This week in the community newsletter I asked a question – can you really save half your income?
Think about that for a second.
Why is this important?
Whether you’re paying off debt, saving up to buy a house, start family, travel, or invest more for your future – all of these goals have something in common.
They need money.
How much you save of your income can have an incredible impact on how fast you reach your big financial goals.
Now unless you have a stash of cash under in house or an inheritance, that money is probably coming out of your budget.
Now another quick question – do you know the average savings rate in the U.S. now?
Take a guess.
It’s around 6%.
As you probably guess that’s not going to cut it if you want to knock out any of those big goals soon.
There’s no way around it. If you want to hot those goals fairly quickly, you have to master the art of saving.
But half your income?
That’s a bit much, right?
Don’t let anyone tell that’s not a huge deal because it is.
However, it is possible to start working on bumping up that savings rate and one of my goals this summer is getting you to double yours.
We’re bringing back the summer of savings. I want this summer to be your best ever. Today on the podcast and throughout the season on this site, I’ll be sharing strategies to help you grow your stash while still enjoying things.
In this episode we’ll discuss:
- A simple path to notching up your savings rate
- Psychological hacks to save more
- Tools that will make your life much easier
Oh and stay tuned until because we’re also bringing back the summer of savings giveaway!
Let’s get started!
Handy Tools to Increase Your Savings RateIf you’re looking to get ahead with your finances as a family, here are key resources to check out!
- Best Budget and Money Apps: Personal Capital, Tiller, Mint
- Grow Your Stash Faster: High Yield Savings with CiT Bank
- Manage Your 401(k) Easily: blooom
- Automatic Saving: Qapital
- Jumpstart Your Marriage and Your Money
- Simplify and Enjoy: Financial Freedom for Families
Support for this podcast comes from Coastal Credit Union! If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today.
They have competitive rates on checking and savings accounts!
Support the Podcast!Thank you so much for listening to the podcast!
- Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share.
- Leave a review. Honest feedback and reviews make a big difference and gets the word out about the podcast. Leave your review on Apple or Stitcher.
- Grab a copy of Jumpstart Your Marriage and Your Money. My book is designed for a busy couple to set up their finances in 4 weeks. Get tips and tools that have worked for other couples on their journey of building their marriage and wealth together!
Like the music in this episode? Our theme song is by Gentle Regime. Additional music by Lee Rosevere.