5 EASY Ways to Save Money in 2025

[@RunningonFIRE]

Complete breakdown of my income and expenses: running-on-fire.com/income-and-expenses

[@Daniel-yc5fu]

All your points are fair. But if you save 80% of your income, you simply just earn a lot, not feasible for the average person. Rent alone will certainly account for more than 20%

[@awesomekj5812]

Yup unless you are fine living with roommates

[@aislinnfox5467]

I don’t believe you jump straight to saving 80% of your income right away Daniel even if you have a higher income. Most of the time we are just hooked on our lifestyle and that lifestyle cost X number of dollars. Early on when I started saving one of the things I found very valuable was to track every expense and put the purchases into categories (a very detailed list). Then once I had 3 months of data I picked a single category and just ask myself what I could do to reduce my expenses in that category. Can I do with out it, can I use less of it, is there a cheaper alternative. It is also worth asking if there is a risk if you make the change. For example not having renters insurance has the risk of loss and that might be more risk than someone is willing to take. I would then make the change in my purchases/lifestyle and keep tracking everything until the next month and pick another category and do the same thing. Over 18 months my savings rate more than tripled.

[@RunningonFIRE]

Saving percentage is definitely a function of income/ But where I live, the average income is over $90,000 per year (average in the U.S. is ~$58,000 after tax). I spend ~$20,000 per year, even though I live in an expensive area. So I couldn't save 80% if I didn't have a good income, but even with an average income I'd still be saving about 65%. All that to say, you're right that 80% savings might not be doable for the average person. But I'm on track to retire before I turn 30, which is insane. I have low expenses AND high income. Average people can still save a very high percentage of their income and retire very early (just maybe not by 30)

[@joaquimrodriguez8961]

Dfine average.

[@Clipahoy]

I save 80 percent of my income every month

[@joaquimrodriguez8961]

I clicked this video for the simple fact that, I saw the word saving just like when I see if I see the word investments advertised, I click, you can teach an old dog new tricks... who knows? I can pick up new ideas on my savings even though I've been a saver since I was very young and still am So probably.

[@RunningonFIRE]

I love it! Constantly looking to improve is a cheat code in life.

[@misssophiamae]

I realllly hope this means you are a mean girls fan. Saving money is SO fetch… 😂 But seriously, this year we are saving money by getting rid of the car payment and immediately upping the retirement contributions so we don’t do the lifestyle creep. 🎉

[@RunningonFIRE]

😂 didn't even think of that Thats sick!! Hope your car lasts a long time now that it's paid off, and I love the immediate savings 🥳🥳🥳

[@x2CHAiNZo]

While not mentioned in this video, a lot of financial KZbinrs recommend saving X% of your income.. Does this percentage include investments also? If so, how would you recommend splitting that percentage? For example, if the percentage is 15, do you save (put money in HYS) 7.5% then invest the other half or?

[@RunningonFIRE]

Great question. I usually just maintain a set amount of money in my savings, and ALL the rest goes to investments. Unless I spent money from my savings account that I need to refill, I send 100% to my investment accounts.

[@Ann-d6y]

I'm trying to get another income this year. 🙂

[@RunningonFIRE]

You got this ❤️

[@MrFrankEast]

1,100 like on the thumbnail is half my income lol

[@RunningonFIRE]

Well, on the bright side, if you could save that much, you'd have a 50% savings rate :) I hope you still got some value from this video, but I'll admit that it's geared towards people who earn $50,000+ and have lots of room to save more. If you're getting by on $2,200 per month (assuming you live in a city in America) you probably already have decent spending habits.

[@me0101001000]

Stop trying to make fetch a thing! It's not gonna be a thing! But in all seriousness, these are common sense for anyone who grew up in an immigrant household. Cooking at home for food, going to a friend's house or a park for entertainment, walking/biking/bussing/taking a train for transportation, getting clothes on the basis of durability rather than aesthetic, and of course the absolute obsession with taking care of your health (especially if your parents are from a rougher country). Immigrant parents have a whole other issue where they save a lot but don't invest because they've had enough risk in their lives and don't want any more. And convincing them that investing is a wise decision doesn't always go well.

[@RunningonFIRE]

100%, that's actually the biggest blocker for my parents (not immigrants, but grew up risk averse). I've got a video coming up on why investing is so important. I hope that helps some people. You're right that it's a big issue for some people

[@RunningonFIRE]

How will you save more money this year?

[@NiranjanBendre]

Sorry didn’t see the other video but is it 80% of your post tax income? I hope so cause otherwise it doesn’t make sense to me. I think I have been following the fetch system already because we FIRE people try to save on everything! 😅

[@RunningonFIRE]

Approximately; its a little complicated because a fair amount of that is in pretax retirement accounts, but I probably won't have to pay much tax on that money if I retire as fast as possible :) I'm definitely preaching to the choir for the good savers 😂

[@NiranjanBendre]

@@RunningonFIRE it’s fine if it is going in any type of account. The question is if you are saying you save 80% of your income then it can’t be possible because you must be paying taxes also (let’s say on 100k you pay 15k taxes) then how is it possible to save 80% of the income?

[@RunningonFIRE]

@@NiranjanBendre Sorry I didn't clarify; yes, I am talking after-tax. I was just saying that's it's not ALL post-tax, because some of it is in pre-tax retirement accounts.

[@NiranjanBendre]

@@RunningonFIRE got it! Thanks!

[@M_SC]

What do you do with other people? Outside of work. Are you more of an introvert? I think people like advice but they want and learn more from modelling the behaviour/individual examples, so talking about your life might be good.

[@RunningonFIRE]

I am a bit of an introvert, and between grad school and this KZbin channel I don't have a ton of time. I'm an amateur kickboxer, so I train10+ hours a week, so most of the friends I've made since moving here have been through that :) I'm definitely going to make an effort to show more of my life, I think you're totally right. But I have a number of videos lined up though, so it might be a while 😅