A few questions for the week...

iVillage Member
Registered: 10-07-2005
A few questions for the week...
6
Wed, 11-30-2005 - 12:10am

I was just reading something about finances and wills, and thought it would make an interesting topic.


So, here goes.


1) Do you have a will?


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iVillage Member
Registered: 10-07-2005
Wed, 11-30-2005 - 12:15am

1) Do you have a will?


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iVillage Member
Registered: 05-13-2005
Wed, 11-30-2005 - 6:06am

1) Do you have a will? If so, how old is it- is it so out dated your kids aren't even on it?
Yes - it is recent and up to date.

2) Do you have retirement savings? If so, how much do you contribute, and do you contribute monthly, per pay or yearly?
Yes - I contribute monthly so it is the maximum amount for an IRA contribution as allowed by the IRS.

3) Do you have savings? Would you say you're a good saver? Do you save a specific amount per pay/ month/ year?
I am not a great saver - I do save a little each month. But I do have my own business and all of my money and effort goes into growing it so that is sort of a way of saving.

4) Do you have the "typical" 3-6 months salary saved up in case you lost your job?
No.

5) If you went on a vacation, would you save up for it or put in on credit?
I would pay cash for the airfare when booked (charge and pay off the next month) and charge the rest - but then pay it off the next month when the bill comes in.

6) Do you balance your chequebook at month's end?
Yes - always to the penny.

I would say I am okay with money - I am good at finding good deals and try to pay cash for stuff - but I could/should save more - just like to do and buy too many things!! LOL!!

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iVillage Member
Registered: 02-19-2004
Wed, 11-30-2005 - 7:12am

1) Do you have a will?

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iVillage Member
Registered: 09-26-2005
Wed, 11-30-2005 - 10:44am

1) Do you have a will? If so, how old is it- is it so out dated your kids aren't even on it? I don't have a will yet, but my kids are the beneficiaries on everything, and I don't own any property, they should be ok.

2) Do you have retirement savings? If so, how much do you contribute, and do you contribute monthly, per pay or yearly? I contribute every paycheck, up to the maximum
that my employer matches.

3) Do you have savings? Would you say you're a good saver? Do you save a specific amount per pay/ month/ year? I try to save, but it's always a losing battle, as unexpected expenses keep cropping up. I have very little saved. My goal in 2006 is to change that.

4) Do you have the "typical" 3-6 months salary saved up in case you lost your job?
No I don't, I would have to dip into my retirement savings in a worse case senario.

5) If you went on a vacation, would you save up for it or put in on credit?
Half cash, Half credit.

6) Do you balance your chequebook at month's end? Online, daily.

Here's an addition:

7) Do you save for your children's college? What do you use (savings account, 529 plan, etc.)? Do you save a specific amount each paycheck, month or just contribute when you have extra money?
I wouldn't do this one, as I beleive that kids should pay their own way through college.
I paid my own way, and my two adult children did as well with very little financial help from me. When I was a tutor in college, my worst students were the one's whose parents paid for everything. When students have a huge investment in their education, they are much better students and better prepared for the real world; because my two worked their way through college, when they graduated, they were able to secure jobs easily. They both have very sucessful careers.


The T Girl
iVillage Member
Registered: 05-13-2005
Wed, 11-30-2005 - 7:53pm

7) Do you save for your children's college? What do you use (savings account, 529 plan, etc.)? Do you save a specific amount each paycheck, month or just contribute when you have extra money?

Yes - I do save a little bit each month - it is an educational IRA or something like that - can't remember what it is called - you do not write off what you put in, but the interest earned is tax free.

I was just having this talk with a friend who just had a kid. We were contemplating whether or not it is good to prepay the state college program or just save. I think he has elected to prepay because he is worried he might not always have the money.

On the other hand, I think it is best to save over time and acrue interest on the money - and then that would allow DS more flexibility.

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iVillage Member
Registered: 02-19-2004
Wed, 11-30-2005 - 9:48pm

I don't know everything there is to know, but if you open a 529 plan with an investment company, it doesn't have to be used at a specific state school, or within any one specific state.

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