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.
Your home energy cost can at times be one of your highest bills. The cost of electricity at certain points of the year gets so high that you can run up hundreds of extra dollars in cost if you are not careful. There are a wide variety of ways that you can save money on your electric bill many of which are very easy to do.
First of all upgrade your lighting. There are many bulbs that can put out lots of light with little wattage. This might not seem like a huge change but it can save quite a bit of money for you in the long run. Also get into the habit of turning lights off so they use energy when it's not needed.
Try doing things like drying your clothes outside. Doing this even a few months of the year can save a family quite a bit on electrical costs.
Be sure to maintain your refrigerator. This would include making sure the cooling coils in the refrigerator and freezer are clear. Also go to the bottom and back of the unit so that you can clean out the vent which will help it run better.
Get a wattage meter that can measure how much electricity that the things you use around your home are using. These are normally less than $20 and plug into the outlet letting you measure what you are using. This will help you focus on the things that might need to be changed because they use too much power
Unplug everything you can when not in use. Many electronics especially draw phantom power even when off. This means they are using electricity even after turned off. This can gradually add up.
When you can use cold water over using hot water. Heating hot water uses quite a bit more energy than just using the cold water which doesn't require any of this electricity.
Having your own family is a blessing that many of us do not acknowledge. Having a kid is one of the most beautiful experiences a person can have. Seeing your kid take his or her first step, giving you their first smile or seeing them off to school for the first time are memories that you will cherish all your life. However, in today's day and age, having a kid and raising him or her can be an expensive affair.
Many people actually put off having kids because they feel that they are not financial secure to take on the burden of rearing a kid. Raising a kid is not a joke. One needs to be prepared both financially and mentally to take on this great responsibility. Initially, parents will spend a lot of money on food, clothing and healthcare. Then more expenses get added.
The average cost of raising a kid from birth until the age of turning into a major is different in different countries. In fact, it can vary from city to city, depending on the cost of food, healthcare, education, housing, transportation and childcare. However, based on certain estimates, it has been calculated that on an average a single household spends about $222,000 each year. A family that is clubbed in the middle income category will spend about $11,500 - $13,500 each year and this amount will increase as the child keeps growing. Usually parents spend about 17 percent of the cost on childcare and 16 percent on education.
It may sound strange, but families that have more children tend to spend less compared to families that have one child. The reason for this is actually quite simple. If there are more kids in a family, they can share things like clothes, toys and even the bedroom. Also, the family saves money by purchasing food items in build. There are some schools that offer discounts if all siblings study in the same institution.
Every month, coffee drinkers spend a lot of money on coffee without realizing it. The amazing fact is that by simply eliminating your $3.50 latte and putting it in the bank, you could save over $700,000 in your savings account! How could that be? It's all about saving and earning interest over the years and letting compounding interest multiply your savings. Here are the three tips to help you do that:
Tip #1 - Put the money in the Bank
Save money on coffee each month, and you could be closer to being a millionaire. Imagine that instead of spending that $3.50 on coffee, each month you diligently deposited that money into your bank's highest interest savings account, term deposit, savings bond or certificate. Suppose that you find something that pays 5%. That's a little high right now but historically, 5% is a reasonable
number to use.
Tip #2 - Use Inflation
Next, we save money each month by using inflation. We can assume that the price of that coffee will go up by 5% every year. Next year that same cup of coffee will cost $3.68. So on the second year of this savings program, we use the idea of inflation to convince ourselves to deposit $3.68 every day instead of last year's deposit of $3.50 every day.
Tip #3 - Use the Magic of Compound Interest
And now we let the magic of compound interest take over. Each month as you save your coffee money, the total you save annually, grows to $1,277.50 (365 days x $3.50 = $1,277.50) and the bank pays you 5% on that money. The next year, you increase your deposit by 5% (365 days x $3.68 = $1,343.20) and the bank pays 5% on that year's deposit and the previous year's balance. If you do that same calculation every year, here's how much money you would save over the years:
- $20,809 over 10 years
- $67,692 over 20 years
- $165,638 over 30 years
- $359,743 over 40 years
- $732,480 over 50 years
You could save $732,480 over 50 years by just depositing your coffee money each month!
How to Save $1 million in just 30 years
But wait a second, 50 years is a long time to save money each month! Fortunately, you can save a million dollars in 30 years by finding $20/day to save each month and increasing that by 5% each year. You already have $3.50/day from your coffee money. All you need to do is find another $16.50/day. Here are the savings from just $20/day:
- $118,909 over 10 years
- $387,381 over 20 years
- $1,026,958 over 30 years
Isn't that amazing?
Have you ever thought of why you should save money?
Are you trying very hard to save money?
