Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

What do we do with our money?

My dh and I are finally in a position where we have extra money, but have no idea how to manage it and end up wasting it all. We've always been really bad with money. Need advice. ANyone have a financial planner? What do they do and what do they charge?

Answer Question
 
Anonymous

Asked by Anonymous at 12:17 PM on May. 6, 2011 in Money & Work

Answers (8)
  • I would look into having someone manage some type of investment account for you. Typically, they charge a percentage of what they are able to earn for you on your money, so the more they earn for you, the more they get paid. If they work hard, they get paid more...it is an incentive for them to perform well.

    If you don't want to go that route, sock it away in a savings account. I definitely agree with you wanting to stop the habit of blowing that money. Money is important.
    Mom-2-3-Girlz

    Answer by Mom-2-3-Girlz at 12:26 PM on May. 6, 2011

  • Do talk to a financial planner. They usually have either a banking or accounting background and can give you good advise. I don't know what they charge, but it doesn't sound like your situation is too complicated. Meanwhile, how about opening up a savings account and have your excess money direct deposited there. That way you can get to it, but have to go to the bank to do so. Best of luck and congrats on your financial situtation!
    jmpj8107

    Answer by jmpj8107 at 12:27 PM on May. 6, 2011

  • The first thing you want to save for is an emergency fund if you do not have one. It should be 6-8 months gross income in case you ever are out of work or have some sort of emergency. Put it in a CD or money market to get a little more interest and not have constant access to it.  Helpful link below.  GL!!


    http://www.bestmoneyinfo.com/index.php?option=com_content&task=blogcategory&id=7&Itemid=7

    whitepeppers

    Answer by whitepeppers at 1:12 PM on May. 6, 2011

  • Make a budget and stick to it.
    Candi1024

    Answer by Candi1024 at 1:50 PM on May. 6, 2011

  • Definitely spend a little of it to buy the book "Total Money Makeover" by Dave Ramsey. That will help you.
    MariAnKenobi

    Answer by MariAnKenobi at 2:15 PM on May. 6, 2011

  • Dave often sells his books online (DaveRamsey.com) for $15. Sometimes they are on sale for $10. You can also join the Dave Ramsey Fans group on CM and get tons of great information. I think a budget (like Candi said) is key though.

    When you get to the point where you have a little extra money I think it's okay to blow some of it. But OP, you are right- you do need to take control of your finances. And even though it's great to have wiggle room, you want to make sure that the bulk of that gets put to good use.
    Erica_Smerica

    Answer by Erica_Smerica at 4:36 PM on May. 6, 2011

  • As one person has already answered, the first thing is to make sure that you have enough liquid savings to cover you for at least 6 months of expenses. Next, you need to start saving for retirement. Depending upon your income level, you can start by putting some money into an IRA.
    evwsquared

    Answer by evwsquared at 7:57 PM on May. 6, 2011

  • here is a company that does it all. You get unlimited support and they have what is called a "money tracker". You put in your income, what you would like to spend and then as you spend it, you put it in the catagories that you spent it on. As I put my expenses in, I realized how much money we were wasting on things we didn't even need. It is a wonderful thing and I am so glad we did it.
    take a look. This is the site of everything this company offers for a very low fee. www.15708640118.info
    RMott

    Answer by RMott at 9:53 AM on May. 7, 2011

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.
close Join now to connect to
other members!
Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN