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What is the best way to start saving money?

  • My husband and I have never been good at saving money. Right now we have no savings, we are just living off of his paychecks (I am a stay at home mom so we only have his income, however he does make a very good wage). We currently own our home but are looking for a bigger home. We will be moving into his parents rental home so we can sell our home and start saving towards a new home (we have horrible credit so we have to pay outright, no mortgage). The only debt we have is for my car which we are making payments on, other than that we have no credit cards or any other debt, we just have our monthly bills (electric, cable, cell phone, car insurance etc.) We are lucky that my husbands employer sets aside money in two different funds for him so we do have a start and can save some that way but we'd like to start saving from what he brings home as well so we can get into our new home quicker. I do have a savings account that this money can go into, it's just a matter of actually getting it into the back and not spending it. What is the best way to start and stay motivated about it?

  • Answer:

    Can your husband get his paycheck directly deposited into your bank account? If he can, do that! If not make a plan to drop the paycheck off on his way home from work with it, this way it is not there taunting you to buy something with it. Pay bills and set a small amount of money off for "fun", everyone needs some fun in their life, you will never keep up with saving if you feel you are not enjoying your life, but you have to set limits for yourself so you do have money to go into savings. Something that used to work for my husband and I is to have a set amount come out of our account daily or weekly if you do not have an online banking system set up to do daily deposits to a savings account, so it's automatic and you do not have to think about putting money into a savings account, most banks will work with you to develop a way to have this happen if they do not have automated online banking you do yourself. Another idea to get a bigger savings faster is for you to get a small job you can do at home or when you have a bit of free time. That way you can place what you make into the savings to make it grow faster! I am also a mom of 3 children, I stay at home with them and I make a great income on the side, and I set my own times to work and honestly, I don't work more than 20 hours a month but I get paid more than if I was working a job outside of my home. you can message me if you would like some info on getting yourself into something similar! Good luck!

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To know about money and to save it you have to be employed, have to have the income, and you don't so you'll never save. so get a job and learn how to budget so you can see where the money is going. Right now the economy is very bad and lots of people have lost their home so I'd say for you to stay where you are. It's funny how in life people say they need to expand and kids grow fast and in what seems like a couple of years the family has to get a smaller place because that's all they can afford. Some people save by saying no to some expenses like they don't get cable tv (some have so many interests they don't even have a tv), some do away with the new fandangled electronics they really don't need, some cut their spending on electricity or insulate their home, some no longer use the oven or washer/dryer or dishwasher to save money. so if you can't save in dollars you "can" save in how you use them. You will need to save for retirement. The economy is bad and getting worse and if you can find a job or work a job (like for an employer or for yourself or from a franchise) from home that would be helpful.

sophieb

You have a house. Keep living in it until it sells. You can ask parents for a room to put extra stuff in. Houses can take up to a year to sell. No sense in leaving it empty. Note: The VERY best way to save money is to buy a small house. And you want to buy a bigger one. Why not just stay in your current home? This this mind set there is no way you are going to be able to save the hundreds of thousands of dollars to buy a home for cash someday.

Go with the flow

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