Saving money is one of the most important preparations for your financial future. It helps to prepare you for any emergencies such as unemployment, illness or disasters. In addition, it also helps you to plan for the future such as money for your children's education, buying new car or for retirement. These can cost a lot of money if you never save money. Therefore by having a good savings account can help you pay and lessen your loan obligation.
Saving money is not difficult as long as you have the determination and dedication to do it. So, if you are ready, you can try out the following steps.
#1- Make a Budget
Making a budget is one of the ways to save money because an accurate budget will help you to identify all your necessary expenses. In order to make a budget, you need to start by deciding the time frame that you will use. For example: monthly budget, quarterly budget or yearly budget. The next thing is to figure out how much income is coming in, the amount of money you spend and calculate the surplus. Remember to keep a record of it so that you can refer to it and make improvements.
#2- Start a Savings Plan
Once you have a budget plan, you should start to develop a plan on how you are going to save the money. The first step is to set your goals and figure out how much you want to save. After that, you should keep track of your own finances. By keeping track of your own finances, you should keep a close eye on your spending.
#3 - Spend Less
In order to spend less, one of the ways is to eat out less. Eating out can be fun and delicious, but it can seriously bite out your wallet. Therefore, you should try eating in more often or making your own food.
Besides eating out, you can also spend lesser by buying used or non-branded name products. I know the temptation to purchase the latest product can be strong, but if you save by buying used and non-branded products, it can be more substantial.
Saving money is possible because it is within your control. All you need is to learn and take time to develop and it will definitely benefit you for the rest of your life. So, start saving money today.
Vladimir Lenin, King Tut and the : What do they all have in common? A shocking resistance to Mother Nature's cycle of decomposition and biodegradability, apparently.
That's the disturbing point brought home by the latest project of New York City-based artist and photographer Sally Davies, who bought a McDonald's back in April and left it out in her kitchen to see how well it would hold up over time.
The results? "The only change that I can see is that it has become hard as a rock," Davies told the U.K. Daily Mail.
She proceeded to photograph the Happy Meal each week and posted the pictures to Flickr to record the results of her experiment. Now, just over six months later, the Happy Meal has yet to even grow mold. She told the Daily Mail that "the food is plastic to the touch and has an acrylic sheen to it."
Davies -- whose art has been featured in numerous films and television shows and is collected by several celebrities -- told The Upshot that she initiated the project to prove a friend wrong. He believed that any burger would mold or rot within two or three days of being left on a counter. Thus began what's become known as "The Happy Meal Art Project."
"I told my friend about a schoolteacher who's kept a for 12 years that hasn't changed at all, and he didn't believe me when I told him about it," Davies told us. "He thought I was crazy and said I shouldn't believe everything that I read, so I decided to try it myself."
Some observers of the photo series have noted that the burger's bun appears at different angles, and therefore aired suspicions that the Happy Meal may not in fact be as "untouched" as the project's groundrules stipulate. Davies says there's a simple explanation for the mobile-bun effect. "The meal is on a plate in my apartment on a shelf," she says, "and when I take it down to shoot it, the food slides around. It's hard as rock on a glass plate, so sure, the food is moving."
Davies' friend was the person who should have done the additional research. Wellness and nutrition educator Karen Hanrahan has indeed kept a McDonald's hamburger since 1996 to show clients and students how resistant fast food can be to decomposition.
As for Davies, she said that she might just keep her burger and fries hanging around for a while as well.
"It's sitting on a bookshelf right now, so it's not really taking up any space, so why not?" she said. It ceased giving off any sort of odor after 24 hours, she said, adding: "You have to see this thing."
In response to Davies' project, McDonald's spokeswoman Theresa Riley emailed The Upshot a statement defending the quality of the chain's food. Riley's email also blasted Davies' "completely unsubstantiated" work as something out of "the realm of urban legends."
"McDonald's hamburger patties in the United States are made with 100% USDA-inspected ground beef," Riley wrote. "Our hamburgers are cooked and prepared with salt, pepper and nothing else -- no preservatives, no fillers. Our hamburger buns are baked locally, are made from North American-grown wheat flour and include common government-approved ingredients designed to assure food quality and safety. ... According to Dr. Michael Doyle, Director, Center for Food Safety at the University of Georgia, 'From a scientific perspective, I can safely say that the way McDonald's hamburgers are freshly processed, no hamburger would look like this after one year unless it was tampered with or held frozen.'"
More pictures here: http://news.yahoo.com/nphotos/180-Day-Happy-Meal-Art-Project/ss/events/lf/101210happymealart
More pictures here: http://news.yahoo.com/nphotos/180-Day-Happy-Meal-Art-Project/ss/events/lf/101210happymealart