How do you save money?

Question

I have $200 going into my savings every 2 weeks but I find myself using it within a couple days this has caused me to already spend $5k out of my savings in the past 6 months. We’ve picked up some expenses such as daycare which is $1,400 a month for 1 toddler, mortgage is less than daycare, we go 50/50 because we don’t make enough to live off just one of our income. Please give me advice on how to do better I feel like a loser mom 😭

Answer

I work in finance and look at bank accounts everyday. If you’re paying all your bills on time and not overdrawing you’re winning. The fact that you have a mortgage confirms this. There are going to be times where saving isn’t possible. Daycare is a huge expense for everyone right now. Unfortunately things will likely get harder before they get easier over the next few years. You may not have millions in savings, you may not be taking 3 vacations a year or driving the newest, but you’re making things work. Once daycare expenses are gone you’ll be able to save more for the cushion you’re looking for.

Answer

I coupon a lot with our groceries and I’ve canceled almost all subscriptions including cable. We don’t go out to eat or anything anymore, and I went with a less expensive phone service provider too. It has helped but we still are barely keeping our heads above water also (we don’t have to pay daycare but our rent is insanely high at the moment until we can move.) Can you see if there might be a cheaper alternative for you to the current daycare you’re using?

Answer

Can you look into alternative forms of daycare? I don't know where you live, but if you're in the US, reaching out to Human Resources can be very helpful towards steering you in a better more affordable direction. Sometimes they can pay or help out with daycare. Can you ask for food or/and money assistance? Every city has programs for struggling individuals.  I wish you the best!!

Answer

My partners and I have high paying careers and no debt. I have a 2.5 acre year round garden that supplies tons of veggies and some fruit. I purchase an entire cow, 3 pigs, and several chickens per year from a local farmer and I get a large discount. I use coupons at the grocery store. I make a lot of things homemade like bread and butter. I buy my eggs from a local farm that is cheaper than the grocery store. Our bills aren’t high. I give myself $3k a month to spend on whatever and everything else is put into savings and my child’s savings account.

How do you save money?

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