IE 11 is not supported. For an optimal experience visit our site on another browser.

How to become a "supersaver" so you can retire early

Supersavers focus on the big expenses, and keep a journal to maintain focus.
/ Source: TODAY

We all want to save money during the holidays, which brings us to a greater goal: Saving for the future. A recent New York Times article noted that "supersavers" save upwards of 50 percent of their income so they can retire early. How can you become a supersaver?

Dollars and coins in glass jar with retirement label, financial concept. Vintage tone wooden background with dramatic light.; Shutterstock ID 263144462; PO: today.comShutterstock

Consider what matters more: One supersaver said that he'd been spending at least $10,000 a year on going out to eat and drink. He realized that those pricey activities didn’t mean as much to him as traveling, so he cut back on the nights out — but not on the travel.

Cut on big costs: We often talk about trimming down on little expenses, like lattes; Supersavers look at cutting down on big expenses, like cars.

Keep a spending journal. Write down how much you spend and on what, then go back and write about how feel about spending that money. You’ll see a pattern emerge around what’s worth it.

Get a smaller house. If you downsize where you’re living, not only do you usually end up paying less on your rent or mortgage, but you also save on maintenance, insurance, and more.

Set goals: Supersavers set specific, measurable goals. Various research has shown that writing down your goals will help you stick to them.

Come back tomorrow to see the next holiday savings tips unlocked!