Hello All!
Sorry for my absence. We have had a lot to do these past couple of weeks and have several projects going - as usual. In addition, the weather has been very strange and we have been dealing with a small flood. Not to worry because all is well now and the sunshine is out today! I would post some pictures of the flood, but I cleaned my desk and now cannot find the USB cord for my camera.
So, my husband and I have been working on our wills - and all the details about who would care for the kids if something should happen to both of us. All unpleasant things to think about, but necessary to deal with.
In doing that, I came across an article that says if you are 30, you will need to put away about $450 in your retirement account every month in order to retire a millionaire. Who doesn't want to be a millionaire, right? But $450? Who has an extra $450?
So, here are some of the things the article suggested in order to save that $450 per month.....
* Pack your own lunch to take to work and save about $100 per month. Not much help for the SAHM crowd, but *someone* in every family has to go to work, so I guess hubby will be brown bagging it! LOL!
* Have one less 'dinner and a movie' night out per month to save an average of $80. Eating out one less time per month is definitely something my family and I can do. We don't usually go to movies all that much at this stage, but even $40 saved is $40 saved.
* Fast food lunches. I let my kids have a fast food lunch ever week - but if we cut that in half, we could save $20 per month and if will be better for all of us.
* Buy some generic or store brand products rather than brand name. Some things are just not worth the extra price. I try to buy all of my cleaning supplies at Costco or Walmart and buy the biggest quantity I have room for - and generic is often the way I go with cleaners. They work just as good I think.
* Convenience store drinks like bottled water and soda cost significantly more that if you had purchased a larger quantity and then brought your own along. If you buy a bottled soda every single day, odds are that you are spending about $1.50 on it - which is $45.00 per month!
* Extended warranties on small appliances you buy are almost always a waste of money. Skip them!
* Lotto tickets - gambling is a total waste of money - period.
* Junk food - especially those snacks at the Convenience store that you are likely buying to go along with that bottled water or soda - are huge money suckers. Those cookies, crackers, candies and chips could add up to another $45 per month. At that rate, the convenience store owner will be retiring when he or she is 50!
* Energy drinks cost over $2 each and are just not good for you. Skip them!
* Starbucks. No explanation needed. A much needed treat once in a while is not something I am willing to give up. Once in a while though means just that - once or twice a month for me from now on.
* Organic produce goes bad very quickly usually so use your organic produce right away and try not to overbuy!
* Buying that huge bag of pre-made salad at Costco is likely a waste of money. Most families will not eat that huge bag of greens before they go bad. Buying large quantities of perishables at wholesale clubs usually costs more in the end.
* Maintaining those acrylic nails will cost you about $500 a year! Yipes!
* Cigarettes and smokeless tobacco products are a waste of money in two ways - they are a huge money drain at about $5 per pack. $5 per pack per day is $150 per month - if you only smoke one pack per day. I know lots of smokers who smoke more than a pack per day. In addition, smokers and tobacco users pay higher health insurance premiums - and they are high enough as it is!
So, I can see about $130 from this list alone that I can save - not to mention that if I made one less trip to town per week, I could save another $80 per month on gasoline. Once I call the satellite company and cancel the HBO that we never watch and start using my Library card rather than my Amazon account every time I want to read a book, I estimate that I could be putting about $250 per month - which puts me over half way to the $450 mark. And, yes, I know that I am slightly older than 30, but I already have a started on my retirement account so I think that should make up for it. I am not sure I will ever make it to millionaire status, but it's worth a shot!
4 comments:
Crikey!! I'm over 40!! But I, too, have a (very small) retirement account already. I suppose I'll just have to rely on my sugardaddy - I mean Todd.
Those are all good suggestions. I've been cutting down on Starbuck's, too, but they're building a DRIVE THROUGH a couple miles from the house. Whatever will I do??
A drive through is a unfair advantage on Starbuck's part. I would suggest we protest but I think we would end up inside having a mocha instead!
I don't drink coffee, I VERY rarely go out to eat or to a movie, I don't gamble, have never had an acrylic fingernail applied and the rest of this list is beyond my comprehension. Still, I can't set aside 4 bucks, much less, 450 bucks aside every month. Of course, I've got my little bro living with me while he's trying to get himself back on his feet. And I'll tell you what, he can put away some groceries...
We don't have much but we pay the bills and manage to have a good life. Having said that, I have a couple more suggestions to add to this list...
1. Need less, in general.
Out of pure neccesity, I've learned that I can feed 3 people for a week on $25. Here's how:
1. Buy 4 full-size canisters of strawberry yogurt for 2 bucks a piece and two bunches of ripe bananas at 50 cents a pound. There's your breakfast. Buy a loaf of whole wheat bread and a big jar of peanut butter - there's lunch. Cook up a big pot of soup beans (with bacon and green onions) and get a big hunk of extra sharp cheddar cheese - there's your supper. Believe it or not, that will feed 3 people for a week - for $25! I know because I've been doing it for a while. It gets boring and nobody smells good, but......
2. Kill your television (and your cable bill.)
How many of those 350 channels do you watch anyhow? I don't even own a t.v. but I stay busy and keep up on current events without a t.v. We play have good conversations, play card/board games and take walks in the evenings rather than sitting in front of the tube.
2. Walk instead of drive.
I know everyone doesn't live in an area like I do but since gas is over 4 bucks a gallon here, I really can't afford to drive my car anymore. So, I walk. I can walk to the grocery store, the post office and even to the mall, if I absolutely have to. It helps to cut down on extra items you would buy on impulse but don't need. Believe me, you only buy what you absolutely need when you know you're going to have to carry that stuff home in 100 degree heat.
Yep - my sis is the master of a shoestring budget! I cannot deal without TV though - besides the designer handbag I buy off of Ebay on occasion, it is my one guilty pleasure.
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