Building up our nest egg

Anonymous 7

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I'm trying to figure out where we can cut back and I don't even know. We don't have a car payment we bought our cars cash. Our Bill's are mortgage, water, electricity, internet, my cell phone, dhs union dues, a medical bill that will be paid off next month, and the kids extracurriculars I'm not willing to cut. Our only extras are really Netflix and scribd but that's what $20 a month between the two. We don't really eat out or anything either so theres really nowhere to cut.
Anonymous 8

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If you have a mortgage, see if you can switch to bi-weekly payments. It's a small difference that adds up over time.
Anonymous 9

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I save 30-45% on my grocery bill by planning meals for the week around what’s on sale.
Anonymous 7

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Anonymous 8 wrote: Thu Nov 21, 2019 11:22 am If you have a mortgage, see if you can switch to bi-weekly payments. It's a small difference that adds up over time.
What difference would that make?
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I *think*, although I could be wrong..that she is saying to pay your mortgage twice per month. If you make 2 payments per month, you end up whittling away at the principal faster..especially if you make sure all extra goes solely to the principal than to escrow. I have been paying extra on ours, but also doubling payments and having all extra go to the principal. We will have ours paid off next year due to me doing this for so long.
Anonymous 7 wrote: Thu Nov 21, 2019 3:28 pm
Anonymous 8 wrote: Thu Nov 21, 2019 11:22 am If you have a mortgage, see if you can switch to bi-weekly payments. It's a small difference that adds up over time.
What difference would that make?
Claire
"I can do all things through Christ who strengthens me." Philippians 4:13
Anonymous 8

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Anonymous 7 wrote: Thu Nov 21, 2019 3:28 pm
Anonymous 8 wrote: Thu Nov 21, 2019 11:22 am If you have a mortgage, see if you can switch to bi-weekly payments. It's a small difference that adds up over time.
What difference would that make?
You pay half the monthly amount every 2 weeks instead of a full payment every month. Because there are 52 weeks in a year, you’ll end up paying the equivalent of an extra monthly payment every year. You save money in interest and pay the loan off faster.
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bluebunnybabe
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Inmybizz wrote: Thu Nov 21, 2019 8:35 am I think it’s helpful to put things on paper it’s easier for me to see. List all your expenses and how much you bring in per month. From that list look for ways to cutback. It could be little stuff that you pay no attention to. For me, I found I spend a lot on coffee(connivence store purchases).
I stopped going in convenience stores years ago. Those stops for coffee or a snack really can add up.
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Anonymous 7 wrote: Thu Nov 21, 2019 3:28 pm
Anonymous 8 wrote: Thu Nov 21, 2019 11:22 am If you have a mortgage, see if you can switch to bi-weekly payments. It's a small difference that adds up over time.
What difference would that make?
It pays off the house faster, which really helps a budget.
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bluebunnybabe wrote: Thu Nov 21, 2019 9:41 pm
Inmybizz wrote: Thu Nov 21, 2019 8:35 am I think it’s helpful to put things on paper it’s easier for me to see. List all your expenses and how much you bring in per month. From that list look for ways to cutback. It could be little stuff that you pay no attention to. For me, I found I spend a lot on coffee(connivence store purchases).
I stopped going in convenience stores years ago. Those stops for coffee or a snack really can add up.
Yes. I also was spending a lot at Starbucks. You don’t realize it until you see the number.
Anonymous 10

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We budget everything. We have a fairly large budget for most things, but very strict.

I put things like makeup in the grocery budget, so if I buy an expensive makeup product, we have to eat a cheap meal or two.
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