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I'm finally starting a budget using YNAB after years of wasting money. A couple YNAB questions: - Is there anyway to set goals for long term savings? If I want to save $5,000 in my Emergency Fund, can I set that goal and it will track of how much I've added in, how much until I reach my goal? - Along the same lines, for your long term savings categories, how do you keep track of how much you've saved for each? Or am I supposed to use an envelope system or something? Say over the next 6 months I want to save $500 for vacation, $600 for a new car, $1000 for home maintenance. How do I keep track of how much I have saved for each? Should I withdraw the amount I budgeted each month and put it in envelopes or what? Sorry, I'm certain these are simple questions that probably don't make sense. Regarding our budget, the only debt we have is 12k in Student Loans. We will have $1200-$1500 per month to save/pay down debt after our monthly expenses. Our goals currently are a 6 month Emergency Fund, down payment for a car, and paying down the student loan. Should we focus almost completely on the student loan? The 6 month emergency fund should be around $10,000, we already have $2,000 saved. /noob Thanks for the help.
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Jul 24, 2013 16:41
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aw yiss posted:Working only part time as I go to school nets me about $680 a month but I have next to nothing in expenses as my rent/food is covered for the next year or so with money that was saved for college. I have no foreseeable large expenses in the future that wouldn't be covered by this money meant for college so I wouldn't mind tying up a good chunk (~$10k?) of that $12k savings in something. (commuting for 3 years saved a lot of money). Would the remaining $2000 be your only emergency fund? Honestly, CDs are so low that you can likely find a comparable online savings bank that is liquid but offers just a slightly lower rate. I don't see any reason why you shouldn't start a Roth and max it up to $5,500 since your income is high enough to do so (you can't put in more than you make in an IRA) - just realize that money is essentially gone forever (not really obviously but it's so far in the future that you should be sure you're comfortable locking away the money) -- if you have any short term goals like travel or a car or something - be sure to realize that unlike a cd or mma, you're not going to touch whatever you put in the IRA You can roll your company 401k into a traditional IRA with no penalty or taxes and it doesn't count towards that years contribution so you can still add in another $5,500. If you then roll it into a Roth IRA, you'll have to pay taxes on it. I can't think of why you'd want to move it into your new employers 401k since company 401ks usually have a limited amount of investment options and often have high fee options to choose from. An IRA gives you free reign. HooKars fucked around with this message at 17:43 on Jul 24, 2013 |
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Jul 24, 2013 17:39
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Drunk Johnny posted:I'm finally starting a budget using YNAB after years of wasting money. A couple YNAB questions: You can do a few things. The best thing you should do though in terms of using YNAB is to take a few of their seminars. Some of their instructions are pretty great while some of them are just okay. I think someone on this forum earlier mentioned they didn't get 100% of their answers completely answered. Regardless, it'll give you a good idea of how to create a budget using YNAB. These are my savings goals on my budget:  Specifically, here is where I sit in terms of the ring:  As you can see, I put in a certain amount and it adds up to the balance. The goal itself is set within the naming of the budget category. Basically, rather than using envelopes, you just budget the money that you have and the software will track each individual category. It basically does enveloping for you but through the software. Rather than looking at your account balances moving forward, you just look at your budget categories to see how much money you have left over for each section.
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Jul 24, 2013 17:41
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Drunk Johnny posted:I'm finally starting a budget using YNAB after years of wasting money. A couple YNAB questions: 1. I create a category called "Emergency Fund - $5000" under a master category of long term savings. Then I just budget some money in it each month until I hit the amount I stuck in the name. There's a lot of discussion around this on the YNAB forums, but most people use a method like this. 2. You should be able to see how much you've put into that category by looking at the balance column on your budget.
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Jul 24, 2013 17:43
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Shadowhand00 posted:
Thanks for your reply. I will watch the seminars this evening. Regarding the last part... So you just have a bunch of saved money in your checking account that's for various things? Do you just leave it there until you hit your desired goal?
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Jul 24, 2013 19:06
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HooKars posted:Would the remaining $2000 be your only emergency fund? No, the $2000 would basically be spending money/buffer before actual emergency fund. If I came into a problem I would use that money first but its not the only option. Does the minimum deposit to open an IRA go towards that year's contributions? Is it still worth it just to open even if I might not come close to maxing it within the next few years as I might be switching jobs/interning/travelling? Also I see that $110,000 is the max AGI for contributions to a Roth? What does one usually do once their AGI exceeds that?
