How Much Am I Saving For Retirement? | Financial Independence | Financial Q&A

Updated : Oct 04, 2019 in Articles

How Much Am I Saving For Retirement? | Financial Independence | Financial Q&A

hey friends welcome to freedom in a
budget I’m Kelly and dumping debt Friday time you guys know I love it
don’t mean it Friday learn to your question celebrate your money wins we
have some really really great questions so if you have a question or money win
please leave it down below in the comments for me and I will make sure I
answer in an upcoming video I love these you guys know I love these
so much and if you’re new to freedom in a budget welcome I’m Kelly and my
channel is all about living life well and a budget and living within a budget
and I just dropped all the questions living within a budget but that doesn’t
mean it has to be super constricting and you can’t do anything no a budget gives
you freedom and it gives you the ability to spend and when you prioritize what’s
important and you put you and then 12 your money versus your money in control
of you we don’t want that so I hope that that is helpful and I hope they
subscribe and stick around so let’s get into the questions all right first
question is from Alex ballet Lew ballet no bail Peleliu I’m butchering that I’m
sorry Alex he says hey Kelly I’ve been a follower for a while how much were you
and Jamie putting towards retirement are you guys contributing to 401ks at work
and then a roth iras as well thanks and happy belated birthday
so if you guys saw and really asked this question before but if you saw my last
budget report card in may Mays end of the month of our report card you saw
that we added our net worth and we started contributing to or we started
tracking and following and having it public of what it is in our net worth
and what that consists of our liquid cash or sinking funds all of that and we
are currently contributing probably 17 to 20 percent right now over take-home
income and that is between our 401ks we max this out plus do a little bit more
and then we’re also maxing out or Roth IRAs and then we’re doing a little bit
more investing on top of that so lots of investing it’s super fun and we love it
next question is from Jenny banana and she says hey Kelly I found your comment
on YouTube again yay not really to this video but I wonder if you would like to
share more about your spontaneous giving how do you decide on what in whom to
give or any examples of you have in the past I assume would rather be strange
here for example someone else’s grocery since a lot of
people would be kind of offended however it might be a cultural thing so I’d love
to hear more about it recently I paid for a copy for a guy in line before me
who could not find his wallet but if looks could kill I would be dead by now
because his wife arrives late or was not amused oh I’m so sorry that happened so
we like it like the name is it spontaneous giving it’s whatever you
know God puts on our heart of what we want to do we’ve used that fund for
supporting missionaries we’ve done it for people with IVF treatments we
actually had one where a friend of mine was going through different treatments
and God just put it on my heart to give her $300 I don’t know why $300 but
that’s what he said and so I gave her $300 and she didn’t want to take it and
we went back and forth and I said look you can take her or not but I would not
be obeying what God was telling me if I didn’t give you that money I don’t want
to be disobedient to him so I’m giving you the money you do with it what you
please so finally she reluctantly she took it then two days later I got a call
from her saying that she had an appointment with a new doctor and with
all the co-pays and everything of what insurance would cover what it wouldn’t
cover it turns out that her final copay was $300 hmm I wonder why so it’s just
so cool to see you know when you are trusting Christ of what happens with
that which is so cool which you don’t have to be a Christian to be doing
spontaneous giving but we are both Christians and so that’s what Jamie and
I do but here’s some other ones that we’ve done we’ve paid for meals for
people we’ve paternity leaves I had a co-worker that was you know having a
baby and so we gave him some money himmat is um I think he was becoming a
single dad so we’ve given them some money there’s just been whatever you
know is put on our heart there’s been tons of just random ones and he robots
that’s another one that we love to do so it’s just like I said whatever put your
heart but you know there’s times where if people didn’t have money at the
grocery store I would absolutely buy their groceries
one thing that I’m actually looking to do this year
at Christmastime is have people be able to write in and say families that they
want to bless that can’t afford Christmas gifts and just kind of like
share what’s going on the situation how many kids there and all that stuff and
then pick up one of the families and be able to bless them with tons of
Christmas gifts and ship it and have it all wraps and stuff that would be so
much fun so that’s something that you know we’re looking to do this Christmas
as part of our extra giving so just whatever is put on our heart but that’s
awesome that you paid for his coffee I think that’s great
next question is from Arthur dia and she says yay I’m glad your videos back I
have a question when you’re on vacation are you pretty strict about sticking to
a budget or do you just allocate enough so that you aren’t worried about eating
out or taking an uber or going on an extra tour so I allocate extra money for
vacation so we’re going to Alaska this year and so I’m going to have a vacation
budget now our vacation is all paid for we still have to book our excursions but
the cruise everything our flights hotel that’s all done so we just have our
excursions which we’re going to book probably next week and then all we have
is just spending money and so we’ll have a good chunk of spending money now my
name is Kelly and I am a nerd so I will probably be more on the cautious side
than Jamie would like but it is a lot more flexible than our normal everyday
life and so I am a little bit more relaxed on spending when we’re on a
cruise and stuff and getting little you know trinkets and different things like
that but like I said we bring extra cash so we’re not you know super strict on it
but everything is accounted for and you know we’re not going to be going into
