U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics > Personal Finance
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 02-27-2019, 06:33 AM
 
4,432 posts, read 2,611,082 times
Reputation: 10304

Advertisements

Quote:
Originally Posted by oneasterisk View Post
I was not expecting it, but I got a 3.7% raise this year!

This may seem crazy, but I'm actually thinking of taking on a car note. I have a paid off 2004 4Runner that works great and "only" 165k miles, but my wife would like a Honda Odyssey. It's not a need as we only have two children, but it would make her life easier. Plus when my parents come to visit for a few months of the year, it would be a lot more convenient. Right now, we have to take multiple cars if we all go out. The raise would be able to pay for the car note, but insurance and car tax would be a little more. So it wouldn't be really be changing my financial posture much.

So I've been price shopping online 5 year old Odysseys with less than 75k miles on it.
Well, congratulations on your raise!

Lol, no raises here.

I was going to suggest an older but new to you Honda odyssey, but i see that is where you are at already.

If i was in the market for a new minivan, that is one I'd be looking at. But my next vehicle will be a suv with AWD. My Kia sedona is ok, but thats the extent of it.

Well, congratulations again!

Reply With Quote Quick reply to this message

 
Old 02-27-2019, 07:35 AM
 
Location: Gilbert, Arizona
2,717 posts, read 1,181,951 times
Reputation: 1683
I recently got promoted at work and received a 16% raise so I hope to be able to attack my debts quicker this year.

I have 2 debts:
1) Grad student loan - 14,500 @ 5.5% - 170/mo
2) Car loan - 15,700 @ 2.75% - 340/mo

I'm following Dave Ramsey's plan for the most part. I have 1k in savings and a few hundred used as buffer for everyday purchases.

My plan is to KO the student loan first.
Then save for this year's Roth IRA contribution (6k) - this is a yearly thing for me, no exceptions. I max the IRA every year regardless of what happens.
Then work on building a small-ish emergency fund (7.5k).

Last year I made the transition to using debit only for everything and paid off all credit card debt and reduced my student loan balance from 32k to 22k.

My car loan is something I can hold off on and not rush to KO ASAP. The loan I have with my credit union works in tandem with insurance (as they pay out the $500 auto insurance deductible regardless), so I will work to pay down the car loan to reduce the interest, but not pay it off to get the title to the car.

Behind the scenes, I contribute just enough to a Roth 401k to take advantage of the company match I get and I'm maxing out the HSA to lower my taxable income.

Last edited by man4857; 02-27-2019 at 07:49 AM..
Reply With Quote Quick reply to this message
 
Old 02-27-2019, 08:06 AM
 
18,855 posts, read 13,607,134 times
Reputation: 14276
I received a pretty significant raise last year so my hope is to put a third of gross income into retirement plans and then attempt to put another 50k into taxable/savings

Last year we
Maxed 2 Roth IRAs
Maxed 2 401ks pretax
Maxed 1 hsa
Contributed 15k to after tax non Roth portion of our 401k plan and rolled it to my Roth IRA
Saved 10k taxable/savings
Reply With Quote Quick reply to this message
 
Old 02-27-2019, 09:23 AM
 
Location: Portal to the Pacific
5,147 posts, read 5,096,316 times
Reputation: 6352
Quote:
Originally Posted by Lowexpectations View Post
I received a pretty significant raise last year so my hope is to put a third of gross income into retirement plans and then attempt to put another 50k into taxable/savings

Last year we
Maxed 2 Roth IRAs
Maxed 2 401ks pretax
Maxed 1 hsa
Contributed 15k to after tax non Roth portion of our 401k plan and rolled it to my Roth IRA
Saved 10k taxable/savings
Sounds amazing (as usual)!
Reply With Quote Quick reply to this message
 
Old 02-27-2019, 09:29 AM
 
Location: Portal to the Pacific
5,147 posts, read 5,096,316 times
Reputation: 6352
A two month update:

-barely getting to 50% savings rate
-might look into refinance on the new property. Our interest rate is 5%. We will wait until after tax season to talk to lenders.
-expecting a 5 figure stock bonus to vest in April. This will allow us to max out or roths for the year. The remainder will go into the existing mortgage or into refinancing. TBD.

-booked summer travel: Two in-state camping/cabin trips we've been desiring for the last 7 years. Funds came from a short-terms savings account I set up at the end of last year.
Reply With Quote Quick reply to this message
 
Old 02-27-2019, 09:30 AM
 
Location: Forest Service Cabin-90% of the yr. Sis & I inherited it and I bought her out.
175 posts, read 55,225 times
Reputation: 307
1. The kids do well in High School in the Fall and are happy
2. I obtain a small promotion at work which will make the job less physical during the day
3. Continue to eat mostly a paleo diet (Adam & Eve diet) & exercise
Reply With Quote Quick reply to this message
 
Old 02-27-2019, 10:33 AM
 
Location: Denver, CO
1,700 posts, read 4,063,393 times
Reputation: 1260
Quote:
Originally Posted by man4857 View Post
I recently got promoted at work and received a 16% raise so I hope to be able to attack my debts quicker this year.

I have 2 debts:
1) Grad student loan - 14,500 @ 5.5% - 170/mo
2) Car loan - 15,700 @ 2.75% - 340/mo

I'm following Dave Ramsey's plan for the most part. I have 1k in savings and a few hundred used as buffer for everyday purchases.

My plan is to KO the student loan first.
Then save for this year's Roth IRA contribution (6k) - this is a yearly thing for me, no exceptions. I max the IRA every year regardless of what happens.
Then work on building a small-ish emergency fund (7.5k).

Last year I made the transition to using debit only for everything and paid off all credit card debt and reduced my student loan balance from 32k to 22k.

My car loan is something I can hold off on and not rush to KO ASAP. The loan I have with my credit union works in tandem with insurance (as they pay out the $500 auto insurance deductible regardless), so I will work to pay down the car loan to reduce the interest, but not pay it off to get the title to the car.

Behind the scenes, I contribute just enough to a Roth 401k to take advantage of the company match I get and I'm maxing out the HSA to lower my taxable income.

Congrats on the promotion and keep tackling those debts, you'll get there soon enough!
Reply With Quote Quick reply to this message
 
Old 02-27-2019, 11:11 AM
 
Location: SoCal
13,225 posts, read 6,326,744 times
Reputation: 9833
For my kids:
1) I hope my artist kid gets a big bonus. Maybe 6-figure. Her business is doing very well.
2) For my other kid, stay the course, her companies stock is doing exeedingly well, but eat right and say healthy.

For me and my husband:
1) Try to hold on to what gain I got this year. It was very good last year until it wasn’t.
Reply With Quote Quick reply to this message
 
Old 02-27-2019, 01:05 PM
 
Location: Tennessee
23,579 posts, read 17,561,360 times
Reputation: 27650
Just got rid of all debt other than a small car note this week. I'm going to be using the savings for a moving fund.
Reply With Quote Quick reply to this message
 
Old 02-28-2019, 06:21 PM
 
Location: Forest Service Cabin-90% of the yr. Sis & I inherited it and I bought her out.
175 posts, read 55,225 times
Reputation: 307
Quote:
Originally Posted by Serious Conversation View Post
Just got rid of all debt other than a small car note this week. I'm going to be using the savings for a moving fund.
Good Job!!!!
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics > Personal Finance
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top