Let’s start by asking ourselves the question, how much money are we wasting every day? Let’s look at a few common non-essential things many people spend roughly $10 dollars a day on: unnecessary shopping, Starbucks, eating out, premium cable channels, movies and/or extra cell phone minutes. Now, if we are all honest with ourselves, we know that we do not need these items on a daily basis. These are niceties! However, if we continued to spend $10 a day on these types of things, that would cost us $300 a month. And, if we spent $10 a day on two of these items it would be $600 a month. I think we could all see that this behavior can add up very quickly and cost us big money over time.
We all know that we can easily spend $10 a day on things that we like, but do not need. However, can you save $10 a day? If a couple saves $10 a day each, that would equal $20 dollars a day, and, if you multiply that by 365 days, it comes out to be $7,300 a year. Furthermore, if you invest in an account that gave you an average of 10% interest – in 25 years that would be $868,820.24. Now how many of us could use that lump sum of money?
To take this concept even a step further, if you have a 401k matching program at a 50% match ($10 more per day) it would end up being $30 times 365 days which comes out to be $10,950 per year and over $1.3 million dollars over a 25 year span. So, the question still remains, can you set a financial goal of saving just $10 dollars a day?
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