For the first goal of saving 50% of my income I’m doing pretty good. Through the end of June I had made $18,360.73 and I had saved $9550. That comes to savings rate of about 52%. The rate won’t improve in July, but since I will make good money in August I should be able to save way over 50% of my income for that month and get the rate even higher. Unless I make almost nothing the last few months of the year or I have a financial emergency this goal should be easily met.
For the goal of living on less than a minimum wage income of $1274 a month I’m not doing too good. Through the end of June I had spent $8257.51, which comes out to $1367.25 a month. Car repairs are the main reason I’m not currently meeting this goal. I still think it is possible to achieve this goal. July spending should be slightly less than the target amount and I’m hoping for big improvements in the following months.
I will continue to update how I’m doing on my goals monthly and once the year is over I will share the results.
Overall you are doing great. I probably wouldn’t worry too much about car repairs as long as the repairs cost less than acquiring a replacement vehicle.
Something I have given thought to is getting rid of my car after the mystery shopping route I signed up for is over in October. I have to figure out whether it would be cheaper to rent a car as needed versus always having one in the driveway. It’s a tough decision to make.
Hopefully, the car repairs won’t be too bad the rest of the year. I’ve thought of getting rid of my car as well, but I will be using it quite a bit the next couple of months.
Congrats, although I disagree with extreme anything because it is unsustainable.
It isn’t really that extreme. The expense level is about the same as it usually is. Saving 50% of my income might seem extreme, but since I’m making almost double what I usually make it hasn’t been too difficult.
Wow, it’s amazing that you are getting that low. I’m married, live in a two bedroom apartment, and have 2 cars, and at more than 3x your spend each month.
Great job, but I hope you have some specific goals you are saving for and that you reward yourself for doing well.
I’ve always been pretty frugal so this isn’t much of a change. Having money saved did allow me to go hiking for a week and I plan on traveling quite a bit more this year. I will enjoy some of the money I’ve been saving.