Saving for your retirement, your children's education or just improving your standard of living can be impossible unless you know what to do. Small changes in your spending can achieve $1-2,000,000 over your lifetime.
10 Small Changes in your Spending Habits:
- Save your change - this can be as much as $50 a month.
- Stop buying soda, coffee, and junk food when out - $50-100 per month.
- Take your lunch to work - $250-350 per month.
- Cancel your cable TV - $50-150 per month.
- Use coupons at the supermarket - $50 or more per month.
- Shop at discount stores for clothes - $50-100 per month
- Use the Internet to shop significant purchases - savings up to 40-50%.
- Increase insurance deductibles - $200 per year.
- Lower thermostat in winter and raise it in summer - $25-100 per month.
- Pay bills online/automatic bill pay - $15-20 per month postage.
You may look at these suggestions and say, no way can I change or live without it! Your next step is to find something else that yields the same or more savings. For example, I cannot give up cable, so it is part of my entertainment. I use group discount movie tickets to achieve similar savings and more selective how often we go to the movies. Remember the goal is saving $750.00 or more a month, the specifics are up to you.
By conservatively investing the approximately $750 savings monthly in 30 years it could grow to $2,000,000.