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April 19, 2017

Watch for Budget Leaks ~ Words of Wisdom

Little expenses can ruin savings goals.  Getting in the habit of spending earnings on snacks, hobbies, entertainment, collections or any passion or desire we have can drain a budget and stop any effort at savings.  The only way to reach savings goals for the future is to deny ourselves something today.

I borrowed a book from the library years ago called The Millionaire Next Door.  I remember the author shared how stopping for a $5 fancy cup of coffee each morning verses drinking the free coffee at work or carrying your own from home, would make tens of thousands of dollars of difference in a retirement account.  Just simple savings without interest would come to $1250 a year (5 days x $5 x 50 weeks).  In just ten years
that would be $12,500!  A person working 30 to 40 years would be saving big!  Put that in a tax shelter retirement accounting earning compound interest and it will multiply.

Most everyone can find a little something they are spending on that they could do without.  Even back in the day of Benjamin Franklin people had unnecessary spending, thus this quote.  I remember finding ways to save even when I was first married and my husband was still in college.  It wasn't much but it sure came in handy after a bad accident and I had to quit working for several months.  To this day I search for ways to cut my spending so I can save and give more and keep my ship from sinking!

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