How to save more money a month without having to budget

Ever wondered how to save more money a month without having to budget or pull back on your spending? Well, you came to the right place! It's actually quite simple to do and all it takes is a plan, some dedication and focus on achieving your goal and consistency. So let's dive in:

How to save more money a month:

1. Figure out where you are currently

2. Set a goal (time or event based)

3. Create a habit that is easy for you to accomplish and that you enjoy doing

4. Practice patience, consistency and discipline until you hit your goal

So let's look at each of theses steps a little closer:

Step 1: Where are you currently? To find out:

• Calculate your total annual income

• Calculate your annual living expenses

• Subtract your annual living expenses from your annual income. Whatever is left over is the amount of money you could keep for yourself each year

Let's say you make $100k per year and you spend $50k on your living expenses. That means you could save $50k per year. Now, if you have no debt, you are off to the races and can move to the next step. If you are like most Americans and you have debt, the next step is to figure out how much money per year should be going to pay it off. Let's use the numbers from the example above. If you have $50k per year that you can save but you have $25k in debt, you may want to pay all of that off in year 1 so that you are free from the enslavement of debt. Or maybe you want to spread it out over 2 or 3 years. Whatever suits you. 

Step 2: Set a time based or event based goal for yourself

Now that you are clear on your numbers it's time to set a goal for yourself. An example of an event based goal is "I'd like to wipe out all of my debt as fast as I can and when I'm free, I will start saving". Or you could create a time based goal such as "I will split my left over money, putting 50% towards debt and 50% towards savings until my debt is gone. Then I will pout all of it towards savings"

Step 3: Create a habit that is easy for you to accomplish and that you enjoy doing

Most people struggle with achieving goals because they put too much pressure on themselves and set really unobtainable goals based on their current habits and lifestyle. So, relax. Take a deep breath and really think about what motivates you and what does not. The idea is to find what brings you joy and focus on that. For example, If you view saving money as challenging or difficult, then that's what it will be. If you tell yourself that you don't enjoy saving money or that it's keeping you from buying a round of beers for everyone that weekend then guess what, you will not save.

But it you reframe it the act of saving money to something that is actually benefitting you, well, then you are on your way! For example, "When I hit my savings goal of $50k and am able to put that down on my first investment property, I will have achieved my savings goal and my investment property goal which will feel so fantastic and contribute to the overall well-being of my family!" You see how different those two approaches feel? And it's simply don to a perspective. 

The you frame something in your mind as positive and beneficial, it becomes significantly easier for you to do and it's something you enjoy doing. So, approach your goal from a positive perspective and make the actual act of saving fun to do for yourself and you will hit your goals before you know it!

Step 4: Practice patience, consistency and discipline until you hit your goal

Now all you have to do is show up for yourself on a regular and consistent basis and be patient! Envisioning your end goal is also helpful to keep your eye on the prize!

Lastly, if you'd like to learn a simple way of shifting the flow of your money so that you have more available and can hit your savings goals faster, check out my course The Big Split where i teach you how to make it happen in less than 25 minutes! Thanks for stopping by!

- Lucas