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I will be entering how much I put into savings on a Monthly basis. Starting Monday, February 1st.
My goal is to have $20k in 3 years. I have between $500-$1000/month to place into savings, and will try my best to put as much as possible each month.
I have a wife, a 19 month old daughter, and a baby boy due in March. We just moved to Pittsburgh from Texas, for my new job, same line of work that i've been into the past 3 years.
I have a house that needs to be sold in Texas. With that being said, we are currently renting.
That's about all I have for you right now...see you Monday, February 1st with an update!
Friday, February 5th, our city was hammered with 2 foot of snow. We were only expecting about a foot, which would have been manageable. Friday night, about 8pm the power went out. We (me, 9 month pregnant wife, and 20 mo old daughter) cuddled up in bed and fell asleep. Woke up the next morning with the power still out, and 2 foot of snow. I got up and shoveled snow for a few hours, until a snow plow came through and was able to clear a path for my truck to get out of our private driveway. In desperation mode, I was able to take my family to the local Holiday Inn, where we are still staying at. Needless to say, it's costing us about $100/day just for the room, but we're warm and have food. This will affect my ability to put money in savings this month...
On a side note, we have a contract on our home in Texas that is scheduled to close on February 24th!
Last edited by rugerjitsu; 02-08-2010 at 02:53 PM..
Reason: side note added.
While I think it is great that you have such dedication to saving money I hope that you are not forgoing other obligations like life insurance and retirement savings as well.
As for the hotel, this is what savings is for--you can't stay in a house without heat or food, it is a reasonable use of your savings dollars.
While I think it is great that you have such dedication to saving money I hope that you are not forgoing other obligations like life insurance and retirement savings as well.
As for the hotel, this is what savings is for--you can't stay in a house without heat or food, it is a reasonable use of your savings dollars.
yeah, i'm good on insurance, and have a ira and 401k...but right now, my main focus is building 6 months living expenses.
Sounds like you are relatively young. My #1 priority would be to get an emergency fund (3-6 months) saved before I worried about life insurance and retirement. The chances of an emergency are much more likely. Insurance and retirement are important though.
Sounds like you are relatively young. My #1 priority would be to get an emergency fund (3-6 months) saved before I worried about life insurance and retirement. The chances of an emergency are much more likely. Insurance and retirement are important though.
I disagree. Because he is young it is more important to get insurance because as you age it costs more and with various medical issues that arise with you and more importantly, your PARENTS, you may not be able to get life insurance if you wait. You don't have to sacrifice one to do the other.
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