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Jul 24, 2013 21:37
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aw yiss posted:Does the minimum deposit to open an IRA go towards that year's contributions? Is it still worth it just to open even if I might not come close to maxing it within the next few years as I might be switching jobs/interning/travelling? Also I see that $110,000 is the max AGI for contributions to a Roth? What does one usually do once their AGI exceeds that? Yes, it would go towards that year's contribution. You can contribute up to $5,500 but you can certainly contribute less. You can only put in $5,500 a year so you can never make up for any year's that you didn't invest in once they're gone so yes, contributing even a little can be a good thing. Once you hit the limit and are no longer eligible for a Roth, you can put your money into a traditional IRA (and any 401k you may be a part of).
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Jul 25, 2013 00:29
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This is a quick,two-part question regarding choosing between two different credit cards. To give you a little background about myself: I'm a 26 year old grad student, I have always been on a plain Platinum Mastercard that was co-signed by my father and literally gives zero rewards. I am shifting banks from 5/3 to JP Morgan and I live off a trust fund managed by JP Morgan, which allows for me to pay for school, maintenance, rent, and medical until I graduate in a few months. I'll be signing up for a new credit card (by myself/no cosignor) with JP Morgan now that they have received my trusts but there are a few odd things in the way that I need to consider first. During the bank change, the old bank was going to notify me once they cleared the remaining money in my account to be used to close the credit card debt ($4k) and shut the whole account down. Yet, they kept my credit line open and held off a small portion of one of my trusts (this was believed to be done out of spite/forcing us to make a call for switching banks). Typically, the Mastercard was minimum- autopayed out of my checking (unbeknownst to me, I thought it was supposed to be paid in full) which received payout from my trust, however, those accounts had been fully transferred (unbeknownst to me) to the new bank and there was virtually nothing in my original bank account except a growing credit card line at $4k, a few hundred dollars in saving, and a few thousand in the leftover trust....Summary: This credit card sat in an account, missing it's auto-payments (since the checking was at another bank) and getting hit with finance charges for months (!!!!!) without me knowing. I'm going to try and close out the card immediately, today was unsuccessful because they said I would need to call my portfolio manager directly to transfer that money to my savings and sign forms to even pay out this derelict credit line and couldn't just pay it off immediately online. My question with this is: is there a better and faster way I can close out this credit card account and my entire bank account? How badly will this hurt my credit when I apply to the new cards at Chase/JP Morgan or in general? Onto to the new credit card: I've been given two choices: 1. JP Morgan Select - has tons of points systems, ISN'T REPORTED TO CREDIT BUREAUS, NO LATE FEES, NO OVERDRAFT FEES, looks cool and is brown 2. Chase Sapphire Preferred - has an even wider ranger point system, IS REPORTED TO CREDIT BUREAUS, LATE FEES, OVERDRAFT FEES, BUT IS MADE OUT OF METAL (Don't actually care about this) As you can see, I can be lazy with my payments, even if I have them, so I was thinking the JP Morgan Select is the best version plus it looks cool because it says JP Morgan on it  and doesn't report to credit bureaus. However the sapphire plus has a better point system, a huge signing point bonus ($3,000 in first few months results in massive points which I definitely will for school), but it is reported to Credit Bureaus so even though I"m at an age where I should be building my credit, I don't want to make things even worse if I'm going to be accidentally late on my payments in the future. Here's a good article comparing the two (they're pretty much the same except aethestics and reporting to credit bureaus):http://www.cntraveler.com/perrin-post/2012/9/ask-wendy-chase-sapphire-preferred-jp-morgan-select-credit-card-benefits-rewards Any thoughts are much appreciated, and yes I know the open credit card taking finance charges is inexcusable, everything was done online so I thought everything was fine until we switched banks a few weeks ago and I saw the damage. BLACK AIDS ORGY fucked around with this message at 09:17 on Jul 25, 2013 |
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Jul 25, 2013 09:13
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The first part is that you lose money if you have a credit card and don't pay it off each month. Rewards cards specifically tend to have higher rates, so the rewards are worthless in reality if you carry a balance. So part of this is you need to analyze whether you can handle fully paying off whatever the card is or not. If you can't, then get a low limit card and buy very few things each much to keep your credit decent. If you can, then always just be careful as it's easier to over spend with credit cards. 5th 3rd is a terrible, terrible bank.
