Finance is simple on paper. The less you spend, the more you can save. Instead of 'saving' in a traditional sense, we can put this money to WORK and begin accumulating wealth. The only hard part is actually saving the money!
Take a look at the previous post to see how one should break down their income to save more. If anything, it should serve as a rough guideline for how you should structure your budgets. Once you identify how much cash monthly you'll have available for income, take a look at categories of expenses that you might be able to cut (usually a discretionary expense, or a WANT and not NEED). The more money you are able to save, the wealthier you will become. In the photo, $1,000 becomes $3,869.88 in 20 years if you were to invest it in the stock market. Annual stock market returns over the past 100 years average out to 7%. This far outpaces any HYSA, any checking/savings, or money market accounts. This is how you'll grow your wealth. But instead of $1,000 as a one time investment, make your investments early, and often, and in larger amounts!
Cut your costs, increase your savings. Invest early and often.