I'm 25- single mom, work P/T, in-school, opened a Roth IRA, 529 College for my kid, have a savings... what else can I do??
2007-02-05 11:18:12 · 9 answers · asked by Mami_Cita427 1 in Business & Finance ➔ Personal Finance
Well done already! If you already own your home, then that's even better. If not, minimize your expense and save up a down payment for a house. Keep doing what you're doing. You will be fine. Good luck.
2007-02-09 09:17:36 · answer #1 · answered by C L 5 · 0⤊ 0⤋
One word!!! Budget!!! Monitor money coming in and going out. I mean count every thing you spend money on including snacks you pick up for the kid at a fast food or convenience store. Cut back on anything you see you can cut. Maybe the toy that, after one week, gets tossed in the pile of other ignored toys. Have a garage sale once a year and have your kid help. Quality time and great fun when you give them a job to do in the preparation and time of the sale. They love being a part of an adult thing. If they are teens, maybe not so interested but ask anyway. Maybe they can organize the sale while you study if you offer 25% of the proceeds. Put this money in the savings or pay off a credit card promising not to use it again. Only have one zero balance credit card for emergencies and pay cash for everything. You won't believe how much interest people pay on credit debt.
2007-02-05 19:37:25 · answer #2 · answered by sherry s 1 · 0⤊ 0⤋
Hi,
Great question & definitely worth taking some time out to thing about. As with other serious decisions thisone requires some advanced planning & consideration.
I personally look after my family budget and all spending items need to be accounted for so that at any point in time you know where you are. Requires discipline but that's the only way.
To help you with budgeting I'd recommend a personal finance software by Australian business Parcus Group.
Easy to use program with features including budgeting, financial planning, real estate analysis, shares valuation, life insurance...
Costs US$24 so it's not a huge investment but a good value for money.
You can get it on
http://www.parcusgroup.com/index.html
or
http://www.parcusgroup.com
Regards
2007-02-05 20:42:33 · answer #3 · answered by Finance_Expert 2 · 0⤊ 0⤋
You seem to be on top of things. The only thing that i can suggest is that if you find that you need to save a little more, is to cut back on shopping. You can buy groceries at a basic store where the essentials are usually a little cheaper, buy no name, buy stuff only when it's on sale and stock up. I have managed to stay ahead of my debts by living almost like a student for years. It sort of gets tiring but in the long run it's worth it because I have perfect credit and I am paying down my loans at a pretty decent rate.
2007-02-05 19:32:11 · answer #4 · answered by Wendi lu who 4 · 1⤊ 0⤋
Sounds like you're doing really well (much better than most)! Just make sure you max out your IRA every year, and (assuming you're at around 13% average in your mutual funds) you'll be a millionair by 50. Good luck!
PS- If you have tons of extra cash you want to invest (and you've maxed out your IRA), you could always just sink it in another mutual fund (not an IRA though, so you'll have to pay taxes on it).
2007-02-05 19:24:12 · answer #5 · answered by Buddy 2 · 1⤊ 0⤋
You sound very bright and on top of the situation. Once you are working full-time after you finish your education, you will make more money and be able to save more towards your goals. Good Luck and keep up the good work
2007-02-13 15:51:21 · answer #6 · answered by La_Liona 4 · 0⤊ 0⤋
The best things you can do to get ahead financially are:
1. Reduce your expenses
2. Reduce your liabilities
3. Increase your Income / Net Worth
Check out this chart linked below:
2007-02-05 23:30:35 · answer #7 · answered by Ethan 3 · 0⤊ 0⤋
Credit card debt. If you're in it, get out of it ASAP.
2007-02-05 19:26:06 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Good for you! keep it up.
2007-02-05 19:26:29 · answer #9 · answered by thirsty mind 6 · 0⤊ 0⤋