seriousthistime
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Post by seriousthistime on Jun 21, 2020 16:38:53 GMT -5
Below is a good budget template. It's overwhelming though, and you may need to do some editing.
Usually a list bills isn't enough. It's also important to account for irregular, but predictable expenses. Think about car maintenance. You know you'll need to save for new tires, you just don't know when it will cost. If you own your home, you'll need to replace appliances eventually.
INCOME
Take home income Other income
BILLS
mortgage
rent
garbage
cable
Netflix/other streaming services
landline phone
internet
cell phone
electric
natural gas/propane
water
alarm
car insurance
home insurance (if not included in mortgage)
DEBT
MONTHLY SPENDING
auto: fuel
charity
groceries/toiletries
eating out
blow money
entertainment
retirement savings (outside contributions through work)
newspaper/magazine/online subscription
SINKING FUNDS
(Take the amount you expect to spend in a year, divide by 12 and set aside this amount each month in savings.)
clothing & shoes
haircuts
pet care
gifts, parties
household/garden
Christmas/birthdays
home repairs and maintenance (1-3% of house value per year)
car repairs and maintenance/tags ($75/car/month recommended)
car registration/tags/taxes
electronics replacement
medical (rx, copays, contacts, dental)
classes/activities
property taxes (if not included in mortgage)
adult classes
travel
new car fund
giramomma, what source did you use to get this list or was it something you developed for yourself over time? It seems very comprehensive. I'd love to see what other advice that source has about living within one's means. Back about 15 years ago when I was newly divorced, paying for kids' college, and learning to live on my own (and still in the credit card debt cycle), I read a few books, followed a few online resources including MS Money, and basically cobbled together a plan. Now that I'm heading toward retirement, I need to carefully scrutinize my budget and see what's there, what's still needed, what I need to cut back on, and so on. And with the stay-at-home orders, I've really not spent any cash other than random $5 tips to delivery people. There's a paper trail on everything else. I just need to review my checking accounts and the couple of credit cards I use and pay off every month (one VISA, one MasterCard) and see where I am. And I think that's what the original poster needs to do, too ... go through expenses with a fine-tooth comb. Blonde Granny, @athena53, @bamafan1954, and others, are there any spending categories you'd add to the list?
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giramomma
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Post by giramomma on Jun 21, 2020 17:05:53 GMT -5
I grabbed the budget template from a mommy board:
I also altered some of it to remove things like daycare costs, kid activities etc.
The mantra on there is a list of bills is not a budget. When I was first new to money management..I needed to account for everything. Now, not so much. Our income hasn't risen all that much, and after a decade...it's just easier to memorize spending habits: ie, I get one big trip at costco or target a month, not both.
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Deleted
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Post by Deleted on Jun 21, 2020 19:10:48 GMT -5
Blonde Granny , @athena53 , @bamafan1954 , and others, are there any spending categories you'd add to the list? No, that's a pretty thorough list other than car insurance (included in the Car line?) and homeowners insurance if not in the mortgage payment. I have to admit my budgeting isn't that fancy. I track my expenses in just about that amount of detail so I know what I'm spending per year but then I have a fixed amount moved into my account from the investments every month, set aside a few "buckets" (home and car maintenance, property taxes, state and federal taxes, out-of-pocket medical), estimate the bills for the month (utilities, Medicare premiums) and then spend the rest. I maintain it all in Excel. I have a general idea what groceries and gas are every month. I may spend more on gas and less on restaurants in a given month but I don't pay attention as long as I stay within the total limit for the month. Everyone has to find something that works for them and estimating expenses (including the infrequent big ones) is a good start.
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CCL
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Post by CCL on Jun 21, 2020 20:40:29 GMT -5
I grabbed the budget template from a mommy board:
I also altered some of it to remove things like daycare costs, kid activities etc.
