2021 Savings plans, ideas, tips and goals

[dreamin_disney]

Hello. With my dd being in college and the pandemic savings have been totally different. I’m looking to get back on track.

My dd is in her 4th year of college and will start her last semester in a few weeks. We chose to help her and pay for on campus housing. Best tips were buying in bulk and splitting food, cleaning supplies and toiletries. I also did survey and earned extra cash. Dd has been virtual learning since March and campus has been closed so I haven’t had to pay housing. I’m still putting the $1000 housing into a savings Incase she had to go back to campus but it doesn’t look like it. I also have around $75 in survey giftcards to Walmart.

Here are some of my plans
$1000 monthly DD’s college housing payment into our savings for emergency
$75 Walmart gift card= will use @ Walmart or Sam’s club for tide, toliet paper etc
$50 Walmart bday gift card @SamS /Walmart Tide, shampoo, toiletries etc
$70 target gift cards will buy Tide, dish soap etc

buy some items in bulk
Cut down on buying things we don’t need

how much should I save for emergency fund? How many mortgage payments?

whats included in emergency fund
- mortgage
- utilities
-???

I’m 48 and Work part time. I need to put more money aside for retirement.

what’s everyone doing about savings?

 

[dclpluto]

Hello. With my dd being in college and the pandemic savings have been totally different. I’m looking to get back on track.

My dd is in her 4th year of college and will start her last semester in a few weeks. We chose to help her and pay for on campus housing. Best tips were buying in bulk and splitting food, cleaning supplies and toiletries. I also did survey and earned extra cash. Dd has been virtual learning since March and campus has been closed so I haven’t had to pay housing. I’m still putting the $1000 housing into a savings Incase she had to go back to campus but it doesn’t look like it. I also have around $75 in survey giftcards to Walmart.

Here are some of my plans
$1000 monthly DD’s college housing payment into our savings for emergency
$75 Walmart gift card= will use @ Walmart or Sam’s club for tide, toliet paper etc
$50 Walmart bday gift card @SamS /Walmart Tide, shampoo, toiletries etc
$70 target gift cards will buy Tide, dish soap etc

buy some items in bulk
Cut down on buying things we don’t need

how much should I save for emergency fund? How many mortgage payments?

whats included in emergency fund
- mortgage
- utilities
-???

I’m 48 and Work part time. I need to put more money aside for retirement.

what’s everyone doing about savings?

i put 20 percent into my 401k. I have some in the bank for emergency but not much. I like to get my bills paid ahead of time. I’m about 6 months ahead on my electric. About a year on my oil. Three months on cable and a month ahead on car payment. House been paid off when I was 39. Also my next tax bill isn’t until August. Next car payment won’t be due until august.

 

[comicguy]

A good rule of thumb is having about 6 months of expenses saved up

 

[Cruising Engineer]

I'm a graduate student and live at home. Our (my DH and I) budgeting plan includes utility bills, education expenses, food, and transportation. The university engineering labs are only open to graduate students in order to finish our dissertation work, No classes on campus. Normally I would take the bus to and from home and campus because we could get a free bus pass but that stopped in 2020 so now I have to drive to the university and budget for gas. The house is paid for.

Saving 6 months of household costs is a great goal like @comicguy posted. Emergency funds are just that, an unexpected emergency, not normal costs, such as a plumbing problem, electrical, computer/printer dies, car accident, medical, etc.

We keep cash on hand for small emergencies and have used it throughout last year for a plumber, my computer guy, and the TV/audio/system guy. Funny how they make time in their busy schedule when CASH is in play.

So separate your normal monthly costs (mortgage, utility, food, insurance, transportation, etc.) and budget around those critical needs then determine what you can afford to stash away for emergencies.

 

[tvguy]

I'm not a fan of store specific gift cards. What if another store has a better price? I'd just put everything in the bank to give you the flexibility to get the best deal.
An emergency fund should be enough to cover all your normal monthly expenses plus a surplus for those once in a while emergency expenses that WILL come up. Your water heater needing replacement can cost you $2,000. Your HVAC going out can cost you $10,000. A new roof, $10,000. $3,000 for a transmission in your car. $1,000 for tires for your car. Many folks they will have to finance those major expenses, but your emergency fund should cover enough to make those payments.

