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I recently read a headline that says most Americans have less than $1,000 in savings. This is pretty dismal when you consider that America is one of the richest countries on earth and has lots of opportunities for earning extra money or saving.
So, here are some ways you can economize.
1. Smoking. If you are into smoking tobacco (or increasingly marijuana) consider quitting. A carton of cigarettes costs easily $40 to $50 and an ounce of marijuana costs between $100 and $300. A better thing to do would be to cut down or quit. Your cash flow will improve and your health costs (insurance and doctors visits) will go down.
2. Lottery. Lottery tickets costs between $1 and $20 per ticket. If you play the lottery consistently over the long run you're going to lose money. Instead put this money into a savings account or invest it in a low dollar amount brokerage like Loyal3.
3. Magazine or online news subscriptions. These can easily be up to $25 dollars a year. If you have three or four of these, you're looking at easily $100. Cut back and read the news on savingadvice like all the other cool kids.
4. $50 for food and tickets at the movies. Going to a movie is usually a favorite family pastime...however it does add up over the long run. Consider making food at home and firing up Netflix or Shutter.
5. $5-$10 for alcoholic beverages. If you're going out with your friends consistently consider cutting back on the number of nights you're going out or the amount of alcohol you're drinking. Remember you don't need to get drunk to have fun, although it helps.
6. $1.4 - $6 for bottled soda or water. Water or soft drinks in bottles can be most expensive way to buy your beverage. Instead of buying individual bottles drink what your work provides you or buy in bulk.
7. $6 - $14 a day for lunch. Instead of dropping this cash, brown bag your lunch. Get some leftover chicken or salsa or whatnot and put the food in some tupperware and take that bad boy to work. Rice with curry makes a great inexpensive lunch, so does peanut butter and jelly sandwiches with an an apple.
8. $500 monthly car payment $350. Leasing your car is a massive money waster, but if you're doing to do it, lease a no-frills model. Your bank account will thank you.
9. $250,000 home vs. a $350,000 home. Smaller homes carry smaller mortgages and cost less to heat. There is also less room for stuff so you'll have more incentive to declutter. Plus, stuff in general tends to depreciate in value, so you don't want it around.
10. $1,000 vs $3,000 vacation. Visit attractions close to home to avoid plane fare, go to places people would go if there were in town for a visit.
Anything you would add this list?
So, here are some ways you can economize.
1. Smoking. If you are into smoking tobacco (or increasingly marijuana) consider quitting. A carton of cigarettes costs easily $40 to $50 and an ounce of marijuana costs between $100 and $300. A better thing to do would be to cut down or quit. Your cash flow will improve and your health costs (insurance and doctors visits) will go down.
2. Lottery. Lottery tickets costs between $1 and $20 per ticket. If you play the lottery consistently over the long run you're going to lose money. Instead put this money into a savings account or invest it in a low dollar amount brokerage like Loyal3.
3. Magazine or online news subscriptions. These can easily be up to $25 dollars a year. If you have three or four of these, you're looking at easily $100. Cut back and read the news on savingadvice like all the other cool kids.
4. $50 for food and tickets at the movies. Going to a movie is usually a favorite family pastime...however it does add up over the long run. Consider making food at home and firing up Netflix or Shutter.
5. $5-$10 for alcoholic beverages. If you're going out with your friends consistently consider cutting back on the number of nights you're going out or the amount of alcohol you're drinking. Remember you don't need to get drunk to have fun, although it helps.
6. $1.4 - $6 for bottled soda or water. Water or soft drinks in bottles can be most expensive way to buy your beverage. Instead of buying individual bottles drink what your work provides you or buy in bulk.
7. $6 - $14 a day for lunch. Instead of dropping this cash, brown bag your lunch. Get some leftover chicken or salsa or whatnot and put the food in some tupperware and take that bad boy to work. Rice with curry makes a great inexpensive lunch, so does peanut butter and jelly sandwiches with an an apple.
8. $500 monthly car payment $350. Leasing your car is a massive money waster, but if you're doing to do it, lease a no-frills model. Your bank account will thank you.
9. $250,000 home vs. a $350,000 home. Smaller homes carry smaller mortgages and cost less to heat. There is also less room for stuff so you'll have more incentive to declutter. Plus, stuff in general tends to depreciate in value, so you don't want it around.
10. $1,000 vs $3,000 vacation. Visit attractions close to home to avoid plane fare, go to places people would go if there were in town for a visit.
Anything you would add this list?
I'm not sure how much we need, I want to speak to some mortgage guy to find out the details about what to aim for. Problem is, we're currently renting in an amazing neighbourhood and would love to stay here permanently, but it's quite expensive - in $, prices are around $500k. We're hoping
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