Wouldn’t it be nice to build up your savings, and pay off any debt really fast by using half your income to do it? That’s the dream, right? Well, it doesn’t have to be just a dream! Here is how you can do it for real.
There are two ways to do this. Keep your expenses the same and double your income. This option for many isn’t realistic. The second option is to keep your income the same but cut your expenses in half and trust me it CAN be done! Here is how.
1. First thing is to try to bring in any amount of income you can over what you do now. Ask for a raise, look for a job that pays more or start a side hustle. Every little bit helps!
2. You can make money Taking Surveys . Plus here are 7 more legit ways to make money at home.
Now that you are bringing in some extra income it’s time to start slashing your expenses. The biggest thing you can do to save is to downsize. Move into a smaller house that cost less a month in rent or mortgage payments, this will also cut your electric, gas and water bills because you have less house to maintain.
1. Have two cars? Consider going down to 1 car. This will save you on car insurance, car payments, and car maintenance.
2. The next biggest way to save is normally with your grocery bill. Check out these 7 ways to feed your family for $25 a week.
Next, save money on your cell phone. You can get a Republic Wireless plan for as little as $5 a month. You can keep the smartphone you love and still cut your plan! Speaking of phones just get rid of the landline if you have one. When was the last time that someone called you on it that wasn’t a telemarketer?
Cut your cable and use services like Netflix and Hulu. You can even stay up to date on your favorite shows with your Amazon Prime subscription.
Shop around for insurance, if you have been with the same company for a while it’s time to shop around and see what deals you could get for switching. Get some quotes and take them back to your current company many times they will match the quotes!
Next pay off debt! Take a few minutes and add up the monthly payments you make on all your debt. Cars, house, student loans, credit cards etc. If these were paid off that’s how much more money you could have in your budget. Make a goal to get debt free and put that money in savings!
Do you live on 50% of less of your income? I’d love to hear your tip on how you do it!