Graphic by Shannon L. Buck, copyright January 16, 2017. http://www.lulu.com/spotlight/shannonbuck

30 Day Money Cleanse Day 7: Calculate Savings

I’ve finished day 7 of the 30 Day Money Cleanse. How about you? If not, now is the time.

Today’s task didn’t take long. It’s about calculating savings, and is a good exercise in figuring out how much you can save in the long run.

Photogrpah by Shannon L. Buck, copyright January 24, 2017. http://www.lulu.com/spotlight/shannonbuck

If I want to live extremely frugally while working 40 hours a week, I’ll have a good sum for savings. But half would go toward paying down old medical related bills. Also, as noted at the bottom, the amount is not indicative of my plan to cut back on specific things, allocating the saved amount to further pay down debt and build a savings.

It also does not take into consideration money needed for holidays, gifts, and helping others. Depending on how much I spend in each area, my total (hoped for) debt reduction and savings amounts will be more or less than this each month. It also does not take into consideration slow seasons at the inn when I might not get to keep working at 40 hours a week.

I’m working on a budget, and I’d like to move into a place that will require a lower rent, etc. If I can do that, I’ll get my debt paid down more quickly, and be able to save for my future land and small home purchase, as well as retirement.

NOTE: I don’t have retirement savings at this time, or any type of savings or other investment type. I’m hoping the budget and plan I come up with is doable.

Question: Do you have a retirement savings or other investment set aside for use during retirement?

Action Steps:

  1. Calculate your savings according to the directions for today. (See the calendar)
  2. Look over the figures, consider what best to do with the money to invest in your future.
  3. With that information, consider whether you think this savings will be enough, if the amounts each week or month stay the same until retirement, or if it will be necessary to save more.

Congratulations on finishing day 7 of the 30 Day Money Cleanse! You are doing great. We’ve moved along steadily for a week now, and I’m hoping you’re getting as much out of this as I am. I have a bit clearer picture of what needs to happen with my finances now that the first week is complete, and can’t wait to learn more throughout the next few weeks. I’ll hope you’ll stick with me.

I’m thinking about doing more with financial pieces as time goes by here on Single Mom Family.

I’ll be posting Day 8 tomorrow.

Shannon

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