Welcome Back!
I'm the Motivated Mommy, and today we are going to talk about something we could all use more of, savings! I know what you're thinking, "with the bills piling up, how can I save a dime". But, it's much easier than you think. It just takes a little will power and a lot of creativity.
First Idea- Keep YOUR own CHANGE
The banks charge secret fees on most keep the change programs, and often we end up transferring funs out of savings into our checking account for various reasons. So, here's the solution. Take a plain milk jug and clean it out, and let it dry. Then, paint it so that you can't see the inside. Seeing the money or knowing how much you have might tempt you to spend it. Then, put it where you take off your cloths. When you take your pants off at night, empty your pockets into your new savings jug. Also, when you pay for things, don't use your change. That way you'll have more of it to put in the jug. Little pennies add up fast. I did this for one month and saved $500.00. With that money, I paid off a bill and ended one of my monthly payments! That takes a lot of stress off of me.
Second Idea- Hungry Piggy
We tith to churches. We pay taxes. Why don't we set aside money for ourselves? I have a hungry piggy fee that must be paid with each paycheck. It's simple, I take out 1% of my payback and put it in my piggy bank, and I pay me for working. It's my vacation fund. Who can't live without 1%. You won't even notice a difference in your checks after paying your piggy. It's worth it when you're cruising the Caribbean on the vacation paid by your piggy fees!
Third Idea - Bill yourself!
You pay a fee for electric and water, and you pay for the services you use every month. But, you use your own services and never pay yourself. SLAVORY is illegal in the US! Pay yourself. You deserve to be compensated for cooking food, cleaning your house, and struggling over projects. You deserve rewards. I personally charge myself five dollars a week for my services! I'm probably worth more, but Mr. Budget informed me that five was what we could afford. What can you afford? Even if it's a quarter, you should pay yourself for household chores. But, the key is to put that payment into savings.
Also, label your savings. It's easier to save when you have a goal in mind. Mine usually revolves around trips or things for my daughter. But, I don't dip into it if I know where it's going. For me personally, all the years I tried to keep a general savings, I ended up using it for bills and dumb stuff. Also, not seeing the money (because the jar is painted) encourages you forget it's there and be more creative when problems arise.
Well, this has been the Motivated Mommy, and I'll be back tomorrow with some more fun with finances.
Monday, November 16, 2009
Wednesday, November 11, 2009
Money with Mommy
Welcome Friends,
I am the Motivated Mommy. I have vast work experience in the financial industry. I worked for Panhandle Plains Student loans, as well as being a personal banking assistant. Therefore, this blog is here to answer all of your money, investing, banking, and debt questions. We'll try to approach savings growing in a humorous and fun way. Just because we're talking about money, that doesn't mean that we have to be boring! Let's get started!
Let's talk about a nasty little secret that student loans companies keep from you that can greatly affect your wallet! I'm talking about the "secret" interest.
What they tell you is that if you are "in" school. Your interest will not accumulate. What they don't tell you is that this means that you have to take EVERY possible semester.. from summer session, inner session, fall, and spring.. taking a full load (12 hrs for undergraduate and 6 hours for graduate students) for your loan to truly be "interest free". What a nasty trick! But, it's the truth! Call your student loan company to verify, and they will tell you the same thing.
There are secret benefits. You can save interest in ways you would have never considered.
You can get a "deferment". Which will postpone your payment AND your interest until you enter repayment. Who is eligible? New mommies, pregnant individuals, students still in school, military individuals, people with financial struggles.
Did you know that you can also can also request to lower your monthly payment! It's called a forbearance. They will evaluate your income and adjust your payments to something you can afford! That's a life saver for most people.
Well, those are my secrets for today!!! Stay tune for more fun financial facts in the future. I will be blogging daily. For now.. this is the motivated mommy!
I am the Motivated Mommy. I have vast work experience in the financial industry. I worked for Panhandle Plains Student loans, as well as being a personal banking assistant. Therefore, this blog is here to answer all of your money, investing, banking, and debt questions. We'll try to approach savings growing in a humorous and fun way. Just because we're talking about money, that doesn't mean that we have to be boring! Let's get started!
Let's talk about a nasty little secret that student loans companies keep from you that can greatly affect your wallet! I'm talking about the "secret" interest.
What they tell you is that if you are "in" school. Your interest will not accumulate. What they don't tell you is that this means that you have to take EVERY possible semester.. from summer session, inner session, fall, and spring.. taking a full load (12 hrs for undergraduate and 6 hours for graduate students) for your loan to truly be "interest free". What a nasty trick! But, it's the truth! Call your student loan company to verify, and they will tell you the same thing.
There are secret benefits. You can save interest in ways you would have never considered.
You can get a "deferment". Which will postpone your payment AND your interest until you enter repayment. Who is eligible? New mommies, pregnant individuals, students still in school, military individuals, people with financial struggles.
Did you know that you can also can also request to lower your monthly payment! It's called a forbearance. They will evaluate your income and adjust your payments to something you can afford! That's a life saver for most people.
Well, those are my secrets for today!!! Stay tune for more fun financial facts in the future. I will be blogging daily. For now.. this is the motivated mommy!
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