Today was a zero spend day- (apart from the 1st of the month auto bills)
I recently calculated our savings rate and it’s 45% which is even higher than I’d hoped for so I’m pretty happy overall but at the same time if we can achieve 45% with minimal (if any) lifestyle interruption at all what could we do if we pushed just a bit harder? Maybe an additional 5-10% but maybe more. So this year we will see just how far we can go.
I feel like achieving the next five to ten percent savings will be like how losing the last ten pound is the hardest when you’re trying to get in optimal shape.
We still have areas where we can trim the fat so to speak though
- Car usage- I have gotten lazy the past few months about walking to and from work (my hubs mostly does school drop off by foot but is often driving by pick up time).
In the Spring/Summer we were all biking and walking everywhere which I need to kick myself in the butt to get back on track and stop wasting money on fuel and car wear and tear when I have two perfectly capable legs.
2. Groceries> Cheese- I could definitely back pedal my cheese habit a bit more.
3. Booze- I drink seldom but hubs is a beer or two with dinner most nights kind of guy. I’d love to cut this in half but it’s a pick your battles situation.4
4. Buying Stuff. This is basically completely curbed but every once and a while we slip up. We own a Robot vacuum (which is completely unnecessary) but man it makes cleaning up a lot easier. At Christmas time I bought myself an espresso maker similar to the one below. I now make lattes and Americanos at home and it’s completely stopped my craving for take out coffee- these are actually better and far cheaper!
5. Gardening- I feel like we could save ourselves a chunk of change if we at least grew fresh herbs and lettuce on our patio.
6. Monthly expenses: this is one area I find the hardest to cut things out but it is worth challenging myself to reconsider every line on the budget and if it is really important or not.
So Do you know your savings rate? What do you think it will take to take it to the next level? How much earlier would you be financial free if you increased your savings rate by 1%?