Live On Half Of Your Salary
Ok, I sensationalized today's blog title but I found an pretty compelling idea that can surely make your savings account grow. .Living off of significantly less money requires extreme dedication and willpower. It requires being honest with yourself about your finances and making sacrifices. Here we provide some ideas for how living off of 50 percent of your income (or as close to 50% as possible) can be done.
Put Half Your Check In Savings, IMMEDIATELY
Challenge yourself to put half your check in savings for three months. The key is to do this immediately, before you spend a dime out of that check. How many times have we wanted to save money, but didn't transfer the money right away, and it ended up gone? I'm guilty! Put the money in savings right away. If an emergency comes up, you can always take it out, but it's best to put it in there so you can save for a rainy day.
If You're A Couple, Live Off One Salary
If you're in a partnership, instead of saving half of your checks try living off of one person's salary and saving the other's. You will have to cut back, but so many of us overindulge without even realizing it. Live in five bedroom houses when we have a small family? own three cars yet have only two drivers? have television sets that aren't even watched? The lesson here is to be prepared. If one of you lost your job, could you survive? Well, you'd have to. Try to survive now off of one income so you're prepared if times get tough. This forces you to cut back, and gives you a huge cushion of cash in case a job loss happens.
The next three months could be very interesting if you try to live on half your paycheck. If anything you'll add to your savings account and perhaps really find out what you need and what you thought you needed to live!
Tags : Topics : LaborSocial : LaborPeople : Chris Malone