Thursday, March 26, 2009

Saving Up

My husband and I are going through a stage of saving right now. That's because Baby#2 is well on her way, and I'm due to give birth around the same time that my eldest is starting another school year. So we've made a pact to set aside a certain amount of money every month in order to save enough money for both events and to just limit our individual spending to the bare minimum. That means that there should be no unnecessary purchases (definitely no new camera, no Berkline furniture etc. for the moment).

Will this work for us? It should. The trick here is estimate the total amount of money that you are expecting to spend, divide it by the number of months before the expected date when the money is due, and mutually commit to put aside that amount EVERY month in a separate bank account, before you spend the rest of the money. You can modify this to weeks or even days, depending on how much control you have on spending.

We're hoping that this strategy would ensure that we have enough money when the time comes. I believe this will actually work for us, and it could work for you too!

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A part time ophthalmologist, part time micro business owner, part time graduate student and FULL TIME MOM struggling to find balance in the confusing world of multitasking :)