Inflation is >9% year over year. That weekly grocery bill is adding up. You are wondering where all your money is going!
It’s times like these that you wish you didn’t buy that expensive car with $700 per month payments. Its time like these that you wish you didn’t live in that $1 Million home. It’s times like these you wish you didn’t blow thousands on fancy vacations. And for what? To look rich??!?! Trust me….the richest people I know like in the modest home, drive a fully paid off older car, and wear jeans from Costco. If you haven’t already, do yourself a favor and read The Millionaire Next Door by Thomas Stanley.
It’s easy to spend money when times are good, but you need to have savings in place to ride out the bad times. Most people don’t have a savings account…. or if they do, they don’t have much saved. Before you start buying all of these expensive things, make sure to have a nest egg in place. So go ahead and start saving!
Challenge: Make it simple and save 20% of each paycheck in some sort of savings account or split across multiple accounts (401K, traditional savings, bonds, etc). “
Whatever your income, always live below your means” – Thomas Stanley