Post # 1
I was thinking about my finances since I recently bought Christmas gifts. I’m in my early 30’s, have a retirement fund, steady paycheck, and a savings account with a good amount (25 k or so).
However I have a really hard time increasing my savings account, things like vet appointments, car appointments, etc eat away at my savings every time I have built it up a little more. I know I could cut back on dining out, but I don’t spend a ton of miscellaneous money other than that.
I’m just worried that I’m not saving more, and my savings has stayed the same for the past few years. Just curious how you all improve your finances and savings, and what helps you do that!
Post # 2
I pay myself first! Money is deducted immediately when I get paid and transferred into my savings account. If I don’t have enough money left over for entertainment like eating out, I don’t. It’s pretty simple.
Post # 3
Savings is not a good place to park your money since it’s bot moving. Save only the amount enough to cover 6 months of expense (in case of job loss) and start investing your money. I have chosen property rentals for this, and bought myself foreign land in commercial zones for possible warehouse/buildings for future plans.
Post # 4
I had weekly transfers from my checking to a savings account that I don’t let myself touch. I treat it like a bill I have to pay.
I really want to start investing better, like swirlyclover86
said, but it makes me so nervous to think that I might LOSE money in the process.
Post # 5
I’d ditto the pay yourself first suggestion. I also took a couple months where I tracked every. single. thing I purchased and I was able to see that there were a lot of places where I was frittering away my money when I’D thought I was doing a pretty good job of budgeting.
I’ve also been using the cash envelope system and keeping myself motivated by setting (and meeting) savings goals every few months.
Another thing I did this year was to meet with a financial planner, get a snapshot of where I am right now and what steps I need to take to meet my stated goals. I’ll check in with her once or twice a year moving forward and stay on track.
I feel impatient at times and would like to make more progress more quickly but I also remind myself that the foundational actions do add up quickly and work well in concert with growth in my career and remaining open to other opportunities that provide more financial growth. And I actively practice radical gratitude so that I remember to appreciate how much progress I am seeing each year.
I’m glad you posted this- women and finance is one of my favorite topics. The Women’s Institute for Financial Education is pretty cool as well for more resources and encouragement.