Super savers share the strategies to keep more than 50% of their income without feeling deprived
Increasing your savings rate might just be a matter of living "slightly differently from your peers," said one early retiree.
Saving more than half of their income doesn't necessarily mean extreme sacrifices according to super savers interviewed by Business Insider. Author Cody Berman and his wife Lauren share strategies to achieve this without feeling deprived. They recommend tracking expenses to understand spending habits better, focusing on reducing major expenses like housing, transportation and food.
Berman and Lauren house-hacked and shared their home with roommates, which dramatically changed their housing costs. They also lowered transportation costs by using a paid-off vehicle and selective spending with friends. For food, they spend selectively, sharing meals and avoiding costly extras. Another strategy is aligning spending with personal values, prioritizing what truly matters.
Berman and Lauren estimated they spend $5,000 to $10,000 a year on travel which they consider non-negotiable. They also emphasize the possibility of moving to areas with a lower cost of living, like Brazil or China, to significantly increase savings rates.
Written by urgent.news from Business Insider's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
