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| Small Change Makes Big Wealth |
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| Written by William Blake |
| Thursday, 01 January 2009 09:57 |
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One old expression claims that if you don't break a dollar, you won't spend it. And it's true, especially when it comes to larger denominations of money. Many people find it easier to spend smaller amounts of money, thinking that they will save money since they are not spending a lot at once. In the end, though, they spend a lot anyhow. Controlling those small purchases, however, is one great way to save a substantially large amount of money. Think about how you can do it. If you smoke or have to drink a cup of coffee from your local coffee shop every day, work to cut such expensive habits out of your life. If you save $4 a day on unnecessary expenses, you will have saved about $1,000 in a year's time. Take your lunch to work each day instead of buying it there. You can have a much healthier meal and a greater variety by doing it yourself. Plus, you'll save around $5 each day and that will add an additional $1250 to your savings account. Eat in instead of out. People who habitually eat out each week are wasting large amounts of money. If you opt to eat in just one day each week that you normally eat out, your family can save $2,500 annually. Cut hair at home. This is a pretty big saver for large families (especially those high on the girl numbers). You could potentially save $30 a head and that would mean lots of additions to your savings account. Give up the cable. The television is only eating your valuable time and it doesn't give you anything in return. By cutting the cords you could save $60 a month. That means you would be building your savings by $720 each year. Once you build up your savings, switch them over to a higher interest rate investment option. CDs are one of the most secure, higher rate investments on the market. As you continue to grow your savings, you can seek professional advice about the best way to invest that money. Use the savings to pay off your mortgage early and you can save yourself even more money (in the form of interest). But be sure to check on prepayment penalties before you make that leap. It could end up costing you more than it would save you. About the Author: Are you tired of barely keeping up with your credit card payment? Get some simple credit card tips on the Debtopedia website. Visit http://www.debtopedia.com for a free copy of my "Secrets Of Credit Card Debt" report. Kindly provided by LJ-Marketing.dk You are welcome to use this article on your own website, if you include the link just before this text. |
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