“What would I have to give up in order to save 10% of my income?” I believe that to save ten percent the best way to start, is to save the income away and act as if it doesn’t exist. Use the remaining ninety percent to live on, and don’t touch the savings until the appropriate time to invest. I will probably live with my parents until I am eighteen. I will have a business before I have my own living expenses. Once I am on my own I don’t know if I will find it difficult to save way the ten percent. If I do, I would buy on-sale generic brand groceries. I wouldn’t buy satellite and cable TV. I would much rather buy a good used car than a brand new one. I prefer to buy my clothes from thrift stores rather than expensive stores or designers. I plan to never have credit card debt in fact I don’t plan to have any debt other than a mortgage. If I can’t afford it I don’t need it.
In the next few years of my life I won’t have a lot of expenses, but I know I will have a few. When I buy a used car I will need to pay insurance on it. I will need to buy gas. When I start a business I will be sure to always save away at least ten percent. If and when I need to part with unnecessary money drainers, I will.