I just was overly consumed this evening to talk about saving... I know it is the Sabbath and I really shouldn't be sitting at the computer typing this or rather thinking about this... I know this is the day of rest... Yet, I was very consumed by this thought... Although My Dear Hubby and I both work and as I pay the small bills (our utilities, insurance, etc...) DH pays for the Mortgage, and the credit card bill (we put groceries, or if we go out... on the cc) and then I put what I can into 2 different accounts. I put at least 300$ a month into savings which is roughly 16% of my monthly income into a regular savings account, and then another 200$ a month into a mad money account... which we have used for vacations, for improvements for the condo, the list goes on... It is always good to put away some money every month and try to live with out debt. Once the time is right, which would be when we have kids, we do not want me to work, so I am putting as much as I can into "the savings".
I know this can be hard, Especially when you only have one person in the household working. I am working on paying off my credit card as we speak it has about 1700$ left and I am putting 300$ away on that every month as well... and mind you once it is paid off the extra 300$ will be going into savings as well... I try to stay on a budget... Sometimes it works and sometimes it doesn't.
My Grandma Beverle Biggs once told me that I should have about a years worth of bills or living expenses in the bank for savings, and after working in collections for a large bank, I realize why she said that. Life comes at you hard sometimes and you need to be prepared. Yes here on Earth money is just a material possession and it really won't be able to carry any weight once we leave Earth and pass into Heavenly Fathers home.
My Grandma was a very smart lady. She was really good with numbers, well that comes with being a book keeper. She loved Tax season, she would do taxes for her family members and friends, mind you she did charge (more for her time than anything else) not for the extra money but rather cause she enjoyed working with the numbers. She would constantly tell me how credit is very important and making your bills on time influences that. Stressing that you need to live with in your own means. Stressing to save, save and save. Pay cash whenever possible. If you don't have the funds then you should not buy it right then and there. You need to assess whether it is a need or a want. Using that to base whether to buy things. My Grandmother was a very smart lady. She worked as well as my grandfather and they raised 5 kids and were able to travel every 2 years. She would save their tax returns so that way they could take a vacation in their Winnebago (RV). She also stressed the importance of travel of going and seeing the world. Learning about new places and people and things. Mainly other cultures and getting to know new people.
You totally need time as a family to be able to get out of your daily rituals and just get away to learn and grow as a family. To get away from the stress of life.
I believe in this day and age we want so much and have so much I am totally guilty of this myself... I will be the first to admit it. I love to scrapbook and I am into Rubber stamping so I tend to spend more money on that than anything else of my wants. I have been purging my stash... Where do I put all of it? I do not have that much space... I am very limited on my space...
It is hard to break old habits, but oh so worth it...
I have seen what it looks like for a couple who doesn't save... My parents had some savings but then had to use it (due to unforeseen financial hardships...Loss of job/income, Illness, etc...) and they really didn't think too far into the future... 2 months before my grandma Bev passed away my parents filed for BK. My grandma was a wonderful woman and told them that she would help them get back on their feet, basically to bail them out and my parents told her that while they appreciated the thought, that they had really put themselves into this mess, that they really needed to be the ones to get themselves out of it... Besides what would they do when she wasn't around anymore... How prophetic those words were... that was in the summer of 2003 and my Grandma Bev passed in Oct 03' ... It was very unexpected, my grandmothers death.
My Parents did not for the longest time have anything for retirement. However things do have a way of turning around on us. And they seem to be getting their act together. Well, like I said before things have a way of turning out for the better as well, my father isn't quite in management, but with only one grown kid at home, and thier house almost paid off (less than 10 years to go) they are able to shove some money into savings...
So please if anything please, please please save what you can... Food storage(that in a way is saving as well) do what you can when you can...
Once I had enough in savings I had an opportunity to invest it into a CD to earn some extra money/interest... DH and I both put money into our 401K plans at work. Every time I get a raise at work I up my percentage... usually by 1% which really isn't that much...
Please do not take this as preaching, I am sorry if it comes off as such, Just please take it as a warning and a friend trying to guide in the right direction. More of advice...
If you do find yourself in a tough spot with credit cards, mortgages or even making your car payments... contact the financial institution that handles your loans or credit cards ask them for an extension or ask them for what kind of help they can offer you... It never hurts to ask.
Thank you
Korie
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