Money Talk >> Easy Savings

by dietingfashion on July 5, 2013

A friend of mine is a SAHM. She also has 3 kids and she worries about money.

I don’t think she’s telling me the whole story but I sense that she’s in a deep hole. She just says that her family of 5 lives pay check to pay check. That’s her reason why she can’t save.

That’s what most people think. But I disagree. I believe we all can save something each day.

I gave a tip: Save $1 a day.

Each month you will have $30. One year you will have $360.

It might not seem a lot but it’s a start.

If you are looking to increase your savings, find something to supplement by freelancing your typing skills or sell baked goods around the neighborhood.

In New Orleans, there was a lady who went business to business selling baked goods. She sold cupcakes and bread for $1 each. She did that for her living for over 25 years. Why did she do that? She had a goal: to send her daughter off to college paid in full.

Do you think you can save $1 a day? Whichever day you can save more, go ahead. I think anyone can do it.


Money Talk » Budgeting for a New Lifestyle

by dietingfashion on July 3, 2013


While pregnant with my third child, I knew I had to limit my spending and start budgeting our money. It’s been a hard and very stressful road. I got pregnant unexpectedly. Now I was trying to have a third child early 2012, but after six months of trying, I gave up hope. Talking to my doctor, he said that a woman loses 90 percent of her egg count at the age of 30!

I had turned 30 in October 2011 and the fact that I might never have kids again made me a little sad but I thought to myself “I already have two wonderful little girls. If I have another that’s great. If not, I shouldn’t get depressed, but just move on.”

And so I moved on. I booked the family a trip to Disney World for November 2012 using the money I had saved up planning for a pregnancy. Two weeks later I found out I was pregnant.

What am I supposed to do? Cancel the trip? Or tighten my budget? I decided to budget because canceling the trip would break my kids’ hearts. And I couldn’t see them that sad.

Currently I have no debt. I have a mortgage on my house and a car note. I know many of you are in worst or even dire circumstances. Hopefully some of these tips will help.

Step 1: Analyze your money.
Where is your money coming from?
Child support?

Step 2: Supplement your income.
Is there something else you can do to help your income?
Sell your clothes on Ebay?
Have a skill you can freelance?
Do you think you can handmake something to sell on Etsy?

Step 3: Set a Goal.
What do you want to save up for?
A pregnancy?
Emergency fund?
College fund?
Paying off school loans?

Step 4: Decide how much you want to save.
Most financial analysts recommend saving 10% of your weekly paycheck. For example:
Weekly income: $300
10%= $30 a week
Per month = $30 x 4 = $120
Anually= $120 x 12 = $1440

Is that how much you want to save? Or are you looking to save a lot more?

Step 5: Set up a high yield savings account.
High yield savings account lets you earn interest on top of your balance. Go to bankrate.com to compare which banks has the highest rate for your needs. I have an account with Ing and Discover. I wouldn’t recommend Chase or Bank of America. They tend to have the lowest rates.

Some banks require a minimum starting balance deposit. Try to save the required amount to kick start your savings account.

Step 6: Cut back on your spending.
Do you really need that new watch? Are you a regular at your local nail salon? Eat out every night? You have a tab at your neighborhood bar? Habits cost money. Are you willing to change your lifestyle so you won’t go broke?

The first thing I cut spending on was clothes. As a blogger, I used to buy the latest trends and that made me over spend. I realized I didn’t need that new peplum or that new pair of CLs.

I also refinanced my home and got my mortgaged lowered by half!

I signed up for a free Mint.com account that helped me set my goals and budgets. I could see what I was spending over all my credit cards and what went in and out if bank account.

I now am able to save $400 a month.

$100 for each of my daughters and $100 for emergencies. Anything I sell on ebay goes to my savings and so does my annual tax refunds. Most people can’t wait for their refunds so they can use it but I save mine.

If you personally have some budgeting tips, leave a comment below. 🙂

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