I am seriously depressed at the moment. Hubby was made redundant months ago, things were already very tight especially money wise. And to make things worse, fraud within the family. Like seriously, my plate is so full now, it’s overflowing. I need a break, badly.
So I have been busy going through lots of plans, papers, and calculator (of course) trying to find ways to recover my loss today. At one point, I actually felt relieved. It’s because I know that I might have lost all eggs in this basket, but I have some hidden eggs in another basket!
You see, we (hubby and I) have been working so hard our whole lives. I have only stopped working since I had the little one. Unfortunately, hubby was made redundant some months back. You might be wondering how are we surviving at the moment. That’s when our piggy banks kick in. Mind you, we do not have big savings. But hopefully, it’s going to enough to pull us through this hard time.
So today, I want to write about SAVING; the importance of it, how to do it, and when to do it.
It is an easy word, but it ain’t easy to do. How many of you have enough savings to survive for at least 6 months without your wages? I sure hope you do. It is really important to have savings, my friend.
It is really important to have savings, my friend. Take my case as an example. Hubby has been the sole breadwinner for the past 2 years, taking care of me and little bubba. When he was retrenched, we were worried, but not frantic. We know that somehow we can still pull through the next few months while he finds another job. Our water and electric supply won’t be terminated, we’d still able to pay for food and gas.
These are really important, they are your survival. Hubby has been really stressed over the loss of his job as he felt that he had failed the family. But had we not have the savings, I think he would be worse. If we didn’t have savings, I can see the arguments that we’re going to have over bills and debts. And that’s going to ruin our relationship, our family. I am going to sum in simply – Having savings is important to keep your family Safe, Fed, & Together.
I have always been a thrifty person. But these days I have gone too far, I have become very stingy. I know it’s not the most pleasant personality, but being thrifty and stingy have helped me tremendously in savings. We’ll start with everyone’s favorite
The last time I had a holiday was my honeymoon, 5 days in Bali. It was 3 years ago, and since then I have not had any holiday, not even weekend gateway. It’s not that we couldn’t afford it (when hubby was still working), but we didn’t want to spend the money because it’s simply too expensive.
A 5-days holiday trip would probably cost us say $5000 at least. You know I can easily think of 100 things better to do with that money. First and foremost, pay off the mortgage. Pay off the debts, invest in a business, put in fixed deposit account etc. When I think of all these, I just could NOT spend it on holiday. It takes many MANY hours to earn $5000, and 5-days to spend it all. Sorry, but the maths doesn’t add up.
Then we go into kids expenses. Many parents out there spent absolutely thousands of dollars for their children, especially the first child. I am going to tell you about my expenditure for my first child in one word – Secondhand. We got him a third-hand baby cot and change table, used baby suits, used baby shoes, used bags, used toys, used books, used blankets, used beanie etc. Like seriously, we got almost 80% of stuff from Salvation Army. I’ve also got lots of FREE USED stuff from Pay It Forward sites. He’s turning 3 very soon, and I’ve only bought him 5 new shirts, at the most. Does it mean I love my child less? Hell no. But I was being really careful with money. I myself have not had any new cloth for years. I too, buy from Salvation Army.
You can save A LOT of money when you stop eating out or buy coffees from Starbucks. You know, I can’t remember when was the last time we eat out as a family. I am very sure we ate at the restaurant less than 10 times last year. This year we have not had any, apart from maybe 5 take outs if that many. When meats and seafood are on special, I will cook the more expensive meals at home. But when things are not on special, we’re happy with eggs on toast. You see, we need to be flexible with the set budget we have. To sum it all-
Adjust your lifestyle to your budget.
NOT to adjust your budget to suit your lifestyle.
You don’t need a planner to start saving, my friend. Start NOW. It’s NOW OR NEVER. Don’t wait, don’t give yourself excuses. You don’t know when you need the extra money for. Emergencies don’t come with an appointment. When it hits, you have better be prepared.
I know that not everyone out there agrees with my opinions. That’s fine. But I want you guys to get the point of saving. It is so bloody important I cannot emphasize enough. How I wish there will be no economic downturn, everyone can secure their jobs for as long as they want. If you’ve ever been worried over 200 dollars bill, you’d certainly understand my points here.
Look, I am not saying that you should not have a holiday for the rest of your life. But what we do is we keep saving until we reach a certain amount (any amount you’re comfortable with). For us, it’s at least 6 months of our monthly expenditure. Once we reached the target, we then plan for a little trip or a renovation. After that, the cycle starts again. It’s our backup plan. I didn’t know I would need it so early so soon, but I am glad I had these little savings. I would be ashamed to go back to my parents to ask for money. It’s just not me.
I am sharing this today because I hope that I can inspire you guys (especially parents) out there to start saving. If anything, I hope you can take away some tips and lessons from my story. Start putting money aside now, you’ll never regret it.