Having less money will sometimes help you save more.
What?? That doesn’t make sense when you first read it, right?
Let me explain what I mean: we have found that when our salary was cut, we have been more careful how we spend our money — which can lead to more savings! Since we have had to be very focused on staying within our budget, we don’t waste so much money, and we are actually saving money. We are actually EXCEEDING what we thought we would be saving when we looked at our budget back in September when we took our new jobs.
Let me share with you a few ways that we have saved money this year even with a tighter budget:
We have funds automatically deposited into our online Capital One 360 savings account.
We decided to keep saving the same amount of money that we saved every month even though our salary was decreasing. Twice a month, we automatically transfer a set amount over to our Capital One 360 Savings account. This money technically was for our taxes as we pay our property taxes ourselves and not through an escrow account; however, we try to keep as much money in our Capital One 360 Savings account and pay out of our checking account when taxes roll around. We knew we could use the money in our savings account if our salary was not paying for the bills as we are now earning less, but so far we have not had to touch the money in our savings account. We also will not have to transfer any money to our checking account when tax time rolls around as we have a sufficient amount of money in our checking account to pay them.
Even if we have to transfer funds back to our checking account to pay for bills, transferring money to our Capital One 360 Savings account makes so much sense as they give us a much higher interest rate than our checking account. It also has no fees and no minimums.
We found creative ways to make extra income.
Back in August, I also started looking for extra jobs to pay for my daughters’ private music lessons. I was able to do some round-up posts for other bloggers as well as do some pinning work for one blogger. My husband found an additional renter for a house we rent out to single men. If you are a blogger, there are many ways that you can work for others or sell your own products to earn money. I also sold a few items on Ebay.
We set goals for savings even when our budget was tight.
A couple of years ago, I set up a special savings account with Capital One 360 to save to go on a mission trip with our family. I really would love to go to see my sister’s family in South Africa, but it will be very expensive to fly seven people to South Africa. My original goal was to put half of the money I made with blogging into that account. Then life got busy; we were unsure how our finances were going to look; and I had no way to track my original goal.
I was excited to find out about Capital One’s “My Savings Goals” program when I did a post about meeting your financial goals back in December. Even though I have used their savings account for years, I did not know about this program. Right then, I set up a goal for my “missions fund” savings account. (You can have up to 25 different savings accounts once you set up your first savings account. We have one for each of our kids and a couple of other savings accounts.) I nicknamed the goal “South Africa.”
Recently, I set up another smaller savings goal to save money for a summer vacation for us. We have had a more stressful year than our kids have been used to in the past. Now that both my husband and I am working outside the house, there has not been time for doing many fun activities as a family. I would like to go to a waterpark or do some fun activity that we haven’t done before. Since we have not had to use the money that I have earned in my side jobs to pay our bills, I decided to split that money between my “South Africa” goal and our “vacation goal”.
I just started these goals within the last month, and look how much we have saved! (There was some money already in the “South Africa” savings account.
It may take me a while to reach the goal for South Africa, but I get excited when I see the amount climbing. It keeps me motivated to work hard, to save more, and to be frugal. It makes me think before I spend for unnecessary items.
I get psyched when I get emails like this one:
I believe that having a savings goal that can be tracked and visualized may be all a person needs to stay on track with saving. So many people make goals every year to be fiscally responsible, to get out debt, and to save money. Yet each year, they fail at these goals. I have seen with my own eyes how that just seeing how I am meeting my goals is such a stimulus to continue to save! Having a visual reminder of how each little bit saved does make a difference is all the encouragement many people need.
I would encourage you to try out 360 Savings from Capital One to try out using their “My Savings Goals” program if for no other reason. I believe it will excite you to see how you are actually saving money!
Finally, we believe all the glory goes to God.
The funds are His. He found the extra jobs for me to do, as well as give me some sponsored posts such as this one where I can share my story and provide for our needs. He found an extra renter for us. He gave us food and other supplies we needed. We are so thankful for His providence in our lives. Truly, all we have has come from His hand.
I was selected for this opportunity as a member of Clever Girls and the content and opinions expressed here are all my own.