I personally believe that the key to living a happy life is living a balanced life.
We all go through stages in our life, and everyone goes through them at different times, which is completely fine and normal, but whilst going through these transitional stages, we should be having fun with our lives and not stressing about money when theres unforeseen costs (which will happen) or stressing about if you can afford a house.
So whilst living your life the way you want, start a regular saving pattern, right now with an easy method that won’t break your budget or spending habits, just by saving 10% (it can even be 5%) of EVERYTHING you earn. Over years of doing this it adds up quickly and before you know it, you have saved your house deposit or you have saved to invest in your own company. But with this money that you will start regularly saving you will have to accept and commit to keeping it YOUR money, for YOUR future, (even if Barry got the last round, you are not touching it because that’s not Barry’s savings and you will regret it in the morning).
If we take a look at an example of how quickly this adds up and how easily this can help you get ahead, without putting immense pressure on yourself and still living a balanced lifestyle.
For example: Lets say Sally earns on average a $600 salary over a 7 year period, (she could be earning only $350 a week for the first 4 years and once she graduates could start earning $800 or more a week) but ill just go with an average of $600 per week and also take into consideration that Sally has 3 weeks unpaid holidays every year (to go to whistler 2 weeks and 1 week at Christmas time)
Sally earns $600 per week
10% of $600 = $60 per week (saved)
$60 x 49 weeks = $2,940
$2,940 x 7 years = $20,580
Over a short 7 years Sally has managed to save herself enough to make a start in the property market by saving 10% of everything she’s earnt, but still managing to pay her everyday bills and have a seperate savings to travel abroad every year.
You could think that 10% sounds like a lot from your weekly income, but just don’t give yourself a chance to touch the money. The more you earn, the more you spend, so force yourself until you get into a habit that that 10% had never gone into your everyday account, and you will make it work by either not buying your daily coffee, by only going out twice this week instead of three times, or by waiting an extra week for that pair of shoes you had to have last week.
This is a easy Method to ensuring a future with choices and opportunity, that can obviously be adapted to individuals, but I suggest sticking to the 10% because this way you will see results without wanting to use it for other things.
Happy saving and best of luck 🙂
Regards Dylan Lourey