Hi! What an exciting goal! If you did live on half your income and then saved and invested the rest of the money, you could maybe retire earlier or at least feel safer in retirement!
I think of budgeting much the same as dieting. It's one of those things that is SIMPLE but not EASY. If, for example, you wanted to lose half your body weight you would need to burn more calories than you take in until you dropped all those pounds. To save half your income, you would need to spend less than your earn - and in this case, to actually spend just half of what you earn.
To do that, you would need to reduce your expenses to half of your take-home pay. Depending on how much you bring in and how much you currently spend, this action could be easy, sort of hard, or maybe impossible at this time but possible sometime in the future.
The best strategy would be to list all your monthly expenses being sure to include those expenses which hit quarterly or yearly. Take into account property taxes, vehicle taxes and registration, home maintenance fees, subscriptions, etc. Compare those expenses with your take home (after tax) pay. Then figure out where you can cut expenses. You may need to move to a cheaper residence, trade in a car with a high car payment for a lower end model you pay cash for, and cut out luxuries like expensive vacations or cable TV. Figure out what you are willing and able to cut, then cut it out! Do this untilyour expenses are at a level that half of your income goes right into savings. As you get raises at work, you can decide if the extra raise should go right into your savings pot or if you should keep the live on half save half balance.
Best of luck to you!
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