This morning I was having a chat with my colleagues, and we were jesting about how it was the end of the month and we couldn’t wait until payday when I idly mentioned I put half of the income I earn in savings.
Radio silence.
I was met with looks of disbelief. “Wait, what?” my surrounding editors said, with confused stares. “Explain yourself.”
I’ll start by saying I’m a single woman in my early twenties. I have no dependents, no mortgage, no car and earn a relatively good salary for someone who’s been out of university and in the workforce for 18 months.
On that note, watch our team confess the cliche’s single girls are sick of hearing. Post continues after video.
I don’t write down all of my expenditure, but I keep a mental track of where my money goes. Living in Sydney, a third of my monthly pay goes to rent, half to savings and the rest (about a sixth) is my monthly spending budget.
Here’s how I do it:
1. Have a goal.
Ever since I started working in my proper fully-fledged post-university career, I have had a savings goal. Last year it was a three and a half week trip around Europe with friends. This year, since deciding to move to London shortly after returning from Europe, I have been saving like a mad woman (forgive the terrible phrase).
Top Comments
I love this - I've always tried to save half. It became very difficult (impossible!) when I first became a single mum, but I finally built up my career so I made good money and we're back at it again. (And he has what he needs but not everything society tells us to buy.) :-)
My 2015 resolution was to not buy any clothes or books. I am not a big shopper but op shops and books are my downfall.
It was feeling a bit hard at the beginning, then it is just fine. Still have lots to wear and read. So I keep going in 2016.
I am a single mum with 2 kids, a mortgage, a car and all my family is overseas so I like my travel budget more the other stuff.
And yes the kids had stuff, because they grow, but not as much. They didn't notice.
Well done! I think you are going about it the right way by resolving to cut out those two types of things. When we say 'Not going to spend any money!' we set ourselves up to fail!