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?
Work?
Child support?
Government?
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. 🙂
I'm Helen and thank you for visiting my personal blog. I own my business with my husband and we have 3 beautiful girls. My blog is about my journey to get and stay healthy, and my love for fashion. I dabble in many stuff such as DIYs, decorating, and parenting tips that worked for me. I want my blog to inspire and motivate others who are on the same path as me.
As a fashion blogger, I don´t splurge on clothing as much as a regular fashion blogger does. That´s why my outfit posts are only seasonal. 🙂 My earning from blogging goes straight to my savings account, some are sent as an extended help to my parents in the Philippines. My husband has a portion of his earning automatically deducted every month, it goes straight to his savings account. We do watch our expenses, we only dine out at most twice a month. I only shop the last season, discounted items. We still pay monthly for our furniture, upholstery, appliances and the kitchen, all payable for two years. Fortunately, everything´s going to be full-paid this September. That´s why we scheduled to start making a baby this September, when all our debts are full-paid. But the thing with us is, we tend to splurge on summer vacations. Next month for example, we´re spending €4000 for our trip to Thailand. Last year, we spent a week in Paris. But we´ll probably offset our trips by staying in Germany next summer, especially if I become preggy.
I think it´s really important to plan our finances especially if we´re planning/building a family. Your saving plan and tips are helpful. Thanks for sharing. God bless you and your family, Helen.