Post # 1
After the wedding & honeymoon, what are your major financial plans & priorities? Here’s ours:
1) DH has about $10k incredit card debt, we aim to have this paid off in 6 months
2) After CC’s are paid off, we will double the amount paid each month on student loans
3) Begin saving for our emergency fund & our next puppy (DH has his heart set on a Bernese mountain dog, which are $1-3k for a well bred pup)
Post # 3
Do you have an emergency fund now? What are the interest rates on the CC debt and student loans?
If you don’t have an EF, I’d make it priority #1 to have ~$500-$1,000 set aside, then work on CC debt (unless it’s at 0%), and student loan debt last (I wouldn’t prepay unless the interest rated are high. Of course, always set aside something each month, no matter how little, into a savings account!
Our post-wedding priorities are continuing to save as we are, buy a new-to-me car (dreading, I haven’t had a car payment in seven years), and begin a house downpayment fund.
Post # 4
@MeghN: We have $1000 in an EF and yes, we are working on CCs first and student debt last because of the difference in interest 🙂 I’d like to have about $7-10k in an EF ideally once CCs are paid off
Post # 5
Nothing changed for us after the wedding. Our priorities continue to be save as much as possible. Maxing out retirement (401ks and Roth) funds, puting away to an emergency fund, contribting to regular investment accounts, saving for 1 or 2 trips a year, and another new car since my husbands just stopped working and since it’s 15 years old, we’re not going to put anything into it to fix it.
Post # 6
We have just recently bought our first home, a new car and are paying for our wedding ourselves so for the first 12 months we plan to save around $40k for our emergency fund and to kick off some of the reno’s we plan on doing. Then will be a new car for FI (ASX is mine haha he wants an evo) and start saving for babyfund.
Post # 7
We’ll start to save money to our best extent. Haha it’s never too early to start a college fund for the future kids 🙂
@NY152: We will be getting a Samoyed puppy as soon as all the wedding related things are settled :).
Post # 8
@Pokemon: Save $40k in 12 months?? I don’t even make that in a year -_- good for you!
Post # 9
I think we’ll probably work on saving more toward retirement & a down payment on a house/student debt. Right now we’ve got enough saved for the wedding & honeymoon, a 6 month emergency fund, and we’re almost done paying off my car (only 2000 left, it’ll be paid off in August!) We don’t put anything toward retirement yet but I’m going to start contributing up to the match for my company in September when I qualify. My company only matches 4% & I only work part time so it’s really going to be minimal but I figure I might as well start now when it’s a tiny sliver of my paycheck. We plan to have SO’s car paid off by the wedding (we still owe almost 10 grand) & at least half of my student loans paid off so afterward it will be: 1st priority car, 2nd down payment on a house, 3rd student loans (my interest rate is only 3.4% so it’s not a big deal to me to have student loan debt…esp considering inflation averages 3% lol)
Post # 10
@NY152: We aim to save one of our wages each year. Which is usually what is recommended for a babyfund and also because for the first year after having a baby I will only be recieving parenting payments. 🙂
Post # 11
We plan on doing some house reno’s, continue saving and put more money towards the mortgage.
Post # 12
@soontobemrsm11: I need to start thinking about retirement too… DH started an IRA with his current job when he started (first professional career job out of college) and I believe they match 100%
Post # 13
Save for future baby and down payment on house. Luckily we have very little debt other than my student loans.
Post # 14
1. Create an emergency fund – 6 months of household expenses
2. Pay down my debts (I have school loans and a few home improvement loans that need to be paid off)
3. Save for the next house. (20% downpayment)
I own my home but we plan to either sell this house and move to a much bigger home that will be our home for many many years or rent this one out and move.
We are already saving for retirement but I want us to meet with a financial advisor to review our plans to make sure we’re not missing anything.
Post # 15
@NY152: My SO’s job doesn’t offer ANY match which really really sucks because she’s the breadwinner. Mine is 100% up to 4% of your salary and since I make only a bit over minimum wage, 4% of my salary is almost nothing lol but it’s free money so whatever! I’ve done more for less =P