My husband and I have always toyed with the idea of living off of fifty percent of our incomes— not necessarily because one of us wants to quit our job right now, (ummm…that’s really not true…so let me stop LOL) but because we are serious about wealth and understand that our daily decisions impact our ultimate financial outcomes.
Even though we live pretty simple lives, I never sat down to figure out what it would take for us to actually stash away two full paychecks each month. Now that it’s a top priority for us, here are some of the facts and data that we have to get straight before we getting to saving one income. If you are thinking about doing the same, follow these steps to get your numbers organized and your financial plan focused.
Sidebar: Even if you are single, these steps are helpful for you if you trying to save 50% of your income– so keep reading.
Frugal Feministas- Have you run your family’s numbers? Have you considered living on one income? What has been your process?
Saving your money and budgeting correctly are two of the foundational tasks needed to take control of your finances. If you need additional support, I invite you to check out my budgeting course and my savings course.