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Within savings how do you divide long term 401k/IRA versus short term, ie money for a trip or something?Maybe it's not the most effective, but I feel like my method is pretty straightforward. I take our income, subtract the "fixed" costs (car, house, minimum that goes to savings), and then everything else has to fit into the leftover. Everything goes on a credit card except for any utilities/fixed costs that charge a credit card fee, and that balance is paid off every month. If the balance is ever more than what it's budgeted to be, it's time for a closer look into what's happened to cause that. Usually it's that we got lazy and ate out too often. Groceries, utilities, etc are usually pretty consistent amounts so it's pretty easy to know what our "expendable" income is each week.
Get off my thread with that shit.Sorry guys for making fun of your pickups…
My wife does something similar with ours but whenever it gets over x. She makes an extra mortgage payment. I'm off in the winter months so she tries to have it paid through March when the end of my work year hits.keep a buffer in the checking account so I don’t over draft but try to have a 100% utilization every month of our paycheck. If there is a bunch left in my account at the end of the month that means more needs to go to savings.
What I wouldn't give to see some of that info from people I know. Leaves me scratching my head some of them I mean I have a pretty good idea what they're making and sit there scratching my head like how? Quite frustrating at times actually.got to see everyone financially naked. You would be amazed how many people give the appearance of "knocking it out of the park," yet behind the big house, the new vehicles, the toys, the timeshare, the fancy vacations, is a mountain of debt that grew faster than the income. And most of them realize it, but by the time they do, it seems almost overwhelming to get out of.
I tell folks we all have a right to spend our money how we want, and everyone else has a right to think we're stupid for spending it that way.What I wouldn't give to see some of that info from people I know. Leaves me scratching my head some of them I mean I have a pretty good idea what they're making and sit there scratching my head like how? Quite frustrating at times actually.
We do 15% of net into retirement - sticking with Roth advantaged accounts, and keep ~$20k as liquid emergency fund. The rest gets dumped into the house (on a 15 yr note, but will have it done in <10 yrs), the boys 529’s and their savings accounts.Within savings how do you divide long term 401k/IRA versus short term, ie money for a trip or something?
I 30% of our AGI into tax advantaged accounts and I’m like… too much
Rotating goals. So we are currently saving up for a house, so that gets the weight of savings money. For the first few years of our marriage neither one of us had an employer that would match contributions so that's one area that has lagged behind admittedly. Other savings funds, like emergency expenses, have a fixed amount that if they are full they don't get anything extra. Once we finally have a house, most of the savings weight will go more long term. I don't currently have any crazy hunting aspirations, so that piece of the savings pie is pretty small. Same with our family vacations.Within savings how do you divide long term 401k/IRA versus short term, ie money for a trip or something?
I 30% of our AGI into tax advantaged accounts and I’m like… too much
Not to go too far off topic but this is something that has to be somewhat flexible on your personal life journey.Within savings how do you divide long term 401k/IRA versus short term, ie money for a trip or something?
I 30% of our AGI into tax advantaged accounts and I’m like… too much
So how do you categorize hunting expenses? Do you only hunt local, in state game?The fun money category gets the shaft, and I think more than anything it’s me not being able to lighten up on the reins after a decade of super tight budgets.
The tightwad thing also makes me kinda a judgmental jerk when it comes to how other people choose to spend their money.
Fun money, it’s entirely a luxury for me.So how do you categorize hunting expenses? Do you only hunt local, in state game?
NR license fees, tag draws, travel costs can add up to a chunk of "fun money". It would be easy for a non hunter to scratch their judgmental heads at some of our spending.
Speaking of, those new 529 rules on the latest budget bill.We do 15% of net into retirement - sticking with Roth advantaged accounts, and keep ~$20k as liquid emergency fund. The rest gets dumped into the house (on a 15 yr note, but will have it done in <10 yrs), the boys 529’s and their savings accounts.
I don’t see the house as an investment, emotionally, but it still is one. If we weren’t permanent and paying rent I’d be maxing out all the retirement accounts and 529s until we did buy.
Yep. Our CFO was late with the payroll by one day once, and the folks with salaries mid 6 figures who were complaining were amazing. I was like, what's the big deal? It's a day. They had payments to make and no reserves.Very glad to see this thread. Lots of good information to be shared with a thread like this.
In my 30+ years as a CPA, my anecdotal observation is that 90%+ of my successful clients had a budget that was a monthly road map that helped them achieve their goals, whether they were business clients or individual clients. Their lives were much more sane, they did not have consumer debts or credit card debts, they had savings, they were thinking about retirement income, and they took comfort in the monthly/annual progress they saw toward their goals.
Of those clients who spent more than they made, whether they made $75K or $500K, about 90% of them did not have a budget. Their financial maturity was through the narrow lens of next month's cash inflow. They were stressed, in debt beyond their means, and too often ended up in a divorce.
I got to see everyone financially naked. You would be amazed how many people give the appearance of "knocking it out of the park," yet behind the big house, the new vehicles, the toys, the timeshare, the fancy vacations, is a mountain of debt that grew faster than the income. And most of them realize it, but by the time they do, it seems almost overwhelming to get out of.
I am convinced the exercise of budgeting makes a better financial adult for anyone with a third grade math ability. If I could change one thing about our public education system that I think would make a huge difference in our society, it would be to require every high school graduate to pass a personal budgeting class in order to get their diploma.
As it relates to hunting, I suspect the majority of folks who budget well and avoid debt also have budgets, using that as the path to do the trips they want, purchase what they need, and they do so on all levels of income.
Some might be reading this and be at the beginning of their earning years. If your household is not on a budget, make that your New Year's resolution. Better yet, make it your "Rest of your life" resolution. Doing so will add a lot more hunting days to your future.