Comments on: Back to Basics: Plan, plan, plan

By: David

David — Sat, 25 Oct 2008 04:58:27 +0000

I would add “Plan to save for your favorite thing”. For me, it’s “Plan for vacations” and “Plan on travelling to an OSU game”

For me, once I get out of debt and max out my IRA, I plan on starting a savings fund so I can take a vacation every year. Ditto for starting a fun to go see OSU in some bowl games.

By: Yvon Thea

Yvon Thea — Fri, 24 Oct 2008 14:06:46 +0000

Be sure to put a timeline or timetable on your plans

By: Four Pillars

Four Pillars — Thu, 23 Oct 2008 23:05:07 +0000

Thanks for the mention!

Another approach is just to have more money in your emergency fund – it’s not as efficient but it makes it easier to plan.

Mike

By: Aya @ Thrive

Aya @ Thrive — Thu, 23 Oct 2008 20:58:19 +0000

Plan to give. Whether it’s a birthday present for your best friend or giving yourself a treat after getting a promotion, there are money-spending occasions that pop up. Similar to the comment above about planning for spontaneity, there are always going to be unexpected/unplanned expenses. It’s necessary to have money saved for the sole purposes of giving it to/spending on others, no matter how paradoxical it sounds.

By: Beyond Paycheck to Paycheck

Beyond Paycheck to Paycheck — Thu, 23 Oct 2008 13:29:21 +0000

Plan for spontaneity. It’s the ability to live in balance, keeping your eye on the long-term while still enjoying the opportunities of today, that makes it possible to stick with all these other plans.

By: Andy @ Retire at 40

Andy @ Retire at 40 — Thu, 23 Oct 2008 09:10:30 +0000

One of the best things I have put in place is what I like to call my Freedom Fund (other people call it their Irregular Expense) fund. As you mentioned above, you need to plan for those things you know are coming up but happen just once or twice a year.

I’ve been happier every since I set it up – which is why I call it the Freedom Fund – the freedom to think about other things instead of something as mundane as car insurance