How Do You Develop a Savings Plan on a Shoestring Budget?

United States
May 29, 2007 11:26am CST
I need to seriously begin a savings plan to pay off some debt, but how do you do it on such a small budget?
1 person likes this
4 responses
• United States
29 May 07
My husband and I decided a certain ammount each week that we would take out of the bank, and put in an envelope here at home, then we would put it in the savings account at the end of each month. We also cut coupons, and however much we saved on grocceries, we would add to the pot. If something was 50% off, then we would put the other 50% in the bank. And etc. That way its like savings that you dont need to think about.
• United States
29 May 07
I should try something like this, but it seems so difficult for me to do.
@deebomb (15317)
• United States
29 May 07
Try to find somethiing that you buy regularly that you can do without such a soda or candy bars and start by putting that in a jar or some plce to save until you get enough to open as saveing account. Most bank want you to have at least $100 or they will charge you a monthly fee. I put all my MyLot earnings in a credit bureau. They don't charge you on having less $100. I started with $20. I now have $90 in there.
• United States
29 May 07
This is good advice, it gives me something to think about.
@miamilady (4923)
• United States
29 May 07
you have to stop getting into debt first. then you have to decide how much you can afford to pay off each month to bring your debt down. is it $100.00 or $50.00 or even $5.00 you stick to that amount and make sure to pay it down each month. Many people say it's smarter to pay off your debt before putting money in savings because you don't want to be paying interest. Personally, despite that fact that it might make sense mathematically, I still like to have some money in the bank. good luck.
• United States
29 May 07
Bank of America has this great plan now. I think it's called "Save the Change" and basically, if you buy a product for a $1.10 with your debit card for example, it will round off to the nearest dollar ($2 in this case) so in this instance, it wound drop in the other 90 cents into your savings account! I love it, I have about $5 in my savings account that way already, highly recommended! =)