Learning to Save when your live paycheck by paycheck
Mon, 01/12/2009 - 20:20
I live paycheck to paycheck because of a high mortgage.
Humans need our basic comforts to keep us motivated and alive... how can we keep a few of these comforts yet save money on a small budget?
A things that have helped me so far in 2009:
- Cut back latte's to once a week.
- Have friends over for game night instead of meeting for happy hour or dinner.
- Drive your vehicle only when necessary.
- Have a roommate move into your house an extra income boost.
- Work an extra half hour per day to increase your income - makes a difference!
- Direct deposit from your wages into your savings.
- Cut up your credit card and if you desperately need it, you can order it again.
I'd love tips from others!! Happy New Year.
Jillene
some other tips i try to follow
- bring your own lunch, i also keep a box of cereal at my desk for days when I forget, i just posted this in another tread, i saved $1600 last year by bringing my own lunch
- don't buy bottled water
- budget your income, allow yourself only a certain sum/month for shopping, eating out etc, depositing left over in your savings account
- create a savings account for special big ticket items like TVs, vacations etc. That way you don't feel guilty when you do splurge, and you can buy them out right, saving on the interest rate but not putting it on a credit card
good luck!
living paycheck to paycheck
I live paycheck to paycheck b/c of school loans and credit cards. . . although my credit cards aren't large amounts the interest rates are.
a few things that have helped me out-
-making my hair appointments more spaced out those can add up to $125 every 5 weeks!
-working extra shifts for overtime! That has REALLY helped me to pay more on things I owe so that I can pay off my credit cards and finally be credit card free.
-I got Married in December 08 and that really helped me to be able to afford more things and pay off things.
-I have 3 accounts at my bank. my checking, our joint savings, and a savings. I have a certain amount direct deposited into these accounts each two weeks, outta site outta mind. If i don't have to see it then i don't spend it. I work two jobs and $150 goes from one paycheck into the joint savings, $50 from another paycheck goes into that account, so I am able to save--$400 a month in that account alone. I do not touch it unless i have an emergency...I have seen it grow SO MUCH since January.In my savings I save $100 a month ($50 a paycheck) It's not much but it's growing too, If I am running low I can dip into this, but never touch the emergency funds unless it's an emergency.
-Also being able to use the abilities that you have! I babysit on the side for some extra money as well.
Saving Tips
Eat out less each week--max 1x until you have 3 months salary saved.
Go grocery shopping 1x per month.
Take a list with you.