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Do you have a savings account?

Posted by on May. 2, 2012 at 12:30 PM
  • 17 Replies
1 mom liked this

I saw this in The Stir - Do you find it difficult to save money?

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 12:30 PM
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Replies (1-10):
by on May. 2, 2012 at 12:32 PM
Lol no. I don't have enough to live week to week so no. If I have anything left after paying my bills, it's sits in my checking account to get my son what he needs.
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by on May. 2, 2012 at 12:52 PM
I put $100 a month in mine...its direct I never really miss it. I also put at least $25 to $50 a month into each of my 2 kids savings. I do have to dip in my savings sometimes.. now I have like $4500...but I owe $1800 for taxes this year..I'm late I know...and it may have to come from savings.
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by on May. 2, 2012 at 12:54 PM

Yes, we have a savings. It does get dipped into for emergencies though.

by on May. 2, 2012 at 12:58 PM
Yes, its almost all gone though since I haven't got child support in 4 months. Every extra dollar I have goes into it. I rather save then spend
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by on May. 2, 2012 at 1:00 PM
I had a savings but recent events drained that. I'll be moving this month, so I will be able to bulk up my savings and hopefully get a better job.
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by Ruby Member on May. 2, 2012 at 1:03 PM
I barely get by and it sucks :/
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by on May. 2, 2012 at 1:24 PM
I always out my tax return in, plus 100 per paycheck. But when I need things for myself (like shoes for work) I end up pulling it out. I almost always end up pulling out at least the $200 every month because our hours were cut at work and my budget worked, well my budget didn't change and my hours decreased so end up needing it at some point.
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by on May. 2, 2012 at 1:53 PM

I have 2 savings accounts, one for emergencies and one for ds.....the one for emergencies I usually keep the most in...its there when my paycheck doesn't cover everything (which it usually does, but if I miss a day or two of work it doesn't).

by on May. 2, 2012 at 1:54 PM

Yes, but I have very little money in it right now =(

by on May. 2, 2012 at 2:22 PM

yes. but i'm not struggling financially.

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