10 Ways That I Can’t Save Money
Posted on May 2, 2008
Filed Under emergency fund, goals, savings |
Several people on Twitter were talking about not being able to save money because they didn’t earn enough. It actually made me laugh because I earn less than $15,000 per year at my business. I have a mortgage that is over 50% of my take home pay every month. I would be willing to bet that the people complaining easily earn twice as much as I do.
Somehow, I have managed to save more money in the past few months than I did when I was earning $70,000 a year. So what changed? Well, I have a confession. For most of my life, I have thought that saving was…. boring. Yup! I’m embarrassed to admit it but I wonder how many other people feel that way.
Over the last year, saving money became a priority for me. I realized that it was no longer an option, I had to have an emergency fund. It is even more of a priority because my income is so low. When you have less than $300 a month to spend on groceries, electric, phone, and fuel even having a flat tire could be financially crippling.
These are the ways that I have found that I cannot save money on my current income.
- I cannot have an automatic withdrawal from my account. My checking account is way too fragile with the balance usually hovering under $100 to have anything withdrawn automatically.
- I cannot put a regular amount into savings monthly. My income is too irregular to plan on putting any certain amount on any certain day. I find that I miss the date or the amount and it de-motivates me from saving anything.
- I cannot put large amounts into my savings account at one time. While I would love to save money in $100 chunks, I just can’t do it. If I wait to save until I have a large amount, the money will never get there.
- I cannot use Smarty Pig. This has been a popular plan lately but with the restriction of having to close the account if you withdraw before you reach your goal, I just can’t justify the trouble it would take to set it up in the first place.
- I cannot reduce my expenses any more than I already have with one exception. I smoke. I wish I didn’t but I do and I can’t seem to quit right now. It’s something to work on for the future as it’s an expense that I hate and really want to get rid of. I have reduced it to less than a pack a day and am working on reducing it even more.
- I can’t have a payroll deduction as I don’t get paychecks. This is one of the drawbacks of being self employed.
- I can’t save money by reducing my grocery bill. I am spending less than $100 per month on groceries now and I really can’t see myself spending any less than that.
- I cannot save money by giving up movies, cable, eating out or other entertainment. I have not had the directv connected for the last year. I don’t go to the movies or eat out. I find my entertainment the old fashioned way. I spend time with my friends and family, and believe me, they are plenty entertaining.
- I can’t save money by reducing my heating or cooling expense. I have found that my tolerance for keeping my thermostat set low is 60 degrees in the winter. Any lower than that and I just can’t function. I can’t reduce a/c as I don’t have it in this house.
- I can’t save money by reducing my fuel expenses as I have already cut back as much as I can. I go so far as to only make one trip into town per week. Right now, that is my trip to Richmond for foster care training. If I need something in town, I get it then or I don’t get it.
So there you have it. I have tried most of the tips and tricks that are advised for saving money. It just won’t work for me. So how do I manage to save money? Stay tuned for Monday’s post on How I Save Money.
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Congrats on cutting down your smoking! Saved my parents a lot of money when my dad quit.
I hear ya on a number of these. We don’t have a high income either, so there’s only a certain amount we can save. I’m sure we’re not at the maximum, but some things like automatic withdrawals don’t work for us…because my freelancing may or may not bring in more than we need for the budget.
Write a series on growing food in pots. I totally think this Urban Homesteading stuff would make an awesome series and later perhaps an eBook. People love the idea of having their own little plot (er, pot?) and growing veggies. This may help bring in more income.
Ohh, and YAY on cutting back on smoking.
Wow–you’ve really given money saving a lot of thought. Many of the strategies you’ve pondered are pretty involved and sometimes even a bit drastic (i.e. giving up paid entertainment). You did, however, talk about saving money on your groceries. Did you ever try any of those online grocery coupons resources? They’re pretty easy to figure out, and I’ll bet they would help you bring our bill below $100.
Also, quitting smoking would really help (both finances and health, obviously). It’s great that you’re doing that.
Ryan, I find it a bit strange that of all the alternatives for saving, you think that giving up paid entertainment is the drastic one. It is actually the one that I find the easiest. I have not missed the tv at all and spending $30 or $40 at the movies (if I take the kids & who wants to go to the movies alone?) seems like a luxury that I don’t need. That’s 10% of my budget after the mortgage.
My problem with the coupon resources and games is that it is rare that they have coupons for anything other than pre-packaged food. I pretty much make all my food from scratch so they really don’t help me that much.
Fox, That’s a great idea about the homesteading series. I am working on something along those lines.
Mrs. Micah, I haven’t quit yet but I’m working on it.
I gave up TV as well, as a way to save money and because I never watched it enough. For me, it’s hard to not spend money by eating out. I guess I am just not disciplined enough. This is the one area I could cut back on, and it’s so hard. Any suggestions? I’ll be back to read your Monday post.
[...] Friday, I listed the 10 ways that I have found that I cannot save money and most of them are the ways that are recommended to save. So how have I managed to save money [...]
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Sometimes i feel like i’m getting there, too. Though mercifully I earn enough to live fairly comfortably (assuming one is comfortable with frugality), I do look at my living style and find I’m already doing many of the things everyone recommends.
Good work with the Killer Weed. My expensive vice is beer and wine, another treat that’s not real good for your health. Every now and then I go on the wagon, but give me a stressful day at the office or a lovely warm afternoon, and I want a beer. Have to keep reminding myself that “want” is different from “need.” In any event, cutting back is certainly a step in the right direction.
Can’t wait to see your post on the strategies you CAN manage on a self-employed income.
[...] My Aching Debts presents 10 ways that I can’t save money: “My checking account is way too fragile with the balance usually hovering under $100 to have [...]
If you have a land line, could you save by eliminating a cell phone service? Just wondering
Here via FoF 124
Super Saver, That’s a great idea but my cell phone is paid for by my ex husband. It is on his family plan and really doesn’t cost him any additional. I don’t use it very often.
Funny About Money, I sent you an email with the link to 8 Ways to Save Money. It should be included in the bottom of this post.
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