How I did it: With a minimum wage job at 15-20 hours a week and 1/2 of every paycheck saved, it happened surprisingly quickly. Sometimes it was a stretch to "give up" 50%, but eventually I got used to how much spending money I could expect from each month. Some months I had to withdraw from savings, especially around Christmas time. I don't normally splurge but I did, making up for it with a few extra shifts.

Lessons & tips: Cutting down on expenses helps to not only use the half that is for spending last longer, but keeps you from the urges to dip into savings.
When you have extra time on your hands, pick up a few extra shifts. Either save half of that, too, or save all of it and stay within your normal budget.
Don't assume that all this saving means you can't buy the higher priced items on your list. Save a little more than whatever your set goal is for the month, but put that aside in separate savings. Patience will reward you when you not only have the new phone you wanted but also a decent savings.

Apr 09, 2010, 10:31PM PDT | 4 comments | 6 cheers