WHAT IS YOUR SAVINGS GOAL THIS YEAR?!

 

What percentage of your net income do you put in savings each year? If you don’t do it by percent, how do you come up with your number?

 

I doubled my savings goal last year and was curious to hear from other Entrepreneurs about their processes. Here’s what I found from our BBW Group!

 

❝ At minimum, I’m saving $25,500/year by maxing out my IRA and 401k.

 

❝ I’m looking to buy a house in the next year, or so, so I’ve pared my debt/expenses and hoping to save more than 50% of my income for a larger down payment.

 

❝ I always max out my 401k $26,000 for 2021 if you are over 50, and if you set up a 401k for your business and employees, you can put in 20% of your net profit, so that’s additional savings that don’t go to the IRS. Plus, any match of contributions to yourself and your employees is tax deductible. So I get to put at least a minimum approx. $50k a year into the 401k. I plan to retire in 5 years when I reach my goal. I put another 50k away in other investments. So $100k minimum a year.

 

❝ This question is anxiety provoking lol. I have more money issues to heal.

 

❝ At least 10%.

 

❝ 20% pretax and about 25% after tax.

 

With this diverse group of answers, I hope it’s clear that everyone is running their own race. Whether you’re saving 50% of your income or just trying to heal your money issues and mindset (Who CAN’T relate in some way to that? 🤣), there’s always room for growth and improvement.

 

When I started on this finance journey, I didn’t have all the answers either. I still don’t! But a key factor for my savings routine was naming a number and sticking to it.

 

Have you ever experienced a time where you’re debating investing in new tech or resources for yourself/company? Perhaps getting a new computer or dealing with your slow one, comparing two similar cars where one payment is a liiiittle higher than the other. Or perhaps contemplating investing in services like a CPA, financial advisor, or web designer.

 

When we think about investing in ourselves and our businesses, the small financial details can feel heavy. It’s a challenge because your minimum level of comfort, the lowest amount of revenue you’re comfortable with, must be expanded. It can seem like 10% here and 10% there will snuff out any profit or spending money you have for yourself.

 

 

But I’ve repeatedly seen that the money shows up when you set a number and stick to it, invest in yourself and your business, and stop worrying about a $500/year difference in a car payment… The money shows up. It was there all along! Have you known this to be true?

 

I’m not saying to throw your realistic numbers and budget into the wind! 🤣 But set a number, a fixed rate per month, or a percentage of your income, and stick to it for 3 months.

 

I bet you’ll find yourself with more savings, confidence, and encouragement that you CAN save money.

 

And P.S. there’s no risk to trying out saving your money. It’s still yours at the end of the day!

 

If you’re ready for massive growth and need direction when it comes to money, check out our Your Best Year Yet Bundle! On top of my 4-part Money, Mindset, and Manifestation series, you’ll get access to our live workshop and $250 in our top resources. Check it out here.

 

Do you have any savings tips or money management breakthrough stories? I’d love to see them in the comments or in our FB Group!

 

Have a great rest of your week!

 

Cheers to your success,

Kristina
xo

 

 

 

 

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