JenOni

#saving

Financial Health : The How to Save in Every Decade Infographic

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Financial Health: How Much Should You Save?

Financial health is an important topic for women specifically single moms.   What happens when life throws you a curveball? Some major life changes can drastically impact your financial health such as illness, marriage, new baby, unemployment or divorce.   How do you prepare for the unexpected? As I have learned as a single mom with one income, the best way to prepare is to start early building your financial health.   The key is to save, invest, eliminate debt and set a budget so you are living within your means.

After separating and filing for divorce over 40,  I was forced to start rebuilding my finances.  Two years of unemployment with no additional streams of income made it an excruciating challenge.   In spite of these circumstances, my debt continued to accrue without a safety net.

Earnest, a lender that offers personal loan and student loan refinancing.   Below is a very informative infographic from Earnest on how to prepare financially for every decade.   It is never too late to get yourself on the right track.   The advantage is the earlier you start the better.    If you are interested in learning more on refinancing student loans, click refinance student loans.

 

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Banking App Qapital to Save with Automated Savings

 

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Banking app QAPITAL?

Banking app Qapital is an easy way to save small toward a large goal.  This is my new way to save a little at a time toward a financial goal.  It’s really easy to set up to an account at QAPITAL.

  1. Link a bank card for purchases to save on
  2. Set a goal
  3. Rule set for account, how much saved and frequency

I established my account 4 weeks ago and have saved $49.16.   Every time I make a purchase with the card linked to my account, the rule rounds up the purchase to the nearest $2.00 and save the difference.

Here’s an example, if my purchases are $76.08 and round up to nearest $2.00 equal to $78.00.  The amount saved to my account $1.92.   It’s that easy!  You can also add the Qapital app to your smartphone(IOS or Android).

  1. I set my goal toward savings
  2. My rule sets
  3. My account receives deposits four days a week Monday-Thursday.
  4. The site is encrypted so transactions are secure.
  5. There are no fees for minimum balances, set-up, or monthly fees.  Deposits are stopped if the account will be left with less than $100 and will resume once the amount is available.
  6. You can link Qapital to IFTTT and save doing everyday activities.   For example, each time I post to Instagram You can set an amount to deposit into my Qapital account. There are about 200 options on IFTTT.

This is the best way to put a small amount for a big goal.   Here’s how to start your account, Qapital.  For a smartphone, go to Apple Store or Google Play.

Single Mom Chronicles: Monthly Budget – What I Learned?

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What I learned from using a Microsoft Excel budget template?

  1. Check your monthly bank statement, if you’re like me I only use online access to my checking and savings account.   Review the calendar and review each daily transaction and verify they are accurate.  It is amazing how many errors are possible.
  2. Evaluate your spending in terms of wants vs. needs—where can you save significant dollars?   I realized the kids and I are spending too much for dining out.    Set a budget for dining out each month and stick to it!  This should include special occasions such as birthday celebrations.
  3. Grocery spending, set a budget that is realistic to meal planning, packing breakfast and lunch.   I really need to review specials at my local supermarkets and this may require shopping at more than one store.  (cringing).   This is so not my preferred way to grocery shop so I will have to get use to this idea.    Also wondering if I need to alot time for couponing? Do you use coupons? Set a grocery budget each month!
  4. Clothing spending was significantly high for September due to back to school shopping.   I had budgets set and we did stay within budget.   Sign up for Ebates, earn while you shop.  I earned $18 for my back to school shopping.  Most of my spending was at my favorite consignment store.
  5. If you live in PA, you know about Wawa.  One way I saved on my morning coffee spend at Wawa is to brew at home.    In light of this fact I found I spent well over $50 at Wawa.   This is way too much.   Set a budget for Wawa spending each month except for gas purchases.
  6. Allocate money for student loan payment and current debt.
  7. My medical and dental benefits begin in 90 days and I plan to use that projected before tax money to shave off some debt before December.
  8. Start small with paying down debt every payoff is an accomplishment.   I have one bill paid off and feeling good!

This is the Microsoft Excel Monthly Budget template:

Monthly Budget Template

Do tell and share your tips?

Hello October, more budgeting and saving!!!!  Do you have a monthly budget?  Please share your your tips!!!!