Are You Saving, Spending or Paying Down Debt?

[Mr Man]

saving and spending.

Saving- not buying that new boat until things turn around. No big ticket purchases that are not investments (sorry DVC not adding points either)


Spending-

Insurance- primary house damaged and beach house (er shack) in galveston is gone.....completely gone.....

We recently added a few rental properties that we picked up for a song.

Looking to expand stock portfolio a bit with all the blood on the floor.....

Also looking to work overseas for a few years....it will be good for the kids (broaden their world view) and getting paid in foreign currency has it's advantages (depending on where you go). Right now, it is Dubai, Singapore or Brasil.

 

[singingpixie]

I just paid off my credit card and opened up a savings account, as well as a CD I can dip into for emergencies like a job loss- it's got about 3 months of living expenses. I'm in the process of setting up my direct deposit to put more into savings, as well as opening up a 403b through work- so the savings thing is just getting started. I'm toying with the idea of opening a separate account, so I have the CD for emergency living expenses, a savings account for vacations/fun stuff, and an account that will go toward the down-payment on a home someday.

That said, I'm still spending more than I should- need to wean myself off of starbucks and lunches out since gas and groceries are costing more than they used to.

 

[pooh4evr]

payinng off- we have a couple of months left on 1 car, down to 1 cc (almost paid off) and a couple of months left on our washer dryer.

 

[Kathi OD]

I actually forgot that while we're trying to pay down as much debt as possible, we are saving too, although it isn't near as much as I would like.

I have money taken out of my pay each cycle for deposit in the Credit Union, money I forget I have because I don't have easy access to it (no ATM or checks and the branch location is inconvenient). Then there is the money being deposited in a 403(b) account (although lately that money has been going down, down, down, even as I add to it every pay period).

 

[powellrj]

We have been working on paying off. I paid off a car and a credit card this month. We were doing really well, but DH is paid on commission and his commissions have taken a huge hit the last 2 years. OUCH.

 

[MoniqueU]

We have been working on paying off. I paid off a car and a credit card this month. We were doing really well, but DH is paid on commission and his commissions have taken a huge hit the last 2 years. OUCH.

My DH is commision only too. We are coming up on what is typically the lean times but with the credit crunch I am

We are paying debt down but not at a rapid pace. Heck paying 1200 a month for cobra insurance due to DH switching from a job with a 2 hour commute to one closer. My DH is supposed to possibly get a promotion the first of the year but again commision only. It takes alot of guts to work this way. We make a good amount of money but living in the area we do with our electric being what it is and some of the highest gas prices in the country is hard on the pocket book. I just can't wait til we are done paying cobra. Not that what our share of cost will go down that much but at least it is pre tax.

 

[mariolatry]

We've just bought a house and moved cross-country so we were in a spending freefall for a while. We're starting the Dave Ramsey/Financial Peace program this week. Every dollar has a name! Serious debt repayment

 

[DISUNC]

All 3 here.
Emphasis on Saving - Rainy days are a coming
Spending - Mostly starting the Christmas shopping..although no major Spending
Paying Down debt - Will do that till the day I die! (but i even consider Monthly Utilities as Debt)

 

[shortbun]

We're debt free except our mortgage and I'm putting away another 6 months living expenses on top of the 6 I already have in savings. We've got a new roof, furnace and refrigerator. We have our vacation for next summer planned and half paid for. DH is busy as ever in his two man business and would be able to run things himself if necessary. We live in a smallish, maintainable home and although we're watching some of our retirement money fly away right now, we have 10 years before that becomes a huge issue. I do not plan to incur any more debt for another year, maybe two and that will be for a work vehicle for our business. Trying to save a little each month for that as well but the pot is only so big, ya know? I've cut my Christmas budget by 20% as it was too big anyway. The rest of the family will be happy about that. They wanted to do away with gifts but our son is the only child left and he's only 13. He's old enough to understand but none of us are broke at all, maybe in a few years when he reaches 16 and cares less about opening pressents. Joined Costco in an effort to save money. So far, I think I'm actually spending more....dumb, I know.


With banks failing and having to be bailed out, where does everyone think their money is safe? I'm seriously considering burying mine in the back yard, lol! Really, anyone feel good about their bank right now?

 

[dairyou]

Saving and Spending.

