I think that most would agree that saving for retirement is a pretty big issue these days, especially with pension plans pretty much going bye-bye. But what I often hear is, “Tim, I want to save, but I just don’t have the cash….”
Well, I hate to say it, but you probably do have the cash. It just depends if you think saving for retirement is worth putting that little amount of money away each month.
At any cost, I want to help. Even the smallest amount of cash put away now will be big bucks later. You just have to make it automatic. “But where am I going to get this small amount of cash, Tim?” I thought you might ask that.
Trust me, it’s easy. You just need to change your ways a little bit.
I have below a list of 8 ways in which you can save an extra $200+ in no time. So here we go…..
1. Down grade that cell phone – iPhones are sweet, but do you really need that $150 per month bill for all the Internet and jazz? Probably not, especially if you want to have a nest egg when you retire. A regular plan will do just fine at $50. Right there, in two months, $200.
2. Cable TV – HBO is so awesome isn’t it? Well, not if you are paying a crapload for it. Ditch the premiums and get basic.
3. Gas – I am sure that you have friends that you work with. Try carpooling. With rising gas prices, taking turns on the way to the work place or taking public transportation are both great ways to save.
4. Eating out – This is a biggie! Let’s say you eat out for dinner or lunch 5 days per week, at an average of $10 per meal. If you were spending $10 per day x 5 days = $50 per week!….$200 per month?!?!?! And I know for a fact that this is a super conservative estimate. Start to brown bag it. It will make the difference.
5. Bottled Water – Have you bought water lately? It is freaking nuts! Almost a $1.25 per bottle on average. Stop buying it, and use the tap. It’s free.
6. Open the windows – During the spring and summer (when it’s bearable), open the windows, and turn off the A/C. Fans will circulate the air, and you won’t be wasting your cash.
7. Sell the car – Now I know this one might be a hard one to grasp, but besides a home mortgage, the second biggest payment in a person’s life tends to be their car. Is it really worth the $350 per month car payment x 5 years for the brand new car that lost $3,000-$5,000 worth of value the second you drove it off the lot? Probably not. Sell the damn thing, and buy a 4 or 5 year old car with the cash you just got from selling your new car. It will be reliable, and you can take the other money to get started with your future.
8. Make your own coffee – Have you heard about the Latte Factor from David Bach? Well, it has to do with how much money people waste at Starbucks or their other favorite coffee shop on buying their $5 coffee everyday. Just as with the food issue, this money starts to add up. Make your own coffee at home and bring it with you.
Ok my friend, these are just a few of the many. As you can see, you probably do have at least $200 to sock away each month. The questions is….are you willing to make the change. Until next time….
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