3 Ways I Live Below My Means & Save Money

The gap between what you make and what you spend determines how quickly you’ll be able to save and invest to achieve your goals. One of the best ways to increase that gap is by living below your means. Here are three ways I live below my means, and it saves THOUSANDS each year:

1. I drive a 2011 vehicle that’s paid off. The average monthly car payment for a used car is $500, meaning I save about $6,000 per year by driving a vehicle I own.

2. I rent a very average home, which allows me to keep my housing costs below 20% of my gross income. The recommended cost is to be at or below 30% of your gross income. I’m able to save an additional 10% of my income ($10,000/year) because I rent below my means.

3. I love a good side hustle, especially one that comes with extra benefits. I work at a Lifetime Fitness part-time and one of the perks is that I get a membership for free. This saves me about $2,500 a year.

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