Personal finance blogs love to talk about budgeting and saving money. I do it…a lot. But is spending less really going to get you to your financial goals? How much can you realistically save?
The average family spends $55,944 according to the survey which only leaves $4,500 for saving. That’s not nearly enough for retirement.
There are some easy places to cut like eating out and entertainment. You could save another $3,890 a year…and be completely miserable.
On just five hours a week, you can save an extra $7,500 a year to add to your regular savings. That brings your nest egg up to $1,036,498 and a monthly income of $2,936 in retirement from just one person working a side hustle.
The first side hustle most people try is freelancing. That’s where you offer services or coaching from home, usually in a topic in which you’ve worked for a while.