I’ve received two more questions regarding my ‘work savings’ and then that will complete the questions on this topic.
Question # 1 …
My question is similar. How do you keep track of what you are saving? How do you make a transfer to savings when there isn't enough in the checking account to transfer? Savings on purchases is the way we can afford to get them. So how do we accumulate enough in checking to purchase, save and transfer? Thank you.
My response …
Let’s break this question down and answer each part individually …
How do you keep track of what you are saving? I have a spread sheet where I log my savings daily (usually at the end of the day) and then I report them each week in my ‘The Ways of My Household’ post here on A Working Pantry blog. I call it my Vicky Challenge as it is a friend, whose name is Vicky, who shared how to do this. You can read more about The Vicky Challenge here.
How do you make a transfer to savings when there isn’t enough in the checking account to transfer? Savings on purchases is the way we can afford to get them. So, how do we accumulate enough in checking to purchase, save and transfer? I think there has been a misunderstanding. We do not have the savings we earn through being frugal in a savings account. We, like you, use our savings to help make ends meet, stretch our budget and do things we otherwise would not be able to do. These savings also help keep me from having to seek employment outside my home. But, just because it is not physical money sitting in a savings account does not mean it isn’t a savings.
Question # 2 …
I have a question that I have been wondering about, so I decided to ask. I think your savings through the Vicky Challenge are awesome but I was wondering when you have a fail (like something you forgot in the refrigerator spoiled or had to eat out) do you subtract that from your savings amount? Just wondering! Thanks!
My response …
This is a good question, I'm glad you asked it. From time to time I do let something stay in the refrigerator too long, but not often. And even then it can go in the compost bin or to animal food so it is not a complete loss and no, I do not subtract those failures from my savings. As for eating out, my husband is a minister which means we are subject to having to eat out at any given time. Hence, we include those times in my husband’s 'work expense budget' so those times are not subtracted from my savings either. If we are going out to eat and it's not work related those times ARE subtracted from my savings. I hope I've answered your questions, if you have any more please feel free to ask!
These are all some really good questions and I hope my answers are helpful.
Note: Please feel free to send me your questions on anything that I write about. I don’t mind answering them at all!
She looketh well to the ways of her household … Proverbs 31:27
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