The random political thoughts thread (Part Deux)

[Gemini Cricket]

Originally Posted by innerSpaceman

no savings

I'm horrible with money and I'm about to give advice about it. Hold on to your hats, people.

Everytime I get a tax refund it goes automatically to savings and I don't use it unless an emergency arises. Often, I'll overpay my taxes by 20 bucks or so each month to insure a refund. Then when it goes in, Ralphie and I aren't allowed to touch it. If we must, we do... but we have to replace it over the course of a couple of paychecks.

Also, we do a sweep every month. At the end of the month, we see how much is left in checking. Even if it's a few bucks, we sweep it into the Savings of No Return. Then we live off of the paychecks for that month. Whatever is left at the end of the next month gets swept.

I also have a savings account in Hawai'i still. I can automatically send deposits to it over the internet. To get it out is quite an ordeal. They can only withdraw it for me with a cashier's check that takes a couple days to process and a week to be mailed to me. The ordeal deters me from using it. So, I send money there often. (I'm saving up for a DL trip and a large freshwater aquarium.)


My 2 cents...

[scaeagles]

Originally Posted by Gemini Cricket

Often, I'll overpay my taxes by 20 bucks or so each month to insure a refund. Then when it goes in, Ralphie and I aren't allowed to touch it. If we must, we do... but we have to replace it over the course of a couple of paychecks.

Why give the government a free loan? If you are disciplined enough to replace the money you have taken out of your savings, surely you are discplined enough to put the money in that you would get later for a refund.

[Gemini Cricket]

Originally Posted by scaeagles

Why give the government a free loan? If you are disciplined enough to replace the money you have taken out of your savings, surely you are discplined enough to put the money in that you would get later for a refund.

Oh ho! If I see money, I spend it. Poof, gone. I have little discipline in that regard.

[scaeagles]

Originally Posted by Gemini Cricket

Oh ho! If I see money, I spend it. Poof, gone. I have little discipline in that regard.

Hang on....you said you are disciplined enough to use your paycheck to replace whatever you have taken out of savings. What's the difference between that and putting the $20 in that you would have otherwise had withheld in taxes?

[Gemini Cricket]

Originally Posted by scaeagles

Hang on....you said you are disciplined enough to use your paycheck to replace whatever you have taken out of savings. What's the difference between that and putting the $20 in that you would have otherwise had withheld in taxes?

That's a good question, but it makes more sense to me doing it this way. I like seeing the $20 add up at the end of the year to one big amount that I can deposit. I know, it makes little sense, but I did confess to being really bad with money.

[BarTopDancer]

Originally Posted by Gemini Cricket

That's a good question, but it makes more sense to me doing it this way. I like seeing the $20 add up at the end of the year to one big amount that I can deposit. I know, it makes little sense, but I did confess to being really bad with money.

People bad with finances unite!

I recommend two books. If anything they aren't boring reads. You may learn something. I learned a lot, but I have yet to apply it.

Young, Fabulous and Broke by Suze Ormand
and
The Complete Idiots Guide to Personal Finance in your 20s and 30s

Two different theories but good books.

[Gemini Cricket]

Originally Posted by BarTopDancer

Young, Fabulous and Broke by Suze Ormand

Hey, I'm all three of those!

Thanks, BTD.