live within 80% of my income

Moving out to California and then having enough money to live off of until both Christian and I can find jobs is a pretty scary thought… also, there’s just so many things I’d like to save for in general.

It’s time to start stock piling more and more money away to leave room to make my dreams come true and give me safety for tough times.

In the end, I’d like to be able to have $2,000 extra saved up for the move (I already have the other half of my savings account I used to get here).

But more importantly than that? I’d like to have 6 months worth of my income saved up for “a rainy day” not to mention extra money to set aside for a house down payment/travel funds/etc.

This is all super important to me. Whew. Kinda scary. But I believe in myself. I believe I can do this.

I think I am already doing this (thank goodness for being employed!) but I am going to give it a couple of months to make sure I am!

I held onto this goal for a long time because I was hoping to push my expenses below 80% of my salary—but I have always been around 85% and getting lower would be more disruptive than it might be worth. When I looked at total income, not just my salary, I was living well within 80%, so I’m calling this done.

Can’t do this right now. I’m living on something like 1000% of my income until this little bizniz gets its own little feet.

After working out the numbers, we’re already doing this. I do think we eat out more than we should but even then, we’re still within 80%. Hopefully, we can reduce our dining out, we can save up more, faster.

Guess it isnt as easy but think i just my turn it in to my resolution for next year and i honestly think its worth doing dont realy have many responsibilities but still worth thhe time

My 20% goes to the 401k and I’m saving a tiny bit more the last few months so I’ll consider it done for now. If I buy a car in the future it’ll bring my expenses over 80% of my income. Now I’m thinking about continuing to micro-save for the unexpected expenses that inevitably come about every other month.

How do people think of this 80%? If I max out my 401k contribution is that included? If it were included, I could add just a small amount more to savings and call it good (still a tight rope to walk). But if the 401k contribution is out of the equation then I wonder if this is easily acheivable. Has anyone thought through exactly how to calculate what 80% of income means?

income x 80%
or
income – 401k x 80%

I think there are times when living within 80% of your income makes sense. However, when you’re opening a new business, it doesn’t really. I’m going to keep this on my list, but I’m not actively working on it at the moment.

would be to calculate 20% of my average income, and have it automatically deposited into my savings account. Of course, with the property taxes having just arrived, the homeowner’s insurance due next month, and a new vehicle’s insurance due (hubby bought a used 4×4 pickup)this may wait until next year. Oh, and the lowest estimate to remove a tree and trim the other trees in front of the house is $1200.Looks like I’m starting this next year.