Ways to Save Money with Goal-setting Accounts

Before I delve into this topic, let me first say that I am not a certified financial advisor. And, I’m not receiving compensation to discuss these banks. These are just my opinions after doing some basic research.

In the blog post 5 Frugal Ways to Treat Your Family, I mentioned having a “splurge” fund. So many of us forget to set aside that “fun” money. Or, maybe we don’t have a good system for setting it aside. I currently use budgeting software to create a category for the “fun money” fund. For each of my husband’s pay periods, I set aside a percentage for “splurging” and place it in my “fun money” budget category. But what if you don’t have a budgeting software program? What if you want to place those assets in an actual account? read more

5 Frugal Ways to Treat Yourself and Your Family

When trying to figure out how to be frugal, it is easy to fall into the rut of not wanting to spend any money at all. Sometimes you might even feel guilty  if you do spend money on the occasional splurge. But, part of life is about having fun and the occasional treat! Here are some ways my family manages to enjoy a special splurge while keeping our spending down:

 1. Put a small portion of your budget toward the occasional splurge. 

If you can set aside even just 1% of your income to save for these fun expenses, you will have a small amount to spend. If you made $2,000 each month, you would  have $240 by the end of the year by just setting 1% aside each month or $20 per month. If you use a budgeting software, you can set up this “splurge” account in your software so you can direct a certain amount to it each time you receive a paycheck. read more