Think of it like this, and one of the most powerful ways to increase your savings isn’t to raise your income. It’s to raise your humility. When you define savings as the gap between your ego and your income, you realize why many people with decent incomes save so little. It’s a daily struggle against instincts to extend your peacock feathers to their outermost limits and keep up with others doing the same.
People with enduring personal finance success – not necessarily those with high incomes – tend to have a propensity to not give a damn what others think about them.
So people’s ability to save is more in their control than they might think.
Savings can be created by spending less.The Psychology of Money; Morgan Housel; Page 150.