60% Savings Challenge!

A few months ago, Lanny challenged himself, Bert, and all readers to save 60% of their income.   Why? Because saving 60% will help us all reach our ultimate goal of financial freedom that much faster.  After all, what drives us is the freedom and flexibility to live life to the fullest and have as many life-changing experiences as possible.   60% is not an easy and will require us to find new, creative ways to increase our income and cut our expenses to reach this mark.  Each month we will track our progress towards this goal and take a hard, critical look at the months activities.  Follow along as we strive to achieve and sustain the Dividend Diplomats 60% Savings Challenge!

Lanny

August: 54%

September: 57%

October: 60%

November: 56%

December: 52.5%

Average: 56% for 2014

Bert

September: 48%

October: 62%

November: 52%

December: 56.9%

Average: 54.7% for 2014



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16 thoughts on “60% Savings Challenge!

    • “Gross” possibly means saving includes the 401K which is before taxes. Not “net” saving which is after taxes.

      I would love to track exactly down to the pennies, but I think it with many things going on right now in my life, tracking like that would take too much of my time. But I can say with the 4-plex, dividend, working income, and asset appreciation I’m socking away >$90K … and my estimate early retirement expense is $1350/mo. It’s all come down to how good you are at resisting the lifestyle inflation! 🙂 Phone, internet, travel, brand name everything, trips, living space, neighborhood, convenience, time, etc they are all factors that could affect the saving rate.

      You both did great job at documenting and saving. Goodluck with the future endeavors!

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  13. This is really cool to see. After some encouragement (putting it nicely) from the Bogleheads, the light bulb went off and I realized I’m not saving and investing nearly as much as I could be. I increased by 401(k) contribution and am currently saving or investing 25% of my gross income, including 401(k) match. My goal is to increase my 401(k) contributions until I max out. I’m a work in progress, for sure, and have a long way to go to be in your ballpark.

  14. Hi guys,

    60% savings rate is great; I had my first month where I managed to save 60% (mostly because of travel); I’m aiming for a 50% savings rate over a year.

    I realize this is an old post, whats your saving rate for 2016?

    Cheers
    Rohan

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