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Social Butterfly

What Are Your Saving Habits? ๐Ÿ’ธ๐Ÿ’ฐ๐Ÿ’ฒ

๐Ÿ’ฅThis discussรฌon was created on March 26, 2021๐Ÿ’ฅ

 

I make it a GAME and transfer whatever is left in my checking account into SAVINGS when my Social Security deposit arrives. Lol, some months there is zero to transfer or I had an emergency with my 2006 Hyundai Elantra (she keeps me broke/lol) and savings are low again ๐Ÿคฃ๐Ÿ˜‚ But I keep at it knowing even $5 saved is better than zero! Angela

Angela
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Social Butterfly

Stop by to read the comments and/or add a comment. Angela

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Bronze Conversationalist

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

Social Butterfly

๐Ÿ’ฅMay 21, 2021๐Ÿ’ฅ

 

Good for you @DeahWA ๐Ÿ˜‰ Angela

Angela
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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.   

Social Butterfly

๐Ÿ’ฅApril 14, 2021๐Ÿ’ฅ

 

Hi @Gorm50 I appreciate you stopping by to join our discussion ๐Ÿ™‚ Angela

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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!

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Social Butterfly

๐Ÿ’ฅApril 1, 2021๐Ÿ’ฅ

 

@AARPRachelA thanks for stopping by ๐Ÿ™‚ Angela

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Honored Social Butterfly

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


"...Why is everyone a victim? Take personal responsibility for your life..."
Trusted Contributor

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. 

Wanjiru Warama
Social Butterfly

๐Ÿ’ฅApril 3, 2021๐Ÿ’ฅ

 

Good for you @WanjirusBits ๐Ÿ™‚ Angela

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Same here. 

 

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

 

 

Honored Social Butterfly

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. 


"...Why is everyone a victim? Take personal responsibility for your life..."
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Silver Conversationalist

@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.

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Social Butterfly

๐Ÿ’ฅMarch 31, 2021๐Ÿ’ฅ

 

@retiredtraveler sounds like you both are on the same page. That is so important with couples. Luv the spreadsheet. My daughter uses one. Angela

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Social Butterfly

๐Ÿ’ฅMarch 27, 2021๐Ÿ’ฅ

 

Awesome @fffred !!!! Angela

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Social Butterfly

๐Ÿ’ฅMarch 26, 2021๐Ÿ’ฅ

 

Well you guys deserve to splurge in your retirement @retiredtraveler after years of not!!! Thanks for sharing ๐Ÿ™‚ Angela

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