Everyone has a number, the recommendation is 10% but the average person does not have $500 to cover an emergency. Building wealth is a direct correlation to how much we can save. Refer to the chart above , while I admit the numbers are daunting but I challenge you to look at how much you spend a year versus how much your bringing in. Imagine you as a bottle and your salary is the water located within. Every bill or cost you have is a pin being stuck into the bottle, with each pin water (salary) leaks out and with too many pins that leaves you with less water. If you ever look down to realize there’s not enough water at the end of the month Ask yourself a few things.
What can I do to spend less money ?
If you work 40 hours or more a week and still have time to watch Cable TV I salute you. I suggest cutting the cord, traditional cable cost double, sometimes triple what you would spend on a tv streaming alternative. I personally like PlayStation Vue( no you do not need a PlayStation to use the service 🤫). Other suitable options include YouTube tv , directv now, sling , fubo tv, and the list goes on.
Track your money !!
Who’s guilty of over spending 🙋🏾♂️ I know I am. I track my expenses using mint which is a easy as can be. Download in App Store and plug it in. I realized I overspent my budget by $962 in February 😳 wow.
Where can I put my money if I’m not educated enough on investing?
Try an online savings bank. They often outnumber the average savings rate on brick and mortar banks. My personal one is with American Express FSB, friends of mine use ally and capital one 360 all touting a 2% or better rate.
Bottom line.
Save !
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