Jan 13 2010

Getting back on track

Thanks to all of you who commented on my previous post. I’m glad to know that I’m not alone in my struggles!

I do still want to be thrifty. For now, I’ve come up with two simple solutions to help me get my head back in this frugal game.

1. Automate savings. As soon as we get a paycheck each month, I put a portion of it into our high-interest savings account. At the end of the month, I usually put whatever’s left over into savings. Lately, there hadn’t been anything left. Right now, I’ll increase the amount we had been committing to savings, and I’ll try to cut my spending so that there is money left over to save. It’s a simple step — doesn’t take much time or effort to do — and yet it produces real results.

2. Focus on one goal. Thinking about a second car, a house down payment (and all the other money required for a house), and Johnny’s college savings is just too much for me to process. I’m going to forget about the house and college savings right now and put all savings toward that second car.

By focusing on one goal instead of several, we’ll be able to take the “snowball” approach. We’ll have money for that second car a lot quicker this way, and then we can resume saving for a house.

Another benefit — the second car will undoubtedly cost less than our down payment. We’ll have that money saved in no time. I hope.

I’m going to update my sidebar tracker thing to reflect our car savings only. I like seeing the progress bar move!



3 Responses to “Getting back on track”

  1. I love this! I think you will find great success with your goals this way. It is so hard and intimidating to think of all the big things in life we need to save for. You are doing great, Kacie!

  2. I also like this post. I am looking forward to reading about your progress.

  3. I actually just did what you are talking about in #1, for the same reason. I was finding that there wasn’t extra left (when there should be) at the end of the month to put extra away, so I upped the level I save and lowered the level I had to spend, to make sure that I was making the most of my money and meet my goals.
    Speaking of goals, I love the goal tracker in the sidebar – great idea!
    .-= Keri´s last blog ..Thoughtful Thursday: Make small changes =-.

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Hey! I'm Kacie, wife to Shane and mother to Jonathan (7), Vivienne (5) and Amelia (2) . I write about my family's finance: how we save money, improve our spending, and plan for the future.

I hope I can inspire and encourage you to improve your situation. See disclosure.

I'm adopting a much slower-paced posting schedule, and treating this as a hobby blog now.

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