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Jul 25, 2013 13:28
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You should never "accidentally" be late on payments. You sound like you didn't set up your first card, so you had no idea how it was paid or when it was paid - this is a terrible idea, for reasons you've just discovered. You should always know when payments are due, what account they're coming from, and how big they are. Autopay is a fine thing, but I'd probably suspend it for a month or two during a bank change to avoid situations like the one you got into. (while remembering to make payments manually, of course) As for the cards you're looking at, what's the reasoning behind those two cards? Of course your new bank would love you to use their credit card(more money for them), but that doesn't make them the best choice. Both cards have a $95 annual fee; are you really going to earn enough rewards to make up for the fee? (I wouldn't factor the Sapphire's intro bonus into this since that'll only happen once) This thread might be a better place to ask about good reward cards for your specific situation. That said, between the two listed I'd go with the Sapphire since you shouldn't be getting hit with late fees or overdraft fees in the first place. (I know you said you can be lazy with payments, but you really need to train yourself into better habits) And of coure, with any credit card, the rewards mean jack poo poo if you don't pay off your balance in full every month. (You should be in the habit of paying it off in full anyway, but it's even more important with a rewards card for the reasons Duckman said)
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Jul 25, 2013 23:36
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So I'm about to inherit $40,000. Am I right in thinking the smartest thing to do is pay off my debts, and put the rest in my savings for emergencies? Rough breakdown of debts: Credit Cards: $2800 @ 19% Car: $16,000 @ 3.99% Student Loan: $10,600 @ 6% That would leave ~$10k to go into my savings, which is a nice cushion.
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Jul 30, 2013 18:45
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Definitely the credit cards and student loan. The car loan at 4% is pretty manageable, though, and isn't costing you an arm and a leg in the grand scheme of things - especially if there are other places where the money could do more for you. Do you have a emergency savings buffer already? Are you saving for any large purchases like a home? What is your retirement/tax-advantaged account funding like? It might make sense to put the rest of the money towards things like that instead of the car loan. Or you could pay down a good chunk of the principle on the car loan to ensure that you're nowhere near upside down on it and to reduce interest payments further without shelling out the whole 16k.
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Jul 30, 2013 18:54
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Deviant posted:So I'm about to inherit $40,000. Yep, I'm with Guinness on this one. Getting rid of the student loan and the credit cards are a no-brainer, but I wouldn't necessarily knock out the car loan in full. Make sure you're at 6-9 months expenses in savings first, and are starting plans for long term (house savings, retirement, as applicable). If it's just free-floating cash after accounting for all that, then go ahead and pay down as much as you want.
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Jul 30, 2013 19:03
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Guinness posted:Definitely the credit cards and student loan. The car loan at 4% is pretty manageable, though, and isn't costing you an arm and a leg in the grand scheme of things - especially if there are other places where the money could do more for you. Do you have a emergency savings buffer already? Are you saving for any large purchases like a home? What is your retirement/tax-advantaged account funding like? It might make sense to put the rest of the money towards things like that instead of the car loan. Or you could pay down a good chunk of the principle on the car loan to ensure that you're nowhere near upside down on it and to reduce interest payments further without shelling out the whole 16k. Let me handle this item by item: Savings: Fuckall.  Retirement: Currently putting 6% into my 401k, the matching maximum at my company. Roughly ends up $400/mo after matching. Current balance of $5600. The Ccards and the student loan seemed like no brainers. The car payment is probably my most significant bill after rent. My monthlies look something like this (bearing in mind these bills obviously flucuate based on usage): code:I see the point being made, the allure of knocking that $367 out of my monthlies is quite strong though. Deviant fucked around with this message at 19:21 on Jul 30, 2013 |
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Jul 30, 2013 19:19
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My opinion would be to kill the CC and student loans, and pay off half of the car. This will leave you with roughly $18k to put in your bank. Take the extra that you'll be saving monthly from the CC and student loan payments and start snowballing your car payment. Once that is done, you can start saving for whatever it is you want.