The mantra on there is a list of bills is not a budget. When I was first new to money management..I needed to account for everything. Now, not so much. Our income hasn't risen all that much, and after a decade...it's just easier to memorize spending habits: ie, I get one big trip at costco or target a month, not both. I'm not seeing anything for life and/or health insurance.
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Peace77
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Post by Peace77 on Jun 21, 2020 22:25:03 GMT -5
So sorry for your loss.
Check with you ur bank or credit union, sometimes they have small life insurance policies on members/customers.
Send a death certificate to the Social Security Administration along with a note to claim your one time $255 death benefit.
If you were born in 1959, your full retirement age is 66 and 10 months. If you were born in 1960, your FRA is 67, not 65.
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NastyWoman
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Post by NastyWoman on Jun 21, 2020 22:48:39 GMT -5
So sorry for your loss. Check with you ur bank or credit union, sometimes they have small life insurance policies on members/customers. Send a death certificate to the Social Security Administration along with a note to claim your one time $255 death benefit. If you were born in 1959, your full retirement age is 66 and 10 months. If you were born in 1960, your FRA is 65.
I know this is a typo, but if you were born in 1960 or later your FRA is 67 not 65
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Blonde Granny
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Post by Blonde Granny on Jun 22, 2020 4:56:19 GMT -5
Below is a good budget template. It's overwhelming though, and you may need to do some editing.
Usually a list bills isn't enough. It's also important to account for irregular, but predictable expenses. Think about car maintenance. You know you'll need to save for new tires, you just don't know when it will cost. If you own your home, you'll need to replace appliances eventually.
INCOME
Take home income Other income
BILLS
mortgage
rent
garbage
cable
Netflix/other streaming services
landline phone
internet
cell phone
electric
natural gas/propane
water
alarm
car insurance
home insurance (if not included in mortgage)
DEBT
MONTHLY SPENDING
auto: fuel
charity
groceries/toiletries
eating out
blow money
entertainment
retirement savings (outside contributions through work)
newspaper/magazine/online subscription
SINKING FUNDS
(Take the amount you expect to spend in a year, divide by 12 and set aside this amount each month in savings.)
clothing & shoes
haircuts
pet care
gifts, parties
household/garden
Christmas/birthdays
home repairs and maintenance (1-3% of house value per year)
car repairs and maintenance/tags ($75/car/month recommended)
car registration/tags/taxes
electronics replacement
medical (rx, copays, contacts, dental)
classes/activities
property taxes (if not included in mortgage)
adult classes
travel
new car fund
giramomma, what source did you use to get this list or was it something you developed for yourself over time? It seems very comprehensive. I'd love to see what other advice that source has about living within one's means. Back about 15 years ago when I was newly divorced, paying for kids' college, and learning to live on my own (and still in the credit card debt cycle), I read a few books, followed a few online resources including MS Money, and basically cobbled together a plan. Now that I'm heading toward retirement, I need to carefully scrutinize my budget and see what's there, what's still needed, what I need to cut back on, and so on. And with the stay-at-home orders, I've really not spent any cash other than random $5 tips to delivery people. There's a paper trail on everything else. I just need to review my checking accounts and the couple of credit cards I use and pay off every month (one VISA, one MasterCard) and see where I am. And I think that's what the original poster needs to do, too ... go through expenses with a fine-tooth comb. Blonde Granny , @athena53 , @bamafan1954 , and others, are there any spending categories you'd add to the list? This list looks a lot like my YNAB. Now the task is to figure out how much money each month goes into each category. The first time I tried this years ago, I was shocked when I discovered the DH and I were spending $700/mo on eating out and another $3-400 a month of groceries that we ended up tossing out.
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Blonde Granny
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Post by Blonde Granny on Jun 22, 2020 5:25:53 GMT -5
Without going back to read every post again, I haven't seen mentioned your own legal situation. Do you have a will and POA for medical? Is the house and car now in your name? Do you have a trust rather than other options?
My house, car and brokerage accounts are all in the name of my trust. A good certified Elder Law attorney rather than a banker or Financial Advisor at this point might be a better option for some guidance.
