Sole Survivor: How to save money minus the big paycheck

Posted By: Matt in Saving on 05/29/2018 at 10:49:43

So your paycheck isn't really doing it for you, is it· In fact, you're rather bummed that your bi weekly or weekly income is hardly making you richer or, quite frankly, allowing you to save money.

Must be the fault of the paycheck and the paycheck alone, right·

The truth is how much you make isn't going to preclude you from saving money, but rather simply force you to make better money decisions and allow your money to work better for you.

One of the bigger misnomers about money is that you have to have a lot of it to be able to save, but if you listen to one success story after another, you'll find a common and surprising thread to each of them.

The successes are hardly underscored with millionaires talking about how they made good. Instead, you get more of a middle class flavor to each tale with the individuals making between 30 and 50 thousand dollars per year, hardly what you'd consider an abundance of money. You also have to take into consideration that most of these tales include families with husbands, wives, partners, and children on those aforementioned incomes.

How exactly do they make it work and save money·

For starters, you hear one word as the prevailing theme of all the stories you'll hear: budgeting.

Most of those families and individuals alike start with making sure they've got their expenses and income down to a science so that dollar one doesn't leave out of the door without it being accounted for, whether it's a grocery bill or tickets to the big game.

All of it is budgeted out, accordingly.

The other key aspect of saving money minus the massive paycheck is making sure to live within your means and learn how to be creative and go without but still have what you want. That means meal planning takes center stage, along with grocery budgeting and thus avoiding dining out. You also have individuals who are smart enough not to overpay for entertainment, such as high end cable and satellite bills and high priced cell phone plans (when streaming and flat rates work perfectly fine).

Saving money isn't a magic potion or some sort of slight of the hand trick. Instead, you have real people making average amounts of money, and the most important part of that is they're perfectly fine with that notion, and thus learn to live happily and financially healthy as a result of knowing quite simply what they can and can't spend, leaving little blame on how much they make.

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