Question:
Hey, I was noticing you have your savings at $13K. It seems like no matter how much I put into emergency savings, I can't get it much beyond $500. What is your secret?
Banker Gurl Says:
Well, although we have areas of overspending we still need to work on (eating out, gambling) in general we keep our costs down. We also have no debt other then the house, so that frees up a lot more cash for us, then if we had a car loan, SL or CC to make payments on. You have probably heard the saying "They nickle and dime you to death". My best savings "secret" is that we nickle and dime our savings to death. Everytime we get $5 in a birthday card, $10 rebate, or any kind of "unexpected/bonus money" I always try to put it in savings. I have many friends who only think if you have $100 or more that is what you put in savings. But that is silly, $5 adds up too, and if you only wait till you have $100 to put in savings you may be waiting a long time. If you find $3 in the bottom of your purse that you didn't know you had, put it in savings. Every penny does count, and you don't even feel the "Strain" of savings if you are constantly doing a little drop in the bucket here and there.
Q and A
March 19th, 2011 at 06:36 pm
March 19th, 2011 at 06:50 pm 1300560639
March 22nd, 2011 at 12:08 am 1300752523
I know it isn't much, but I have saved over $1,500 this way, and you don't even notice it missing. I hope to one day put aside $100 each month, but for now, I am chugging along slow and steady!
Thanks for the encouragement!