Ellie’s Kay book, Living Rich for Less, was written in 2008 but I recently came across the audiobook at my local library. I have a long commute to and from work so audiobooks help me to pass the time when I am stuck in traffic. I am offering a review because I gained a lot of insight and information from her book.
As a working mother, I am constantly focusing on ways to stretch my dollar while saving and offering to charity. I strongly believe that giving leads to good karma and life experiences and time has shown that to be true for me at least. In particular, Ellie’s 10/10/80 idea stands out for me. In a nutshell, give 10%, save 10%, and live comfortably on 80%. Obviously, there is more to this than a simple concept so Ellie goes on to share ways to reduce and eliminate debt with this formula and how to stretch your dollar further.
Ellie starts off by telling us to get our priorities right. She strongly encourages the 10/10/80 plan and reminds that giving comes first, no matter what. Even a family in a low income situation can give and Ellie lays out how. She dives into the important idea of saving and determining where money goes and how to make money work for us.
I enjoyed reading about Ellie’s formula about giving, saving and spending smart and I took many ideas with me about the 10/10/80 plan. I wish that she would have focused a little more on saving and also talking about how the 10/10/80 plan works families who are just getting by especially single parents. While her book is a great resource, I struggled to find a plan that works for me. I think that Ellie’s formula needs to offer a concise plan that can help people to find a budget that works for their individual situation.