Let me add one more thing here: When my DH passed away 4.5 years ago I lost monthly income of $3700.00/mo. I know live on SS and VA disability. My total income is now $3000.00/mo and I spend about $2200/mo total.
For others here, we are all different, have different expenses, income, but we all seem to manage quite well. I also do not take any funds from my investments unless it is an emergency, and that has only happened once.
Make it twice, I asked for money this morning to pay for some new furniture and a new TV for the sun room.
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countrygirl2
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Post by countrygirl2 on Jun 22, 2020 7:04:32 GMT -5
Yes, if I lose hubs, will lose a lot, but will have to adjust some things. But you need to be aware of that also. With me he will be fine and I had to quit work way early, then stupidly took my SS at 62 because I just couldn't deal with no income of my own. It was a mistake.
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Deleted
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Post by Deleted on Jun 22, 2020 7:41:23 GMT -5
Yes, if I lose hubs, will lose a lot, but will have to adjust some things. But you need to be aware of that also. With me he will be fine and I had to quit work way early, then stupidly took my SS at 62 because I just couldn't deal with no income of my own. It was a mistake. Actually, it is supposed to basically be a wash whether you take it at 62 or not unless you outlive the usual lifespan. Your benefit is higher if you wait but you get it for a shorter time. Given your many health issues, you may actually have been wise to take it early if you weren't working. Someone calculated a break-even point. It is somewhere in your 80s, but I don't remember exactly. ETA: It is basically 77 if you begin collecting at 62. There is a more precise formula, but that is a starting point.
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moneysquirrel
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Post by moneysquirrel on Jun 22, 2020 11:51:32 GMT -5
I am also sorry for your loss.
You have received good advice from many already. The information as to categories is a good one. I personally use an Excel spreadsheet to keep track of my spending/budget. Others use their own system. You will have to decide what works best for you. Getting a handle on your monthly income/outgo is in my opinion a vital component in planning. It is a work in progress. You will need to make changes as you find what works and what doesn't. Things will be added one year and taken out in later years. Start small but start with something that you can be comfortable with. It takes time.
My story:
Like many others who have replied I am also a widow. I lost my DH 14 years ago. At the time I was too young to take his SS and was fortunate to have a small pension from him. I did go back to work a few months after his death. (FYI: I was out of work due to Katrina flooding of my school. The benefit was that I was able to use that time to care for him during his last months without the pressures of work).
I lived on his pension for several months and it was tough to not pull out of savings unless the need arose. Once I went back to work I made it an attempt to make sure that all monthly bills came out of the pension plus putting money in sinking funds for those items I knew were coming up. My needs are simple and I managed. A few years later I moved from the part time job to a full time one at a different school. I stayed there until my retirement at age 67. Once I reached my full retirement age (while was for me 66) I applied for DH's SS and let mine continue to grow. Plus since I was at FRA I could make what my salary was without the penalties for income. For that one year I lived on the SS and pension for all monthly expenses and for putting money into the sinking funds. I tried to save as much of my salary as I could as I wanted to know that I could like on the SS and pension once I retired and would not have my salary to fall back on. I continued on this path until I reached 70 a few months ago. At that time I was able to switch to my own SS which grew at 8% for every year I left it passed my own FRA.
Today i manage to live on the pension and SS for my needs. The only time I pulled money out of savings is to pull from the sinking funds and those were funded by the pension and SS for the most part in the recent years. I have not had to tap into my retirement funds yet ay=nd since the rule changed I have not had to take RMD.
I don't know if my experience will help you or not but wanted to pass it on just in case.
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Peace77
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Post by Peace77 on Jun 22, 2020 14:46:48 GMT -5
So sorry for your loss. Check with you ur bank or credit union, sometimes they have small life insurance policies on members/customers. Send a death certificate to the Social Security Administration along with a note to claim your one time $255 death benefit. If you were born in 1959, your full retirement age is 66 and 10 months. If you were born in 1960, your FRA is 65.
