With high income can also comes lots of expenses. If you feel like your income is being stretched to the gills there are only 2 things you can do. Increase your income or cut your expenses.
However going from a bursting budget to saving $1000 a month is possible if you are willing to make some tough choices.
Here are actual steps you can take to go from saving nothing up to $1000 per month over the next 3 months.
1. Move, Take On A Roommate or Downsize.
Your housing expense is more than likely your largest expense, why not reduce it, cut it in half or eliminate it all together by downsizing, move in with family, or take on a roommate. Potential Savings 10% -100% of your current housing expense! (That may be your $1000 right there!)
2. Use Public Transportion.
If you are in a major metro area with a pretty solid, reliable public transportion system like NYC, USE IT instead of cabs, ubers, or your own car. Do the math first to make sure there is savings and plan your trips in advance, so you aren’t low on time and need a fast convenient alternative! Using public transportation can save you 5-10% of your income per month
3. Look for Child Care Alternatives!
Depending on where you live, childcare can cost as much as housing or MORE! Consider your alternatives like the ones I suggested here on Huff Post. Or if you have older children consider moving them from private school to public school. You may literally cut your childcare budget in half!
Boom! $1000 for savings found in the same exact budget you always had?
That $1000 can be applied to savings or investing!
My SuperSavers have already saved over $115,000 and you can start saving with them too. Join us ar The Coin Lab in our private community on Facebook.