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Jul 30, 2013 19:23
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Nocheez posted:My opinion would be to kill the CC and student loans, and pay off half of the car. This will leave you with roughly $18k to put in your bank. I think this is a pretty good plan of action. Doing a principle-only payment of about 8k on the car loan will ensure that you'll never be upside down on the loan and will lower the lifetime cost since you'll only be accruing interest on half as much principle. You can then continue to pay it off using some of the monthly cash flow freed up from the CC and student loans. If you pay down the principle to about 8k and redirect the CC and student loan payments to the car loan and start paying about $500/mo toward it instead of the minimum $367 you'll have it paid off in about a year and a half while still keeping a large liquid cash reserve on hand. Or since after paying the principle down to 8k you'll presumably have a car that is worth more than the loan on it, then just riding out the minimum payments at 4% isn't really that bad of an idea either; 4% is pretty cheap if you feel that the money could be better spent elsewhere. All that said, the most important thing to do with this windfall is use it to get out of debt and stay out of debt. No more carrying credit card balances. If you buy things on your credit card, you commit to paying the whole statement balance every month. This is a really great opportunity to very quickly get yourself in a hugely improved financial position, please don't throw it away. 
Guinness fucked around with this message at 19:42 on Jul 30, 2013 |
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Jul 30, 2013 19:34
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Deviant posted:So I'm about to inherit $40,000. I would pay off all your debt and put the rest into an emergency fund, even if this doesn’t fully fund what you want your emergency fund to be. The only reason you would not do this is if you have a looming thing on the horizon. If you said you were moving cross country in 6 months, or if you had an operation scheduled and you knew you would be out of work, or you were about to start grad school, something where you needed the cash, but assuming no immediate demands are coming, pay everything off and continue to save until you reach your goal, which should be easier since you don’t have these debt payments anymore.
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Jul 30, 2013 20:21
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Zeta Taskforce posted:I would pay off all your debt and put the rest into an emergency fund, even if this doesn’t fully fund what you want your emergency fund to be. The only reason you would not do this is if you have a looming thing on the horizon. If you said you were moving cross country in 6 months, or if you had an operation scheduled and you knew you would be out of work, or you were about to start grad school, something where you needed the cash, but assuming no immediate demands are coming, pay everything off and continue to save until you reach your goal, which should be easier since you don’t have these debt payments anymore. This accuratley describes my situation. I have no pending emergencies or major life changes.
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Jul 30, 2013 20:22
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Although technically it might make sense to keep some of the car debt at a low rate, to be quite honest it's more likely that you'll find excuses to spend money that's in your bank account. Only you can judge, of course. I would pay off all of the debt and just be done with it. You'll be saving a lot more after you get rid of all of your debt payments anyway, and if you don't anticipate needing a large liquid reserve of cash for any reason, it makes even more sense to just pay it all off.
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Jul 31, 2013 01:41
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After paying off your debts, and saving/investing the remainder, don't forget to leave yourself a grand or so, and buy yourself something nice for being fiscally responsible.
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Jul 31, 2013 01:45
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That's not really a low car rate. A low car rate is 2% or lower. Just pay it off unless a loan shark is calling you.
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Jul 31, 2013 02:54
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moana posted:Although technically it might make sense to keep some of the car debt at a low rate, to be quite honest it's more likely that you'll find excuses to spend money that's in your bank account. Only you can judge, of course. I would pay off all of the debt and just be done with it. You'll be saving a lot more after you get rid of all of your debt payments anyway, and if you don't anticipate needing a large liquid reserve of cash for any reason, it makes even more sense to just pay it all off. How is paying the car debt all at once going to affect my credit vs paying it in installments? This was brought up to me, and I don't know the answer.
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Jul 31, 2013 03:22
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Not in anyway that really matters.
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Jul 31, 2013 03:28
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Harry posted:Not in anyway that really matters. K, thanks. Wasn't sure.
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Jul 31, 2013 03:29
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I'd vote for pay everything off too. 10k leaves you with a four months emergency fund, probably more since your expenses would go down significantly once you get rid of that car payment. I'd say that's plenty. There's nothing right now that will get you 4% + tax on a guaranteed investment, and without long term plans I don't know that you'd want to go for funds or something like that. Pay off everything, try to stick as much of what used to be car payments into savings as possible.