I know this is a typo, but if you were born in 1960 or later your FRA is 67 not 65 You're right. Fixed it.
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plugginaway22
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Post by plugginaway22 on Jun 22, 2020 16:52:06 GMT -5
I am wondering why several of you state that you don't want to spend any of your investments, just live off your SS/pension income. Is it that you plan to leave it all to your children? DH and My retirement plan is to definitely draw down our retirement savings and if we end up with zero, oh well.
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Deleted
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Post by Deleted on Jun 22, 2020 16:59:33 GMT -5
I am wondering why several of you state that you don't want to spend any of your investments, just live off your SS/pension income. Is it that you plan to leave it all to your children? DH and My retirement plan is to definitely draw down our retirement savings and if we end up with zero, oh well. No, leaving it to my kids isn't my plan. But I want the retirement accounts to function as backup for things like LTC and even bad inflation.
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Blonde Granny
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Post by Blonde Granny on Jun 22, 2020 17:55:20 GMT -5
My son has more money than I'll ever have, and my 3 grandkids will be generously taken care of. My caution is having the funds to have help in my house rather than going into assisted living. And SS says, inflation can hurt also medical costs even with Medicare and a good supplement. And has anyone see the costs of good dental care (without insurance).
In other words, I intend to be self sufficient and without any need for my son to worry about me, or having to have me live in part of their house. I can spend it now or spend it later......I'd rather spend it later and live on my terms.
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countrygirl2
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Post by countrygirl2 on Jun 22, 2020 18:31:31 GMT -5
Yes, we hope to leave some to grandson and DD. Hubs thinks we will more then me. I can see one of us getting sick and ending up in some type of facility or needing assistance and using a lot of the money. It would be nice to leave some but if we cannot, it will be even better to have it to take care of us. Either way, glad we saved what we did.
We take RMD's, a lot of it goes to pay federal, state, property, and insurance bills. At least a 1/3 or more, I would guess. But also hubs did not retire till age 69 so really helped with what he can draw. I just wonder if something happens to him can I draw the same amount or just what he would have drawn at his full retirement age. And yes, I realize they will just add the difference to what I already get. I do know DD will get 3/4's of his for life after he is deceased.. I still am hoping she can go to assisted living instead of a group home. But I think hubs will outlive me, I have to many health issues. Either of us, or both, will have a decent life unless inflation just goes totally crazy.
I too do not want son to have to care for us or DD, hope we planned wisely.
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CCL
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Post by CCL on Jun 22, 2020 20:06:20 GMT -5
I am wondering why several of you state that you don't want to spend any of your investments, just live off your SS/pension income. Is it that you plan to leave it all to your children? DH and My retirement plan is to definitely draw down our retirement savings and if we end up with zero, oh well. But the trick is figuring out how much you can draw down without running out, especially when you have it invested in the markets. It was always easier for me to save it than to figure how to spend it. For people like us who retired in our 50s it's even trickier.
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Deleted
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Post by Deleted on Jun 23, 2020 6:50:13 GMT -5
I am wondering why several of you state that you don't want to spend any of your investments, just live off your SS/pension income. Is it that you plan to leave it all to your children? DH and My retirement plan is to definitely draw down our retirement savings and if we end up with zero, oh well. If there's money left over when I die and it goes to DS and DDIL, that's good, but my main concern is not outliving my savings. I AM withdrawing from investments but keeping a close eye on them to make sure it's sustainable. I retired 6 years ago and even after the downturn in the market and having to replace my car the week before last, my investments have gone up by an average of 2.1%/year after withdrawals. I talked to my brother yesterday; Dad is in a LTC facility after a stroke over Easter and it's costing $107,000/year. He has it, thank heaven and none of us cares if his last dime goes for his care. (Mom died in 2016.) My siblings who live in the area were able to choose the best place nearby instead of frantically hunting for one that takes Medicaid. Coincidentally, a friend just e-mailed me today about his elderly father, who had run out of money, sold his small house, was living in a room of a friend's house and has to move because the friend is 100 and can't live on his own anymore. I want options if I get that old and need care. And has anyone see the costs of good dental care (without insurance)? Not much better with insurance, which is why I don't have any. When you meed major work it usually covers only 40-50% and there's a cap on what they'll pay for all work in the whole year- typically $1,000-$2,000. In my neck of the woods a dental implant costs $5,000.
