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Savings plans are pretty easy to put together. I would caution
you again that you only want to keep a maximum of six months salary
in your short term savings. Any money beyond that should be invested
in a solid market investment, retirement, or college funds depending
on your situation. I would advise you to get a finanical advisor
at that point. Anyone who is half way decent pays for themeselves
in tax breaks alone. Give them a year, if they are not paying for
themselves try out the competition.
I usually save for a target of somekind. I create a budget for
myself by tracking one full month. I track everything down to the
$3.50 I spent on that quick visit to hot pretzel stand. From their
I subtract everything I made that month. I don't hesitate to buy
anything I would normally buy myself, so I can get an accurate picture.
After I know how much I make and how much I spend, I subtract the
two and come out with my month surplus. In some cases, it is zero.
Then I identify the new savings goal. It may be a television, a
trip or just about anything. I then take one third (1/3) of my month
surplus and stick it in an online savings account. In fact, I use
my HSBC online account specifically for savings for new acquisitions
or goals that suit my fancy.
Now obviously you can't do this all time. On months that I am
not doing this, I will put that 33% towards retirement or the kid's
college fund. I try to re-evaluate my surplus any time my wife and/or
I receive a raise of any kind.
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