How are you saving money with one income?

[Nana0507]

Hello girls (and power to us:),

How are you doing with saving money and do you? With one income we have to be very creative and wise. Pls, share all your ideas and whatever is working for you. I am trying to build (better say, starting) and any good advice is welcomed. I read so much on this topic, doing my budget and telling my money where to go but when it comes to savings it is hard. Well, as a single mum I have to be frugal and smart about tomorrow...I guess starting small for right now! Have a great Monday...!

[mommy_2_be_2010]

Bump

[Mommyto2LilMen]

I automatically have $100 direct deposited to my sack ga account each check. For awhile I was having to use it every paycheck but lately my financial situation has gotten better and my savings hopefully won't be touched much. I also put a majority of my tax return in there.

[easinpc]

I have saving money set up as one of my bills each week.  I put at least $10 a week in but usually more around $40 depending on other bills. 

[easinpc]

 About 80% of my tax return went into my savings account as well!

Quoting Mommyto2LilMen:

I automatically have $100 direct deposited to my sack ga account each check. For awhile I was having to use it every paycheck but lately my financial situation has gotten better and my savings hopefully won't be touched much. I also put a majority of my tax return in there.

 

[Annmarie31]

You need to find a way to make money work for you! Residual income is the Greatest thing I've EVER found!!!

[kathyw904]

I have just started saving myself.  For the first time in my life I have a savings account.  I opened it with my tax refund but I have already started to cut back on things that aren't "necessary".  Cutting back on groceries and eating out, bringing my lunch to work through the week, I cut back on my cable and internet bill, and made a budget of all expenses, income, and my "allowance" the rest is going to the savings account.....or at least that is the plan!!

Good luck

[mytrueloveS]

I always put $20 out of every paycheck into my savings account. Then from my income tax I save most of it.

[Nana0507]

Annmarie,

I am not familiar with what residual income is?? I moved to the US from Europe and this is the first time I hear about it. Let me know, pls!:)

Quoting Annmarie31:

You need to find a way to make money work for you! Residual income is the Greatest thing I've EVER found!!!

[brieri]

 Hi and welcome to the group.

A little bit here and a little bit there, as long as most goes into my retirement - I am all set.

[BostonMomma08]

I'm a waitress and I babysit a few days a week, so I bring cash home pretty much every day. I automatically put 10% of everything I make into my savings envelope (usually more because I like to round up to intervals of 5, so if I make $75 one day I usually throw in $10...), and I try to throw at least $10 a day into my emergency fund envelope as well... My goal is to save $100 a week/$400 a month and to eventually get my emergency fund up to $2000 (which is a little over a month's worth of money for rent, bills, groceries, etc.) I budget pretty much everything and use the envelope system/cash for everything except for bills. I don't carry my debit card anymore and once the cash I have in every category is gone then I'm sol until the next month. My envelopes start with $100 for gas, $150 for groceries, $50 spending money, $50 staples (tp, paper towels, pet supplies, cleaning supplies, etc.) I've been doing it for the last 2 months and its going well. Last month I only spent $200 extra (and $65 was a ticket) and this month I've spent maybe $300 extra but almost $200 of it was a vet visit for my dog.

So far this year I've saved almost $800, and my emergency fund has $100 in it so far (I just started it last week...)