Ed Haskell and Debbie Chasteen save a whopping 50 percent of their after-tax income. How do they do it? They have a clear, compelling goal of retiring before age 60 and they are content to live beneath their means, buying only what they can afford to purchase with cash, including their three-bedroom home. Ed said, “Sure, we could afford a bigger house and more expensive cars, but we’re content with the things we have.”
Nicole and Mitch Elovitz save 35 percent of their income. Their key? Delayed gratification. In order to buy a pair of $200 earrings, she trimmed their grocery budget for five months so she could make the purchase with cash.
And on the stories go – stories of serving as a mystery shopper in order to earn free hotel stays, pot luck dinners instead of restaurant meals, automating savings, and in all cases, living beneath one’s means.
What’s been the secret to your savings success? Or, what holds you back from saving more?