Friday, January 3, 2014
Saving money a little at a time
Last year I posted about a neat money saving trick I had found while browsing on Facebook. Hubby and I already have regular contributions to retirement savings, and I *try* to put away 10% of our monthly income (it doesn't happen every month, but I do try) so this was just a way for us to increase our savings for our Disney trip (which ended up being postponed to next year).
Having the money in the bank was really great when we had to send the Jeep in for a new starter and some regular maintenance work - $700.00 later we were able to pay for that in cash instead of using our credit card and slowly paying it off while gaining interest payments at the same time.
If you have a specific goal in mind (I have heard a lot of people that started this last January and they used the money in the account for their Christmas shopping) then it is a great way to help you reach it. I would highly suggest that you not rely solely on this as your savings, but if you are not able to put anything else away, then this is definitely a great way to start.
This year I will continue to contribute these amounts to my account, and hopefully we will be able to use that money for our Disney trip next winter - but it makes me feel great knowing that should a small household expense come up that was not planned, or another vehicle repair that we will have the money to handle it immediately.
What about you - what are your savings goals this year?