Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Do you have a savings account for your family? Any advice to share?

Posted by on May. 2, 2012 at 6:06 AM
  • 16 Replies

You CAN Save for the Future When You're Struggling to Make Ends Meet (Really!)

Posted by Jacqueline Burt on May 1, 2012 

piggy bankIt's the financial equivalent of being stuck between a rock and a hard place: How can you build your family's savings when you're barely making ends meet as it is? Or when you're struggling to get out of debt?

Theoretically I should have two college funds going right now, one for each of my kids ... but I figure it's probably more important that they're fed and clothed in the meantime.

(The electric bill is a priority too, as I can't imagine doing homework by candlelight would do much for their academic future, either.)

If you're like me and getting your family's finances under control feels like an overwhelming, if not impossible, task -- take heart. And take one step at a time. 

Here are a few easy ways to get started ...

1. Get in the habit of tracking your household spending. Most of us think we know how much we spend every day/week/month ... but take a look at your bank and credit card statements and you might be surprised. For a real eye-opener, try jotting down every dollar you spend for a week (and what you spent it on). Unnecessary spending patterns will be super-obvious! Don't beat yourself up -- make small changes based on your observations and you'll be amazed at the difference.

2. Scout out secret savings. Pull out all those monthly bills -- Internet, phone, auto insurance -- and call that customer service number. You might not know this (I didn't until recently), but simply asking for a better rate can actually GET you a better rate. It's true! (Sneaky tip: If the service rep doesn't offer to extend any new customer deals or promotions, mention that you're thinking of switching to a different company. It really works!)

3. Update your 401(k) contribution rate. Again, if you're like me, you probably did the auto-enroll thing when you started working with your company. Problem is, your rate is probably too low to get the maximum match. Ask someone in HR to help you switch to the qualifying rate.

See, none of those tips are too terrifying, right?

Do you have a savings account for your family? Any advice to share?

by on May. 2, 2012 at 6:06 AM
Add your quick reply below:
You must be a member to reply to this post.
Replies (1-10):
the3Rs
by on May. 2, 2012 at 6:17 AM
Yup. Both DH & I have retirement accounts, all 3 kids have a college fund, we have a regular savings for emergencies, vacations, etc., and a holiday savings for birthdays & Christmas.

Each kid has a savings account at the bank and a 'spending' account in their piggy banks at home.

Whenever they get money they put 1/3 in savings, 1/3 in their personal 'emergency' savings, and 1/3 in spending.
Posted on CafeMom Mobile
the3Rs
by on May. 2, 2012 at 6:18 AM
Oh, and they each get savings bonds for their birthday each year.
Posted on CafeMom Mobile
MamaJane
by Jane on May. 2, 2012 at 6:32 AM

 We do.  That was part of us getting out of debt.  We had to get a savings first.  We thought putting everything in bills was what we needed to do, but then inevitably something broke and we'd have to charge it again. 

At first we were sure we couldn't do it.  I don't think we ever did a weekly deposit.  We would put anything extra we got, straight into savings.  Tax check, vacation checks, etc.

johnny4ever
by Tracy on May. 2, 2012 at 7:13 AM

for each one of us yes

johnny4ever
by Tracy on May. 2, 2012 at 7:14 AM

we put our aluminum cans refund in our sons...he is past 1,000 since 6 years ago when we started it

Tfor2
by Tiff on May. 2, 2012 at 7:44 AM

 we have 1 and a portion of every paycheck goes to it just like its a bill. Even the months we are short on money we put it in the savings and then transfer back out only what we need to cover bills. This is because once i stop treating it like a bill, I will likely never put money in it again lol. Also, all hubbys drill checks go directly in there and we act like he doesnt even get paid from them. We never see that money it just sits in the savings acct

wandep
by Pam on May. 2, 2012 at 7:50 AM

Yes, we have one. :) No advice tho other than dh puts part of his check in it and the other part goes in checking.

itsallabtthem84
by on May. 2, 2012 at 7:51 AM
We have a savings account but tour vacation money, lol.
Posted on CafeMom Mobile
johnny4ever
by Tracy on May. 2, 2012 at 9:15 AM

we thought about starting christmas club acct

Bmat
by Platinum Member on May. 2, 2012 at 10:31 AM

We had some money direct deposited from paychecks into accounts for the children's college.

Add your quick reply below:
You must be a member to reply to this post.
Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)