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Jul 31, 2013 14:40
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Deviant posted:K, thanks. Wasn't sure.
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Jul 31, 2013 16:56
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moana posted:People worry too much about their credit rating. Do the right things and only start to worry about your credit score a year or two before you buy a house. And even then, if you've done the right things, you won't need to worry. Probably need to change the thread title back to "Your credit score isn't a video game" 
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Jul 31, 2013 18:13
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Zeta Taskforce posted:Probably need to change the thread title back to "Your credit score isn't a video game"
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Aug 1, 2013 15:18
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Sooo here's my situation. I'm a teacher and so I am in a teacher's credit union. My credit union offers a special "Summer Saver" account for teachers that offers 3% interest. Obviously this is the best savings account interest I am likely to find. The downside is that the account can only be populated by direct deposit paychecks, and the account automatically empties into my regular checking account August 31st. Also, if I needed to pull the money out before August 31st, I would forfeit all the interest. I am in a fairly good position - married, no debt, no kids, an established emergency fund made up of money outside of this faux CD. No real investments though. I could easily assign 30-50% of my paycheck to the summer saver account to maximize my interest without screwing myself. OR is it a better idea to take that money and invest it long-term?
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Aug 2, 2013 01:23
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So the offer is only on for one more month? You're talking about less than $20 in interest.
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Aug 2, 2013 01:36
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eddiewalker posted:So the offer is only on for one more month? You're talking about less than $20 in interest. Well, yeah, for this year, but it starts again every year. If I don't change it now, it will accumulate $400/paycheck until next August 31st, because that's what it was set to last year. If I want to change it at all I should do it now.
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Aug 2, 2013 01:42
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Hawkgirl posted:Sooo here's my situation. I'm a teacher and so I am in a teacher's credit union. My credit union offers a special "Summer Saver" account for teachers that offers 3% interest. Obviously this is the best savings account interest I am likely to find. The downside is that the account can only be populated by direct deposit paychecks, and the account automatically empties into my regular checking account August 31st. Also, if I needed to pull the money out before August 31st, I would forfeit all the interest. It's fine for what it is. It's not like you need to jump through big hoops and the penalty if you need the money isn't severe. That said, this isn't really an investment and 3% isn't going to make you rich. There isn't any downside to saving money, but long term you will do much better investing in diversified stock funds within a Roth IRA. I know thread regulars grown when ever I ask this, but you have your act pretty well together. Are you and your spouse regular givers to charity? Nocheez posted:I wish someone who cared about credit scores (definitely not me) would start a megathread so we could eliminate those questions from this one. If I had that kind of time, I wouldn't have turned in my blue star.
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Aug 2, 2013 06:01
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Zeta Taskforce posted:It's fine for what it is. It's not like you need to jump through big hoops and the penalty if you need the money isn't severe. That said, this isn't really an investment and 3% isn't going to make you rich. There isn't any downside to saving money, but long term you will do much better investing in diversified stock funds within a Roth IRA. I know thread regulars grown when ever I ask this, but you have your act pretty well together. Are you and your spouse regular givers to charity? Well, we could be better. We donate to our local NPR station. I have a donation to my district's foundation taken out of my paycheck each month, so I don't even count it in my budget. I teach in a somewhat low-income area, not inner-city by a long shot but a lot of people in need, and I use a lot of my fun money to make sure everyone in my class has an equal shot at succeeding. To be honest I have a line in my monthly budget for teaching stuff. This year may be the first year that I spend within the amount I am legally allowed to write off.  Could do better though. We haven't factored my raise this year into the budget yet, so I should find something good to donate to before we find ways to spend it.Thanks for the advice!
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Aug 2, 2013 06:17
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Hawkgirl posted:Well, we could be better. We donate to our local NPR station. I have a donation to my district's foundation taken out of my paycheck each month, so I don't even count it in my budget. I teach in a somewhat low-income area, not inner-city by a long shot but a lot of people in need, and I use a lot of my fun money to make sure everyone in my class has an equal shot at succeeding. To be honest I have a line in my monthly budget for teaching stuff. This year may be the first year that I spend within the amount I am legally allowed to write off. Didn't mean to put you on the spot and glad that you are helping out NPR and thinking so much about the next generation. You have done really well saving and living within your means. You are doing better than you think you are.
