She Strengthens

The Secret to Saving Half My Income

It’s Not What You Think

I’ve been saving half my income consistently for months now, and it’s been a game-changer for my financial goals and timelines. But it wasn’t always easy. In fact, I spent a year struggling to hit my savings target before I finally figured out the secret to success. And it’s not what you think.

It’s Not About Frugality

I used to think that saving half my income meant cutting back on everything I loved. But that’s not sustainable, and it’s not realistic. Instead, I’ve learned that it’s about finding my comfortable spending point – the amount of money that allows me to live the life I want without feeling deprived. For me, that means earning enough to save half my income without sacrificing the things that bring me joy.

Income Matters

Let’s face it: if you’re not earning enough, it’s hard to save. There are only so many frugal tricks you can use before you hit a wall. I’ve learned that having a high enough income is key to saving half my income. It’s not about being extravagant or wasteful; it’s about having the freedom to make choices about how I spend my money.

The Power of Side Hustles

But income alone isn’t enough. I’ve also learned the importance of having multiple streams of income. My side hustles – freelancing and blogging – have been a huge boost to my savings rate. They’ve allowed me to earn extra money that I can put towards my goals without sacrificing my lifestyle.

A Plan for My Money

Earning more isn’t the only answer, though. I’ve also learned the importance of having a plan for my money. Whether you’re making $11 an hour or $1000 an hour, it’s easy to let money slip away without a clear plan. That’s why I’ve set up a system for my side hustle income, allocating it towards taxes, investing in my business, and funding my top savings goal.

Spending Less Than I Make

Finally, I’ve learned that spending less than I make is crucial to saving half my income. It’s not about depriving myself; it’s about making intentional choices about how I use my money. By setting up automatic contributions to my savings accounts, I’ve been able to build a safety net and fund my goals without feeling like I’m sacrificing my lifestyle.

So, How Can You Save Half Your Income?

If you’re looking to save half your income, here’s what I’ve learned:

• Figure out your comfortable spending point and stick to it as your income rises.
• Consider building multiple streams of income to boost your savings rate.
• Put a plan in place for any “extra” money that comes your way.
• Start spending less than you make, even if it’s just by an extra $20 or $50 a month.
• Save what you can by setting up automatic contributions and increasing them over time.

It’s not easy, and it takes time. But with patience, persistence, and a clear plan, you can save half your income and achieve your financial goals.