Could you possibly save another 10% every month? After reading this article over at Passive Family Income I became intrigued and inspired; could we do this? Could we save another 10% every month on top of what we are saving already and if so, how would we do it?
Would it be difficult to cut our spending by another 10% or would we need to look at ways to increase our income?
The potential budget costs we could reduce to save another 10%:
- Grocery
- Travel
- Digital TV
- Window Cleaning
- Gift buying
- Haircuts
- Gas & Electric
As we’ve recently completed a review of our annual budget to coincide with the extra costs incurred by my daughter changing schools, dh and I will have to sit down and look at the numbers again. He will be pleased 
, I’m only joking he doesn’t mind really, especially if we can get results!
For clarity another 10% of our income {monthly payment into our joint account} would be £185.
Could you find a way to save another 10% every month, or are you already happy with your rate of saving?
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{photo credit: waterlilysage}
{ 9 comments… read them below or add one }
We’ve just sold our car and we’re so happy! We’ve worked out that renting a car every now and then for trips to see freinds is going to save us so much money. Just got the insurance reebate; no MOT to worry about; no tax disc to pay for; no car space to pay for – freedom! Husband can commute a few stops on the train to work and I’m working at home. We’re living in a city at the moment so everything is a short walk from the flat. And now, we’re like children – so excited about upcoming journeys to see new places – by train!
When we leave and go travelling in Europe (and look for a place to live) we’ll probably buy another car where we land – a left-hand drive, of course.
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Oh, and no servicing costs – which were going up yearly. Is it possible for you to ditch a car?
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So sorry about posting while thinking
I’d definitely get rid of the TV. We haven’t missed this since we gave it up a few years back – and there are some good programmes on BBC I-Player (albeit a day late).
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Hi Anna, we have a company car {husband is car based so this is provided/needed for his job}; we’re very lucky in that everything is paid for. Our only cost is approx £70 a month on my husbands tax allowance {no avoiding, although we will switch to a Prius next time to lower this} and £8 a year for me to drive it.
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Right now I’m gearing up to do the same thing. Our second mortgage should be paid off in two months, which will free up some of our income to save. Plus, my husband is giving his share of his grandfather’s house to his brother, which will eliminate another monthly payment. Altogether, these two payments make up about 10% of my husband’s monthly salary.
Of course, my plan is just to redirect all that money to the first mortgage. But to me, paying down the mortgage counts as saving. It’s just like hiding the money in the walls of our house.
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I can save an additional 10% every month if I make an additional 15% every month!
At this point, I think while there are always areas I can cut in my spending, I feel more motivated to try to increase my income so that I can save more while maintaining my current lifestyle (and maybe even bump it up a bit in the travel section).
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@mom cents I agree, paying down the mortgage does count as saving
Thank you for your comment
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@well heeled thanks for dropping by!
I totally understand prefering to increase income vs reduce spending; I think you can go too far with the frugality; I try to find a happy medium.
PS. I’m all for ‘bumping up the travel section’
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Reduce eating out. I have. (well, okay, just for two weeks)
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