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How to save money fast? There are a few tips and tricks for how you can save your income that finally start to pay you dividends once you start investing. In order to generate passive income, we have to save money so that we can become millionaires.
Last year In 2019 GoBankingRates polled Americans to find out how much they ave in their savings account, and the results are getting worse and worse. 69% of people polled said they have less than $1,000 in savings which means they live paycheck to paycheck.
How can that be when the economy is booming and the stock market, the real estate market are all growing insanely high right now? According to this same survey when asked what the REASON was that people cited not being able to save is because the cost of living is keeping Americans down. Being a financial minimalist myself, I know life CAN be expensive, but it doesn’t HAVE to be expensive, and ultimately, I think that’s one big excuse that we tell ourselves. The REAL reason, is our inability to delay gratification.
I believe the true reason for our decline in savings is because we live in an on demand economy. Buying products and signing up to subscriptions is becoming as easy as a swipe of your finger and it’s done. The easier it is to make bad decisions, the more we’re going to make them. However, ultimately, the decision to be careless with money comes down to us. It’s a choice we all have to make, drive a Tesla but work until you’re old, or ride a bicycle and retire when you’re young.
When it comes to saving money fast, it's more important to focus on the wins by increasing your income. Once you're able to make $40k-$50k per year annual salary, then we can focus on saving. It makes no sense to save money on coffee if you're not making much money.
I like to think of it in 3 general broad categories that we have to budget for. Food, travel, and housing.
When it comes to food, we're very frugal and focus on cooking at home and making cheap meals. This saves us a ton of money.
When it comes to travel, Corrie and I drive a very cheap car that we just recently sold for $600. In order to really save a lot of money, I don't own a car at all and instead I will bicycle wherever I I need to go.
For housing, we keep our costs low by house hacking as renters. We can save a ton of money by renting different parts of the house to each other. This is the single biggest expense you have to manage if you want to start building wealth and saving money fast.
Overall, focus on the big wins and you'll be amazed at how quickly you can save six figures and start investing it. I did it in just 4 short years, and Corrie has managed to save $25,000 in just one year. Anything is possible as long as you start and conquer your need to spend money on material things.
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