debt for we’re not going to be putting things on the card that we can’t afford
so I think it’s gonna be fun we’re excited next question is from Laura s
and she said can you tell us about your job and how you were able to move up
from a company you work for what are we great to know since I am
trying to get some more opportunities at my job but I having some difficulties
with it thank you so I’ve just put in the time put in the work I’ve been at my
company for three and a half years now and I’m actually up in the running for
leadership right now going through it’s a long grueling
process with lots of classes and all the stuff you have to take but hopefully
it’ll pay off and it’s not guaranteed that I’m gonna get leadership I still
have to apply and interview for it and everything like that but I hope I do so
it’s gonna be you know a lot but I’ve just put in the time I put in the effort
you know I’ve gone above and beyond I’ve learned processes that aren’t
necessarily things that I do but just to help other people out and other teams of
oh hey you guys are short why don’t I learn the process so when they’re on
vacation I can help you out different things like that it really shows you
know my bosses I’ve really seen that and you know you got to ask for it too
you got to say okay I want a race you know what can I do to get there what do
I have to do to get to that next step next level ask for overtime you know
I’ve said hey I’ve got these big funnel goals I am willing to stay late am i is
it okay if I stay late is there projects that I can work on while I’m staying
late or coming in on an extra day what can I do you know I want to help and I
want to be able to make some extra overtime so if it’s in their budget then
a lot of times they’ll be like yeah can you help with this project or work on
this a little bit deeper while you’re Moyer in next question is from mrs. King
and she says hi when paying that much cash to the IRA does the IRS get
involved and this is talking about when I paid cash for my car we made my Jeep I
paid twenty five thousand for it and just wrote a personal check for it and
they did everything on their end so that they had to with the IRS and they took
taxes out just like you would a normal car financing when I got my final bill
out payout they tell you you know what this is what that is and all these fees
and everything and one of the items is taxes so it’s taken out the same exact
way I didn’t receive anything from the IRS I didn’t you know anything because
it was such a high amount I think anything over ten thousand they
start to look at but I didn’t receive anything
I’m sure the dealership took care of everything on their end all right and
now we’ve got some money wins alright I’m excited we got some really good ones
here first one is for nerds times four and it says neo planning has totally
changed us my husband I would sped over our food bill all the time
I was spending $1,100 per month for a family of four now me a planet shop my
pantry Fred’s look for sales only go to the store once
a week etc I’ve lowered our bill by six hundred dollars that’s just crazy to me
I can’t believe I used to spend that much money guys guys I want to shout it
from the rooftops this is what you can do when you are persistent I’m cutting
your grocery budget guys this is what we’re talking about here meal planning
shopping your pantry going to places like Aldi all of that can save so much
money on your grocery budget girl I am so proud of you that is
awesome next one is from Christie sunshine and she says I’m waiting for
the Burberry savvy sentence to come back into stock which is the wallet that I
have which they said would take months boom but I paid another credit card off
this month I’m so excited to be aggressive playing this debt down by the
grace of God that is so awesome congratulations another one out of the
debts no wallet that is incredible congratulations Christie next is from
Brad from the fitment mindset and he said hey Kelly happy Friday money when
for the week was getting a paid-in-full letter for my student loan company thank
you for always your content have an amazing weekend brat Tara that is
incredible so proud of you guys another student loan gone you guys were so close
to being debt-free I’m so excited for you next one is from at stock Dow and he
says my money when was shopping with a grocery list of youtubers at Kate
Caymans top five meals in my portion if I brought your bill I stuck to it now I
try not to eat on days oh one day so yummy that is awesome Scott great job
sticking to the grocery budget sticking to the meal plan that is awesome next
one is from Anna Lily and she says my money when is that me my husband are
debt free we paid off 5,000 worth of debt of
credit card debt in it three months Anna that’s amazing congratulations welcome
to the debt-free Club Ava Elizabeth says my money won this week as
I paid up my suit loans completely off and now I am dead free I crushed at
6,000 in debt and last five months whoo and so thrilled to me now putting my
money towards my future not to my past that putting my money towards my future
not my past your view does inspire me and motivate me during the process thank
you that is awesome congratulations Atia I’m so excited for
you last one is from Cheryl Bayne and she says love your motivation I started
paying off credit cards since January 1st this year this year and I have paid
a four card stupid a four card so far I pay off the fifth card and me I still
have 11 more to go I’m so setting up to this to myself but finally I had the
determination to dump all the debt I had I bought your budget spreadsheet and
started working on that yesterday I would like to figure out a way to make
some income on this side to speed up the process thank you for all the great
videos Cheryl that’s incredible I’m so excited for you that is awesome more
debts than we going by especially with a budget template that is awesome and
thank you so much for supporting me in my channel my Etsy shop that is
incredible I am so thankful for you guys I’m pumped I’m pumped right now like I’m
so happy you guys are debt-free you’re killing it you’re hitting those money
milestones I’m so proud so you guys are awesome let me know down below in the
comments if you have a question I’m gonna win I would love to celebrate
those with you or answering questions that you may have don’t forget to
subscribe and like this video alright I’ll talk to you guys later bye


