Building a nest egg

Can you just save $5 a day?  It adds up and here is how.  For easy math let’s say there are 30 days average a month.  That would $150 for month in savings.  So if you do that for 12 months you will have $1800 for the year.  Let’s take it a step further and say you do it for 5 years you will have a total of $9,000. 10 years and you will have $18,000.  That is a easy way to put a few dollars in your savings and those numbers do not even include the interest you will be earning.  I can already see your nest egg beginning to grow. 

What if you do not have $5 a day to put away? Then start with $1 dollar.  Also if you are that tight on money you need to look at all your spending and see if you can cut out anywhere on the Starbucks runs, eating out, cable, and other luxerious items. 

Try it and see how it works for one month – Turn saving a little money into a habit!

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One thought on “Building a nest egg

  1. Bus June 3, 2008 / 3:57 pm

    Great advise…with one caveat…

    Make sure that you are putting that money you are saving to work for you. Whether it is an ING type of account, or money market, or making regular contributions to your Roth IRA, let that money work for you. Starting to save is the first step, but making sure that you are not just “putting it under your matress” is also very important.

    I know that is what Moneywinks would do, I just thought I would throw my 2 cents in.

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