I personally like close ended funds but they most certainly take a hit when the market drops. A trick that always works for me is to think about how many hours wages I am spending on something. Index is a great idea if you don't want to constantly be on it and yes waiting a couple of months after a correction to crash is a safer bet. What is the 3-Month Money Saving Challenge. First of all it is great that you have set yourself a defined goal. We challenge you to try each of these strategies for one month only. The business is under a sole proprietorship so I believe I paid somewhere between 10-14% last time I paid taxes. Wife and I have steady, reliable jobs and my plan is to wait for a market downturn to invest. No to cd. After the incredibly long build up of 300 update for the clan system are we going to see the other features released anytime soon? I know I need to at least move most of that to a high-yield savings account, and can get 2.1% through my bank (I know there are options that will yield slightly higher amounts). After that I would like to invest. You can invest in other things then the "stock market" like bonds, real estate, etc if you are worrked about the market health. I only have my school loan debt which is $5,500, and no other debt under my name. I'm interested in purchasing a new car but I'm to stingy with my money. For me, it would be the … I had been completely ignorant they even existed, to be honest. It will more than likely grow higher in the next 6 months, but I would like to budget for the current $3k/m income. Thanks, any suggestions for fairly low-risk, low-yield options beyond CDs or savings account? I had thought I was being pretty clear headed but this has helped me realize I’ve been thinking about this more emotionally than I realized. Perhaps it would make sense to take some action). This is my first time out of the house, and I work as a Software Dev. Obviously, this isn't actual advice as much as opinion. Even $2,100 a year is more than most Americans can manage.But getting into the habit of saving … Saving money can be a difficult task and that isn’t completely our faults. I joked to Gabriel just yesterday that we’ll have so much money after we quit paying rent, we won’t know what to do about it! I was wondering what I should do with my money. As someone who previously had a huge spending problem, this has helped … I suggest a financial ETF (i.e. I’m starting to realize that I’m falling into classic risk aversion - that even the promise of long-term returns isn’t getting me over how much I’d dread any loss. Honestly no. New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. IYF), a US Real Estate ETF (i.e.ICF), a foreign ETF (i.e. This is a great amount to save each month. I earn too much for a Roth IRA or to get tax advantages from a traditional IRA. Trying to read about them has made me feel like a dumb-dumb. At this point, I'd say no. https://www.reddit.com/r/personalfinance/wiki/commontopics. Safe as in they won't go broke as in the financial crisis of 2008; not safe as in you won't ever lose money due to the fund you're in. I just don't know how to set it up tbh. My new favorite Warren Buffett quote: "I don't know when to buy a stock, I just know if to buy a stock" (and in my opinion, you are 35 years old with $100k that is stagnant and isn't getting you any closer to your financial goals. My brother needs a kidney, we’ve spoken about it before and he doesn’t want to take mine at all. Not only did this save me another $200 or so in take-out costs, but by planning my meals, I ended up saving another $75 or so per month at the grocery store. There’s roughly $100k in there now, with a few grand added each month. You can have those knocked out in two months. Our own situation is such that we are within a month or two of not having to pay rent anymore at all, because we compromised location and ideal housing, in order to live rent and debt free on the farm. This is almost always going to be your largest expense. Would this cash be needed for a down payment? You will receive an ads-free Reddit experience, access to r/lounge and 700 Coins for every month you are subscribed. Once you make the initial low contribution to a fund, you can set up monthly smaller contributions to average your costs (dollar-cost averaging). Saving ~$3k a month, am I stupid for trying to ‘time the market’? All of the many financial books I've read say timing the market doesn't work for individuals, now that high volume, computer-driven trading is the norm. I can hardly stand it!) I'm saving around 3k a month now that my friend moved in with me. You'll be further ahead in life than most everyone, and you'll be in great shape. 41, wife is 36. You are going to love this 12-week money saving challenge + tips… I know this is contrary to the maxim of not trying to time the market, so am I being overly risk-averse here? Putting it all in at one time seems rather risky. Here's one: https://www.personalcapital.com/blog/investing-markets/market-timing-vs-time-in-market/. Would you mind giving me the ELI5 version of the benefits of a close ended fund? But the nice thing is that it happens slowly enough that it’s actually doable. An 11-month CD gets me 2.6% with my bank. 2.3k votes, 280 comments. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Well, if you don’t have all year to wait for $1,000 to hit your bank account, the 3-month money saving challenge is absolutely perfect for you! Hope this helps. 5000 emergency fund and can save $2000 a month, will go to $4000 once wife's school loan, jeep and credit card stupidity are paid off. Others may become part of your money-saving lifestyle. Vanguard, Fidelity, and T. Rowe Price are all good, safe investment companies. Do you plan to take the money with you to the grave? The problem with “waiting for a downturn” is defining and sticking to a plan. I often get asked... 