Strategies to Save More of Your Income From Super Savers

  • After interviewing dozens of super savers, I’ve implemented some of their strategies.
  • Living with roommates is an easy way to save big, especially if you live in a pricey city.
  • Starting a side hustle has also helped me save hundreds of extra dollars a month.

Over the past seven years, I’ve interviewed dozens of “super savers” about how they set aside the majority of their income. 

A Google employee told me that he lived in his truck in the company’s parking lot and saved 90% of his income; a couple based in upstate New York explained how they live on their side-job income, which allows them to save and invest 100% of their day-job income; and a YouTuber told me that his simple and minimalist lifestyle makes it fairly easy to save the majority of his income.

I’m not a “super saver” by any means. I send about 20% of my paycheck to accounts earmarked for my future (retirement-specific accounts and a taxable brokerage account), and then any leftover money at the end of each month goes into a high-yield savings account.

Thanks to strategies I’ve picked up from talking to so many saving specialists, though, I’ve managed to free up more cash and increase my monthly “leftover money.” 

Here are three, expert-backed savings hacks I use to set aside an extra $1,000 a month.

I live with roommates to save on rent

Expert savers tend to agree that if you want to improve your savings rate significantly, stop focusing on the small stuff like cutting your daily latte. Instead, find ways to lower your major expenses like housing, transportation, and food.

According to the 2020 Consumer Expenditure Survey from the US Bureau of Labor Statistics, those are the three categories where Americans spend the most: housing is…

Read complete post here:
Source link