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My Monthly savings rate

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  • This topic has 2 replies, 2 voices, and was last updated 1 month ago by R.D..
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  • #554
    R.D.
    Keymaster

    I’m currently saving between 30%-40% of my monthly take-home pay. I have a PAYG job and no dependents. Don’t live a very expensive lifestyle but some things do slip through the cracks.
    My goal is to get my savings rate over 50% which I know is achievable.

    What are some good savings ideas to help me capture that little bit extra?

    Thank’s!

    #604
    Maverick
    Keymaster

    To be honest the biggest thing that helped me save was bring my lunch to work and having coffee at home or instant coffee. I know this is a popular tip, but it worked.

    I was spending between $10-$15 per day on lunch and then on average $5 per day on coffee. Working 5 day’s per week and 48 weeks per year.

    This was costing me between $3,600 and $4,800 per year. Once I realised that I would much rather have this invested (or even go on a holiday worth that) each year, it made it easier.

    #681
    R.D.
    Keymaster

    To be honest the biggest thing that helped me save was bring my lunch to work and having coffee at home or instant coffee. I know this is a popular tip, but it worked.
    I was spending between $10-$15 per day on lunch and then on average $5 per day on coffee. Working 5 day’s per week and 48 weeks per year.
    This was costing me between $3,600 and $4,800 per year. Once I realised that I would much rather have this invested (or even go on a holiday worth that) each year, it made it easier.

    Very solid advice! I’m getting a lot better at bring food but often struggle as I am out of the office at random time’s. Somthing to keep working on.

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