How To Save Half Your Income | Save Fast

Now whenever I tell someone that they can save half their income, they rarely understand that I also mean, that they have to live on half of the money that they make. And once they understand very few people actually accept the challenge, because most of them are already living on the edge.

So I’m not here to convice anyone that this possible, because it obviously is, but I am here to tell you how to do it, if you are willing to do, it will not be easy and you will not be able to keep doing the things the way you do.

I spoke to a friend, and I showed him a way to live on half, have fun, and buy a vehical withing 2 years and be debt free in less than 5, he smiled and I am not sure if he will do it, but I know he knows.

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Income and Living on Half – budget

You have to understand they are two ways to save more money

The first is to spend less and the second is to make more

One has a limit and the other one doesn’t ( you can always make more money, but you cant keep cutting forever )

Here is one tip: what do you with your 5-10

This sounds extreme but it makes a difference and its only for a season

But if you work full time 9-5pm, what if when you get out of work, you only rest for 1 hour

And put in another 4 hours doing uber, freelancing or another form of employment ( if you can make 20 bucks an hour, that’s 80 extra dollars a day, and if you do this 6 times a week, that’s an extra $480 a week or almost 2k a month )

Here is Your Budget ( baseline Budget )

Shelter

Utilities

Groceries

Transportation

That’s all you need to actually live so try to make that half of your income

What to with the savings

I’ve done a plan similar to this

Where I saved 10k in less than 6 months

And then I spent the money in less 6 months

Because all I wanted was to get to a number, and then I ended up spending it all on trash

Here are 4 Valuable Lessons to prevent this ( here is what helped me )

Lessons one: if you can 2k extra plus your savings, that’s more 24k a year ( use that money to eliminate all your debt except your mortgage ) – cut all credit cards and avoid ever going back into debt

Lesson 2: save for 3-6 months of emergencies: someone told me the other day, credit cards are good for emergencies, that’s very dumb

Lessons 3: Invest and Payoff or Save for a home ( imagine you investing 10-20% of your income and saving the other half for a downpayment or to pay for a home in cash up to you )

Lessons 4: Enjoy

On paper, or on video this sounds simple:

But in action it is hard, so something I do to make this jouney fun is

I take 5-10% of my income for fun

I don’t care if I get their slower, it makes the game a lot more enjoyable

What else can I do to Live on Half

Where you Live:

Don’t spend more than 33% of your money on where you live

Their this idea living in a fancy place

But if you cant afford it, then don’t do it

What you Drive:

I live cars, but my current car is a prius

And my next car is going to be a civic most likely

Because it’s what I can afford in cash

What you Eat:

Learn to cook and eat at home

When you broke you have no business having other people cook for you

What you Use:

If you don’t need it to live

Get rid of it

Internet, phone bill, and get cheap version of it ( if you want to watch movies use free service and youtube to watch movies also )

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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