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How I Saved $10,000 in 4 Months
We originally started saving aggressively after finding out that I was pregnant with twins. We started out with zero baby supplies since this is our first rodeo, and although we have many generous friends and family members who have already gifted clothes and other accessories, we still wanted our own financial cushion.
We asked many people how much we should save for our babies, and no one knew!
It seems there are lots and lots of different opinions of what babies need, so I came up with the $10,000 number, assuming this would help us to seamlessly add them to our health insurance and provide them with basic necessities for the first few months.
Of course, $10,000 is a lot of money to save in 4 months, but we did it! Here’s how:
1. Dropped Down Student Loan Payments
We were paying around $800 a month towards our student loans, but when we found out about the twins, we started paying the $200 minimum and sent the leftover $600 to the babies’ savings fund. It was hard to slow down our goal of paying off our student loans, but we knew that we couldn’t get that money back. Once you send it to the bank, it’s theirs. Just to be on the safe side, we decided to go easy on the loan repayments until we got used to a new budget as parents.
2. Side Hustled Like Crazy
I have been side hustling for two years now. The hustles are varied but they all revolve around writing and blogging. When I first started working online on the side, I just made $100 or so dollars a month. Now I steadily bring in a full time income. That, combined with my actual full time income from my university teaching job allowed me to make enough money to save several thousand dollars over the course of a few months. (Just as an aside, anyone can do the exact same thing by working online. Just know that it takes an insane amount of work to balance side hustling and a full time job!)
3. Cancelled Car Rental
My husband and I had a very expensive car rental. We were living abroad in Grenada, West Indies and renting a car was $500/month. (Crazy, right!?) The last two months of this year, I moved back to the USA early, and my husband cancelled the car rental. We applied the $1,000 we would have spent on the car rental to our baby savings fund, which helped us to finally complete it!
All in all, I feel really good that we were able to save $10,000 in such a short amount of time. It just showed us what a little bit of discipline and a lot of effort can produce! I still don’t know if it’s enough for two babies, but I feel like we’re at least in a good position. I know many people have children without any savings funds at all, and they usually do just fine. So, armed with our financial cushion, we should be okay too!
How much did you save when you had your first baby?
Photo Credit: TaxCredits