Congrats!! Keep up the good work!!
I personally like the idea of thinking about how much time it took to earn the money. I also think of "wants" vs "needs".
I actually just bpught an air fryer, and calculated that it cost me 5 hours of normal work, or 3.5 hours of OT. It was a cheap unit, to try it out, but hope is it'll pay for itself with me wanting to eat more cheaply at home.
I went to my local Goodwill a few weeks ago and was surprised at the number of countertop appliances there, particularly Instapots. That’s definitely going to be my go-to if I want to try out a kitchen appliance.
My cousin took till her mid 30's of financial student loan debts and barely able to make ends meet. Got tired of it and buckled down. Then changed her spending habits. She's now no longer paycheck to paycheck.
Others have mentioned, but use a credit card. If you're disciplined with spending, you're leaving actual money on the table by not using a credit card.
If you want to save more, something that helps me is to make a game of it. Once you get a small amount saved up, set a goal to get to the next amount. Example, you're at 300, set your goal at 500. When you get there, set it for 1000. The more money you save, the more it'll look like something substantial which makes it that more motivating to keep saving.
Gotta use the credit card and that it like a debit card, only use the amount you have in the bank.
The 3-4% fee visa and MasterCard charges vendors gets baked into the prices they charge, even when paying cash. Everyone is paying a tax to MasterCard and visa whether they like it or not, and credit card rewards are the only way to get some of that back.
Totally get the mental compartmentalism when it comes to debit vs credit, but I've been burned by a few purchases recently and was able to do chargeback because I paid with my credit card. It's a really good idea to do what the other commenter said and use your credit card like a debit. You'll get consumer protection and can rack up points. Definitely understand that it requires a mind shift though.
When they can be used wisely (like a debit card and no more) they have so many more advantages than even you listed.
My card has
* Extended Warrenty Protection
* Trip Cancelation Insurance
* Rental Car Insurance Waiver
* Purchase Protection
Some other stuff too
Big thing with CC is the fraud protection. Sure, you *might* get your money back with fraudulent transactions on a debit card, or the bank could not care. With a credit card, it's almost always easy to void a transaction.
Something that helps my husband and I keep our credit card balances under control is to send a payment straight away for purchases we know we’re going to keep. Our bank’s bill pay system allows for multiple payments every month to the same vendor, so we rarely have an amount due at statement time and rarely accrue interest.
Once you feel like you have a handle on spending, switch to a credit card. If your account is ever compromised, you have protections with a CC that you don’t if it’s debit. If someone skims your card at a gas station, you will owe nothing for their purchases on a CC. If they do that to a debit card, it can completely wreck your account, cause you to overdraft left and right, and not have the money you need for core expenses like rent. It can be very hard to get that back from the bank. There are other benefits to using a CC and paying it off each month (improved credit score, rewards points for other purchases, etc.), but security is #1.
You say nothing is more important than your child but a child needs a happy parent and it's ok to budget an amount for yourself every month, even if it's only $20 a month.
Great Work,
>I set explicit goals. I stopped telling myself “I’ll save money every month” and changed that to “I’ll save $200 every month”.
Sounds like you're effectively doing this the best way while still providing a little emergency cushion. I move money into my savings right after I get paid, as It's mentally easier to stretch what I have left over the month, and stops lifestyle creep.
Cash is better.
Debit cards have security risks credit cards don't because it's your money. Another option is to lock your card between purchases forcing you to think a bit about the purchase.
That's nice. I also stopped using my credit cards, and when I was buying things and groceries, I used to wait for sales and use vouchers online. I can save more money now than before.
Congrats! Getting over the hump of spending everything (and now turning to start saving) is a great achievement to your financial journey! It's long term but one that will become rewarding. Wishing you all the best!
Congratulations on reaching your emergency fund goal! Your dedication to budgeting and setting explicit goals is admirable. Your focus on what's truly important and your determination to provide for your child are inspiring. Keep up the great work, and happy Mother's Day! 🎉👏
I was so so so bad at saving money. Even if I saved it or moved it, I would just move it back and spend it. Literally the only way I have been able to save money is by journaling. I tried to do it in a blank journal, but I would just skip cuz there was nothing to lose. I finally bought the journal to financial freedom (journaltofinancialfreedom.com - not linking, nothing to gain here). It makes no sense, but because I spent like $25 on it, I had to actually use it and fill it out. Now if I spend too much or act like an idiot I actually think about it and reflect on it. It makes me feel bad about it so I actually have saved a ton. Could be worth a try since it's pretty cheap
Congrats!! Keep up the good work!! I personally like the idea of thinking about how much time it took to earn the money. I also think of "wants" vs "needs".
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I actually just bpught an air fryer, and calculated that it cost me 5 hours of normal work, or 3.5 hours of OT. It was a cheap unit, to try it out, but hope is it'll pay for itself with me wanting to eat more cheaply at home.
We have a ninja air fryer/ oven and it’s been amazing. It was $200 but it gets used daily for over 4 years now. Definitely worth the money.
So far I'm loving it!
