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linda22003
06-23-2008, 10:47 AM
I have been requested to start the day thread in LL's absence. I have a box of cards that are fun "conversation starters" at parties, but it's at home, so I have to come up with something on my own.

TOTD: How much money do you need to have tucked away in order to feel secure? Financial advisers say to have three to six months' expenses banked in case of a rainy day (or several in a row). My husband and I can replace one (net) salary for a year. What do you need to have on hand in order to banish worry?

Gingersnap
06-23-2008, 11:23 AM
It will be in the mid 80s here with scattered showers. My super new and improved composting system is almost finished and it looks terrific. With the bulk of the planting and infrastructure work completed, it will soon be time to knit socks. Life is good. :)

TOTD: We have always worked with the Crippled Spouse System: either of us can meet all the expenses if one of us is unemployed. It's happened, too. Aside from that we have a pretty robust emergency account.

When we bought our first house we did not look for our "dream" house, we looked for a house within walking distance of 4 bus routes and a grocery store (in case we lost the car). It had to have a mortgage that either of us could pay alone (in case one of us lost a job). All those things happened and we were fine.

So, it's not just the number of dollars in savings, it's a whole financial approach.

LogansPapa
06-23-2008, 11:24 AM
TOTD: $10,000 in small bills. And about one-third that in fresh ammunition, food and survival gear.

biccat
06-23-2008, 11:28 AM
Still hot and humid. Hopefully we get a cool front move through here in the next few days. Probably mid-80s.

TOTD: We are pouring a lot of our savings into the new house for the downpayment, but ideally I prefer to have money invested rather than sitting in savings. Three to six months' worth of bare-minimum living expenses would be my preferred position. Hopefully we'll be able to build up that cushion in the few months after we close.

linda22003
06-23-2008, 11:33 AM
I agree with both Ginger and Biccat - there's more to it than just socking money away. We also bought less house than we could afford, deliberately, and there have been many times we were happy not to be overextended.

I only keep $5,000 in each of two savings/money market accounts at the bank; the additional money is in our brokerage account, in a ready-access area, which is still invested. We also use that money as a travel fund, in the absence of hard times; when we've taken a trip we "top it off" again.

Shannon
06-23-2008, 12:38 PM
I'm only semi-grumpy today.


TOTD: Saving money would cut into my shoe shopping. We can't have that.;)

Cold Warrior
06-23-2008, 01:09 PM
Gloomy here in the NorthEast. On the train to the Commie Cesspool and consistent with another thread I posted, it's crowded. Coming back Wednesday night this week.

TOTD: My criterion for savings is to have enough money to buy a week's worth (7 days) of scotch, both from a package store and a bar (thereby taking care of the food and lodging bit) and two nights (weekend) with a fairly high class hooker in a good hotel, including room service. I figure that will give me enough incentive to then make enough for the next week. :D

DarkScribe
06-23-2008, 06:01 PM
I'm only semi-grumpy today.


TOTD: Saving money would cut into my shoe shopping. We can't have that.;)

TOTD: AND my special/limited edition Edward Lee book-buying...don't forget that! :p

lurkalot
06-23-2008, 08:43 PM
its been a long two years, but I have finally enough cushion to cover three months of house payments. The rest I can let slide (cable, internet) and rely on family for groceries and gas money for job hunting. One of that advantages of being a nurse is that although it would be a cut in pay, I can pretty much get a job anywhere/anytime as long as I am licensed. If it comes down to feeding my kid or trying to maintain an image..I'm feeding my kid and will do whatever it takes, including flipping burgers!

BSR
06-23-2008, 08:51 PM
its been a long two years, but I have finally enough cushion to cover three months of house payments. The rest I can let slide (cable, internet) and rely on family for groceries and gas money for job hunting. One of that advantages of being a nurse is that although it would be a cut in pay, I can pretty much get a job anywhere/anytime as long as I am licensed. If it comes down to feeding my kid or trying to maintain an image..I'm feeding my kid and will do whatever it takes, including flipping burgers![

My sentiments exactly.

Shannon
06-23-2008, 09:01 PM
If it comes down to feeding my kid or trying to maintain an image..I'm feeding my kid and will do whatever it takes, including flipping burgers!

Thankfully, Tristan loves Ramen so that will never be an issue.:p

lurkalot
06-23-2008, 09:23 PM
Thankfully, Tristan loves Ramen so that will never be an issue.:p

you are lucky! Mine likes prime rib, lobster, crab, shrimp...won't eat anything she doesn't consider "healthy"

SaintLouieWoman
06-23-2008, 10:49 PM
It will be in the mid 80s here with scattered showers. My super new and improved composting system is almost finished and it looks terrific. With the bulk of the planting and infrastructure work completed, it will soon be time to knit socks. Life is good. :)

TOTD: We have always worked with the Crippled Spouse System: either of us can meet all the expenses if one of us is unemployed. It's happened, too. Aside from that we have a pretty robust emergency account.

When we bought our first house we did not look for our "dream" house, we looked for a house within walking distance of 4 bus routes and a grocery store (in case we lost the car). It had to have a mortgage that either of us could pay alone (in case one of us lost a job). All those things happened and we were fine.

So, it's not just the number of dollars in savings, it's a whole financial approach.

Glad someone else has my way of thinking. I've always been conservative and always kept a cash reserve. With the markets the way they are, I'm glad that I did that. We live nicely, but pay all the bills and can survive if something happens. That makes me feel better than fancy vacations or big cars.

SaintLouieWoman
06-23-2008, 10:50 PM
you are lucky! Mine likes prime rib, lobster, crab, shrimp...won't eat anything she doesn't consider "healthy"
You've trained her well. It's much more expensive to eat healthy. That reminds me, they're opening the new Whole Foods a couple miles from the house. It opens Wednesday. Yay! I love that place.