When my brother and his wife died two years ago I become a parent / guardian to his ten year old. Before that I was a 30 something who really had no plans of becoming a mother to anyone (i’m not irresponsible or anything like that) so you could imagine a shock when that happened.
The great thing my brother did was setting up a trust fund to be used mostly for my nephews education the bad thing is that our country (South Africa) is slowly moving into recession and that fund as it stand will definitely not be enough so now I’m trying save so that I can to add to it. The fund can only be accessible after my nephew finished high school or on his 17th birthday which ever comes first but the idea was to take care of his university fees. So my thinking is that the fund might care care of the first or second year if lucky then I can use my savings to help him finish the studies. It will all depends on what he studies of course.
I’m currently earning around $2000 per month with my blog (not this one) and before you scream $2000 may not be enough…well in junk my currency it is -we are currently trading 13th to the dollar. So my thinking is that I need to have at least $40 000 saved up in seven years. Until my monthly income increase to $ 5000 which should be our comfort zone I will need to cut down on some expenses.
I’m planing to put aside 470 each month to get to my goal and that will put a serious hole in my pocket.
Less Theater Visits
Depending on the month or whether there are any great movies out, I have to admit down at my local theater they probably knows my name by now as I movies more than I should admittedly. I’m going to limit ourselves once or twice a month which cut down our entertainment cost and I can easily save $150 per month.
Eat in more often
Even though we buy our food in bulk and save but we hardly ever eat our dinner at home (unless the weather force us). I bet we could save up to $500 per month just cooking our meal instead of going, I also noticed we always ended up spending money on things we haven’t planned for.
I’m thinking the income might change in twelve months time but I might keep the investment the same.