Prevention is the best medicine when it comes to avoiding surprise medical bills! Learn more.

 

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Re: Financial Resolutions, Mistakes and Accomplishments

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Message 11 of 17

I do that too & singles also...started a long time ago, stopped for a while, then began Again! I use this for grandchildren Christmas gifts!

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Re: Financial Resolutions, Mistakes and Accomplishments

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Message 12 of 17

The best strategy for me was to set up an automatic deduction out of my paycheck every month into my IRA.  Once I have the money in hand, it's hard to save.  But I just work out my budget according to my take-home pay, which excludes the amount I'm saving, so it's much easier.  I never had a company "match" my contribution; but if I did, I would certainly put in the most allowed to make the most of it. 

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Re: Financial Resolutions, Mistakes and Accomplishments

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Use coupons.  Buy day old/clearance.  Limit credit card use.  Pay cash & ask for discounts.  Shop at thrift/consignment stores.  Consider public transportation/walking.  Assess "want" vs. "need."  Care for the belongings you already have.  Periodically "spring clean." 

 

 

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Re: Financial Resolutions, Mistakes and Accomplishments

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Message 14 of 17

Also, recycle.  I recycle as much as possible, especially as concerns bottles & alumnium cans.  Every penny saved counts!

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Re: Financial Resolutions, Mistakes and Accomplishments

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Message 15 of 17

Whatever you have in your house and have NOT used it in one year- either sell it or give it away or throw it out.  That means everything in your house or apartment.  You will downsize in a big way.

when shopping, before you purchase, ask yourself- will I wear it mostly everyday, use it everyday, if not, put it back!  Train your line of thought.

If grocery shopping, make sure you eat all the food you bought before you buy more, check your freezers, icebox, cupboards, everywhere.  Make it a habit and you won't buy so much.  You can only keep food in the freezer for one year. You have to throw it away after that.  Make sure you date anything that goes in the freezer or icebox.

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Re: Financial Resolutions, Mistakes and Accomplishments

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Message 16 of 17

what is the next financial stock imlosion? What does that mean? Kathy

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Message 17 of 17

The stock market does not go up in a straight line like interest on a CD.  Rather it swing up and down, historically always more up than down, so u end up with a better return than a savings or CD.  Sometimes the swings are dramatic; in 1987 the market dropped over 20%.  This is fine if ur young and ur investments are for retirement, but this is tragic if ur nearing or in retirment.  That is why u only invest money in the stock market if u have at least a 7 yr time frame so u have time to recover from "implosions".   That being said, we are in the midst of one of the longest and strongest bull markets in history.  The average bull market is 4.5 yrs, and this current bull market has lasted 10 yrs.  So it would stand to reason that we are due for a major correction.

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