How are your New Year's resolutions? My are gone and I bet that's true for most of you as well.
it doesn't mean we're bad people or that we can't do what we set out to do. And we certainly aren't lazy. What it does mean, however, is that we're human.
A common resolution is for people to save more money or get out of debt or otherwise do better with their finances. And there's no shortage of articles on the internet about ways to save money on various things. This article is a common example.
I like my TV shows and keeping warm in my house. And I like going out to eat even though I know my way around the kitchen!
My personal vice isn't a latte but an iced tea. Large iced tea with 2 lemons and 2 sugars in case you were wondering. Or if you're swinging by McDonalds, I'll take a large iced tea half cut (1/2 sweet and 1/2 unsweet).
Except there's 2 problems with articles like this.
- I don't want to give up any of these things!
- They won't save that much money anyway!
instead of finding ways to save a few dollars here or there, why not do something that has a bigger impact. The IRS indicates that the average tax refund so far is over $3000. That's $250 per month!
You can save that money or use it pay off debt during the year. In fact, that seemingly lowly $250/mo adds up to quite a bit of money.
Take the average 40 year old who will retire at age 67. Assuming 5% return (and taking out taxes at 25% and state taxes at 5.6%), the lowly amount will earn a total of over $50,000 in interest by age 67.
And you won't have to give up your shows or keeping your house warm! And don't forget my iced tea.
What are your favorite tips for saving money?