I just got a job through the school district so trying to figure out how much to put in the 403B. Savings monthly in our regular savings account. Spending on mutual funds now since we can buy more with less money. We're getting ready to get our first bedroom set in 18 years of marriage..lol

We're trying to be very careful with the recession. We don't have any credit card debt. We charge on our Disney card so we will have Disney Dollars when we go to WDW in and 1 1/2 years. We just pay that off every month. Of course Christmas is coming up and we've been saving for the past few months for that.

Deb

 

[Barbossa]

We never carry a credit card balance, our only debts are on our mortgages. We've got a decent amount of cash in the bank, but saving money is tough due to the high price of gas and food and everything else (not to mention my Starbucks habit ).

 

[lovemylife]

My DH and I are trying to save more by not going to major grocery stores and not buying things we don't need. My DH is an Amazon.com addict and he is having a hard time not going there to buy things, but we are also spending on things to stock up on in the future (TP, paper towels, laundry soap, dish soap, food). If we can buy it now while we have the money it will be better for us later in case something happens. Also, it helps come winter time if we have some of it and we have bad weather we don't have to go and buy it. We also pay off our CC in full each month. They have been a little higher than we want right now, but they are paid for.

 

[dejr_8]

Right now, it is Dubai, Singapore or Brasil.

Do you ALWAYS have to top everyone else

Will you adopt me?



We are spending (putting a pool) and saving.

 

[Charade]

Credit cards can adjust the rate any time they want. Given that, are you saving, spending, borrowing or paying down debt?

Saving and paying down debt. We have one CC with a zero rate (limited time) but carry little or no balance on the others. My Capital one card still has the same rate (7.99 percent) since I got it a couple of years ago. The others have gone down and they've raised my limits.

 

[Barbossa]

My DH is an Amazon.com addict and he is having a hard time not going there to buy things...

Him too, eh? I placed 4 orders to Amazon just this week. I think I need to check in to Amazon rehab.

Here's a side question to all: do you think that shopping at Costco saves you money or costs you more? I really think that, for me, Costco is the more expensive way to shop. Sure, their per-piece cost is much lower than other stores, but I end up using more pieces. Case in point: those jugs of Costco biscotti's. If I had to buy them individually I'd eat them maybe twice a week. But since I've got a barrel of 'em in the pantry, I have 1-2 per day with my coffee.

 

[Barb]

Add me to the list of those that can't do any of the above! We'll be lucky to survive this insanity! It's a daily struggle here. I'm so angry I could just scream! I truly don't believe Congress gives a rat's behind about me. It's all about them. We're sunk.

 

[Jeninindy]

Credit cards can adjust the rate any time they want. Given that, are you saving, spending, borrowing or paying down debt?

Saving - no credit card debts, so all extra monies are being saved. I had planned on doing a bunch of minor home remodeling stuff (carpets, countertops, etc), but for now I think I will hang on to that cash....

 

[kydisneyfans]

Spending #1-my wife lost 50 lbs this year so far and she has an open checkbook to get new winter clothes. Our Disney trip is this week.

Saving-We are maxing out both 401K plans, opened IRAs in the past year, and are placing some money in regular savings. The 401K balance is down a little but we are not worried since it is 30 years before we can touch it anyway.

Credit-all CC's are paid in full monthly-we pay our vehicle payment a month ahead and add a little to pay it off quicker, and the mortgage is automatically withdrawn, no worries there.

I received an unexpected raise in April, my wife received a huge unexpected raise yesterday. She is sitting on multiple job offers in the medical field that would nearly double her income. Lexington, KY has a severe shortage of medical personnel, from nurses to office workers, and the pay is outstanding compared to the cost of living here.

Yes, the cost of things is frustrating, but we are doing better than we could have dreamed. We are faithful tithers and the more we give to the church, the more God has blessed us. We have no financial worries.

 

[sdarwkcabemanmy]

Saving, spending a bit and attempting to pay down debt. We don't use our credit cards very often, preferring to pay cash if we can.

 

[Green Tea]

I'm concerned - we have a fixed rate CC that we got through a balance transfer offer. Can that rate change?

Yes. Capital One did this a few years ago. Raised the fixed rates. You could opt out, and continue at the low rate until balances were paid off as long as you agreed to not to use the card and that the account would be closed once the balance got to zero.