Is it realistically possible to live off 50% of your income?
If the mere thought of it makes you want to turn your nose up at what you imagine would be a desperately frugal way of living, then living off half of your income would seem like an uphill task.
Until you actually try it.
Read on to find out how you can live off 50% of your income and enjoy life.
Simplify your life. The easiest way to enjoy your life while living off half of your income is to simplify it. You do not need as many clothes, shoes or cars as you think you do. A lot of the wealthiest people in the world live their lives as simply as possible.
Spend less money on expensive lunches, eating a home cooked meal is a far healthier and money saving option. Avoid credit cards like a plague; they make you spend more than you need to.
Also, use cash more often in order to reduce debt and bills, and increase your control over your finances
Focus on the important stuff. Like family, your career path, your hobbies, and the things that make you happy.
Don’t be drawn into the temptation to keep up with the Joneses. There are so many more important things you could achieve when you are only living off 50% of your income that would make for a richer, more rewarding life.
Imagine being able to put down payment on a house without being neck deep in debt.
You could finally plan that dream holiday that’s been on your bucket list (cough, cough, Transiberian Railroad).
If you were preparing to get married, a fat savings account would help ease the responsibility of caring for a home and all it entails. Or for paying for that wedding.
By the time you are ready to have children, providing health and education could be a breeze.
Saving 50% of your income could free you from worrying. Aside from the obvious plus of having all that money stashed away for the rainy day, think of how much stress you could ward off through simply living off 50% of your income.
Debt is immensely stressful.
Living off 50% of your Income means you would be able to completely live life on your own terms, free of the worry that comes with stressing over money, and wondering what you would do if your paycheck didn’t come in at the exact day of the month you expected it to.
A bonus tip is to automate your savings to make the saving process easier for you.
It is possible (and advisable) to live off only 50% of it and still enjoy your life. You can do it with almost any income level, although it certainly does get easier the more you make – however, it probably doesn’t take nearly as much as you thought it would to be able to make it to that 50% savings rate!