Savings Priorities

[Eagle]

Saving up for a Baby

We want to have children in the next few years. I am fine waiting 4 or 5, but husband wants a baby in no more than 2 or 3. I'd like to have at LEAST $3,000 set aside for this, due to healthcare unknowns.

A baby can be very expensive. There's recurring expenses like diapers, wipes, shampoo, maternity clothes, post-maternity clothes, etc. There's also one time expenses like a crib, mattress, car seat, burp cloths, clothing, etc.

Check out this thread: http://www.savingadvice.com/forums/f...u-ll-need.html

As far as insurance goes don't forget mommy deductible, baby deductible, and co-insurance/co-pay (if applicable).

Having kids is a great adventure! Once you do though life will drastically change.

[Eagle]

I just wonder how everyone decides what savings come first? There is just too much to save for.... I guess that's why people go into debt.

I had not even thought of just putting it in one big pot and just using it as needed. I worry I will spend it for something silly if I don't have it ear marked for something specific though. Although I've never tried just a general savings...



Thanks for the idea. That is something to definitely consider.

You could put it all into one fund sure. And maybe use an Excel sheet to track what moneys are allocated to what savings fund.

Personally, we have 10 savings accounts. E-fund, Car Repairs, Baby, Medical Expenses, Son College, Daughter College, New Vehicle, Wife teeth, Car Insurance, Purchases. Some would say that's excessive I guess. Since we use www.mint.com it's easy to track our progress. It works for us.

Whatever works best for you I guess.

[klarose]

You could put it all into one fund sure. And maybe use an Excel sheet to track what moneys are allocated to what savings fund.

Personally, we have 10 savings accounts. E-fund, Car Repairs, Baby, Medical Expenses, Son College, Daughter College, New Vehicle, Wife teeth, Car Insurance, Purchases. Some would say that's excessive I guess. Since we use www.mint.com it's easy to track our progress. It works for us.

Whatever works best for you I guess.

I've always used numerous funds for what I needed to save. I use mint too, so it is nice to be able to see exactly how much is in each one.

But I may try pooling them this time, and see how it goes. It might take some of the stress off from not seeing the individual accounts go up very fast.

I'm racing to get my current goals done, so I can get started on these new ones.

[herdjohnson]

I've always used numerous funds for what I needed to save. I use mint too, so it is nice to be able to see exactly how much is in each one.

But I may try pooling them this time, and see how it goes. It might take some of the stress off from not seeing the individual accounts go up very fast.

I'm racing to get my current goals done, so I can get started on these new ones.

I just keep one account for all my savings accounts (vacation, personal spending reserve, debt paydown, general EF, etc...) as well as all my accrued expenses (house damage, insurance, water bill, trash bill, etc...) and just keep up with it in Excel. Works well and you get more interest.

[fifocoralsea]

savings

I am really not sure what you are willing to have because addition does not mean need.actually you are making it as a 'WANT' you are facing such financial problems then you must consult to finance solution services.and i will suggest you that do not increase your additions instead of needs.needs are important which are compulsory but don't go for extra stuff which can cause more expense.saving money is in your own hands.utilize money where it is need.

[johnt78]

It is common to receive advice to put money into savings, but many people do not know where to go from there. It is important the money you are saving have a specific purpose, because then you can find the best way to make that money grow and to begin building wealth. Before you become focused on saving money, you should get out of debt, since the interest rates on credit cards, and most other loans and higher than on typical savings.