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Savings is pretty dry

July 19th, 2012 at 11:49 am

I went ahead and paid summer camps, birthdays and travel out of savings, instead of the credit card. That way I can continue to put money in savings each paycheck instead of sending it to the credit cards. My savings is intended for the things that don't come up every day. I guess I do have a short-term savings account that will flow up and down (this is the account that I will have $5,000 saved by December). I also have my long-term savings which I will transfer most of the cash to when it hits $5,000. Then the plan is to start saving in the short-term account again.

Savings will get back up to speed again, though. Child support has been an issue lately, that has impacted my finances the most. All bills and expenses are still covered, but I have little left over to save. With the paycheck on the first, though, I should be back to saving something each paycheck.

Posted in Uncategorized | 4 Comments »

4 Responses to “Savings is pretty dry”

  1. CB in the City Says:
    July 19th, 2012 at 12:42 pm 1342701731
    1342701731

    It's better to use savings than credit cards, unless you know you will pay the card in full each month. Like you, I have savings to cover the big stuff that doesn't come out of my regular budget.

  2. rob62521 Says:
    July 19th, 2012 at 01:44 pm 1342705494
    1342705494

    Isn't it great you have the savings to pay these things? It is scary how many don't. Keep up the good work.

  3. snafu Says:
    July 19th, 2012 at 04:08 pm 1342714096
    1342714096

    Good plan to pay for fun [camp, birthdays, travel] cash. CC are increasing interest rates and fees while savings rates are pathetically poor. Will child support delay cause problems with back-to-school expenses which will be coming up quickly? We're seeing nasty school board cutbacks which we know will translate to higher costs for parents.

  4. mamasita Says:
    July 20th, 2012 at 11:45 am 1342784728
    1342784728

    No, thankfully child support delays won't cause problems with daily expenses (yet), only because I will use the money that I would usually send to savings. It's the future savings that is at risk right now. Trickles down from there. Hopefully it won't get to that point...

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