AAoA: 5.6 years; EQ Credit Utilization: 3.5%