#JAKWellness12 Week 7: Saving and Investing Your Money
23 responses
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Thanks for the great post Jess! I’ve been thinking hard about retirement savings this year and doing a lot of research into Roth IRAs. It turns out that the “year” of investment for a Roth IRA is April to April (not Jan.). So it’s not too late to invest for the 2017 year- the formal cutoff date being 04/17/2018. Hope this helps so other readers get excited to start saving- time really is your best friend with compound savings 🙂
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A great post – so informative and something we all need right now!
x
Shloka
http://www.thesilksneaker.com -
Great post! Just a hard thing to discuss. I’m excited to start looking at ways to my savings. Definitely going to try that app.
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Great post, and super informative! I recently opened a Roth IRA through Vanguard (they do have a minimum of $3,000 to sign up, but are one of the lowest with fees) My goal is to max it out this year, which will be a good chunk of change each month but seems worth it. I try to think of it, that in a few years I might not be able to max out due to buying a home ect, so right now – being in my 20’s I want to max it out, because it has the longest chance to grow.
I am excited to check out the apps for budgeting and recording finances. I like that idea of sitting down each month and doing it. I also have Quickbooks too, but I don’t love it – and I know its more work but I think I might try to just organize it myself, because it will make more sense to me. Have done it for January and so far in February, I notice I do think twice about spending money on certain things.
Excited to hear more next week!
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thanks so much for this post! compounding interest is an amazing thing!!
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Love this one, I’ve already got everything checked off of this list (I’ve got a lot of relatives in finance and I went to school for business so I’m really good with numbers). Right after I had my baby, my partner and I started a joint fund for our daughter which we both contribute towards. We did NOT put it in her own name because our financial adviser told us that once she hits 18, she will be able to touch that money without our consent, so we decided that it would be best if we did not put it in her name.
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Thanks so much for this. I’ve just downloaded Daily Budget and am feeling pumped!
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I thought it would be super overwhelming to gather all of my information into a spreadsheet, and even though it took a while, it was actually sort of empowering to have it all together. I need to work on a real budget that I’ll stick to – that’s next! Thanks so much for culling all of this awesome input from Kevin!
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I really enjoyed this post, especially the question about combining finances after marriage.
Over the past week I review my spending in January and set my budget. I plan to review my spending every one to two weeks at first, and then monthly once I get into the groove.
Oh and thanks for sharing the Daily Budget app, I’m going to go download that now!
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I loved this! Especially the part at the end about challenging yourself to spend less. I’ve actually started tracking days when I haven’t spent money at all! When I make the decision to think about where my money goes, then I feel more financially confident. I’m definitely going to look into the Daily Budget app!
Thank you!!
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Budgeting is something I always try to avoid because I LOVE to shop ha. I started a Digit account which helps me save money and I opened an additional savings account into which I deposit some of my paycheck each month. I also plan on increasing the amount which I contribute to my 401k. I definitely still should make an excel spreadsheet which my monthly expenses, but I’m a little scared to see my results haha. That’s on the agenda for this week, so I need to just buckle down and do it!! Thanks for all of the helpful info. Love participating in the challenges each week 🙂
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Thank you so much for this great advice Jess! My parents always instilled in me to save save save! Starting out from the age of 21 I have invested 10% into my 401K with a great company match. Now that I’ve changed jobs recently I’ve dropped that percentage, but plan on increasing it again during open enrollment.
I definitely need to be better about watching what I spend and where I spend it. I’m going to attempt to go an entire month without purchasing anything unnecessary (clothes, shoes, jewelry).
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Great insight! Getting my finances in order is one of my big 2018 goals. My budgets are in place, but this post might just give me to push to start a 401k, especially as I started a new job this week. The matching IS a no-brainer! One tool I love it Mint.com. You link all your accounts (cards, loans, etc) and it offers a great overview with budgeting tools. Check it out if you need to. I think it’s more intuitive than spreadsheets. As always, terrific content!
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Still working on the budget, but I am downloading the Daily Budget app right now! I need to get my 401K in order — I have a few different accounts from different jobs, so my goal by the end of the month is to get everything in one place.
Sidenote: reading everyone else’s comments made me feel suuuuuuuper behind and uneducated about this. But I know I have to run my own race and not compare, so I’m happy with the steps I’m taking for now 😉
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Great insights! For last week’s challenge, I took a closer look at my finances/budget, and I put all of my expenses in a Google Doc (probably should’ve used a spreadsheet). Nonetheless, it’s been very helpful!
I’ve been meaning to focus more on retirement planning, so I’m looking forward to this week’s challenge! And I’m also trying to be more thoughtful of how and where I spend my money – it’s a struggle!
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Thanks for such an informative post about a topic a lot of people are REALLY afraid or embarrassed to talk about. It motivated me to get working on setting up a Roth IRA as my company currently doesnt have a 401K.
I also started using this app called Acorns that takes all your linked credit cards or accounts and rounds up your purchases to the nearest dollar. I was able to save enough money through the app in just a few months to pay for a vacation!! https://www.acorns.com/invite/?code=3L7QHL
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This was very helpful! And I feel like I am on the right track. Last week (I didn’t complete the full challenge) I looked at my current 401k contributions and they are good but I know I can contribute more. This weeks challenge fits right in with that!
Looking forward to more advice from Kevin! Thanks!
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Great post! In an attempt to save more $$ for travel/savings, my husband and I tried to limit our dining out at the end of last year. Honestly I don’t miss it very much – we’ve tried to do day dates and other activities rather than a big dinner and drinks on Saturday night!
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I have been so focused on getting better with money lately, so this is right up my alley. I already contribute to my 401k but I desperately need an emergency fund. That means it’s time to stop spending so recklessly on frivolous things!
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Yes yes yes! This is so informative and helpful. Challenge for this week already done! I am feeling like now is the time to get on top of my finances, and I could not be more thankful for your challenges basically forcing me to do so!
Thank you to Kevin, for sharing so much knowledge!
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This is some great information! I’ve been concerned about being able to save while also paying of debt so I really appreciated Kevin’s insight. Last week I actually went ahead and did my takes so I’m feeling pretty good about staying on top of my finances this year. I ‘m also going to download the daily budget app to see how i like it!
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