Single Ma’s Saving Tips
This is a repost from my own “How I Built My Emergency Fund” post. I’m not swagger jacking myself, but I wanted to highlight the tips again because they were so good. LOL
Psyche! (remember we used to say that lol) Let me be honest. I’m sorta busy today and just too lazy to type an original post. So here’s a Single Ma re-run…
Saving Tips
- Open a savings account that doesn’t allow easy ATM access
- Start small if you have to, $5 is better than nothing
- Do not binge save or deprive yourself, it’s a recipe for failure
- Pay yourself first! Save before any other money is spent…even before bills
- To curb the temptation to spend, consider payroll allotments so the money never touches your hands
- Establish a realistic goal to keep you focused
- Share your goals with your inner circle for support
- Surround yourself with positive people who will motivate you
- Save at least 1/2 of your found money (i.e. bonus, tax refund, gifts, etc.)
- Identify your weaknesses and work them into your spend plan. I don’t like budgets, so I save FIRST and spend the rest however I want.
As with all other goals, saving requires discipline. It is hard at first, but it doesn’t take much to get started. Watching your money grow is the greatest reward. Imagine being fabulous AND financially savvy? Now that’s wassup!
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I like the one about saving half of your “found” money. Good one.
Okay, you may very well be psychic. I decided that the emergency fund will be the first thing on my agenda and last night I calculated the amount I needed and how long it will take. I had a question on how much of my bonus I should deposit and you answered it for me today. Thanks!
Oooh I needed to read this. Thank you! Would you mind if I copy/pasted on my blog (attributing you as the source of course)? These tips are great!
There is nothing wrong with posting twice, everyone need a refresh every now and then.
Especially when it is good posts!
Good summation Single Ma. I’m a big proponent of saving 1/2 of your found money. Planning to treat myself to a pair of diamond studs with my bonus check in March.
“Despite what most people think, I am nice…sometimes. :-)” – Do you mean to say that there are folk out there who think you’ll get up in dey a**? *GASP* I’m shocked. Truly, truly shocked. *wink*
Y’all ING referring folks don’t follow instructions very well, do ya. I said email ME, not comment just to say you have referrals. I doubt if anyone will take the time to email any of you for a referral OR even see this post after it’s buried under others. I have a way to share your referrals that will create the maximum benefit. Do it your way and get nothing (1 or 2 if you’re lucky), or do it my way and I will help you get rid of all 25. Otherwise, please do not comment with “I have referrals” or your entry will be deleted.
Sorry about that SM…..that’s what I get for skimming over and not reading through to the end! I emailed you….
HAHAHAAAWA this nut!
Guilty as charged as well. I didn’t read well. I’ll e-mail you now.
FWIW, I think you should try to save more than 1/2 your found money – I think Ma said AT LEAST 1/2. I find it helps to blow a bit of it, get it out of your system, and then put it somewhere where you’ll forget about it. I hand mine over to my financial planner to invest, and between her and my wife, they won’t let me near it without a big fight. So, once I hand it over, I know I might as well not even think about using it on a spending spree – it’s like I buried it in the ground.
Yes, I did say at least 1/2. Thanks for pointing that out.
In my opinion, I think it depends on HOW MUCH you receive in “found” money. Your example is based on receiving thousands from YOUR own experience. My perspective is based on the big picture that could apply to ANYONE and various scenarios.
For example, if you receive a $50 gift, less than 1/2 doesn’t really amount to much, but it’s a GIFT so you should be able to enjoy some of it. An overly restrictive lifestyle can ruin your savings objective. But…if you receive a three thousand tax refund, then yes more than 1/2 should go to savings.
Keep in mind, when I write, I try to consider everyone and multiple situations that may or may not apply to me. I want to come across as sharing, not preaching. Furthermore, if I write everything based on what *I* would do, it wouldn’t be realistic or helpful because I realize that my income and the way I think regarding my finances are not the norm. I’ve struggled financially and I know how hard it can be to save, so I know it’s MUCH harder than “putting it somewhere you’ll forget about it.” When money is tight and you can barely pay the rent, you’ll NEVER forget there’s money in the bank.
~SM
I guess I’m late in starting a savings plan but today I opened one(can’t belive it). I figured today I’ll start. I didn’t deposit much but its a start.
Nikki
It’s NEVER too late hun. Glad you started TODAY!
~SM
@Ma – Good point. Didn’t mean to sound preachy (if that’s what you meant). I do remember what living hand-to-mouth is like despite my present bubble boy circumstances. Only to say there is no golden rule to 1/2 – more is better, after all saving “found money” is a key part of the game of reaching financial freedom.
No, I didn’t mean YOU sound preachy. I just don’t want to come across as preachy when I say something that may not be realistic for ALL.
You’re right, there is no golden rule to 1/2. It’s MY rule (lol).
And of course, more is always better, which is why I said (and emphasized in bold in the original post) “at least 1/2.”
~SM
This is the perfect thing I needed to read today. I put down two pair of shoes and allotted myself to a strict “non-spending” spree until the move is over in 2 weeks. After that, this gal is in trial and 1/2 the OT from that will be directed to the ING fund/the other 1/2 will go to the shoes (or a new couch)… hell – shoes first – everyone else can sit on milk crates (I kid I kid ;)
I am SO with you on the financial allotments. I have enough money going in and out of my checking account as is; why worry about the timing of ACH transfers to a savings account? Just have the allotment go out with the paycheck.
My employer also makes it very easy for me to set up multiple allotments, so I can shift them as necessary (although I try never to shift DOWN overall).
Hi Fabulous Ma…..I was wondering if maybe we can add to the savings tips, links to recycling and not just can’s, newspapers and bottles, but selling clothes to a local cosignment. Maybe what locations are paying out the most so we can get the most for our recycled items???? This could be a great way to add to a savings account.