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Blonde Granny
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Post by Blonde Granny on Jun 23, 2020 7:01:23 GMT -5
The VA offered me dental coverage by Delta. By the time I would pay $40/mo or so, plus other costs it was just about the thing as not having it. When my implant was done, between the oral surgeon and the dentist who did the crown it was also $5k.
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Rukh O'Rorke
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Post by Rukh O'Rorke on Jun 23, 2020 9:27:57 GMT -5
I am wondering why several of you state that you don't want to spend any of your investments, just live off your SS/pension income. Is it that you plan to leave it all to your children? DH and My retirement plan is to definitely draw down our retirement savings and if we end up with zero, oh well. I don't want to draw down, but do plan to skim off the top as it were - using 4% or less - which at 4% theoretically means that your kitty continues to compound at least to the level of providing inflation-adjusted $$$ at original 4% amount. theoretically.
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Post by The Walk of the Penguin Mich on Jun 23, 2020 12:16:38 GMT -5
The VA offered me dental coverage by Delta. By the time I would pay $40/mo or so, plus other costs it was just about the thing as not having it. When my implant was done, between the oral surgeon and the dentist who did the crown it was also $5k. It's almost a break even point. 2 dental cleanings/year run about $380 where I live. If you have any other need, it's going to be about 50% of the cost. My last crown on a cracked tooth this past year cost me $600, it would have been $1200 without insurance. Our dental insurance is capped at $2500/year. I have yet to come up against the cap, but TD has several times as he has needed a lot of work recently. Times like this I really miss working at the dental school.......however, despite working with access to dental treatment for 30+ years, I never needed anything until I no longer worked there. How typical!
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Post by The Walk of the Penguin Mich on Jun 23, 2020 12:18:10 GMT -5
I am wondering why several of you state that you don't want to spend any of your investments, just live off your SS/pension income. Is it that you plan to leave it all to your children? DH and My retirement plan is to definitely draw down our retirement savings and if we end up with zero, oh well. We don't. Our goal is to use it all ourselves.
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vetswife
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Post by vetswife on Jun 23, 2020 14:45:06 GMT -5
Blonde granny, I feel like you do; want to live in my own house if at all possible so I stay within my monthly budget. That said, I will need to take money out to purchase a car soon. I'm selling my big van to a relative and want to get a smaller more manageable vehicle. I hope there's something left for the kids, but mainly I don't want to be a burden on them. My dad always said the best thing to do for your kids is to take care of yourself, and he did that and left us an inheritance too.
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jmlrn
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Post by jmlrn on Jun 26, 2020 19:44:53 GMT -5
Read & thought on all of your responses. So here is more info: I redid my POA, will & trust. Put checking account into my name. All our CDs are joint. Car has lien for next 4 years & it's complicated to switch to my names only, would end up costing an extra $400 this year for my car insurance to get his name off so the insurance agent said to leave as is & we would revisit it next spring & maybe change insurance companies. I totaled up ALL my expenses. I cut the cord & only have internet now & YouTube TV. Nothing else can be cut. I am paying off my cell phone a few more years. Have no mortgage. I can shut lights off & wear a coat inside in the winter but that's about all that can be cut. If I get 24 hrs a week working per diem I can meet my bills with some left over. Some weeks like this one I only got 12 hrs. At 60 yrs old & 38 yrs in the same place of employment I have no desire to change workplace. I stepped down from 36 hr full time work weeks 6 yrs ago because I was so exhausted & getting sick from the job. If I go back full time I will have no seniority & will not be granted a summer vacation. So it's a quality of life issue. I have no life insurance but plan to set up a POD account in he future. FYI we have no children.
