My last three posts on The Money Spot have including various tips or ideas on possible ways to save money. Some of these ideas have created more savings then others.
The biggest take away is the combined effect of these savings over an extended period of time and the resulting increase in your financial well-being down the road.
The three savings tips mentioned in the last three posts were;
Vehicle Insurance To High? Increase Your Deductible! “Savings $139 A Year”
All of these savings add up to $2359 a year. If we were to invest this $2359 in savings each year over the following time periods. Earning a 7% return. The results would look as follows;
10 Years $32,593
20 Years $96,708
30 Years $222,833
40 Years $470,939
As you can see the little savings each year over an extended period of time really add up to a significant difference in your net worth down the road.
This is the reason I get so excited about the topics discussed here on The Money Spot. Each one of these ideas whether it is going to the library or how to reduce your grocery bill. It will all help improve your financial well being. I mean, just saving an extra $2359 a year or $197 a month in thirty years will be worth $222,833.
To see the results of your savings efforts for yourself make sure you check out many of the free savings and investment calculators online. It might be the push you need to implement cutting cable TV or keeping your old mobile phone when you see how surprising the littlest increases in how much you save adds up over the years.
If you have any additional ideas or experiences with the little savings or big ways to save money we haven’t discussed yet, share them in the comments please.
Thanks for stopping by,