ya’ll it is SAVEtember and i am so, so, sooooooo excited to share today’s expert interview with you because brittany from pennies into pearls is TRULY an expert when it comes to budgeting and saving!! you’re going to learn so much from her interview because she seriously is such a powerhouse! i met brittany at a conference and have been following her ever since. she KNOWS her stuff when it comes to budgeting and setting your family up for financial success and i honestly just can’t even wait to get to the interview, so let’s do this!
Infertility Treatments and Adoption are EXPENSIVE. When someone is looking to quickly (well, as quickly as possible) save up for a large purchase, what tips or tricks would you recommend for budgeting something big like that?
Anytime you are looking to save as much money as quickly as possible the first step is to track your current spending. The good news is that most people have more money than they think! When you aren't intentional about the way you are spending and planning how to spend every dollar you have BEFORE you spend, it very quickly leaves your bank account and leaves you wondering where it went. So after you track the last three months of spending (using something free like Mint.com) you will have a clear picture of where you can cut back on spending and instead put that money towards something you hold at a higher priority, growing your family!
When it comes to budgeting-- what recommendations do you have for ENJOYING life, while living on a budget?
I am a HUGE believer that a budget should never feel restricting. Make sure that as you are living on a smaller budget in one category, you are keeping your eye on the prize! Put up pictures around the house that remind you of why you are sacrificing and saving. The second tip I have for enjoying life while putting every extra dollar you have towards your goals is to be creative when looking for free or cheap activities. Cities and small towns are more and more providing free events that get you out of the house and out of your normal routine without having to spend a single dollar. If you can't find anything, pull something together yourself for a small group of friends. Outdoor movies, potluck BBQs, or hiking might be examples of activities that are outside of your normal routine that don't cost a thing. Don't forget to set aside a little "fun money". Even if it's $10 a month, it's worth it! Using discount sites like Groupon can really help you stretch a small fun budget.
Budgeting and saving for infertility treatments/adoption can make people feel very stuck or like every little bit of money is going towards those savings accounts. What tips do you give people for finding extra money in their budget to keep the momentum going for saving?
When you are feeling stuck when looking for extra cash for savings, take a closer look at how much money you are spending on food. This is the #1 spending category where people are blown away at how much money they can save! What's the solution to overspending on food for busy families? Meal planning! It sounds like more work than it actually is. Not only will it save you crazy amounts of money, but it will save you SO much stress! When Hubby and I were trying to start our family and it was just the two of us, we tracked our spending and realized that we were spending over $1,000 on food every month! After we started meal planning we cut that number down to under $400 a month! That is THOUSANDS of dollars saved every year!! Think of how quickly you could build your fertility treatment savings! I have more detail on how to start meal planning on a budget in this blog post.
In our personal journey, we are trying to pay off debt in between fertility treatments and our next big savings goal is to buy a home. For someone in a similar situation as us, what do you recommend for building multiple large savings accounts? (Please note: we are paying off our debt before we begin saving for a house.)
Work on one goal at a time. You decide where to start by figuring out your priorities. I always recommend FIRST putting aside a $1,000-$2,000 emergency fund. Then brainstorm all of your goals for the next 1, 5, and 10 years. Then decide which one is your top priority. Start there. When you try to work on more than one savings or financial goal at a time it can become complicated or you will quickly loose motivation because of the slower progress.
Do you have any other tips, tricks or recommendations for budgeting for Infertility Treatments or Adoption?
What an amazing goal to work towards together as a couple! As a mama who took four years to finally have our rainbow baby, I can share that through this hard journey your marriage can absolutely be strengthened, as long as you remember to be there for each other! My biggest piece of advice would be to stick together. Make sure that you and your spouse communicate. I have an entire series on working on financial goals together as a couple, The Financial Unity Workbook.
see?! i told you brittany was good!!! something that brittany didn’t get a chance to mention during the interview that i wanted to hit on is brittany’s course for getting your finances back on track! it is called 30 day family finance rescue {affiliate link}. we just started it and honestly, i LOVE how passionate brittany is about helping YOU change your financial situation. if you are struggling with budgeting, definitely check out brittany’s course, youtube channel, follow her on instagram and definitely read her blog!
