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Rebecca G.
What is the best way to save if you are on a very very limited income and what is a good amount to save if you're on a limited income save weekly
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What is the best way to save if you are on a very very limited income and what is a good amount to save if you're on a limited income save weekly
Im able to save on limited income and so can you! Depending on when and how much you get, the first thing g you do is go to your bank and do an automatic withdrawal from your checking to your savings account. Even if you start with only $5 you can always increase it later
Rebecca G, Debby T. has a great suggestion regarding starting to save. Depending on when you get paid (weekly, bi-weekly or monthly), if you can start with $5 or 5% (if you can afford it). The most important thing is to "pay yourself first", not last. Also, Save-a-life posted a savings tree that has $5 per apple on the tree and equals to $100. Challenge yourself and set goals as to how much you would like to save weekly, monthly, or quarterly and color an apple to see your progress.
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Do what you can. Be excited that you are able to save something. Remember small amounts add up over time. Just be consistent
Great advice thank you.
Folliwing
I like the envelope method put money in envelopes they are designated for certain things such as bills yes for yourself kids household whatever and you try to stay within the budget each envelope has and then keeps you on track and it helps you be more aware of where your money is going how frequently you’re spending if you’re overspending or not into me if that helps
Whatever amount is comfortable for you ($5 week, $5 bi-weekly, $5 monthly), as others said, be sure to pay yourself first. Have that amount automatically transferred from your checking account to your savings account. To help budget, I created a spreadsheet on my computer where I list every monthly debt such as rent, electricity, gasoline, credit card, etc. I put in my income and calculate how much I have left after paying bills. My weekly/monthly savings is included as a monthly debt. Good luck! I believe you can accomplish this!
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Vicki F. that is a great suggestion you gave for making sure you save. Budget $5 per pay period as a debt and if you eliminate a debt and are doing the snowball method, use $5 from that minimum to add to your Savings debt. It is a method of paying yourself first or even one better would be to list your budget, pay yourself $5 for savings and then list savings as a reoccurring debt at $5, that way you save $10 each pay period. Discipline is the key.
How to grow your savings
“Weigh out the needs and wants”
Ok
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Jethro, it works.
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I'm working on even a dollar a day. I'm on a very very limited budget & have always had a problem saving. I love this app & I'm retraining my ways of spending.