What are you doing with your savings?

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It is that time again!!  Time for Frugal Friday!!  There are times when I have thought I save so much money every year on couponing and stockpiling, what are ways we can put the money we save to use?  I brainstormed a lot on this and decided the only way to make use of my savings is save it!

This is what we are doing!  First we decided we would take what we saved from every shopping trip and divide it by four (this is how many people are in my family).   The amount of money that we save divided by four is put in a savings account.  For instance, last week at Kroger I saved $247.95 / 4 = $61.98.  I wrote a check for $62.00 to our “the wish list” savings account!  When you are saving so much, you can afford to put something back!  It may be $10, $20, or less but it is something.

My husband and I sat down and made a list of everything we would like to purchase this year.  My list includes bar chairs for my kitchen island, bedroom furniture (we have been together for 13 years and still have just a bed frame and live out of laundry baskets), new comforter and bed linens, and my bedroom/bathroom painted.  My husband’s list consists of a new garage cabinet for the kids toys, a new work bench built (he will build), and new shelves for the stockpile.

Next, we sat down with our list and prioritized the items.  We researched the best deals on each one and averaged a price out for each.  When we have enough money to purchase each item, we will! We will buy one at a time.  It is likely we will not buy them all, but hey that is why it is a “wish list’

This idea can be used in many ways!  You do not have to save money to spend but you can save money for your child’s college tuition, savings accounts, retirement, vacations, or what ever you choose!  We have our savings, retirement, and children funds already accounted for in our budget.  We have extra money in our budget because of the deals I come across, so instead of taking $10 here and there, you plan what to use the money for.  It is rewarding to know you did not have to take away from your family for things you “want,” the money is already there.

So next time you save a lot, save a little!  You would have spent it anyway if you had not done your homework.  So enjoy your savings in a way that is best for you!

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