Tag: Savings (page 1 of 5)

Are the Experts Killing Our Savings Potential?

smashed-piggy-bank

If you’ve been following my posts since the summer, you know I’m partway through a yearlong shopping ban, in an attempt to live off less of my income and save more money. The idea was sparked by a conversation with a friend who told me she saved 20% of her income each month and, therefore, felt she could spend the other 80% on whatever she wanted. The comment was one I’d heard and read dozens of times before, yet it took her saying it for me to finally have the aha! moment and ask: do you actually need 80% of your income, or could you live off less and save more?

I don’t blame her for thinking that saving 20% was enough. Heck, I’d thought the same way for an entire year, up until that point. My budgets were literally written around the fact that I would first save 20% of my income and then allocate the other 80% to everything else. Now that I’ve reworked my monthly budget and have seen how much I can actually save each month (a lot more than 20% when I don’t travel), I’ve finally realized something: we’ve been doing it backwards, all this time.

Continue reading

Why You Must Make Peace with Your Financial Situation

make-peace

When I look back at all the various stages my finances have been in over the past four years, I see one troubling and recurring theme: I am constantly dissatisfied with whatever situation I’m in. Of course, this made sense when I realized I was maxed out; that was my financial rock bottom – the worst situation to be in. But even as I was digging myself out of debt, all I could feel was the weight of the bad situation I’d first put myself in. I couldn’t “see” or really celebrate the milestones: $10,000 paid off, $17,000 paid off, $25,000 paid off, etc. Instead, I was always mad at myself for living in denial as long as I did. I was mad at my debt for forcing me to miss out on fun opportunities. And I felt stupid. I was a smart person. Why had I done this to myself?

Continue reading

New Savings Goals for 2014

gold piggy bank

At the beginning of the year, I made some pretty lofty savings goals for myself. After two years of allocating anywhere from 25-55% of my monthly budget for debt repayment, I was certain I could allocate 33% for savings in 2014. The first thing I wanted to do was top up my Emergency Fund to my $10,000 goal. Since I already had $2,300 saved, my goal was to save the other $7,700 in 2014 – or $642 each month. On top of that, I also randomly decided that I wanted to save $5,000 for retirement, which meant I needed to save an additional $417 each month.

Continue reading

Older posts

© 2014 Blonde on a Budget

Theme by Anders NorenUp ↑