Many Frugal Confessions readers are well on their way or have all ready arrived at financial independence. Bravo to you! Stick around because we can use your useful insight over the next few weeks. However, I have a feeling that there are many readers lurking about that have not exactly caught onto the frugal mindset. Perhaps they don’t see its merit, or maybe they just don’t know where or how to start owning more of their paycheck.

There is no secret to saving money: earn money, spend less than what you earn, then deposit the savings. Yet so many people fumble along the way, evident by our national personal savings rate of 5.5%. Perhaps your cost of living is too high, you don’t make enough income for the lifestyle you lead, large expenses creep up for which you are not prepared for or are underinsured for, you have crippling student loan debt, etc. All of these obstacles and distractions exist to keep your money out of your bank account, and to keep you in the same financial situation for life.

I’d like you break out of that financial situation, wherever you may be. Starting on Monday, I will begin a series of posts over the next several weeks called Save Beyond Your Means. These posts will all focus on helping you to increase the amount of money you put into your saving account, thus increasing your financial independence.

This post may contain affiliate links - it's how we keep the lights on around here. Here's our policy.

Increasing your personal saving rate is not all about “do this, do that, stop spending here”; it’s really about changing your mindset as well. This series will focus on both: changing your thought process towards money, working, and your paycheck, as well as discuss tips and ideas on how to own more of your paycheck.

To get you started, I’d like to give you a rudimentary principle to think about through the weekend. In order to increase your savings, you must widen the gap between your earnings and your expenditures. There are three ways to do this:

  • Earn more money while warding off lifestyle inflation
  • Spend less money
  • A combination of the two

These are foolproof methods; however, not a single one of these will work if the money does not physically make it from your paycheck to your savings account…and stay there. This means that for you to increase your savings, you need to be an active participant. All three components to the saving equation are verbs that require action from you: you need to earn money, you need to spend money wisely, and you need to deposit the savings. It’s all up to you.

The series will begin with the story of my own personal finance journey to show you a bit more about myself, my background, and how I went from having $36,000 in student loan debt to enjoying a positive net worth less than 5 years later.

Please join me next week, and bring your friends!

Save Beyond Your Means Series:

Save Beyond Your Means Series Introduction
From a Pile of Debt to Net Worth Part I
From a Pile of Debt to Net Worth Part II
From a Pile of Debt to Net Worth Part III

17 replies
  1. Sandra
    Sandra says:

    Wow! I can’t wait. I try really hard about being prudent with expenses and lifestyle but somehow I feel like as hard as I try I don’t accomplish much.

  2. JT McGee
    JT McGee says:

    When I first read the title I thought “maybe she meant ‘spend.'” Perhaps that’s a pretty good indication that we actually do spend way beyond our means…saving beyond your means sounds weird.

    • Amanda L. Grossman
      Amanda L. Grossman says:

      Hi JT!

      Yes…most people spend beyond their means, and I want them to start saving beyond their means. To me, this means saving more money than their current income and expenditures should allow them to save. That’s where frugality comes in!

      Thanks for your comment.

  3. alex
    alex says:

    I’m going for the combo option. I am trying to eat out less and I am doing lots of over time to earn more.

    I am also planning to try for a promotion sometime soon, that will help with the finances a lot.

Trackbacks & Pingbacks

  1. […] Save Beyond Your Means Series Introduction From a Pile of Debt to Net Worth Part I From a Pile of Debt to Net Worth Part II From a Pile of Debt to Net Worth Part III […]

  2. […] the news of the week. I realize that there are also other reasons to eat lunch out, but this series Save Beyond Your Means is all about finding ways to squeeze more of your paycheck into your saving account, so I am […]

  3. […] food, one of the most talked about subjects in the personal finance realm. To make this part of the Save Beyond Your Means Series helpful to as many people as possible, I am going to list each category of food spending on a […]

  4. […] We’re right in the middle of the Save Beyond Your Means Series, and I realize that many of you probably do not have very much extra money to donate to Japan. […]

  5. […] don’t need to earn a huge salary or to win the lottery to reach this independence. Going back to our rudimentary principle, you simply need to spend less than you earn or earn more than you spend. Once you achieve this, […]

  6. […] Save Beyond Your Means Series Introduction From a Pile of Debt to Net Worth Part I From a Pile of Debt to Net Worth Part II From a Pile of Debt to Net Worth Part III Give Your Money a Purpose A Sobering Reality: Where Did All of My Money Go? The 7 Habits of Highly Effective Savers […]

  7. […] L. Grossman presents A New Series: Save Beyond Your Means posted at Frugal Confessions, saying, “The series will begin with the story of my own […]

  8. […] President’s Day Frugal Confessions Readers, and welcome to Week 2 of the Save Beyond Your Means […]

  9. […] Save Beyond Your Means Series Introduction From a Pile of Debt to Net Worth Part I From a Pile of Debt to Net Worth Part II From a Pile of Debt to Net Worth Part III […]

  10. Black Coffee: The Birthday Edition – Southern Style, Y’all! « Len Penzo dot Com says:

    […] Confessions – I loved this phrase: Save Beyond Your Means! That says it […]

Comments are closed.