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financial advice for dummies

Posted by on Jan. 14, 2015 at 8:03 PM
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Do you follow anyone's financial advice like Suze Orman or anyone?

I'm looking for solid suggestions on saving, paying down debt, but all this on a low salary. All the stuff I've read so far is about where to put that extra 1k every month..uhh...riiight...
by on Jan. 14, 2015 at 8:03 PM
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Replies (1-9):
wenuck
by Wendy - Moonshine on Jan. 14, 2015 at 8:09 PM
1 mom liked this
I do not follow anyone but myself. I'm such a tight wad it's not even funny. Bumping this for ya!!!
lucky2Beeme
by Gold sister on Jan. 14, 2015 at 8:10 PM
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I do not. I know a couple that swear by Dave Ramsey.

wildchild.com
by Janine on Jan. 14, 2015 at 9:36 PM
1 mom liked this
Sorry I don't but here's a bump.
1kidmomajm
by Kristy on Jan. 15, 2015 at 8:01 AM

I don't know what your spending habits are, but you can cut back on things. Don't get your nails done, dont go to starbucks, fast food, cut back on cigs and alcohol purchases. Make one day every couple weeks for all errands so you save on gas. Pack lunches, dont spend lunch money (my downfall!)

If you have multiple credit cards, cut them up so they can't be used, except keep two. I love the suze orman show, but that show seems to be for people that still have some money! 

Clip coupons, learn which groceries are cheapest at which grocery store.

If you have a retirement account, have 25-50 a month rolled over from your paycheck or bank account automatically. You wont miss that money. 

Can you cut back on cable or phone, check out those options. 

You could see if you can get all your debt rolled into one payment, whatever those condenced payment plans are called. But check to make sure that isnt a mark against your credit level. 

Dh and I don't make much. He has hardly worked this past year. We are very stingy, but have our moments. We get byy, but don't do anything like go away for a weekend, or blow $200 on a concert. We just make sure we can do a summer vacation, which we do really well on the cheap!!

I am worried about retirement. I dont think I will ever be able to.

We did a prepaid college fund for my son, so that is done. But I dont think we have room and board money, so he me have to commute to one of the nearby colleges. But at least I should be proud he can go!!

SeanandNoahsmom
by Manning Fan on Jan. 15, 2015 at 8:19 AM
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I just put away what I can for a rainy day.

Delawhere
by Bronze sister on Jan. 15, 2015 at 8:41 AM

DH is very good when it comes to handling, investing and saving money.  He has found books by Rick Edelman to be very helpful and informative and encouraged me to read a few of his books.  While Finances will never be easy for me (we all have our strengths & weaknesses!), I did find the books easy to read and definetly made me more conscious about money.

I would also encourage you to get involved with a 401K if one is offered thru your work.  I've been contributing to mine for a many years now and I'm pleasantly surprised at how quickly it has added up.  Plus my employer matches up to a certain percent so it's like getting free money as well.

mcginnisc
by Claire on Jan. 15, 2015 at 9:01 AM

Dh and I are both very fiscally responsible...we have only the mortgage as debt and that has been the trend for several years now. That said, we did take Financial Peace University by Dave Ramsey last summer to see what it was all about. We like his system, but we disagree about a few things. We did not cut up our credit cards as we like the points and I pay them off as soon as we use them. 

Dh has his 401K contributions maxed out as well as his company matching, and we invest in a Roth. 

Dave Ramsey has a plan: 

1.) Get $1000 in the bank if you make over $25K annually ( $500 if under $25K annually) for an emergency fund. 

2.) Pay off all debt ( Use the debt snowball- pay the smaller bill first, then apply what you would pay to that for the next smaller bill and so forth)

3.) Put 3-6 months of expenses in the bank. 

4.) Invest 15% of household income.

5.) Save for your child's college fun.

6.) Pay off home early.

7.) Build wealth and give. 

We are going to be on #4 this year...the problem is the fact that we have only been allowed by law to put so much into the 401K, but we hope to be able to invest a bit more and will probably be on #5 within the year. 

Claire


" I can do all things through Christ who strengthens me." Philippians 4:13 

sometimesred
by Bump Queen! on Jan. 15, 2015 at 2:11 PM

Suze is one of the worst.  Motley Fool is pretty good.  In reality to be successful at it you really have to do the study and research yourself.  All others are out to make money for themselves, not for you.

booscomputer
by Sister on Jan. 15, 2015 at 2:24 PM

Be careful when you follow anyone's financial advice because each State has different tax codes -- for instance for estate planning -- every State handles different types of assets in different ways.  Also, make sure when you see a "financial planner" that they are working for you, not for their commissions (annuities and insurance products) and that they are not wedded to any particular investments -- that you can diversify easily.

Pay off bills, Suze Orman does have great advice -- I just disagree that everyone needs a Trust so I do not follow much of her advice.

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