Money issues......any idea???

Question

What is the best way to save money for vacations, emergencies, etc??

Answer 1

Have a certain amount deducted from each check automatically and put into a special savings account.

Answer 2

I would say open up an online savings account at ING, Emmigrant Direct, Citibank etc. They offer interest rates of 4.5% and up.

For emergencies, I would try to save 3-6 months worth of take home pay. This sounds like a lot, but if you commit to depositing $100 a month or more to your online savings account, you'd be amazed how much can accumulate.

For vacations and other non-essential items, I would create a budget outlining how much income you receive each month and then line up all of the monthly expenses such as loan payments, mortgage payments, living expenses and savings dedicated to your emergency fund and retirement accounts. Then the money left over can be put into savings to be spent on your vacation.

I would come up with a set amount you want to spend on your vacation like $500. Make sure that you put aside $10 a paycheck or more. When it comes down to actually going on vacation, make sure you don't overspend the amount you budgeted for vacation.

Answer 3

I use one account for emergencies and irregular expenses. First I accumulated enough money for an emergency fund (a few grand or 3 months worth of expenses). This is my cushion that I aim to stay above.

But then I don't stop contributing to that account. I estimate the irregular expenses I will want to spend each year--gifts, vacations, taxes, insurance, new appliances, etc--and I divide it by 12. Then I save that amount each month in my emergency account (in addition to my other savings that are specifically designated to something like retirement or a new home). And I take it out when needed.

Answer 4

Set up a savings account.
As soon as you are paid put a fixed amount into the account.
If you get paid directly in to a bank account have a fixed sum automatically transferred to the savings account soon after you are paid.
Depending on how disciplined you are, you may need separate savings accounts for necessities (emergency funds, etc) and luxuries (vacations).

Answer 5

May I suggest that you get a copy of the book below. DH & I have been following it for almost 3 years. We are getting out of all our college debt & we have NO open credit cards/lines of credit, etc. We always have cash for emergencies & we never fight about money anymore - just little tiffs about what to spend the entertainment budget on. :) I'll also give you the website. You can listen to his radio show podcasts, too. He will probably make you mad at first b/c he will cahllenge a lot of what you've probably heard about money management from others, but he will also challenge you to stop being "normal" b/c (as he says) "normal is BROKE".

Best wishes.

Btw, I get nothing for promoting Dave except sharing the "financial peace" we have found w/ others.

Answer 6

being profitable is as common (or problematical) as looking a want and filling it with the main appropriate products or amenities at inexpensive pricing. as an occasion, are you able to stumble on a thank you to help human beings from dropping their properties to foreclosures? getting human beings out of the payday mortgage cycles? assisting human beings shop money on gasoline? help those with credit issues??? those actual themes can assist you create a organisation that provides you with wealth and acceptance.

Answer 7

Open a savings account. Deposit money in it.

Answer 8

not to spend it