Replenishing All the Money I Spent (11 Images)

~ Sunday October 9, 2022 Blog Post ~

I have been reading inflation-related news these past few months and I felt I should control my spending. Well, I have been quite financially intelligent and very frugal since time immemorial, and more so these past few months as I think I was somewhat affected by the inflation-related reports I read.

I spoke to my Mommy last night about replenishing all the money I spent. She cited that for as long as I am working, earning money, and consequently saving and investing my funds for as long as I shall live, I will ALWAYS, ALWAYS REPLENISH them. Thank you for your constantly reassuring, financially astute, and money-wise statement, Mommy. Haha.

Anyway, I want to repost the following two reassuring personal finance-related articles I found online last night with the keywords “replenish” and “money.” I think they would be reassuring to read on my free time. Haha.

Additionally, I am posting 11 images of my lunch with my Dad today, Sunday, October 9, 2022. This picture collection also consists of the screenshot definition of the term “REPLENISH.”

I am affirming that we should live a little once in a while, that is, enjoy our money and not just save and invest all of them. Haha.

Article #1 — Source: https://diamondvalleyfcu.org/blog/my-savings-has-been-wiped-clean-how-can-i-replenish-it

My Savings Has Been Wiped Clean; How Can I Replenish It?

Q: The last few months have been really tough on my finances, and I’ve been forced to use my savings for getting by. My emergency fund and savings account are basically zero. Now that my financial situation is starting to improve, I’d like to start building these up again, but it’s all so overwhelming. Where do I begin?

A: Watching savings that took you years to build up disappear in just a few months can be disheartening, but it’s important to remember that you’ve made the right choice. Using emergency funds to survive prolonged unemployment, an unexpected large expense or a medical emergency is the best way to make it through a financial hardship. If your savings are depleted, though, you’ll want to start rebuilding as soon as possible to ensure you have the funds to cover a future financial challenge without falling deeply into debt.

Here’s how to start your rebuilding plan:

Set a goal

Before getting started on saving up money, it’s a good idea to establish a tangible goal. What’s your magic number? You can try to recover the value of the savings lost, or start smaller, with a more attainable goal. Bear in mind that experts recommend having funds to cover three to six months’ worth of living expenses set aside in an emergency fund or savings account.

Review your budget and trim your spending

A good place to start finding those extra dollars for savings is by carefully reviewing your spending for ways to cut back. Look for expenses that can make a difference in a monthly budget without dramatically affecting your quality of life. Think about subscriptions or services that are rarely used, a dining-out budget that can be scaled back and expensive recreational activities that can be swapped with freebies. There’s no need to live like you’re broke, but stripping your budget of some extras can give you the boost of cash you need each month to build up your savings again.

Find a side hustle

Another great way to land extra funds is through a side job. There are many ways to pad a wallet without a major investment of time. Some options include taking surveys on sites like Survey Junkie and Swagbucks and doing gig work for companies like Uber, DoorDash and Rover.

Sell your old treasures

If you’ve spent part of the COVID-19 lockdown giving your house a deep cleaning, you may have unearthed some forgotten treasures that can turn into easy moneymakers. You can sell old clothing on ThredUp(link is external), unwanted jewelry on Worthy.com(link is external), make good money off your unwanted furniture through Chairish(link is external), sell or trade unused sports equipment on Swap Me Sports(link is external) and sell kids clothing and toys on Kid to Kid(link is external). Use the cash you earn from these sales to jumpstart your new nest egg.

Make a plan

Once you have a goal in place for building your savings, and you’ve maximized the possible monthly contributions toward savings each month, it’s time to create a plan. Map out a timeline of how long it’ll take to reach your goal when putting away as much as possible each month. Remember: the more aggressively you save now, the sooner you’ll reach your goal.

Start saving

It’s time to put the plan into action!

The best way to ensure regular savings happens each month is to make it automatic. You can set up an automatic monthly transfer from your Diamond Valley Checking Account to your Diamond Valley Share Account on a designated day of the month. You may want to have the transfer go through several days after you receive your monthly salary, or it might work out better to put a smaller amount of money into savings each week. Give us a call at (812) 425–5152 to discuss your options.

Put unexpected windfalls into savings

To speed up the process of rebuilding depleted savings, you may want to resolve to put unexpected windfalls into an emergency fund or savings account. This can include tax refunds, a work bonus and gift money. If another round of Coronavirus stimulus checks is approved, consider using these funds for your savings as well. Earmarking future windfalls for savings can shorten the amount of time spent cutting corners in a budget and taking on extra jobs to build up a savings account.

Rebuilding an emergency fund and savings account from the bottom up isn’t easy. It takes commitment, hard work and the ability to keep a long-term goal in mind; however, the security that comes from knowing you have a safety cushion to fall back on in case of a financial setback will make this goal worth the effort many times over.

Category: Consumer Information

Tags: Savings, goals, Budget, share

Article #2 — Source: https://kansascitycreditunion.com/how-to-replenish-your-savings-account-after-a-financial-setback/

How to Replenish Your Savings Account After a Financial Setback

Difficult times can certainly take a toll on your bank account.

Between shutdowns and layoffs, many companies and individuals have faced rough financial situations — and several may have used savings to get by. Perhaps you’ve found your emergency funds depleted or your savings account tank is on empty.

Whether you’re seeking to recover financially from a setback or learning to start saving for the first time, follow these top tips from Kansas City Credit Union’s professional financial advisors!

1. Set a Specific Goal. Would you like to recover your full former savings amount? Perhaps you should start with a smaller, less overwhelming goal — one that is attainable and practical. If you’ve never set up a savings account before, keep in mind that most experts recommend saving up three to six months’ worth of living expenses as an emergency fund.

1. Chop That Spending. The importance of budgeting cannot be stressed enough. If you really want to save money, you’ve got to consider where you need to cut expenses. The quickest, best way to start chopping excessive spending is by taking a look at subscriptions you pay for but no longer use. Shop frugally by buying off-brand items of the same quality. Another great tip is to shop locally — support your local community and don’t pay for shipping!
2. Choose a Side Hustle. Opt for an easy, minimal investment opportunity where you can set your own hours. Consider filling out surveys for Swagbucks or setting up a driver account with Uber or DoorDash. With Wag and Rover, you can get paid just to hang out with people’s pets!

1. Minimize Your Stuff, Maximize Your Savings. Simply put, one man’s trash is another’s treasure. Time to clean out the closets? Need to organize the garage? Host a garage sale! If you don’t have a free weekend or the space to do so, check out the billion ways you can sell your things online. Sell old clothes on ThredUp or Poshmark — some people can sell over an Instagram account as well. Make money from old jewelry on worthy.com or sell your old sports equipment on Swap Me Sports!
2. Strategize Your Savings. Plot out how long it will take you to reach your savings goal. Consider setting up an automatic monthly transfer from your checking out to your savings. If you come upon unexpected money — an inheritance, a work bonus, or some other extra funds — resist the urge to spend it and add it to your emergency fund!

Ready to get started on the path to financial freedom? Kansas City Credit Union can’t wait to answer all your questions — we love nothing more than to support you in your journey to financial stability and success. Contact us today for more information!