Savings Goal

I came across an interesting pin on Pinterest regarding savings accounts in America. 

My husband and I are working really hard to save as much money as we can rather than spend it. It's difficult on one income, but we do the best that we can. The statistics I found actually show that we are doing better than families that make more than we do. So in that aspect we are succeeding. 

The average American saves 6%. That's part of the 41% of Americans that actually save. 

We used to aim for 5%. Once we paid off our car and soon my last student loan (debt free at the end of this month!) we began saving more. I also watch a little girl four to five days a week in the mornings. The majority of that income we also put in savings. It isn't much, but it will add up. Overall I calculated that we save between 10% and 15% of our take home income, sometimes a little more depending on any extra income that month. 

This is a long photo of statistics, but I found it very informative. 

Found: http://financeinfographics.wordpress.com/
We are guilty of some of these reasons why saving money is hard. 

#1 really apply to us. Thankfully keeping up with our lifestyle isn't too terribly expensive, however we could save more money if we limited more. We love our DirecTV and our DVR. We have a lot of shows that we watch. We usually can't watch them when they really are on (especially with an 18 month old), so we record them and watch them after B has went to bed. We don't go out a lot and we've never been to a movie theater, so watching our shows is kind of our thing. This is something that would be difficult for us to get rid of. We could probably do it if we had to, but it's one of our lifestyle choices and luxuries that we really enjoy and use a lot.

We also use credit cards. However, I do keep a running tab in a notebook of everything that we put on the credit card and know what our budget is each month. I do believe that we could probably spend less though if we used a cash system. For now, we'll keep doing what we are doing since it is working for us at the moment. 

We have one big savings goal and I think that really aids in our reasoning to save as much as possible. We rent our house right now. We'd love to buy a house when the timing is right and when the right house comes open in our small town. The more we can save the bigger down payment we will have towards a home. Right now being out of debt is really important to us. So being able to save as much as we can to purchase a home for a minimal home mortgage seems like the best plan for us right now. 

For now we are just going to keeping saving as much as possible. In the end it will be so worth it even if we have to sacrifice a little here and there now. 

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