Connect with us

Hi, what are you looking for?

Smart Money MomSmart Money Mom


How To Live On Half Your Income (Money-Saving Tips)

Here are two ways to do this. Keep your expenses the same and double your income. This option for many isn’t realistic. The second option is to keep your income. Check out how! #FinancialLiteracy #financialfreedom #personalfinance

Wouldn’t it be nice to start building up your savings, and pay off any debt really fast by using half your income to do it? That’s the dream, right? Well, it doesn’t have to be just a dream! Here is how you can start saving!

There are two ways to do this. Keep your expenses the same and double your income. This option for many isn’t realistic. The second option is to keep your income the same but cut the amount you spend in half and trust me it CAN be done! Here is how.

  1. First thing is to try to bring in any amount of income you can over what you do now. Ask for a raise, look for a job that pays more or start a side hustle. Every little bit helps!
  2. You can make money Taking Surveys.  Plus here are 7 more legit ways to make money at home.

Now that you are bringing in some extra income it’s time to start slashing your expenses. The biggest thing you can do to save is to downsize. Start living in a smaller house that cost less a month in rent or mortgage payments, this will also cut your electric, gas and water bills because you have less house to maintain.

  1. Have two cars? Consider going down to 1 car. This will save you on car insurance, car payments, and car maintenance.
  2. The next biggest way to save is normally with your grocery bill. Check out these 7 ways to feed your family for $25 a week.

Next, save money on your cell phone. You can get a Republic Wireless plan for as little as $5 a month. You can keep the smartphone you love and still cut your plan! Speaking of phones just get rid of the landline if you have one. When was the last time that someone called you on it that wasn’t a telemarketer?

Cut the amount you spend in a month on cable and use services like Netflix and Hulu. You can even stay up to date on your favorite shows with your Amazon Prime subscription.

Shop around for insurance, if you have been with the same company for a while it’s time to shop around and see what deals you could get for switching. Get some quotes and take them back to your current company many times they will match the quotes!

Next pay off debt! Take a few minutes and add up the monthly payments you make on all your debt. Cars, house, student loans, credit cards, etc. If these were paid off that’s how much more money you could have in your budget. Make a goal to get debt-free and put that extra cash in savings!

Do you live on 50% or less of your income? I’d love to hear your tip on how you do it! 

Other Posts You Might Like

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

You May Also Like

Guide & Tips

You might run for tin foil when you need to cover up those leftovers, but did you know that tin foil is good for...


I am not claiming that these are authentic Philly Cheesesteaks, I only know that they always turn out delicious and my family devoured them....

Guide & Tips

Every time I have given a room a good cleaning the last thing I like to do before leaving the room is to give...


This freezer skillet meal is quick, easy, and loaded up with healthy veggies to offset the maybe not so healthy kielbasa (lighten it up...