Topic   Do You Budget?

Silver Good Trader Global Trader - willing to trade internationally
Thought it would be fun to hear how you guys manage your money, budget, etc.

We made a new year's resolution to save more than we already were, and to be more conscious of our spending. We're doing the "every dollar accounted for" system this year, and through a month, it's really been good for us. It really has made us think before spending.

We sat down and looked at our expenses in the 2 categories of known costs (mortgage, car payment, memberships, etc.) and variable costs (utilities, discretionary spending, etc.). Setting budgets for the variable stuff was the hardest part. Like, we had never REALLY tracked what we spend on groceries for the family in a month). We did pretty well on predicting for January, though.

We use Mint for tracking. If you're looking for a way to do this, I highly recommend it. Easy to use for tracking everything, budgeting, and especially setting saving goals based on predictability. Good site and mobile app.

So what do you guys do?


if you pay off your house off, you have access to all that equity if you need it for university costs, etc.
i dont think 2nd morts or home equity lines are going to be tax deductible any longer though, unsure.

keep in mind there are some options for no penalty early withdrawals on traditional IRAs if tax code didnt change those. if not, you may feel more comfortable with ira saving approach.
GameTZ Subscriber GameTZ Full Moderator 400 Trade Quintuple Gold Good Trader Gold Global Trader (13)
If I recall, you can actually take what you paid into a Roth IRA out without penalty -- you just can't touch with gains without issues. So, another advantage to the Roth. You put it in post-tax, so they don't care if you take it back out. smile
GameTZ Subscriber Gold Good Trader Global Trader - willing to trade internationally Has Written 2 Reviews
I asked about that, moving from one account to the other and I was told that it can hurt you based on the tax bracket you're in... That's what I heard anyways.
GameTZ Subscriber GameTZ Full Moderator 400 Trade Quintuple Gold Good Trader Gold Global Trader (13)
* 7-Feb-2018(#44)
I wasn't talking about moving from one account to another as far as IRAs go. I was talking about simply taking your original money out of a Roth.

I just confirmed it too (was just going by memory before).

Basically, you can withdraw any of the principal from your Roth IRA at any time without penalty. Tax bracket doesn't matter because you aren't taxed on a Roth withdrawal.

And, yes, withdrawals from a Roth do count as income, but nontaxable income. Therefore, they do not affect your tax bracket when you withdraw funds. (For a Traditional IRA, the withdrawal would be considered taxable income because you haven't paid tax on it yet -- and, therefore, can affect your tax bracket.)

Topic   Do You Budget?