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Aug 2, 2013 13:42
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Speaking of charities, has anyone here ever used a donor fund like Fidelity Charitable or Schwab Charitable? It seems like a great way to maximize your donation impact, and organize your giving. Right now I just donate on a whim and usually around Christmas, but I'd like to work a regular monthly contribution into my budget. I really like the idea of those funds, but the $5,000 up-front minimum contribution is a big deal to jump into without knowing exactly what I'm doing. I'd probably want to donate about $2,500 annually.
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Aug 2, 2013 16:21
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SlightlyMadman posted:Speaking of charities, has anyone here ever used a donor fund like Fidelity Charitable or Schwab Charitable? It seems like a great way to maximize your donation impact, and organize your giving. Right now I just donate on a whim and usually around Christmas, but I'd like to work a regular monthly contribution into my budget. I really like the idea of those funds, but the $5,000 up-front minimum contribution is a big deal to jump into without knowing exactly what I'm doing. I'd probably want to donate about $2,500 annually. Yea it is a solid way to go and Fidelity Charitable is a very good choice. Pick a year when the tax savings are particularly advantageous for the upfront contribution. Also I would try to gift appreciated stock or fund shares. Doing it all up front and one time makes this process easier than giving appreciated stock to a dozen different charities. 80k fucked around with this message at 18:08 on Aug 3, 2013 |
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Aug 3, 2013 18:06
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I finally have a job where I can start paying off my debts (missed bills, old credit card debt, insanely high interest rate car payment) and fixing my credit. I almost couldn't rent the apartment I have with my bad credit, and I'd like to one day have a house and a car that doesn't cost me an arm and a leg. I'm paying $380/month for a 2004 Honda Accord with like an 19% interest rate which is insane and makes me sad, I've got about $8000 left on the lean. Does getting a credit report reveal all the places that have my debt that I could contact to start paying some of it off? I don't know if it's possible to also refinance my car or anything. I also have no idea what to pay off first or what would most positively affect my credit as soon as possible. Please help I have no idea what to do and my parents are terrible with their money so I can't take their advice and I don't want to end up in bankruptcy like them. ceebee fucked around with this message at 07:18 on Aug 5, 2013 |
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Aug 5, 2013 07:16
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ceebee posted:I finally have a job where I can start paying off my debts (missed bills, old credit card debt, insanely high interest rate car payment) and fixing my credit. I almost couldn't rent the apartment I have with my bad credit, and I'd like to one day have a house and a car that doesn't cost me an arm and a leg. I'm paying $380/month for a 2004 Honda Accord with like an 19% interest rate which is insane and makes me sad, I've got about $8000 left on the lean. You sound like you have a lot of questions and need some very real help. Please make a thread, list your current income, budget, etc. and we'll help you untangle the mess.
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Aug 5, 2013 13:19
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80k posted:Yea it is a solid way to go and Fidelity Charitable is a very good choice. Pick a year when the tax savings are particularly advantageous for the upfront contribution. Also I would try to gift appreciated stock or fund shares. Doing it all up front and one time makes this process easier than giving appreciated stock to a dozen different charities. The only thing that gives me pause, is I found this page: http://www.fidelitycharitable.org/giving-account/features/fees.shtml They mention a $100 minimum annual fee, which is a 2% expense ratio on $5,000 right? That seems a bit steep. I'm wondering if until I'm in the tens of thousands per year range, I might be better off just using a site like http://www.networkforgood.org/ ?
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Aug 5, 2013 14:38
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ceebee posted:I finally have a job where I can start paying off my debts (missed bills, old credit card debt, insanely high interest rate car payment) and fixing my credit. I almost couldn't rent the apartment I have with my bad credit, and I'd like to one day have a house and a car that doesn't cost me an arm and a leg. I'm paying $380/month for a 2004 Honda Accord with like an 19% interest rate which is insane and makes me sad, I've got about $8000 left on the lean. We will need more info such as your income, your expenses, your rent, your other payments, your debts. If you don't want to share all that, listening to Dave Ramsey and following his plan would benefit you too.
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Aug 5, 2013 17:07
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