Last year when I returned to work and knew that baby #3 was on the way, I decided to have $250 taken out of my paycheck and automatically deposited in my savings account in a different state. That adds up to $500 a month.
I had been reluctant to do this previously because I thought I needed the money. However, knowing I wanted to stay home with my kids motivated me to finally make this change because what I really needed was a healthy emergency fund.
I’ll be honest and tell you the dip in take home pay was difficult to get used to at first, but within 3 to 4 paychecks, I adjusted to my new take home salary. Now I don’t even think about the money being sent to my savings. Meanwhile, the amount is steadily climbing, and because I do not have any access to the money unless I ask my mom to take some out and send it to me, I am not tempted to dip into it.
Have you tried to automatically send a portion of your check to a savings account? Trust me, in a month or so you will not even miss the amount and your savings will grow.
3 comments:
When I was working outside of home I did the same thing before I even had kids...then I married my husband and talked him into doing the same thing...we started out small and then steadily increased the amount...it has saved our necks more than once having something tucked away.
That's a great plan! It's definitely an adjustment (income-wise) to stay home with the kids. But if you can do it, it's so worth it!
Glad it's working for you!
Too funny you posted this !My husband was telling one of his troops about doing this after a pay raise. :D
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