Saving 10% of Income

The Richest Man in Babylon by George Samuel Clason is a book about financial advice. Through many stories there are lessons about managing your money. The stories take place in ancient Babylon but the wisdom carries through today. So what have I learned from this book that I can apply today to help me save?

I am obviously still a teenager living at home with my parents and I currently do not have a job, so I will have to speculate. There are some easily discernible ways to accomplish this, like setting a budget for my entertainment. Things like eating out, going to the movies and concerts, although they are important for mental health, need limits. Even spending money on Starbucks coffee daily can really add up. Keeping a record of these things for maybe a month or so would help me realize how much I am actually spending. Which is probably more than I could imagine.

Now if I were living on my own I would look at things like groceries. How much money am I spending at the supermarket? Cutting back on food by growing a garden can save money and it is way healthier. I would also cut back on heating and air conditioning, it is okay to be a little too hot or a little too cold. Giving up a little can add up to a lot. Paying attention when shopping for clothes and necessities could easily save 10% of my hypothetical income. I would make the effort to look for sales and discounts. I would not be afraid to be thrifty. I have found cool things in the past at yard sales and second hand stores. I would even be willing to clip coupons.thrift

To me accomplishing all of this comes down to self discipline. It is really the only attribute that any of us need to save 10% of our income. If you think about it 10% is not really that much. It would only take a little cutting back to reach this goal.

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