Savings 101

[lilac05]

My H and I have set a goal this year to finally get a handle on our finances and make our money work for us...at least more than it does. The problem is that we’re easily overwhelmed by all of the options and information.

We’re starting to semi-budget and take notice of how much money is being spent and plan to be more mindful of that. We make more than enough to cover our expenses and planned savings (401K, 529s, Roth), but not a ton extra. I’m looking for easy options for places to park some money where we will earn more than we’re currently earning at our Credit Union. We just don’t really know where to start. We have an advisor at Edward Jones, but don’t know if that’s the best place to go due to fees and such.

In my ideal world, we’d be really active in our savings plans...but that has been a pipe dream for quite a few years. I need to face reality and just do SOMETHING. Even if there are better ways, the simplest option is the best place to start for us...and it’s better than nothing.

Any suggestions? Books? Websites?

[babsbunny]

I recommend researching vanguard funds for a risk-mix you are ok with and low load fees. Also research tax implications of what you choose.

I highly recommend doing what you are doing - track your spending. Knowing where your money is going is the first step of personal finance management.

[daisyduck]

I second the advice to look into Vanguard funds. They have a wide variety of options and have very low fees. They also have inexpensive financial advisors (although I have not personally used them).

For books, DH read Investing for Dummies several years ago and liked it a lot.

[lilac05]

Jan 3, 2021 22:02:57 GMT -5 daisyduck said:

For books, DH read Investing for Dummies several years ago and liked it a lot.

I just put that book on hold at our library. (There were lots of similar ones, I chose Investing Online.)

I read Smart Couples Finish Rich when we were first married and remember it had great information, but I never put it into place. I’m guessing it’s really outdated at this point, though...we’ve been married 15 years. 

I’m glad it seems like I finally have my H onboard. I’ve been mentioning this for years, but he always drags his feet. We should have a lot more saved than we do, but last month, we spent more on food than some people make in a month. Hopefully a few months of “finding” a bunch of “extra” money will be the motivation we need to keep going.