Help! The More I Make the Less I Save


Does it feel like with every passing year, and every (hopefully) subsequent raise and bonus, life's expenses keep going up to? It's not in your imagination. 

According to Nerd Wallet, "the rise in the cost of living has outpaced income growth over the past 13 years. Median household income has grown 28% since 2003, but expenses have outpaced it significantly. Medical costs increased by 57% and food and beverage prices by 36% in that same span."

Since 2009, most Americans have said they prefer saving over spending, but the fact remains that the average overall U.S. household debt increasing by 11% in the past decade. Today, the average household with credit card debt has balances totaling $16,883.

To adjust to the growing cost of living, we have to re-examine our relationship to money. It's not the only source of wealth and it's not only for spending. Obviously, you should be spending less than you make. But old models don't apply to new costs. For example when it comes to rent: The general recommendation is to spend about 30% of your gross monthly income (before taxes) on rent. Therefore, if you'll be making $4,000 per month, then your rent should be $4,000 x 0.3, or about $1,200. Those numbers don't really work when rent has been steadily increasing across the country, while wages do not. 

So what's a working woman to do? Changing your mind about money is one solution. 

Laleh Hancock teaches people how to uncover their own unconsciously held beliefs about money to experience greater wealth. Some of her top tips include:       

1. Be willing to explore your beliefs around money   

If you grew up in a family that said money is evil, you have to work hard to make money, or men should earn more, you may have adopted it as your own belief, even if it’s not. Ask yourself: If I had no belief about money being good or bad, what are all the different areas money can come into my life or my business?    

2.  Write a list of things you do and don’t enjoy... and question it all

It’s possible the things you ‘don’t like’ are on the list because other people have said it’s a chore, boring or hard work. Things you thought you didn’t like, but do, could become an extra source of revenue for you. Ask yourself: Do I really enjoy this? Do I really not enjoy this? And what is it that I do or do not enjoy about this, and what would make it more enjoyable? 

3.  Allow the business to work for you instead of you working for your business

Your business has a consciousness. Instead of trying to control everything in the business, partner with its energy for guidance instead.“Most of us work a million hours thinking we have to control everything in the business,” Laleh says. “If we are willing to allow the business to work for us, however, the business will draw in clients and staff for you.” Ask the business questions every day: What do you require from me today? Who would you like me to contact today? 

4. Be open to change every day

Your money or business goals and decisions are not set in concrete. Be open to making a different decision every day, every hour or even every 10 minutes. “You have to know when it’s time to change and be willing to move in a new direction,” Laleh says. Ask yourself: is this what I want to be working on?