topic Re: What Are Your Saving Habits? in Budget & Savings

What Are Your Saving Habits?

Anonymous — Thu, 24 Jun 2021 00:10:54 GMT

Discussion created on March 26, 2021.
If yes, tell us your saving routine.
If no, why not?
Lol, don't have to save - you a billionaire!!! 😂🤣

Re: What Are Your Saving Habits?

retiredtraveler — Fri, 26 Mar 2021 23:46:34 GMT

None now. We scrimped, saved, invested, and lived below our means throughout our working lives. Once retired, it's spend, spend, spend....................

Re: What Are Your Saving Habits?

fffred — Sun, 28 Mar 2021 03:25:12 GMT

Same here.

I have a carefully thought out plan (with spreadsheets to support) the spend-down plan for the next many many years.

Re: What Are Your Saving Habits?

retiredtraveler — Wed, 31 Mar 2021 22:42:01 GMT

I love it! Wife and I maintained a spreadsheet for about 3 years before retiring to account for every penny, quite literally, spent. We also, as best we could, built in allowances for future expenses ---- remodeling, putting a new roof on the house, future automobile purchase, travel, etc. We wanted to be very conservative and account for all potential expenses. That way, we reached a full 'ease of mind' with the assumption we had planned for the worst.

Re: What Are Your Saving Habits?

AARPRachelA — Thu, 01 Apr 2021 15:32:56 GMT

I'm also a spreadsheet fan. My partner and I both use a spreadsheet to track our spending and savings habits. Being able to see our savings account grow makes us feel good, and it's also helpful to track spending so we can see outliers like a heavy spending month and figure out if we need to course-correct in order to save more. Check out How to Make Savings a Habit for more helpful tips!

Re: What Are Your Saving Habits?

WanjirusBits — Sat, 03 Apr 2021 21:17:40 GMT

I hear you. I don't spend, spend, but I tightened the proverbial belt and lived below my means for years. Now, I don't worry about savings. Besides, living within my means became a habit. And I dub in the stock market so my savings don't suffer famine days.

Re: What Are Your Saving Habits?

fffred — Sun, 04 Apr 2021 03:35:00 GMT

@retiredtraveler

So, are you a retired accountant or a retired engineer?

LOL. Your story sounds like me, I'm a retired engineer. I've long heard stories about engineers and their applying their academic discipline to finances.

Re: What Are Your Saving Habits?

Gorm50 — Sun, 11 Apr 2021 16:40:52 GMT

Number one fear of elderly is outliving their savings.

KNOWING where it goes monthly only goes so far.

Just like business figure you want to focus on where 80% of your expenses go because that is the likely source of material savings.

Healthcare can be a major draw. I use the BEST Medicare Advantage plan available, avail myself of ALL beneficial cost effective features, and appreciate the LOW monthly premium ($0) and $5k maximum out of pocket annual $$ limit.

It almost pays to examine your casualty insurances for coverage, need, benefits, ie umbrella, home, vehicles, etc.

It is critical to be debt free.

Consider where your $$ are saved. Between FOMO and TINA many are at risk for an equity correction and could lose 30%+. Can you tolerate that risk? Are you dependent on draws to supplement your income?

While CD and T bill yields are low, consider FR annuities for a much better return.

While I do NOT budget monthly I do track assets, especially liquid and track each YE to ensure I am growing same and hence reassured I am asset/income secure.

Re: What Are Your Saving Habits?

DeahWA — Fri, 21 May 2021 18:19:22 GMT

My savings habit is basically to just not buy what I don't need, to resist the cute and pretty and frivolous.