The fact that many Americans have almost given up on saving money is very alarming. Rising food and fuel costs combined with a tight labor market may add to this trend. But could we all try a little harder to save money?
See how saving a very small amount can help.
Could you save a dollar a day? Could you save $5 a day? Most of us really do waste a few dollars each day by purchasing things that we do not need.
Even if we need these things, there might be much cheaper ways to purchase some items.. You may be thinking that your budget is already very tight and there is no way that you are wasting any money. But a lot of us could be more frugal.
Do you stop for a coffee each day at one of those fancy coffee shops? There is even a new phrase for this called the latte factor. Let's say that you spend five dollars a day on coffee plus a tip or coffee plus a fancy cookie. I am certainly not trying to take away your coffee and cookies. We all deserve a treat.
But consider this. Let us say that you do spend five dollars every day on this treat. instead you could put the five dollars into an account that earns two percent interest for 5 years. You could have over nine thousand dollars at the end of this time if you simply saved that money. But of course you may be asking how you get your coffee and cookie!
You could brew your own coffee at home for pennies. Invest in a nice cup with a lid that you can take with you on the road. You can also bake a very large batch of cookies one every few weeks. You can do that for pennies as well.
If you do not want to make your own coffee and cookies, you can still probably find less expensive places to purchase these snacks in advance. If you take these things to work, maybe you could even set up a pool with coworkers so everybody takes turns bringing coffee and cookies. I bet you will still save some money!
I just used coffee and cookies as an example.
This applies to other things that may even get more expensive and out of hand. Sometimes I get busy and fail to plan for shopping trips. That is when I make mistakes. When I fail to plan, I find I have to stop at the convenience store a couple of times every week. The prices are much higher at the little shop than they are at the large market. So I find myself paying a convenience tax.
When I take the time to plan my shopping, I guy almost everything I need at the right store where things are lower priced.
Groceries might come from the market or big box store. Personal items might come from the discounts store. But the convenience store should be a last resort.
Cutting out some obvious waste could help you save more money. Why don't you see how much you might save?