Saving $20,000 in a year is a significant amount. Simply looking at this number can be overwhelming; breaking it down into smaller chunks can help.
Saying you're going to save money is often easier than actually doing it, so try to avoid temptation.
You could develop a side hustle, take on some freelancing gigs, or request overtime at your job to save an extra $1,667 per month.
This includes eliminating unnecessary expenses such as subscriptions, entertainment, and dining out.
Subscriptions, lattes, and brunches can all be eliminated, but the biggest savings will always come from lowering your housing and transportation costs, if possible.
Whether you make $50,000 or $100,000 per month, allocate every penny to expenses, savings, and investments.
Your employer most likely provides a 401(k) or similar retirement match. Don't let this money go to waste.