  • I’m new to the channel but have already been so greatly blessed by it. We, too, are working toward being able to bless others freely with our finances. As a pastor, that’s usually off of a pretty tight budget, lol, but God is faithful and we will let Him use and multiply even what we have to offer as He sees fit to bless us. Thank you for sharing your great insights and encouragement. Blessings to you!

  • Do you have any suggetions for videos talking about retirement planning financially? I'm still quite a bit in debt but would like to start researching retirement now so that once my debt is paid off and I get a larger emergency fund, I can jump right in to putting money aside for retirement. ( Side note I am Canadian so we have different plans than the Roth IRA and 401K's).

    Also money win! I set a goal for this year to pay off at least $4000 of my debt and I did so in the first 5 months of the year! So I set a new goal to pay off another $3000 for a total of $7000 of debt paid off for the entire year.

  • I actually save money by ordering groceries from Instacart/Publix. The $9.99 monthly fee is way less than all the extras I would pick up at the store…. if I went I would end up with half a buggy full of extras and half of that wouldn't get eaten…

  • Loving your channel!!! My husband and I started doing a Christmas pay-it-forward a couple years back. We just both watch people throughout the year and give them something at Christmas time. We LOVE the feeling it gives us! This past Christmas we gave to a single dad who is raising his two daughters on his own (one is autistic) and he's working two jobs to raise them and is just a really great guy! But yes, that feeling is SOOOO great!!

  • Thank you for answering my question Kelly!! Appreciate it 🙂 this is such a great and positive community here that I’m happy to be part of. Do you ever do any meet and greets in Florida? I live in Seattle and go to visit my parents near Soflo a couple times a year. Have a great day!!

  • I just started watching your channel and I am hoping to learn more of your tips as I am desperate to save and make money to help my family’s debt. Thank you for sharing !

  • What are your thoughts on Aldi's vs Costco? Is it worth it to get a costco membership?

    Also do you ever try to shop the smaller grocers for deals? Seems like Aldi's does has some great deals. Do you find the find that Aldi's is more expensive in certain categories (meats, veggies, etc?)

  • Love the giving story, Kelly.🧡🧡 And to Jenny- don’t let fear of how someone may react deter you from giving. 🧡🧡 You know your heart, and you can’t control how people react!

  • My money win is getting another debt paid off this month!!💪🏻 I had foolishly financed a new bed at zero percent, but I still wanted to pay it off early! Happy to report I was able to reach that goal! Paid it off four months early!

  • Thanks for answering my question! I guess I should rather not think about other peoples opinion and just give whenever I feel someone needs it 👍🏻. BTW i have finally reached my goal to have one years of livng expenses in savings! It took me a long time but it's such a blessing and it feels great to have this security.

  • Haha it's a tough French name! It's pronounced so many different ways but my family pronounces it as "Bowl Your"! Thanks for answering Kelly! I'm currently maxing my 401k, Roth, and HSA as well! Though doing so definitely limits my cash flow so I may lower the 401k a bit to save more for a down payment on a house eventually 🙂

  • I dont think ill ever be able to max a 401k and roth ira 🙁 i max my roth ira and get about an extra 3-4k in my 401k.

  • Congratulations to all the Money Winners!!! I paid off one stupid loan this month – so excited and working on the rest!

  • Hey Kelly, I have a question for dumping debt Friday! First off, the bad news is I am no longer debt free 😭 I let all my hard work go down the drain after getting some bad news and I kind of went through a pre mid-life crisis? Good news is I am ready to get back on track and even better news is my husband is on board this time which makes it so much easier. We are finally combing finances 😁 We both have bank accounts that we need to keep but I am opening a joint account as well. Do you have any tips for coming finances? Also I still have some of my savings totalling about $20,000. I am not comfortable going back to just the $1,000 because our monthly expenses and debt payments are so high. How much of that $20,000 do you suggest I put towards debt keeping in mind we have such high monthly expenses? P.S. we just made our first payment to debt of $3,440.00. 😁😁

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