in year 2, you’ll have twice as much saved, so your interest payout will double (and a little more because your interest will increase your balance), and will rise each year.

Surely your interest at the end of the second year is $3600, given the interest is on your full savings, not what you saved that year.

I have a hard time saving money because my husband likes to drink and spend money on his friends he is a people pleaser. I try to save money he will give me like 100 or $200 to put aside then he’ll come back 2 or 3 hours later and ask for the money back. And on my paychecks it feels like I’m trying to save money but I’m constantly having to dip into it to cover bills we needed to pay before. I try real hard to put a little aside but I feel like he’s constantly draining me out because he tries to figure out my money from penny two penny so how am I supposed to save my money besides getting rid of him. I figured I’d try to save at least $125 a paycheck but to me it just seems unrealistic. All of my checks covers insurance, my 401k and, taxes my take-home pay is between $486 to 540 so how am I supposed to save that. My bills consists of car payment car insurance cable light water babysitters after schools programs. I figure when he gives me the hundred or $200 I try to go put it in the bank right away but then he starts asking for it back so I feel like I’m just going in circles and then he expects me to give him $100 in the morning when I get paid when my check comes in. so basically when he gives me the hundred or $200 when he gets paid it like him paying me back but then he’s asking me for the money back so I’m trying to figure out how to save money and I feel like I’m going in circles please help.

Great idea automating it all! That def. helps :) Will force you to live off less which most people can do whether they think they can or not.

(And hopefully you mean “duductions” as in siphoning away part of your paycheck vs tax deductions, yeah? Wouldn’t want to end up owning money at the end of the year messing around with all that stuff! (Though at least you’d have it all stashed up if need be…))

Now the $150/month might sound like a lot of money, but here is what I did. My job allows me to add a deduction on my paycheck, as most jobs will. So in doing so, I was able to set up a ACH Direct Deposit to another bank account for $35/week; this will come out of the paycheck and whatever is left will get Direct Deposited into my regular account.

$35/wk = $150/mo = $1800/yr @ 5yrs = $9000/saved!

And, there are a lot of people in this same boat. None of whom appreciate the sort of people who can blow $5 or more per day on anything and think they are not financially solvent. Like, you know, Starbucks drinkers.

Sorry to hear :(

Unfortunately the only way to save that much would be to find more ways to make $$$… There’s gotta be something you can do on the side or at home w/ your disability, yeah? Especially online – so many opportunities.

There you go! have to start somewhere right?

I used to be all income-only too but man – so much power in cutting expenses too. The less you need to live off the more you can save (and the quicker you can retire!). The true wealthy learn how to balance both :)

I’m now 41 with a wife, 3 kids, two mortgages not including a huge truck payment (mortgage #3) and 3 jobs not including my wife’s and a small online business… UGGGG

With all that we still do not earn enough to cover our bills and debt and I never did listen to that guy about saving.

Two days ago I decided to stop trying to figure out ways to make more money all the time and to re-direct my focus to saving. I put ten dollars in a shoe box and wrote the date on the side. The next day my son and I went to return some cans and of course I’m thinking again of how to earn $10.00 in the off-line world to put in the shoe box.

I guess I have a lot to learn but there’s now $20.00 in that box and I hope to expand on it daily, eventually learning from all of you here and automating some cash weekly out of our paychecks into savings.

Thanks for the encouragement!