Not the upper middle class yet, but..

Being a regular day to day worker in today’s economic arena, can be a challenge, and to some, it can be a daily struggle. Many are living “paycheck to paycheck” and that’s with the help of government benefits, while others, including those with a higher level of education are struggling to even find a job.

I am one of the few that have been lucky not only to secure employment, but most days, enjoy going into my workplace. There is comradery, teamwork, and when you least expect it, great fun to be had.

But, on to the real topic here, which is, living on a not so glamorous rate of pay. As most of us in the customer service field. Our salaries are not to be bragged about. No “fight for $15”. no union (for most of us), and lots and lots of hours!

The task for most of us is how to manage the income we do get from our daily employment to make our lives rewarding to us, allow us to enjoy the things we like to do and to do this without breaking the bank!

Although I am not rich by any means, I do manage to take care of my finances, and in turn, they take care of me.

Saving for a rainy day..

We have all heard the phrase “Save for a rainy day”. And for a number of us this is where the challenge starts. How can you put away any funds from your weekly paycheck, when you need every penny just to get buy? My answer: Open a checking and savings account.

I know, I know. Open a checking and savings account is not a way to save money. But, it actually can be. With most banks today, checking accounts come with a debit card. With the debit card and direct deposit, it makes it easier to track where your money is going on weekly basis.

Still not seeing the savings…

At the moment, you are probably not seeing the value of the checking account and debit card. But, these two, coupled with a savings account, can start to see savings within a 30 day period. Let’s do some math. You bring home (after taxes), an amount of $738.49.

Pay yourself first by transferring the $8.49 into your savings account. Now you have an even amount of $730.00 to work with! At the grocery store, you spend an amount of $75.18, leaving you a new total of $654.82, minus cell phone bill of $65.00, half-months rent of $240.00, and credit card payment of $160, leaves you a grand total of $189.82.! Transferring the $9.82 into your savings account gives you $18.31 that you didn’t realize you had.

You now have $180 left from your wages to cover gas, laundry, and other things that might pop up.

Oh! Now I see the savings!

What you make may be lower or higher than the figures I use here. But, the outcome can be the same. By using a savings account to balance your checking account to an even amount, can start to show a savings very quickly. I have been using this method, and now have a very comfortable savings amount. I have also been able to purchase a couple of penny stocks, and am now working on the purchase of mutual funds.

So, as I said, not in the upper middle class yet, but I keep plugging away at it everyday.  You can as well. Try it a little at a time, even saving a dollar can be a great start. as the old Nike commercials used to say – “Just Do It”!

 

 

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