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Learning To Budget – Simple Ways To Start Savings

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We are happy to partner with brightpeak Financial and The Motherhood on this post. savings-challenge
Emergencies happen to families all the time. We have cars, children, pets, a house, something is bound to happen and yet I was shocked to discover that so many Americans are struggling with less than $400 in an Emergency Fund. Most families don’t budget for unexpected expenses  that’s why it’s so important to have a savings.

Did you know that approximately 62% of Americans have less than $1,000 in their savings accounts? All of this according to a new survey by Google Consumer Survey for BankingRates.com. These facts make one thing clear it is more import than ever to have an emergency fund of at least $1000 to cover minor emergencies (like if your car breaks down) so you don’t have to rely on your credit cards. Credit cards have a lot of hidden fees associated so it’s best to have the cash in savings for these minor emergencies.

I am the worst at spending, I can easily send our family budget over the top. That’s why I wanted to take the brightpeak $500 Savings Challenge. bright peak savings challenge

bright peak Financial helped me establish the type of savings account our family needed and how to set it up. We signed up and right away received the first emails to help us jumpstart our savings and start to add to our savings account. Each day I received a new savings challenge to help me add to my savings, we decided to set aside $50 a month and also find other ways to add to our savings.

How I Found Success & Savings

I decided to start setting aside a small amount each month for savings. We’re still fresh with student loan debts from college so I wanted to keep it manageable with $50 a month to our savings account. I also use the tools form the challenges and was able to find other savings.

  • Saved $40 a week by making my own tea at home and not going to my favorite coffee store.
  • Sold unused dance wear in a Facebook group for $130
  • Saved $50 by using coupon and savings at the grocery store
  • Cut back on cable bill to save $30 a month.
  • Saved $75 by not eating out for a week.

We’ve been using the tools we used with the brightpeak $500 Savings Challenge and not only are we generating an emergency fund but we’re also saving and being more aware of our spending habits. Sign up today and start your savings.

Signing Up for the $500 Savings Challenge is as easy as: – Visiting the website to sign up.

Does your family have an emergency fund and a plan for savings? 

Giveaway!

To jumpstart your savings we have a $25 VISA gift card to give away!

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Comments

  1. Our savings account could cover quite a few emergencies, and yes, we save at least $200 a paycheck, minimum, without including work-related retirement savings.

  2. I am a single mom and do not have a huge income so unfortunately I do not have the means to have an emergency fund.

  4. Yes, we have an emergency budget. Sometimes we have to dig into it but always put the money back as soon as its available.

  6. I was outta work for 3 months due to a dislocated shoulder so I spent my emergency fund. I’m slowly working to get one back!

  9. I try to make sure that I have at least $1000 savings in addition to all the reserve minimums needed to keep the savings and checking fee-less.

  10. Yes we always have an emergency fund! You never know when something happens and you need to pay for medical, car payments etc.

  12. I have had an emergency fund in the past and it definitely needs replenishing now! Thanks for the good tips to help me make that possible!

  15. We have $25 a week put in an emergency fund. But sadly we have to use it more often than we would like. Thank you

  16. Honestly, my family no longer has an emergency fund because of a few things that came up this year but we are trying to start saving again to build it up. We truly are planning to set aside a small % of income in the future for our savings.

  30. We do finally have an emergency fund that we just started this year. It feels good to know that we have a little something saved. We hope to do much better next year.

  31. We have been saving all our lives. (This includes plans for emergencies, which we have had to use on occasion.) Now that retirement is approaching, we are so thankful for our frugality.

  32. I have savings but nothing I call an emergency fund. I just try to save as much as I can, no specific plan at the moment.

  34. We are retired now. Through our working years, we always put our tax refund in the bank. That gave us a nice nest egg to use in case of an emergency.

  40. I always have an emergency fund for small emergency’s (like in the $500 to $1,000 range), but more then that would be a problem.

  44. Yes, we have savings and an emergency plan, which in this economy is mandatory considering the number of times someone my husband has worked for has downsized or had layoffs.

  46. We did have an emergency savings, unfortunately it is mostly depleted do to unforeseen events. We will work on rebuilding it so that it’s there in case we face another event. Glad that we had it available.

  66. We normally do, but someone had an injury a month ago. So we are just getting back on our feet. Time to build that fund back up…. Because you never know when you will need it.

  67. Unfortunately, there is not enough funds to go around to save, thus we do not have any money to save.

  70. I had an emergency fund until I was diagnosed with cancer and this fund has been depleted due to all of the medical bills.

  74. This economy is killing us and what savings we had is long gone and it’s really hard to try to build it back up again. We are trying to work on it, but it’s just not happening too easily.

  77. unfortunately, we do not have an emergency fund, and no savings plan. It’s check to check. It’s a good idea to develop one though. You just never know when you’ll really need it!

  83. We had an emergency fund up until last week when a water line broke and we had to replace the whole line. We try to put aside ten percent of our pay each week.

  93. We definitely do have an emergency fund which of course I find so vital. I think everyone and every home needs at least something- better than nothing and you never know what could happen!

  103. We have been going thru a lot of emergencies in the past year so we have eaten up the emergency fund we had so we need to rebuild it!

  104. WELL.. let’s just say that I have a back up plan with savings.. my GF.. she needs a little help in that area.

  106. My boyfriend and I just started an emergency fun last week! We have pets and we would like to be prepared, for them! haha!

  108. We have a plan to make a plan. haha. We’ve talked about it and we know we need to do it – but it still hasn’t been done yet.

  110. We do have an emergency fund. Our plan for saving is to write out a real budget. Every spent dollar is accounted for and we don’t get surprises and can plan better

  118. Between a few unexpected car repairs and some health issues, our emergency fund is gone, gone, gone.
    Christmas will be a frugal handmade affair this year.

  126. We do not have an emergency fund but I am depositing $ into my retirement account. If It comes down to it, I could use that money.

  134. No, we do not have an emergency fund and cannot contribute to a savings right now because of a certain ongoing situation in our life.

  137. Yes. Because shortly after we got married I was diagnosed with a serious health issue so we are always sure to have set something aside.

  139. It is wise to keep an emergency fund consisting of 3-months of earned income. A budget is always wise. If you are living from paycheck to paycheck, you should pay cash for everything because you can easily keep track of how much cash you have on hand. If you use a checkbook, you need to keep the balance up to day or you may overdraft. Using a credit card is very dangerous because it is easy to build up a large debt.

  141. We currently don’t have an emergency fund due to my sister getting a rare eye condition, but we do have a savings plan.

  143. Yes, we have an emergency and savings fund that we don’t touch. You never know what might happen down the road.

  154. I really wish we could. We are working on paying off some stuff so that this is an option for us.

  159. We have a plan for savings and we have a small emergency fund that we need to add more savings towards.

  163. I do have sufficient funds for an emergency. Being retired and on a fixed income it is harder to save money than it used to be. Hopefully my funds will last as long as I do!

  169. Yes we have an emergency fund, but no real savings plan other than we are careful with our spending.

  172. We do have an emergency fund and our savings plan is just to put away as much money as we can each month.

  177. We have a small fund, but lately we’ve been digging into it for some unexpected costs. I really need to try to rebuild it.

  179. We do not have an emergency fund and no plan to save! Just is not in the budget til we pay off some things!