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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
This is great! Here are 10 ways I reduced expenses during the pandemic:
South Africa South Africa Latest News, South Africa South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Inside Benetti's 353-foot hybrid gigayacht 'Luminosity' - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. I may be mistaken but I think it's currently docked in Portofino, Italy. My offer, 1 Bitcoin
Source: BusinessInsider - 🏆 729. / 51 Read more »
Inside the French Riviera's pandemic party problem - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Houston we have a problem.... or in this case, France. 25 guys and only one woman, huge problem.
Source: BusinessInsider - 🏆 729. / 51 Read more »
I used an old savings trick to stash $5,000 in my emergency fund - Business Insider'When I got my first 'real' job after college, editing horoscopes for an astrological publisher, I got into the habit of paying myself first, a popular savings strategy often touted by personal finance experts'
Source: BusinessInsider - 🏆 729. / 51 Read more »
3 email templates to boost sales during tough times - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Paywall. And too expensive. Unfollowing. I receive daily phone calls from India claiming same thing for free...
Source: BusinessInsider - 🏆 729. / 51 Read more »
Trump's H1-B visa freeze will boost Europe's tech talent: Experts - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Sooraj_Shah This is misleading and fake news that needs to be reported to Twitter Sooraj_Shah I am sure that recent furloughs and record unemployment numbers will have had no impact on those new application numbers whatsoever /s Sooraj_Shah Trump is a checkers player not a chess players...he can only see the next move...
Source: BusinessInsider - 🏆 729. / 51 Read more »
3 email templates to boost sales during tough times - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. LuisaZhou Business owners 'practice' empathy? What a sad day where empathy has to be practiced instead of inherent. I hope to see a day where sustainability, and overall company moral, is held in a higher regard over profits. Only then will empathy be standardized. LuisaZhou Business owners 'practice' empathy? What a sad day where empathy has to be practiced instead of inherent. I hope to see a day where sustainability, and overall company morale, is held in a higher regard over profits. Only then will empathy become standard.
Source: BusinessInsider - 🏆 729. / 51 Read more »