Owen Raskovitch

That's just their definition of it.

You can start at 1% savings this week, 2% savings next week, blah, blah, blah.

Work your way up to it.

One really powerful thing is to track it.

So we've talked about the savings rate.

It was in the introduction you did, Kate.

At the top of the show, savings rate is basically what you save or invest from your take-home pay.

So if you take home $1,000 and you invest $200, that's $200 or 20% as a savings rate.

And so that's the figure you should be focusing on.

That's the figure you should be tracking.

If you have an Excel spreadsheet or Google Sheets, you can just have two columns, your income, your expenses, and then what's the difference in the third column.

That's your savings rate.

Okay, so that's where I would start.

Excel sheet, define your goals, understand necessarily what your sacrifices might have to be and work from there.

You've talked about multiple incomes, side hustles, talked about increasing your pay.

So one of the big tips is try and get a pay rise.

And further education is super important to increase your ability to earn.

Because that's like increasing your pay by 10% is...

a lot i would i'd argue easier than going cutting 10 of your budget out

but there's an important factor here which is this thing called lifestyle inflation is people getting a 10% pay increase and then they increase their lifestyle 10% to match and one of the best things you can do when you get a pay rise is to split that money off into a separate account so just kind of like wedge it off that automatically goes somewhere else you don't even see it it just goes there