Can you live on less to save more?

SAVING: A challenging task.

FORGET ‘Operation Bikini’, how about going on a spending diet this summer? Aren’t you just envious of those people that manage to save money every month? They tuck some money away and sit back and watch it build up into a nice little nest egg. What a nice and secure feeling that must be to have a financial cushion to fall onto if times get hard.
Saving is a challenging task, but it is something that everyone should be aiming to do. Half-hearted efforts are never enough and we always fail to save anything. So in order to get saving – it is time to get brutal!
How about putting away half your income? Living on half your salary is not impossible, but yes, it is a daunting thought. But it can be accomplished with a lot of willpower, determination and some major sacrifices.
Apart from anything else, it’s just plain smart to save half of your income. Even if you can’t save half, you should aim to get as close to it as possible. A rainy day due to unemployment, illness, car problems or legal issues, could be just around the corner. And living on half your income prepares you to live on less while saving more for that rainy day.
To get started, think of the next 30 days as a study of your spending patterns. Take note of necessary purchases and bills and any flippant or impulsive buys. This will give you insight into exactly where your money goes.
Then the challenge! Dare yourself to spend money only on the essentials. This is where steely willpower comes in. Can you limit yourself to only the essentials? Or will daily treats, lunches out or pretty clothes get the better of your intentions?
Think of it like a challenge. It’ll be extremely tough at first, but if you manage to stick with it, then your bank account will thank you.

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Euro Weekly News Media

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