My projected retirement income is at 62 =$1838, 67= $2611, 70= $3237. I will also get a pension of $728 at age 65. I currently get my DH's pension of $143/mo. & that will continue till death. I currently have $381,000 in 403B 100% in a stable fund. I contribute 15% of my pay with a 6% match. I have $75,000 in laddered CDs all making around 1.89% interest. I'm cashing in the latest one for $5300 so I can get DH headstone engraved & do some repairs on the house. What is leftover I may place in a new CD, I dunno. I also have $13,000 in checking which I like to keep on the high side in case I don't get much work for a week or two.
My main concern is DH has ROTH IRA & traditional IRA in term CDs making around 1.89%. Prob around $75,000 in these accounts. Eventually this year I have to move them into my name & that opens a new account(s). Cd rates as you know are horrible. I was told by the bank to wait until later in year to see what happens with interest rates. I think they will be pretty much the same. Not sure I want to pay for a Fidelity Target Date Retirement fund or something like that. I believe anything like that has yearly fees in the thousands. So I'm stymied as to what to do with those accounts.
My other concern is retirement date. If I take survivor benefits right now I would get $1300/mo. At 62= $1480. At 65 = $1702 The caveat is that once I make $18,200 they take back $1 for every $2 I make. By my calculations if I have a good year & make $40,000 they would take all the money back.
My parents lived to 76 & 78. We don't have longevity of high 80's & 90's in our family at all. I'm not expecting to live much past 80 if that.
I'm sure if my DH was here he was great at numbers & he could figure it all out. Unfortunately we didn't have the time to talk of his death & what life might be like financially for me after he is gone. All he ever said was we are doing great & so much better that most Americans. Whatever you can contribute to this dialogue would be greatly appreciated. Thanks!
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Blonde Granny
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Post by Blonde Granny on Jun 26, 2020 20:37:30 GMT -5
you have done a great job so far. The only thing I didn't see Or maybe missed...and it's important to me, is exactly what is your total monthly income and what is your total monthly out go.
Ill leave the rest to the gurus who know all this stuff.
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CCL
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Post by CCL on Jun 26, 2020 21:20:44 GMT -5
I think you are doing a great job, too! I'm glad you are able to share more info.
The only thing I want to add right now (I'm too tired to think much right now lol) is if you consider moving a portion to a Fidelity fund, don't be too worried about fees. They are minimal on their funds. I've been with Fidelity for 20 years and have never even noticed the fees.
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jmlrn
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Post by jmlrn on Jun 26, 2020 21:24:14 GMT -5
$2225 for monthly expenses. Figured in for household repairs but no big extras like travel. Income can be $2500/mo or less or as high as $4000. Possible it could be $900/mo or less at times when business is slow.
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Peace77
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Post by Peace77 on Jun 27, 2020 10:42:13 GMT -5
The $13k in your checking account will last far more than a few weeks. That's nearly 6 months of expenses. I suggest leaving $5k in your checking account and put the remainder in a savings account or money market account. Consider a credit union as they usually have better rates. You can find one near you at NCUA.gov
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jmlrn
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Post by jmlrn on Jun 27, 2020 10:50:56 GMT -5
Peace77, the $13k will definitely go down as I have to get DH monument engraved, install a new ceiling in the bathroom & repair a huge hole in the wall of my bedroom that had to be accessed to fix a leak in the shower pipes. I'd be afraid just to leave $5K as the possibility of going weeks without a paycheck is real.
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saveinla
Junior Associate
Joined: Dec 19, 2010 2:00:29 GMT -5
Posts: 5,222
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Post by saveinla on Jun 27, 2020 11:46:49 GMT -5
Sorry for your loss.
Given that you have no mortgage , 2225/month seems to be high especially for one person. Can you track this number for a few months and see if any expense can be reduced? Do you live in a VHCOLA where taxes and insurance are high?
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