I got paid today and put 50% of it straight into a savings section of my account. I think this is going to be my strategy going forward—save 50% of everything you earn without fail, without excuse. This will be a hard motto to live by and execute on but imagine the difference it will make to my money.
If I had started implementing this kind of money habit from when I was 16 years old, I would be in a much better financial position than I am now for sure.
Is this even doable? It has to be. There are loads of bloggers online talking about how they save 75%+ of their earnings each month but I always think they must be on mega six figure salaries. How does someone with a good salary but who is also trying to curb bad spending habits enforce such a policy on themselves.
I could lock the money away so I can’t access it but I know of no real means of doing that. I don’t want to put it in an investment and the notice accounts I’ve seen are all about six months notice and you can’t top up the money. Maybe I need to look into it more but locking half of my paycheck away every time I get paid would be a good way to enforce this rule.
In any case I hope I can keep up what I’ve started today by continuing to put away 50% of my income every time I receive it.