50 ways to leave your debt behind: make savings a bill to pay

by babhoyersh on June 24, 2011

This post is part of a series based on Laine’s Home Economics: 50 Ways We Paid Off Our House on One Income

According to the BEA (U.S. Department of Commerce’s Bureau of Economic Analysis, the personal savings rate for
April 2011 was 4.9% . I calculated our personal savings rate a few years ago, before paying Catholic school tuition among other things, and found ours was 22%. It’s time to look at our personal savings rate again, and make sure we’re still at the same level, and work on increasing it. Hands down, the best way to increase your personal savings rate is to make it automatic.

Making savings automatic:

  • have a serious conversation about needs vs. wants with yourself, your spouse, your children
  • automatic withdrawal to separate savings account
  • maximize investment in 401(k)
  • maximize investment in IRAs
  • set up an emergency fund and make the savings automatic, and bank any windfalls
  • after saving for yourself, maximize any investments you have for your children’s education

Previous Posts in the Series:

Give to the Poor
Pay Back All Debts
Save, Save, Save
Make a Budget
Freedom Account
More on Electricity
Electricity Again
Cooking from Scratch

Thrifty Thursday at Coupon Teacher and Frugal Friday at Life as Mom

Print Friendly


Shelly @ Coupon Teacher June 24, 2011 at 10:19 am

This is our next step after paying down two final credit cards: SAVINGS! Thanks for sharing!

babhoyersh June 24, 2011 at 3:43 pm

I do need to take a look at our savings again because it has taken a hit over the past 2 years thanks to some unexpected expenditures. I’m really worried about the economy so my dh and I are being more mindful of how we spend and save.

Comments on this entry are closed.

{ 6 trackbacks }

  • 50 ways to leave your debt behind: phone, cable & internet
  • 50 ways to leave your debt behind: good food, quality ingredients - A Life in Balance
  • 50 ways to leave your debt behind: waste not want not - A Life in Balance
  • how can i be thankful and content?
  • it’s not the amount of money that comes in
  • spousal allowances

Previous post:

Next post: