Writing assignment, 250 words: “What would I have to give up in order to save 10% of my income?”
I do not have any source of income at the moment, but I am going to attempt to plan for when I do. My goal is to save 10% of my income, so I will have to give up a few things. I am writing this essay under the assumption that by the time I earn enough to sustain myself, I live in my own house (or apartment. That seems more likely). I actually have a pretty big list of things to either give up or cut down on, so here we go.
First off, I don’t need TV. I don’t watch TV except with my family when they want to spend time together, so we watch a movie or something. I won’t miss TV in the slightest, so not paying for cable will help me save. I can also save by making sure I only turn on the lights that I need, keeping the electric bill down. Same for heating in the winter. I can turn off the heat every time I leave the house, and when I’m home, turn it down low and wear sweaters. I can cut down on the amount of times I eat out. To be honest, I probably won’t eat out too much, maybe now and then as a celebration (birthdays and such). Also, I will most likely be cooking for two or three people (myself and maybe a roommate. Possibly the occasional guest.), so I won’t need that many groceries. Owning a car can cut down on money for bus and train fares as well.
Internet is a big cost nowadays, I could keep my leisure internet time (texting, social media, watching YouTube) to only a certain amount of time each day, which can also help with productivity, not just saving money. Assuming I work from home (extremely likely), I’ll need internet most of the day, so this one isn’t a big one, and it’s not likely I’ll actually cut down much on it. Traveling as well is something I don’t need to do, at least not often. Limiting vacations to once ever couple years will definitely help me save. Staycations are the way to go when you want to keep that 10%.
Those are the things I can cut down on to save 10% of my income. I wrote this essay assuming I’d have the income of an average office worker, though if I start my own business and find success, I’ll likely make much more. But even then, saving is a smart idea, and no matter how much you make, you should still try to cut down on some of these less-than-necessary expenses.