Financial Challenges Support Group
This community is for people who are struggling to meet financial obligations of any kind. Financial challenges include everything from the day-to-day challenges of making ends meet to managing credit card debt to bankruptcy. Get support from others who are going through similar obstacles on the road back to financial stability.
That is what I got for a raise this year. I was planning on increasing my 401-K contributions in July from 10% to 15% - now it will be 18%...
I can only change my contribution rate twice a year, so until July, the 3% will all go into savings.
My goal of saving 50% of my gross income is still within reach, if I keep a close watch on my funds.
Right now I'm saving 42.6% of my gross pay and 48.5% of my take home pay...
In the past, when I got paid I had it spent just as fast covering bills and money spent weeks or months earlier. Now I get paid and my first thought is how much can I save. It is a very comforting and stress-free feeling to have this power over money... it used to be the other way around...
Now, I want money to work for me and not me working for money...
I can only change my contribution rate twice a year, so until July, the 3% will all go into savings.
My goal of saving 50% of my gross income is still within reach, if I keep a close watch on my funds.
Right now I'm saving 42.6% of my gross pay and 48.5% of my take home pay...
In the past, when I got paid I had it spent just as fast covering bills and money spent weeks or months earlier. Now I get paid and my first thought is how much can I save. It is a very comforting and stress-free feeling to have this power over money... it used to be the other way around...
Now, I want money to work for me and not me working for money...
I'm a hardcore saver, so I understand the feeling. I haven't had a raise in seven years (thanks for the treatment of teachers, NC!) but I am a firm believer in paying myself first (savings, xmas club, summer cash because I don't get paid in the summer) before anything else.
Awesome job!
Oddly enough, the last time the family received a financial boost I passed my Driving Test. However, my Brother wasn't in the right frame of mind to manage his money well. (he was 18 and left School with no formal qualifications at 16) However, he has since passed GCSE English and Maths, done a Horticulture Class for 2 Years and is now studying IT at Technical College. (like US Night Schools, only during the daytime) All he needs now is to pass the Theory Test; in 10 days time; apply for the Driving Test asap and then pass it.
I am trying to make a commitment to save 10% of my benefit money. However, three frogs sitting on a rock and one makes a commitment to jump. But all three are still on the rock because the other frog only made a commitment.
Pray this is when my life changes.
Start at 5%, or 3%, or 2 or 1%... first get he mindset to save then add more to it later.
I started at a half of a half percent... now going on five years I'm trying 50%.... first get the habit of saving - then wonder about the amount.
And the habit of saving creates another happy event - less spending...