Money is one of those things you can never have enough of. We don't think we'll ever wake up one day and think, "I've got plenty of money. I'm done saving! I've reached all my financial goals." That just doesn’t happen and we always tend to set higher goals once we reach our original goals. Let's take a look at what these brave individuals revealed in regards to their saving habits. They may encourage you to save a little more, or perhaps make you feel proud of what you're currently doing.
"I save $500 per month"
Elaine lives in a two-income home with no kids. She's currently paying down debt and whenever she pays off a credit card, she redirects that money towards savings. While she's saving a good amount each month, she wishes she could save more. Her savings is for retirement, vacations, business projects and her dogs!
"We save $1,000 per month"
Shannon and Troy are able to save $1,000 per month on average. They have two little kids and fully live off of Troy's income, which took some major adjusting to their spending habits. Shannon works part time and they use her money for miscellaneous expenses — and of course savings. They're currently working toward building up a six-month nest egg, but also save for vacations and housing expenses.
"I save $700 every two weeks"
Tip: We love Kevin's dedication and commitment to saving money. To do this yourself, create a budget each pay period and stick to it. Put your money in savings as soon as you get paid. The longer you wait, the less you'll end up actually saving.
Kevin is currently putting away $700 every two weeks for his upcoming wedding! He and his fiancé want to go all-out and are paying for it themselves. It's no easy feat, but they're both committed to having their dream wedding and are willing to make the sacrifices now.
"My husband and I save $2,000 every month"
Tip: Work together! If you're married, talk regularly about your financial situation with your spouse. Set goals and hold each other accountable.
Jen and her husband live off of her husband's income and save hers. Their goal is to save $2,000 each month and they usually make that goal. Impressive! They just purchased their first home and are now saving up so they can renovate it. To save this much, they've cut down on shopping and buying beer and wine, plus they don't eat out nearly as much as they used to. Together, they use a spreadsheet to track their spending and saving.
"We currently aren't able to save on a regular basis"
Katie and Dave just had a baby and recently made the switch to a one-income household. While they are contributing to Dave's 401k plan, they aren't able to save a specific amount each month. They're currently working toward paying off debt and will then start putting that money towards their savings.
It's important to do what you can and not be hard on yourself. If you're currently barely making ends meet, start small by putting away $10 from each paycheck into your saving's account. Though $10 doesn't seem like much, it gets you in the habit of saving money regularly until you can save more. It's never too early to start building good money habits!
How much are you able to save per month, and what are you saving for? Share in the comments below!
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