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However, financial advisor turned social media influencer Humphrey Yang believes its possible.
Heres his five-stepplan to double your savings this year.
Yang wants his followers to aim bigger.
Slow the Bleeding From Transportation and Insurance
Insurance and transportation are two other top BLS spending categories.
They serve as a one-two punch in sapping your savings but it’s possible for you to punch back.
Thats where you start by setting aside your savings first, Yang told his followers.
Its kind of like that saying shoot for the moon and youll land amongst the stars.
To save that amount in a year, youd need to save an extra $625 every month.
That number is still a little bit daunting, Yang said.
However, he recommended breaking it down further to $156 per week.
You really want to think of this account like a locked treasure chest, he said.
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