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Thread: Where Do We Even Start???

  1. Senior Member
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    #1

    Where Do We Even Start???

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    DB and I will be getting engaged and married before he deploys and have decided that we want to put together a budget for everything while he is gone and to continue when he gets back so that we can have a solid foundation. Both of us have great credit and the only debt we have are my subsidized loans for med school.

    But I have no idea where we should even start with making a budget and where to put the money we do save. Haha I feel like my finance degree taught me nothing for the real world! I do remember hearing about money market funds, bonds and mutual funds. I guess what is step 1? and maybe steps 2-5 as well? How do you even make a budget and decide how to invest your money?
  2. was ncgirl
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    #2
    #1 is to have a savings account with $1000 emergency money

    #2 is to put away 6-12 months of living expenses away

    I'd put these in separate accounts. And I like to have 1 month's bills in my checking acct.

    I kind of follow the Dave Ramsey method. Personally I wouldn't be putting money into money makets or bonds or anything while I'm paying interest on something else. Basically, you would need the money you have invested be paying out a higher percentage than the money you owe is being hit with interest. To my knowledge student loans are charged around 5%, I dont know of any investment that you are guaranteed a higher rate of return than 5%.

    ps, I just started working out of college a couple years ago and it took me a while to get this stuff figured out. I've learned A LOT along the way so if you have any questions you think I could help with feel free to talk to me!


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  3. Senior Member
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    #3
    I recommend the website www.quizzle.com
    It is a great resource to create a budget and also offers other financial tools.

    Once you establish a budget:
    Pay yourself first. Each pay, automatically put a certain amount of money into a savings account. You will be less likely to spend it on unnecessary things.
    Then:
    1. 3-6 months living expenses into a savings account
    2. Pay off debt
    3. Establish and contribute to retirement funds for both of you.
    4. Then invest.
  4. Regular Member
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    #4
    I think these are all great points--create a budget, eliminate debt, build an emergency fund, and invest for the future!

    Here's a good link to an online budget worksheet, but there are plenty of them out there.

    I also wanted to point out two potential savings vehicles that are available through the military.

    1) Savings Deposit Program: This is basically a DoD savings account that earns 10%--yes 10%. It's available to military members serving in designated combat zones. The link provides all the details. It could be a great vehicle to help you guys get off to a solid start.
    2)Thrift Savings Plan: This is the government's version of a 401(k) plan. It's a retirement savings vehicle, so it's appropriate for money you want to set aside for the long haul. What I really like about it is that it's a very easy way to save and "pay yourself first."

    Good luck and I commend you for thinking like you're thinking!!
    J.J. Montanaro is a CERTIFIED FINANCIAL PLANNER practicioner with USAA Financial Planning Services one of the USAA family of companies.
  5. I was a GREAT mom... until I had kids.
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    #5
    Quote Originally Posted by USAA_JJ View Post
    I think these are all great points--create a budget, eliminate debt, build an emergency fund, and invest for the future!

    Here's a good link to an online budget worksheet, but there are plenty of them out there.

    I also wanted to point out two potential savings vehicles that are available through the military.

    1) Savings Deposit Program: This is basically a DoD savings account that earns 10%--yes 10%. It's available to military members serving in designated combat zones. The link provides all the details. It could be a great vehicle to help you guys get off to a solid start.
    2)Thrift Savings Plan: This is the government's version of a 401(k) plan. It's a retirement savings vehicle, so it's appropriate for money you want to set aside for the long haul. What I really like about it is that it's a very easy way to save and "pay yourself first."

    Good luck and I commend you for thinking like you're thinking!!
    We did both of those when DH was deployed. It's amazing how much we set aside.




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    #6
    FertileMertile ---that's what I'm talking about!
    J.J. Montanaro is a CERTIFIED FINANCIAL PLANNER practicioner with USAA Financial Planning Services one of the USAA family of companies.
  7. Libertarian by Nature - Your_Anz
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    #7
    Quote Originally Posted by meg_alane View Post
    I recommend the website www.quizzle.com
    It is a great resource to create a budget and also offers other financial tools.

    Once you establish a budget:
    Pay yourself first. Each pay, automatically put a certain amount of money into a savings account. You will be less likely to spend it on unnecessary things.
    Then:
    1. 3-6 months living expenses into a savings account
    2. Pay off debt
    3. Establish and contribute to retirement funds for both of you.
    4. Then invest.
    ^^^ This

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