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How Much Money Do You Need to Make in Order to Save Half Your Income?

As you know, saving money is an incredibly important part of anyone’s financial plan.  Well today, I’m excited to share with you a guest post from Kathleen Celmins, of Stacking Benjamins, sharing an exciting new course called Save 50*, which helps  teach people how to save 50% of their income.  If you are interested in finding more, please check it out!  Take it away Kathleen!

Hi, I’m Kathleen Celmins, and although I spent $2 the other day, I did not win Powerball. I’m guessing, since you’re reading this blog and not… I don’t know, swimming in a sea of money a la Scrooge McDuck… you didn’t either.

But, you don’t need to be a Powerball winner to save half your income.

Far from it.

In fact, I’d say, the minimum amount of salary you’d need to make in order to save 50% is $30,000.

How do I know?

Simple, really. I started saving half mine income in 2012, when my before-tax salary was $33,000.

Well, to be fair, when I did the calculations, I wasn’t quite at 50%. I’d made it to 47% when all was said and done.

That’s right … 47% of just over $30,000.

I thought about how hard it sounds to save half your income, and how, without setting out to do it (I was heads-down focused on getting out of $25,000 in credit card debt instead), I’d done almost that.

What if I could keep that up once I’m out of debt?

What if we all could?

That could change the world.

Plus, I realized, saving half your income doesn’t have anything to do with willpower. Instead, by implementing a few systems, I was able to make it as automatic as tipping in a restaurant. So, with my business partner Joe Saul-Sehy (who you might know from the Stacking Benjamins podcast), I created a course.

It’s called Save 50*, and it goes through five modules:

  • Module 1: Figuring out your magic number
  • Module 2: How to live on a shoestring without living in a shoebox
  • Module 3: Making life easier — increasing your income
  • Module 4: The mechanics — where to put your money once you’ve saved it
  • Module 5: How to stay motivated and save half your income for the rest of your life.

The course launched on January 1 — just in time to make a resolution not only that you can keep, but one that will change your life.

Will you join us?

Check out Save50 here*.

*If you sign up using my link, I will receive a referral fee that helps keep this site going.  I will never refer people to products I don’t believe in.  I do truly believe that this course can make a big difference in someone’s life so please check it out if you are looking to increase your savings in 2016.

9 Comments

  1. Formative Fortunes Formative Fortunes

    Wow, saving 50% of my income would be incredible! Once i graduate college and get a full time job I will try to do just that!

    • LOL, that is quite clever!

    • Thias Thias

      That is a great idea Sam! Learn to live on one salary opens up a lot of possibilities.

  2. This is a fantastic idea. My husband and I are currently at saving 30% of our income and our goal is to get at 50% as our incomes increase our plan is to keep our standard of living the same and that should do it. We will see.

  3. So my girlfriend should marry me. I’ll let her know. 😉

    Right now I’m debt reducing and saving roughly 55% of my income. I’m frustrated that I got myself into so much debt, because most of that is going to debt reduction instead of investments. Gotta keep working to fix what earlier ZJ broke.
    ZJ Thorne recently posted…Net Worth Week 13My Profile

    • Thias Thias

      That is exactly what I am saying! Make sure to let her know 😉

      55% is great – At least you are moving forward and working to get rid of the debt. It is more important that you tackle it now so congrats on doing it!

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