How to Save One-Third of Your Income

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I spend all of my money every week/month... on groceries, fuel, necessities (like toilet paper, ziploc bags, cleaning supplies, etc.), and rent. That's all my wife and I spend, but that's also all we make. We usually have under $10 to our name at the end of the week. And we have no cable, no Internet, we don't go to the movies (can't remember the last one I saw or when). We just can't afford it.
Fortunately, we have no car payment and no mortgage. And, praise God, no Credit Cards. I'm trying to get into a better job, but as of now I'm thanking the Lord for the jobs we are maintaining right now. We even made it through a pretty bad recession (so far).
I'm thankful for our health (we sure couldn't afford a doctor or RXs). Now I just need to find a way to better afford Diabetes meds. Currently I can't afford those... I have to get money from my parents. How embarrassing. Oh, and they pay almost half my rent. Hmmm... still looking for that job. Not that I can afford to go to school or anything...

Mike of MS 8:08AM January 01, 2011

I realized that I am currently spending 1/5 of my salary just to pay for a rented room in a condo... I should have stayed with my brother or I should have looked for a cheaper place to stay.

William of NJ 10:21AM November 16, 2010

I agree it is possible.
When we emigrated to Canada from Europe, we didn't live up to the North American standard of living which was prevalent at the time. We were able to top up our deposit for a new home and then we were able to pay it off after 3 years - We never renewed the mortgage.
We didn't buy the "toys" New cars, 2nd cars, ski-doo, bikes, boats, campers etc
We moved to a somewhat remote mining community, where the company offered housing subsidies, I was able to pay for this home with cash left over, due to the assistance, and we used this surplus to buy a new home in British Columbia Canada which we rented out for 12 years
By the time babies started to arrive, the fact we had no mortgage or rental outlays meant we were in a financially good position, and able to absorb the shocks ahead
We now live in beautiful Kelowna BC, I own my home outright and I have rental condo's
This is all due to being frugal and paying off our first homeI agree it is possible.
When we emigrated to Canada from Europe, we didn't live up to the North American standard of living which was prevalent at the time. We were able to top up our deposit for a new home and then we were able to pay it off after 3 years - We never renewed the mortgage.
We didn't buy the "toys" New cars, 2nd cars, ski-doo, bikes, boats, campers etc
We moved to a somewhat remote mining community, where the company offered housing subsidies, I was able to pay for this home with cash left over, due to the assistance, and we used this surplus to buy a new home in British Columbia Canada which we rented out for 12 years
By the time babies started to arrive, the fact we had no mortgage or rental outlays meant we were in a financially good position, and able to absorb the shocks ahead
We now live in beautiful Kelowna BC, I own my home outright and I have rental condo's
This is all due to being frugal and paying off our first home

Alan Silcock 1:16PM November 05, 2010

I manage to save 10%. The money's just not there to save 30%. Maybe after the credit cards are paid off...assuming my car stays functional. I'm hoping to get another year or two out of it before I have to go down that path.
I can't make more money, as I work for a non-profit and can never get out of the office when I'm supposed to so I can't really get a second job.
While the agency does offer 403Bs, my take home pay barely covers my bills as is. I know I'm robbing my future to pay for today...but if I don't do that, I won't have a future.

veronica of NH 6:08PM November 02, 2010

I think there are some very good ideas in this article. One thing I would differ on however is your suggestion to only own one car and then use public transportation.
The cost of living is higher around major metropolitan areas, which are the only areas that typically have public transportation. It would make more sense to NOT live near a major metropolitan area and then own a second car or possibly still make due with only one car.
Now obviously this suggestion might not work depending on your chosen profession, so that is obviously a consideration. The other recommendation would be to make sure and only buy inexpensive yet quality used cars with cash which will save you on payments and insurance.
Making these sacrifices and the ones noted in the article early in life will pay HUGE dividends in the future.

Don Current of IN 5:37PM November 02, 2010