In last week’s blog, I told you about my money-savvy friend who tells me how to make millions, and how I have a bit of a hard time getting started. Well, the first hurdle was hurdled last week – it’s not too good to be true as we saw with an example of the power of compounding interest. In this week’s edition, I am going to help dispel my second myth that “no one has extra money every month to start saving!” So here it goes:
There are countless things you can do to start saving this much per month.
- Pack your lunch. $5 at In-N-Out x 3 visits/month = $15 (which equals $180/year!)
- Make your own coffee. $4 per latte x 5 visits/month = $20 (it doesn’t seem like I go that often, but Mondays are rough)
- Yippee for your raise! You were living just fine off of what you made before, so why not save the extra you’ll be getting.
- Switching insurance companies, cable carriers, or phone service providers can be a little timely but worth the possible savings. If you can cut $10 from each per month, that adds up to $360/year!
- Turn the lights off, unplug the toaster, turn the heat down a notch, use a filter instead of buying plastic water bottles, etc. It all adds up and saves on your monthly bills and – bonus, your earth usage. Your local power company will have some great tips on their website to save every month.
No matter how good or not-so-good your financial situation is, there is almost always more we can do to be more aware of where our money is going. Once you get into a routine, you’ll find that it gets easier and you, in fact, do have time for that.
So now that I can’t go out to eat anymore, we use only flashlights to light our house, and I only have 3 texts per month on my new cell plan, my aforementioned friend isn’t my friend anymore. Just kidding – you don’t have to cut everything out of your life and stop enjoying yourself. It is possible to cut back on the extras and still live a life you love! If you share these tips with your friends, maybe they’ll thank you and you can all cut back together! Now, go into the world armed with these tips and pack your lunch for tomorrow.
Stay tuned next week for some specific tips on drafting your own budget!Share: