Currently our saving is at $30,000...this is mostly stocks.
In the past I have cashed in the stocks to pay off credit card debt, but the money never seems to get paid back and the credit card debt returns very quickly.
I need a good plan for saving each day or each week.
I think I should start by putting extra money each morning I get from my husband's pants pockets before I wash them and squirrel that away.
Savings 2007
June 29th, 2007 at 04:58 pm
June 29th, 2007 at 05:26 pm 1183134385
June 29th, 2007 at 05:44 pm 1183135466
July 2nd, 2007 at 11:55 pm 1183416944
You and your spouse should start keeping a detailed spending log and write down absolutely every penny you spend on anything. Do that, ideally, for one month. At the end of the month, sit down and review the spending. Split all spending into 2 columns: Wants and Needs. And be very specific. Some purchases could be a little bit of each. For example, having a phone is a Need but having caller id, call waiting and voice messaging are wants.
After you've done this, see what things on the Wants column can be cut back or eliminated. Any savings you realize that way needs to go straight to debt reduction.
Also look at the Needs items and see if any of those can be gotten cheaper. For example, you need auto insurance but get a few fresh quotes to see if any other company is offering the same coverage at a lower rate. I just got a new quote for us and it was $415/year cheaper!
Until you know where all of your money is going, it is impossible to get your spending under control.