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Saving money??

Do you save money every payday? How much do you save? Can you still afford to go out and eat or anything else that cost money but is something you "want?"

I am asking because we do not have a savings. We are making a savings account on our next payday in case something like the shutdown happens again (or actually happens)!

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Anonymous

Asked by Anonymous at 10:59 AM on Apr. 9, 2011 in Money & Work

Answers (6)
  • We have an extra $50 withheld from ever check, that's $2400/yr we will be receiving as a tax return. Anything else, we don't have a specific savings account, but we have been very frugal with our spending, and our account grows every week. Our bills work out so that we get to incorporate 60% of Dh's check to student loans. He will have early payoff, then we'll be applying that money to a roth IRA and a cd to earn interest that we can eventually borrow against to build credit history and buy our own home and operate our own ranch and raise/train our OWN spectacular horses!
    matobe

    Answer by matobe at 11:08 AM on Apr. 9, 2011

  • I just put little amounts in the savings account. If it's Sunday and our bills for that week have come out and everything and we have extra money I will transfer 20$ to the savings acct. It actaully adds up pretty quickly.
    jedwards2009

    Answer by jedwards2009 at 11:14 AM on Apr. 9, 2011

  • We put money away for our retirement and our daughter's college, every month
    rkoloms

    Answer by rkoloms at 2:11 PM on Apr. 9, 2011

  • We have always made a habit of saving and watching every penny. We are not deprived in any way ... we still vacation, go out to eat if the mood strikes us, don't worry about an occassional splurge. We've been able to enjoy life, pay off our house early, fund the kids college accounts and our retirement account, etc. by being smart about money.
    Anonymous

    Answer by Anonymous at 2:12 PM on Apr. 9, 2011

  • Every pay check- no. I mean this last pay check had about 3 days on it (my husband had been super sick) so we could barely cover our rent. But once we've paid our basic living expenses, yes we do save money. We also still eat out. Not a lot, and we're super cheap when we do (ie using coupons).

    To be totally blunt, if you're worried about not making ends meet due to no pay checks, I wouldn't be worried about eating out right now. You've got bigger problems than that. Once you have a little bit of a buffer (an emergency fund for example) between you and life, then you can start worrying about living a little. Both are important, but you do want to make sure you're family is taken care of first.
    Erica_Smerica

    Answer by Erica_Smerica at 3:24 PM on Apr. 10, 2011

  • I save 100$ every week. Just because I can.
    Hatsumomo

    Answer by Hatsumomo at 4:25 PM on Apr. 10, 2011

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