Are you saving or spending with these uncertain times?
- Thread starter BigSexyCat
- Start date
I am in saving mode and waiting for a market correction to put more money to work. Congress passed a $900 billion stimulus bill in December. Now the Dems are coming back for another $1.9 trillion. The Federal Reserve has pledged low rates for the foreseeable future. Add that to a population that will be mostly vaccinated by summer and you have a recipe for explosive growth for 1-2 years. Beyond that, I agree that Biden's economic policies are not good (higher taxes, more regulation and killing jobs in the oil/gas industry).
there may be no market correction so to speak because of the massive infusion of cash into the markets between stimulus and QE. My gut says right now is the bottom and we are in for some considerable inflation.
Welp, when all this hit initially, within a month, I bought an RV travel trailer, rented an RV slip on the lake, bought a boat, and bought a new 2020 F-150 truck. Next up, we are going to Vegas in March for my birthday, so I think I'm good.
We’re spending in the sense that we didn’t “save” any of the money we were saving by working from home for the past 10 months and saving on gas, childcare ($1k/mo), vacations/trips, etc. But we didn’t spend that much extra either.
We moved into a new house in March, so it’s all gone into it so far.
We moved into a new house in March, so it’s all gone into it so far.
I am still saving money in that I have about 27% of my income taken out each month for different investments/retirement accounts. That did not change due to the shutdown or working from home. That said, I just bought a crazy *** car last Friday that was 100% non essential.
Been saving 25% for years. Hope to retire at 55. I spend the **** out of the rest and buy pretty much what I want. However I don’t want much. My trucks 20 years old but my workshop fridge is nice and it’s full of cold beer
I saved pretty aggressively over the past year. I'm more likely to spend on vacations and weekend trips than on stuff though so it's been easy to save.
Saving. Neither one of us missed any work this year so we upped the retirement savings to catch the extra from working from home and not eating out every other meal. I'm not planning for any big changes in the near future with the biggest threat to my personal finances being that I keep lusting after new trucks.
If you mean because people who retire sit around and die. No sir not me. I live on a small farm, cut trees down and split firewood to heat my house and workshop. Will have plenty of woodworking projects. Have a nice garden. Have a 2 acre lake to fish and food plots for deer. Life will be good in 7 years
I invest every week in MegaMillions and Powerball. Haven't hit in the previous 1,047 draws, but I know this next one is gonna be the winner!
This is a really good question, cool to the see the responses. I've been a saver/investor my entire adult life, and I'm now strongly thinking about changing jobs in a couple of years to a lower stress job with less OT. By being a good saver and maxing out my Roth IRA, wife's Roth IRA, 401K to the match it will let us do us sooner than we thought. I truly believe it's never a bad time a put a few extra bucks in the bank.
Exactly. I made some crazy returns over the past yr. Now, I'm trimming/locking in profits.....consolidating slowly......and being picky with my buys. I'll try to stay a little more heavy than usual in cash over the next few months......pick my spots...then take advantage.
I was saving. Then I heard of this great opportunity to get into the stock market. So I put my life’s savings into GameStop. So far I’m doing pretty well.
Jobs WFH until further notice. SO that gas savings, savings on car mileage and maintenance, bar bills and fine dining have gone down.. but liquor store purchases are up lol.
I imagine I'm saving an extra few hundred a month.
I imagine I'm saving an extra few hundred a month.
At first I wasn’t sure if I should do that. Now I think I’ll let it ride. Thanks for the encouragement.
I'm saving and spending. New carpet, new deck, still need to order a headstone and hot tub. Saved close to 25% of gross income.
My spending habits are the same, which is that I save most of the money that I don’t have to spend.
I retired at 50 1/2 after 32 1/2 years of working. 65 now and still kicking like a mule
Been investing in sports cards. Jordan, Kobe, Iverson, Garnett, etc. Send a ton of cards to be graded by PSA. There is at least a six months backlog. The prices have skyrocketed. If it keeps up, it could be the best investment ever for me.
I've been saving the past few months after a lot of spending as the quarantine began. Did a lot of work and upgrades on my house, bought some nice electronics, art work, instruments, etc. Got to a point where I'm satisfied and can just hunker down, go to work, gas and store and those are my expenses.
Interest rates being what they are....we are looking for a small hobby farm........we are still putting our max + catch up in a 401K like we have for the last 20+ yrs......plus the Director is going to double dip for a couple years.....she started getting her SS last month......it is a tidy bit to squirrel away......