I started blogging in 2008, and at first, it was just a hobby. I loved sharing money saving tips with others, and I also enjoyed using coupons to get deep discounts on everyday items to save money for my family.
It wasn’t until 2014 when I gained the confidence to turn my blog into a business. At first, I was fearful. I wasn’t really sure how to go about turning my blogs into a business, but I took the first steps necessary to make it a reality. BSC Media, LLC was formed and my business is very successful today! My confidence in starting my own business has spilled over into other areas of my life, especially with our finances. A few years ago, my husband and I didn’t even give our finances much thought, time, or attention, but that has all changed. It needed to.
Eight months ago, my husband and I worked together to come up with our very first budget. We had never budgeted before. Even though we carry no consumer debt, we still have one big debt to pay off – a rental home in North Carolina. Additionally, we have three children, and our financial future and our children’s financial future is important to us. We have put several steps in place to save big over the next few years!
3 Ways We Are Saving for Our Future
1. Budget, budget, budget.
Without a budget, we can easily lose track of where our money is going. At first we just started tracking our spending, and then we realized that we could be spending money more wisely. A budget allows us to plan for events that we know are on the horizon. Car care is just one example. We recently made a cross country trip to visit relatives. Before we left in our minivan, my husband made an appointment at our local repair shop for new tires, brakes, and alignment. We knew that this would be a big expense, so we saved appropriately and we weren’t surprised when we had to pay a large bill.
2. Investing.
We contribute about 15% of my husband’s paycheck toward investing for the future. We are contributing to our Roth IRA’s and our kid’s college accounts. As I mentioned earlier, we had to save for vehicle repair for a few months, but that is short term saving and budgeting. It’s necessary to keep both eyes on the near term and long term goals. Investing for the retired you and your kid’s college is not something that should be a surprise when the time arrives. The good news is that consistency with investing really is quality investing! Sometimes, we are able to contribute more in some months versus others. However, we make sure that we do contribute some toward these accounts each month.
3. Paying off our only debt.
100% of my earnings are going towards paying off our rental home in North Carolina. We also dip into some of my husband’s income to help pay down the mortgage quicker. Our goal is to pay the house off and use the passive income for more savings. Eventually, the rental home will pay for our forever home after my husband retires from the military. With a plan in place, we feel like we will be able to meet our financial goals in 2-3 years. Then, we will be able to reassess our financial situation and come up with new goals once our final debt is paid off.
With these three tips above, you can save a lot of money!
What kinds of tips do you have for saving money for your future?