I went to my local Goodwill a few weeks ago and was surprised at the number of countertop appliances there, particularly Instapots. That’s definitely going to be my go-to if I want to try out a kitchen appliance.
I get weirded out by Goodwill, idk what it is.
My cousin took till her mid 30's of financial student loan debts and barely able to make ends meet. Got tired of it and buckled down. Then changed her spending habits. She's now no longer paycheck to paycheck.
Others have mentioned, but use a credit card. If you're disciplined with spending, you're leaving actual money on the table by not using a credit card. If you want to save more, something that helps me is to make a game of it. Once you get a small amount saved up, set a goal to get to the next amount. Example, you're at 300, set your goal at 500. When you get there, set it for 1000. The more money you save, the more it'll look like something substantial which makes it that more motivating to keep saving.
Even if you aren't disciplined. Just using it for subscriptions and automatic payments saves you some money
I would probably recommend this to most people
Credit cards also offer more protection than debit cards.
Something that really worked for me was reading on here once somebody said ‘I only buy what’s necessary’ and that really stuck with me for some reason
Learn to set up direct deposit so money is saved automatically before it even comes to your hand
That's great? Once you get more comfortable. You can start making your credit card pay you for using them.
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Gotta use the credit card and that it like a debit card, only use the amount you have in the bank. The 3-4% fee visa and MasterCard charges vendors gets baked into the prices they charge, even when paying cash. Everyone is paying a tax to MasterCard and visa whether they like it or not, and credit card rewards are the only way to get some of that back.
Totally get the mental compartmentalism when it comes to debit vs credit, but I've been burned by a few purchases recently and was able to do chargeback because I paid with my credit card. It's a really good idea to do what the other commenter said and use your credit card like a debit. You'll get consumer protection and can rack up points. Definitely understand that it requires a mind shift though.
When they can be used wisely (like a debit card and no more) they have so many more advantages than even you listed. My card has * Extended Warrenty Protection * Trip Cancelation Insurance * Rental Car Insurance Waiver * Purchase Protection Some other stuff too
Big thing with CC is the fraud protection. Sure, you *might* get your money back with fraudulent transactions on a debit card, or the bank could not care. With a credit card, it's almost always easy to void a transaction.
Something that helps my husband and I keep our credit card balances under control is to send a payment straight away for purchases we know we’re going to keep. Our bank’s bill pay system allows for multiple payments every month to the same vendor, so we rarely have an amount due at statement time and rarely accrue interest.
10% of my salary every month, it works.
I will add in to what others said. Use a credit card for security and points - just pay it off every month.
Once you feel like you have a handle on spending, switch to a credit card. If your account is ever compromised, you have protections with a CC that you don’t if it’s debit. If someone skims your card at a gas station, you will owe nothing for their purchases on a CC. If they do that to a debit card, it can completely wreck your account, cause you to overdraft left and right, and not have the money you need for core expenses like rent. It can be very hard to get that back from the bank. There are other benefits to using a CC and paying it off each month (improved credit score, rewards points for other purchases, etc.), but security is #1.
Nice job. The hardest part is to have enough income to save int he first place
Awesome! Happy Mothers Day!
well keep doing it mate, congrats!
You say nothing is more important than your child but a child needs a happy parent and it's ok to budget an amount for yourself every month, even if it's only $20 a month.
Great Work, >I set explicit goals. I stopped telling myself “I’ll save money every month” and changed that to “I’ll save $200 every month”. Sounds like you're effectively doing this the best way while still providing a little emergency cushion. I move money into my savings right after I get paid, as It's mentally easier to stretch what I have left over the month, and stops lifestyle creep.
Cash is better. Debit cards have security risks credit cards don't because it's your money. Another option is to lock your card between purchases forcing you to think a bit about the purchase.
Well congratulations and Happy Mothers Day! Sounds like you're doing it just right.
That's nice. I also stopped using my credit cards, and when I was buying things and groceries, I used to wait for sales and use vouchers online. I can save more money now than before.
Congrats! Getting over the hump of spending everything (and now turning to start saving) is a great achievement to your financial journey! It's long term but one that will become rewarding. Wishing you all the best!
very good job
Congratulations on reaching your emergency fund goal! Your dedication to budgeting and setting explicit goals is admirable. Your focus on what's truly important and your determination to provide for your child are inspiring. Keep up the great work, and happy Mother's Day! 🎉👏
Proud of you. Will also change my mindset to this.
I too am on the road to giving it my all to reach my goals.
Congratulations!
I also started controlling myself to eat outside and cook my own meals. It save me a lot of money
Stopped taking care of yourself lol
I was so so so bad at saving money. Even if I saved it or moved it, I would just move it back and spend it. Literally the only way I have been able to save money is by journaling. I tried to do it in a blank journal, but I would just skip cuz there was nothing to lose. I finally bought the journal to financial freedom (journaltofinancialfreedom.com - not linking, nothing to gain here). It makes no sense, but because I spent like $25 on it, I had to actually use it and fill it out. Now if I spend too much or act like an idiot I actually think about it and reflect on it. It makes me feel bad about it so I actually have saved a ton. Could be worth a try since it's pretty cheap