Looking to hit your money goals faster? Today we’ll share one couple’s best tips that allowed them to save half their income! How to Save More Than Half Your Income Did you know that ‘saving more’ was one of the top three goals for finances for 2022? Actually as I’ve been reviewing the data from Fidelity’s Financial Resolutions Study, I’ve noticed it’s been there for several years. Understandably so because there are plenty of goals families are saving up for. You have specific goals: an emergency fund, vacations, down payment for a home or money to start a business. You could be stashing away money towards your 401(k) or IRA so you can have something for retirement. Or you want to help out your kids with college or wedding expenses. Wait, maybe 50% isn’t enough. Sometimes it does feel that way. Hopefully it does highlight why it’s so important for all of us to get into the habit of saving. The good news is all this month we’re going to examine different stories and ways you can not only save money, but still have a life. By looking at how other families manage their money, you can test them out and see which ones work best for you. Which is why I’ve pulled this conversation I had with Matt of Distilled Dollar from the archive. He’s definitely someone I’d consider a super saver, but that wasn’t always the case. As you’ll hear he and his now wife had over six-figures of student loan debt. In our chat, Matt breaks down what motivated him to pursue financial independence and become a super saverhow they approach their spending (it’s not a traditional budget)some hacks they do to keep their expenses low living in Chicago Are you ready? Let’s get started! It’s not your typical millennial money story. Hope you enjoy! Elle Martinez How to Save More Than Half Your Income with Distilled Dollar How to Save More Than Half Your Income with Distilled Dollar If you’re looking additional ways to save half your income, please check out my interview Joe and Kathleen of Stacking Benjamins. Resources to Boost Your Savings Rate Want to start boosting your savings rate? Here are some resources to check out: Best Budget and Money Apps: Personal Capital, Tiller, MintAutomatic Saving: QapitalFree 401(k) Analysis: blooom5 Days to $5K: It's my free weeklong course to show you how to find, save, and make extra money so you can dump debt and save more! 17 Money Saving Strategies We Used to Triple Our Savings RateHow We Went From Earning a Living to Building Wealth, Together3 Money Tips to Best Afford LuxuriesMillennial Money Minutes Podcast Thank You to Our Sponsor Coastal! Support for this podcast comes from Coastal Credit Union. If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today! We've been members for years and love their service and competitive rates on checking and savings accounts! Rollover Your 401(k) Easily with Capitalize We’re grateful for wonderful partners like Capitalize. Not only do they support the podcast, but they help make managing your money so much easier. Did you know that it’s estimated that there are currently over 24 million “forgotten” 401(k) accounts? In fact, the average American changes jobs every 4 years. And because of the Great Resignation, you or someone you know might be changing jobs even more It’s an extreme case of out of sight and out of mind. Is your old 401(k) in there somewhere, left behind at a job you're no longer with? One huge benefit with an IRA is you get to choose how your money is invested, not your old employer. If you want to consolidate your old 401(k) and have more options with how you invest, it may be time to roll them over into an IRA. With Capitalize, they handle the process from start-to-finish – for FREE. They handle the process from start-to-finish, and yes that includes calling the 401(k) provider on your behalf. Join the Community & Get Your Free Money Toolkit! Quickly & easily set your money up to hit your goals faster! Join our community to get the free toolkit and newsletter! Get Instant Access We never share your information with third parties and will protect it in accordance with our Privacy Policy Find out how and get started today! Getting Out of the Paycheck to Paycheck Cycle Back in 2014 Matt and his now wife were carrying a ton of debt. He was 24 and she was 23 and between the of them, they had around $150,000 in student loan debt. This huge amount of debt was affecting their relationship. We were obviously heading in the wrong direction. I mean we wouldn't fight about money but there was this underlying current strife and turmoil associated with paying off our loans. Matt – [2:05] What's amazing is that they have gone ...
