We understand it may not be possible for some people to live off of only half their income, but we do believe that everyone can at least cut back. Living off of significantly less money requires extreme dedication and willpower. It requires being honest with yourself about your finances and making sacrifices. Here we provide some ideas for how living off of 50 percent of your income can be done.
Challenge yourself to put half your check in savings for three months. The key is to do this immediately, before you spend a dime out of that check. How many times have we wanted to save money, but didn't transfer the money right away, and it ended up gone? We know we're guilty! Put the money in savings right away. If an emergency comes up, you can always take it out, but it's best to put it in there so you can save for a rainy day.
If you're in a partnership, instead of saving half of your checks try living off of one person's salary and saving the other's. You will have to cut back, but so many of us overindulge without even realizing it. We live in five bedroom houses when we have a small family, own three cars yet have only two drivers, have television sets that aren't even watched, and more. The lesson here is to be prepared. If one of you lost your job, could you survive? Well, you'd have to. Try to survive now off of one income so you're prepared if times get tough. This forces you to cut back, and gives you a huge cushion of cash in case a job loss happens.
Living off less money doesn't mean your quality of life is going to diminish. In fact, it will probably improve because you'll have a sense of security for the future or in event of an emergency. Try it for three months. You can always revert back to your old ways, but something tells me after seeing all that money in the bank, you won't want to.
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