How I'm maintaining this low level of spending as my income increasesWhen I finally got new clients and some projects that were put on pause amidst the pandemic re-started, I. Even though I'll make three times more in August than I did in June or July, my spending level will stay the same.
My goal is to get my emergency fund up to at least a year's worth of living expenses, which was where it was before I had to dip into it in order to cover some big expenses after the pandemic hit. Once that's replenished, I want to save a few thousand more as a cushion for low-income months, given that my income does fluctuate.
To keep myself motivated, I've set up "savings buckets" in my savings account for fun savings goals. I have one for a pair of roller skates, another for "treating myself," and another for a campervan I'd like to buy eventually. The money I save goes toward my emergency fund and my retirement savings first, but anything leftover will go toward these other goals.
Now that most things are re-opening, I could go back to spending money on travel, getting my hair and nails done, and dining out. However, my plan is to avoid all of those things until 2021. Not only do I feel safer doing so given that infection rates are high, but I'll be stashing away money in case the economy takes another hit.
Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners.
This is great! Here are 10 ways I reduced expenses during the pandemic:
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