My savings challenge

[Gailete]

Welcome you to forum, I am a newbie too. I like your sharing. I am now a new officer. I have to pay alot for rented house, food, transportation. I don't know how to save money effectively

Well then you have come to the right place instead of burying your head in the sand and pretending the money difficulties will all go away with your next raise. Lots of posts here for you to read and get some great ideas from.

[snafu]

paparazi, Welcome to SA. We all understand that creating savings after paying rent, food and transportation. With a new job it helps to write out a plan. It's difficult but if you can develop financial control and plan spending, savings to invest accumulate. Consider dividing earnings, 10% for savings, 50% for 'needs' like rent, food, phone, electric, transportation and 40 % for items you want

[Gailete]

Welcome you to forum, I am a newbie too. I like your sharing. I am now a new officer. I have to pay alot for rented house, food, transportation. I don't know how to save money effectively

Does your job allow for retirement savings in a retirement fund? If so elect to put1% of you income into it for 3 months. Things may be a bit tight, but 1% if barely noticeable, then after 3-6 months bump the amount up to 2%. Every raise you get you should increase your saving amount by a quarter to one half the raise.

One very simple thing you can do is take $5 every pay day and stash it away for those wants that come up. Never put 'wants' (those things that are pricey and you don't really need, just want them) on credit cards. Little by little you will find your way, especially as you learn to budget (or what every system you use) and save up for things. It will give you a fantastic feeling when you can hand over hard cash to pay for whatever you have been saving for. You will probably surprise the casher as well as most things get paid for with a card.

[Smallsteps]

early june totals end of july
mort=33700 32995
cc1 2072 1756
cc2 1549 786
car 7692 7400

so as the end of august is here I keep reading that writing it down like this keeps a person on course.
end july august

mort=32995 32580
cc1= 1756 1490
cc2= 786 230
car= 7400 7140
so by next month cc2 will be gone/ as I said before cc1 being paid in auto payments from my son to pay for an old loan he insisted now that he advanced in his job to pay me back. so all I really need to focus on is car and mortgage the difference in % rate is 1 so it is pretty even.

[snafu]

I am anxious to see CC2 Gone! Please post the very day you pay off the balance.

[Smallsteps]

well another month is almost over
end of august totals
mortgage 32580
cc1= 1490
cc2= 230
car= 7140

now the new totals
end of sept
mortgage = 31922
cc1 = 1270
cc2 I thought I sent in correct amount but 0.75 is my balance today
car = 6840

[LivingAlmostLarge]

impressive!!

[Smallsteps]

another month just flew by feeling like progress is super slow

end of sept
mortgage = 31922
cc1 = 1270
cc2 I thought I sent in correct amount but 0.75 is my balance today
car = 6840

end of oct
mortgage = 31322
cc1=880
cc2 =0
car= 6364
losing my zeal at the moment ..need to get encouraged to keep up my pace.

[james.hendrickson]

another month just flew by feeling like progress is super slow

end of sept
mortgage = 31922
cc1 = 1270
cc2 I thought I sent in correct amount but 0.75 is my balance today
car = 6840

end of oct
mortgage = 31322
cc1=880
cc2 =0
car= 6364
losing my zeal at the moment ..need to get encouraged to keep up my pace.

Small steps - don't forget, your work is inspiring others. The forums get a lot of lurkers so every time you post your progress, you are impacting other people's lives.

[LivingAlmostLarge]

OMG are you kidding? It's inspiring watching someone attack the debt. It's great. And imagine you'd still be neck deep in debt if you hadn't bothered to do anything.

[Smallsteps]

James and Livingalmostlarge thanks for the kind words but I do not feel like an inspiration.
I have a much smaller income then most here and make weekly payments on these debts and on some savings vehicles so it just feels like there is no end to it.
my current job contract is nearing an end and I am trying to figure out what to choose I job I can support myself and work slowly on finances like now ......or chase more $$$ to get rid of debt and save quicker but may not like job.
I think most people have these moments when they feel like they are on a hamster wheel going nowhere.

[Gailete]

James and Livingalmostlarge thanks for the kind words but I do not feel like an inspiration.
I have a much smaller income then most here and make weekly payments on these debts and on some savings vehicles so it just feels like there is no end to it.
my current job contract is nearing an end and I am trying to figure out what to choose I job I can support myself and work slowly on finances like now ......or chase more $$$ to get rid of debt and save quicker but may not like job.
I think most people have these moments when they feel like they are on a hamster wheel going nowhere.

I have visited some financial forums and there always seems to be a few who makes light of what we with the smaller income are doing. One guy made fun of any penny pinching idea, such as making and using your own cleaners and instead would say that instead of that we should work an extra hour for money instead of spending the extra effort to save a few bucks. Apparently forgetting that some don't have the luxury of working an extra hour and making your own cleaners only takes a few minutes!

I'm on the scale of not making what probably 99% of the folks here make. I'm on SS and even though I hear we get a COLA this year, I don't know how much they will jack up the cost of our Medicare premium. Last year my entire miniscule COLA increase went to my MC payment! So at the end of the year here, if I owe taxes on my SS, I may be paying higher txes on money I never saw or had in my wallet! I hope they don't do that trick agsin this year.

[Smallsteps]

another month over
end of oct
mortgage = 31322
cc1=880
cc2 =0
car= 6364


now the end of NOV
mort: 30864
cc : 1800
Car 5873

lost 3 weeks of work as I had to go to hometown to be with my mom through end of life hospice care. I also paid for some final expenses since she left an incredible financial mess behind. It was a clear wake up call to organize my affairs and update my will.
I still have quite a mess to deal with but i am very disillusioned that banks gave loans to an elderly woman without a real way of paying them back. and NO one checked her debt before giving her more credit as it is the lawyer said it is basically a bankrupt estate if the game was to leave with the most debt she scored BIG.
Over half a million in debt and only 1,245 a month in income......

[Gailete]

another month over
end of oct
mortgage = 31322
cc1=880
cc2 =0
car= 6364


now the end of NOV
mort: 30864
cc : 1800
Car 5873

lost 3 weeks of work as I had to go to hometown to be with my mom through end of life hospice care. I also paid for some final expenses since she left an incredible financial mess behind. It was a clear wake up call to organize my affairs and update my will.
I still have quite a mess to deal with but i am very disillusioned that banks gave loans to an elderly woman without a real way of paying them back. and NO one checked her debt before giving her more credit as it is the lawyer said it is basically a bankrupt estate if the game was to leave with the most debt she scored BIG.
Over half a million in debt and only 1,245 a month in income......

I trust that you understand that unless you co-signed loans for her, you are not responsible for her financial mess. At least not to pay it off.

[msomnipotent]

another month over
end of oct
mortgage = 31322
cc1=880
cc2 =0
car= 6364


now the end of NOV
mort: 30864
cc : 1800
Car 5873

lost 3 weeks of work as I had to go to hometown to be with my mom through end of life hospice care. I also paid for some final expenses since she left an incredible financial mess behind. It was a clear wake up call to organize my affairs and update my will.
I still have quite a mess to deal with but i am very disillusioned that banks gave loans to an elderly woman without a real way of paying them back. and NO one checked her debt before giving her more credit as it is the lawyer said it is basically a bankrupt estate if the game was to leave with the most debt she scored BIG.
Over half a million in debt and only 1,245 a month in income......

I"m sorry to hear about your mother. Her loans seem outrageous, unless she got a reverse mortgage and her home was worth 1/2 mil. If I were you, I would contact the elder care in her area or maybe the attorney general. Her bank could be taking advantage of other elderly people.