When people think of saving more each month they often consider the little things. You know a more efficient budget, grabbing one less latte, downgrading your cable TV plan. You may not consider a big, sweeping change to your lifestyle, but many consumers are doing just that. A recent article at Yahoo! Finance listed some big changes you can make, and while it may cause some short term discomfort, it can really give you the bottom line boost that you”re looking for:
- Downsize your house: I”ve always been a big fan of a small house. Whether it”s moving to a 1 floor rancher, or getting out of your McMansion at Heilbron, there all sorts of benefits to bringing down the size of your household. From my experience, the larger your place of residence the more “stuff” that tends to collect.
- Save 50% of your income: When I had a job in the corporate world I hit a savings rate of about 30% which I thought was pretty good, but some have managed way better than that. The higher your income level is, the easier it will be to hit a higher savings rate.
- Don”t pay for entertainment: I”ve struggled with this one of late. Some of my hobbies require money, I don”t see how I could get around that. Things like skiing, paintball, martial arts (lessons), and other things cost money! I have taken up hiking recently, oh and fishing, which are pretty cheap past times.
Utilizing the 10 changes listed in the article (the above are my own favorites) will allow you to build up a hefty emergency funs so you don”t have to take an out an emergency personal loan, even if it happens to be a .