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To get an idea of what this looks like in action, Business Insider talked to three people with big financial goals who are each at different stages of the process. Xavier tracks their progress on a Google sheet that she actualizes each month to make sure they're on track. The couple decided on their budget categories together and set a spending limit for each one.
Moving out of New York City, budgeting for lifestyle expenses, cooking meals at home, and cutting back on shopping have Xavier and her husband on track to achieve their goal by March. Despite the loss of Xavier's income because of the COVID-19 pandemic, they've already paid off Xavier's loans and are splitting savings toward their down-payment fund and emergency nest egg.
Michael Burke, 27, New York City: "I realized I needed to be more disciplined in setting benchmarks for myself."Michael Burke was living at home with his parents in his native Ireland after finishing his graduate degree. He was working at a startup, and though his income was modest, saving came easily — he put money away every month until he'd saved about $20,000."After 18 months, I was in the same position financially as when I first moved here," he said.
"Instead of asking for a raise, I went to my boss and basically asked if we could go into a revenue-sharing agreement," he said. The couple, both of whom were working in sales, had just built a 4,600-square-foot home on 10 acres and were dealing with all the work and expenses that come along with that. One of their two children had just started at a private school that was over 20 minutes from their home."My husband and I just said, 'Wait a second. There has to be a better way,'" she said. "We wanted to mitigate some of the stress that we had created for ourselves.
They sold their home and moved to a state where there were more opportunities for career growth. They looked only at homes that were walking distance to where their children would go to school. They chose a home that was much smaller than they were used to, but they were able to put 50% down.
3 people? Is the 4th person somebody's servant?
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