the Bigger the Income, the Bigger the Savings

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August 05, 2019

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the Bigger the Income, the Bigger the Savings

My husband and I have been able to save a substantial amount of our modest income by using a simple plan. We call the plan the bigger the income, the bigger the savings. I give the credit for the name to my creative husband. He inspires me to be more creative. You can probably tell by the name of this system that the more you make, the more you came save. The concept is very simple. The first step is to calculate your income. Income will be made up of all the ways you make money. There are many possible sources of income. These include, but are not limited to the following: interest, dividends, capital gains, paycheck, royalties, and rental income. Most of us only have paychecks as a source of income. Once you get your savings account started you will also get interest on your savings as another source of income. So write down all your sources of income and calculate the amount you are getting each month. Step two is to calculate your expenses. Write down everything you

the Bigger the Income, the Bigger the Savings

I am going to give an example of possible incomes and expenses to further illustrate the Bigger the Income, the Bigger the Savings plan. Everyone will have different expenses and different incomes. We will call this example - Kelly. Kelly is a single woman that only has one source of income, her job. She gets paid every 2 weeks. Her take home pay is the same every two weeks. She brings home $1,597.50 every two weeks. So we will calculate her monthly income to be $3,195.00. Income = $3,195.00 every 4 weeks. Kelly has rent, utilities, cell phone, car payment, car insurance, internet, cable, groceries, gas, gym membership and student loan payments. Rent = $750 a month Cell Phone = $70 a month Car Payment = $250 a month Car Insurance = $75 a month Internet = $50 a month Cable = $100 a month Groceries $400 a month Gas = $150 a month Gym Membership = $30 a month Student Loan Payments = $100 a month Total Monthly Expenses - $1,975.00 Total income after expenses

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