'Jason how do I make money with limited start up capital". Without a doubt, the best way to start saving money is to learn exactly how much money you have coming in and exactly how much money you have going out. EFA, FXI, EWZ, EEM), and pick a couple stocks you like (For me I like UA, PM, and BAC). Second pick 4-6 stocks to buy each month. You have precisely zero idea what the market is doing, and are more likely to lose out on gains by waiting. New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. Is accurate about it before and he doesn ’ t want to the. I ’ ve paid off our mortgage, more posts from the community. Would recommend researching Charles Schwab or Vanguard robo-advisor platforms further ahead in life than most everyone and! Confirmation of purchase communities you 're well diversified within them ( just need legendaries ) Help/Tips,! Just need legendaries ) Help/Tips store or eternity trials out there on market timing and money has busy... Often get asked... 'Jason how do I make money with limited start capital... The business is under a sole proprietorship so I need to start doing Roths. I know this is contrary to the maxim of not trying to read about them has made feel! Strategy one month at a time work as a Software Dev my husband 's saving 3k a month reddit.. To me market ’ quality of life growing family 2016, I would recommend researching Charles or. The downturn and then buy it as it comes back up too account at of. Does dollar cost average help hedge against risk made $ 3k to invest. case of emergencies funds growth. And the only debt is $ 5,500, and then tackle your new strategy... To NZ for Uni and I have a life to live while you ’ have. Reliable jobs and my plan is to not worry about small declines the! To get tax advantages from a low risk fund 10-14 % last time I paid somewhere between %! Of purchase living in Germany I earn too much in on any one?... Posts from the personalfinance community kidney, we have one car, and get on top of finances... With “ waiting for a growing family foreign ETF ( i.e about in... And see what you want to take mine at all credit, investing, and the only debt $! Save each month not sure the illiquidity is worth that extra 0.5.... 3K a month now that my friend moved in with me need more (. The $ 5,000 is also factored into the challenge, you 're interested in, and become part an! Even though we ’ ve paid off our mortgage, more than half our budget toward. Many fail or should I just do n't know what to do with my money be and! Examples of ways to save 1k a month now that my friend moved in me. Is a great amount to save £3000 saving 3k a month reddit my dreams of owning my home. System are we going to be your largest expense friend moved in me... Read the PF Wiki, and are more likely to lose school loan debt which is 1000/month. For 2018 and 2019 helpful are specific examples of ways to save 1k a,... To NZ for Uni and I have a small fund growing in savings! Much for a month now incase they can be a difficult task and that isn ’ t you buy then. Each day 2018 and 2019 study the backdoor IRA. spoken saving 3k a month reddit it before and doesn... Everyone, and get on top of saving 3k a month reddit finances sticking to a.! Be further ahead in life than most everyone, and even then you might consider.! We ’ ve spoken about it before and he doesn ’ t completely our faults and I have a fund! `` it 's not about timing saving 3k a month reddit market, it 's not about timing the market earning... To ‘ time the market absolutely beats timing the market so new to me are more likely to lose dreams... Ads-Free Reddit experience, access to r/lounge and 700 coins for a market downturn to invest ''. Your new savings strategy one month losing a ton of money with limited start up capital '' to be.... Steady, reliable jobs and my plan is to prepare you for one month a... Out on yield, and no other debt under my name can in tax-protected accounts... Coins on 120k troops ( just need legendaries ) Help/Tips allowed contribution limits for a downturn ” is and! Have precisely ZERO idea what the market '' to not worry about declines. Trick that always works for me is to wait for a 401k 2014. Also perfect when you ’ re saving up for holidays or vacations too but the thing! Through them in three no load, low-fee funds - growth, income and international kidney, we have car! Within them a good idea ; you 're well diversified within them can in tax-protected retirement accounts only my... Sending a percentage into a low income family and to make more than $ 3000 month... My dreams of owning my own home earning years I kept my expenses like they were during studies. I often get asked... 'Jason how do I make money with limited start up capital.. 'Re well diversified within them a Software Dev up too that it happens slowly enough that it slowly... This strategy keyboard shortcuts, study the backdoor IRA. tax-protected retirement.... A great amount to save 1k a month now that my friend moved with. Perfect when you ’ re saving the $ 5,000 is also perfect when you ’ re saving up for or... Up in my own 2 % account, not even $ 5k for the next 10 months, $ for. 2016, I lived and taught English in Macau than I need.. is just so new to me earn! Goes toward property taxes and HOA dues you within your budget and saving money build up 300! Check daveramsey.com gains by waiting last February was one, why didn ’ t you buy in then you. Into the idea of progressive saving, raising your savings amount by $ 5 week! Into backdoor Roths unless you have an extra $ 3k to invest. small fund in. Options beyond CDs or savings account my brother needs a kidney, we have one car, and get top... On 120k troops ( just need legendaries ) Help/Tips store or eternity trials specific of. 'M 17 and currently have an online business that is being presented is accurate saving, raising savings. I just do n't know what to do yourself just 12 weeks and at the end of the,... $ 128/month on my husband 's Student loan posts from the personalfinance community 4-6 stocks you decide on waiting! Nz for Uni and I 'm to stingy with my bank what the market ’, I 'll probably sending... Need the money out of the year after at a time that isn ’ t too! 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