 

[starry_solo]

get a piece of paper out and write down all your monthly expenses. Include your property taxes (divide by 12 to get the monthly amount) and home insurance.

then you can figure out how to budget an emergency fund.

but you should look at budgeting six months of expenses for your emergency fund.

home repairs should be in a separate fund.

 

[starry_solo]

Wait, who spends $1000 for tires. Even replacing four tires should not cost that much....

 

[TwoMisfits]

Wait, who spends $1000 for tires. Even replacing four tires should not cost that much....

Minivan tires are more expensive than car tires (one example)...and there are different quality/mileage levels on a tire...plus install prices...

 

[DisneyHardin]

Wait, who spends $1000 for tires. Even replacing four tires should not cost that much....

My DH's truck is over $1000 for a set of 4 tires. I think the last time we bought them, they were $265/tire.

 

[starry_solo]

My DH's truck is over $1000 for a set of 4 tires. I think the last time we bought them, they were $265/tire.

WOW! I usually get 4 tires for $400, installed (sedan though, so that might be why).

 

[elgerber]

WOW! I usually get 4 tires for $400, installed (sedan though, so that might be why).

I paid $800 for mini van tires, 12 years ago. I can only imagine what they would cost today.

 

[tvguy]

Wait, who spends $1000 for tires. Even replacing four tires should not cost that much....

I got rid of my Suburban 2 years ago. Just ran a price check on the tires size it had. $1052 for 4 tires mounted and balanced. I think the last set I bought were about $980.

 

[tvguy]

WOW! I usually get 4 tires for $400, installed (sedan though, so that might be why).

It depends on size and brand. I just checked tires for my 2007 Taurus, 16" They run from $55 to $160 per tire. The $55 tire is a Sentury brand made in Thailand. The $160 tire is a Bridgestone. I'll be honest, not sure I would feel safe driving with $55 tires.

 

[Cruising Engineer]

WOW! I usually get 4 tires for $400, installed (sedan though, so that might be why).

Please, I wish my DH's cars had $100 tires. Two cars have Michelin Pilot tires ($350+ each).

 

[starry_solo]

It depends on size and brand. I just checked tires for my 2007 Taurus, 16" They run from $55 to $160 per tire. The $55 tire is a Sentury brand made in Thailand. The $160 tire is a Bridgestone. I'll be honest, not sure I would feel safe driving with $55 tires.

I get some Italian brand from Sam's Club. Usually with $120-160 off 4 tires + free installation.

 

[tvguy]

I get some Italian brand from Sam's Club. Usually with $120-160 off 4 tires + free installation.

Pirelli ?

 

[starry_solo]

Pirelli ?

That sounds like it. I usually get Goodyear or Bridgestone/Firestone but got the Italian ones this time.

 

[dclpluto]

I'm not a fan of store specific gift cards. What if another store has a better price? I'd just put everything in the bank to give you the flexibility to get the best deal.
An emergency fund should be enough to cover all your normal monthly expenses plus a surplus for those once in a while emergency expenses that WILL come up. Your water heater needing replacement can cost you $2,000. Your HVAC going out can cost you $10,000. A new roof, $10,000. $3,000 for a transmission in your car. $1,000 for tires for your car. Many folks they will have to finance those major expenses, but your emergency fund should cover enough to make those payments.

we can tell you live in California by them high prices.

 

[tvguy]

That sounds like it. I usually get Goodyear or Bridgestone/Firestone but got the Italian ones this time.

I only buy Michelin. But our new Toyota came with Firestones, the Ford we bought 2 years ago came with Hankook, and my 1965 Mustang came with BF Goodrich. The first two will get Michelins once the factory tires are worn out. Only my runaround car has Michelins currently.

 

[tvguy]

we can tell you live in California by them high prices.

LOL. I would be very surprised if location made more than a few dollars difference. Any particular state of city I should check for a lower price.