Got Savings?

Recently, I heard a fact that really caught my attention. Low income families that have $500.00 saved for a financial emergency are more likely to survive a financial emergency than a medium income family that has nothing saved. This lead me to ask why is it so hard to save money? One common response I have heard is there isn’t enough money after I pay my bills and other monthly expenses. When I get this response I ask if they have a savings and spending plan or a budget.

Oh no she said the B word! Here’s the thing, most people have no idea where their money is going each month. They are spending $7.00 a day ($35.00 a week) at fast food restaurants to get coffee and breakfast. Or maybe they go to the grocery store with no list and buy items they don’t need because they have it at home in their pantry. There are small changes you can make to save money and stop spending leaks. But first you need to figure out where your money is going.

The best way to determine where your money is going is by tracking each and every purchase you make, bill you pay, and automatic deduction made. Once your know where your money is going subtract how much you are spending from your total monthly income. Are you spending more than you earn or is there money leftover? If you are spending more than you earn review your spending and ask yourself if there are any changes that you could make. If there is money leftover could you put it towards building your savings?

One small change you could make is eating breakfast at home. If you make breakfast at home you would spend approximately $7.00 a week. Or before you go shopping for groceries, shop your pantry to determine what you need. That way you save money by purchasing only what you need. Put the money you save by making these changes into your savings even if it is only a few dollars.

Remember small amounts add up! Saving money for future use can help stabilize your financial life. It requires discipline and sometimes denial, but the benefits outweigh the negatives. Learn more about building a spending plan here:


Posted: February 17, 2018

Category: Money Matters
Tags: Family Resource Management, Money Management, Personal And Family Finances


Gabrielle Fortin
October 21, 2021

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October 5, 2021

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October 5, 2021

Really enjoyed this blog post.Much thanks again. Fantastic.

Savanna Barry

July 11, 2019

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July 11, 2019

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September 4, 2018

Great information. Thank you.


April 26, 2018

Absolutely! Programs to assist with down payment and closing costs vary depending on where the person is looking to purchase. Potential home owners can contact the housing services agency to learn what programs might be available.

Keith Gumbinger
April 26, 2018

In addition to the downpayment, total out-of-pocket costs to buy a home can easily run 6% to 8% of the purchase price, factoring in things like prepaying for a homeowners insurance policy and funding escrow accounts for taxes and more. That said, there are state-backed programs that can provide assistance to potential homebuyers with downpayment and funds for closing costs. These typically come in the form of low- or no-interest second mortgage loans but sometimes in the form of outright, no repayment grants, and may cover some or all of the up-front costs needed to purchase a home. Regardless, good financial habits are key to successful homeownership. The ability to save, budget and plan for future expenses are needed skills, and the homebuyer education courses that often accompany these offers are a great place to start.


March 8, 2018

Thank you! As a financial counselor I have been working on trying to get everyone in my county to have an emergency fund of at least $500.00. Start small, but dream big. Sarah

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March 7, 2018

Wonderful web site. Plenty of useful info here. I am sending it to several friends ans also sharing in delicious. And certainly, thanks for your sweat!

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February 19, 2018

This actually answered my drawback, thank you!

Garry Gammon
February 18, 2018

Excellent, this subject is so important and can change the world if corrected. I’m an ex-banker and current financial advisor. My passion is to help people understand saving for retirement. Keep up the great work! Garry

February 4, 2018

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January 31, 2018

Palm trees grown in the landscape appear carefree, but they are susceptible to many diseases, insects and nutritional problems. Avoid many of these problems by following the recommended cultural practices that help keep plants healthy and vigorous. More information on how to grow outdoor palms successfully is provided in HGIC 1019,

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