You’ve probably heard the old adage “a penny saved is a penny earned” right? How about this modern twist - “A penny saved is $200 (if invested wisely and compounded over 20 years)” Well, I’m not exactly sure how much compounding it takes to turn a penny into $200 but I’m very sure that saving money leads to wealth. There’s absolutely no doubt about that! The Motley Fool just published a great article about how cutting corners on things like eating out and expensive coffee drinks can help you retire much sooner.
Are you fretting about your lack of savings and the amount you’re putting away for retirement? Well, me too. I always do. Today I want to tell you the best way I’ve found to accumulate money beyond setting aside part of your paycheck each month. It’s fairly easy and fairly painless, and it could add up to hundreds of thousands of dollars by the time you retire. - Rex Moore via The Motley Fool
How To Retire Faster via the Motley Fool
Here’s another quick and easy idea! The Orange Savings Account. Earn 4.35%. Great rates, no fees, no minimums
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It’s so true. Finding small ways to save can really add up. I’ve found one of the most effective ways to control these small spending categories and other spending leaks is to use cash. You don’t have to use cash for everything, just for the specific categories you want to control. Decide ahead of time how much you want to spend (or save) and only withdraw that much. Once the cash is gone, you’re done spending for the month. It’s a great way to spend conciously and reap the benefits of saving.
There’s definitely no replacement for not spending more than you have. It’s amazing how easy it is to do that though. Thanks for the comment.