How to turn $5.48 per day into $2.38 million

By David Pye, Clearfacts, April 29, 2011

Share

Saving $2,000 a year begins with $166.67 per month, which breaks down to just $5.48 a day.

And, according to a recent Financial Post report, a 15 year old who saves $2,000 a year for the next 50 years will retire with a $2.38 million nest egg.

While we all complain that there is no money left at the end of the month to direct into a savings vehicle, here are some interesting rocks to turn over in order to find that elusive cash:

  • Cut back on your $5-per-week lottery ticket expense;
  • Stop buying a $1.59 chocolate bar every day;
  • A teenaged smoker who buys a pack a day could save $5.8 million by the age of 65, while cutting back by just two thirds could save you more than $2,000 a year;
  • Pay off your credit card balances and stop paying heavy interest charges;
  • One less case of beer per week will save you 75% of your $2,000 saving goal;
  • Brown-bagging your lunch instead of buying a Big Mac every day will achieve your goal;
  • If you’re a two-car family, cutting down to one could save you $2,000 on expenses including insurance, gas and maintenance;
  • Downgrading your full package of cable TV channels could save you $750 per year, or half of that by trimming to a more basic package;
  • Instead of paying for magazine and book club subscriptions, take advantage of free copies at libraries, or through the Internet.
Read this article at :
http://www.clearfacts.ca/budget/budget_planning/how_to_turn_5.48_per_day_into_2.38_million

Special report other articles

> Beware of banks bearing gifts: The offers you should refuse
By David Pye, 09 May 2012
> Top 7 consumer items you should never buy used
By David Pye, 07 May 2012
> 12 ways companies are spying on us daily
By David Pye, 09 March 2012
> Ethical shopping gains momentum
By David Pye, 14 February 2012
> Five easy ways to stretch your grocery budget
By David Pye, 02 February 2012
> Dissecting the next consumer generation
By David Pye, 13 January 2012
> A new rewards program…with a healthy twist!
By David Pye, 13 January 2012
> Cheap fakes: 10 common consumer items that may not be real
By David Pye, 04 January 2012
> Vox Pop: Who do you tip…and how much?
By Protégez-Vous, 21 December 2011
> Have you been seduced by the likes of Groupon or Tuango?
By Protégez-Vous, 25 July 2011
> Digital currency a preferable option for most Canadians
By David Pye, 21 July 2011
> Postage: Need to save? Open a post office box in the United States!
By Desautels McGill, 04 April 2011
> Soaring consumer spending overshadows savings in Canada
By David Pye, 03 March 2011
> How do your peers influence your spending habits?
By Craig Kielburger, 08 November 2010
> Top 10 countries where cellular service is most affordable
By David Pye, 20 October 2010
> The crème de la crème of loyalty cards
By David Pye, 07 September 2010
 
See terms of use

Submit a comment

All comments are moderated before they are published.

 

Terms of use

Close
  • 1.

    The comment section of clearfacts.ca, administered by The National Bank of Canada, encourages the discussion of subjects featured on the site through contributions published by its users.

  • 2.

    All comments, opinions and material submitted will only be posted when the site moderator has approved the content.

  • 3.

    Comments, opinions and material posted on this site do not constitute approval or endorsement by The National Bank of Canada.

  • 4.

    Users are, at all times, solely responsible for the content of their comments, opinions and material.

  • 5.

    The National Bank of Canada reserves the right to deny, delete or modify all comments, opinions and material submitted, at their discretion, particularly if:

    • It reveals personal and confidential information associated with an individual, including addresses and phone numbers;
    • It is unrelated to the editorial slant of the site;
    • It is off–topic;
    • It is abusive, defamatory, obscene or offensive;
    • It is threatening or harassing;
    • It contains personal threats;
    • It is discriminatory, racist, sexist or homophobic;
    • It incites violence or hatred;
    • It provokes;
    • It is false or misleading;
    • It runs contrary to the laws and rules in effect;
    • It is advertising or commercial in nature;
    • It quotes editorial without citing a source;
    • It contains content that is subject to royalties without the necessary authorizations

    The National Bank of Canada will not be held responsible for comments, opinions or material posted that violate the rules stated in the Moderation policy.

  • 6.

    The National Bank of Canada encourages users to show respect, restraint, courtesy and tolerance with their comments, opinions or material.

  • 7.

    All comments, opinions and material submitted become the property of The National Bank of Canada, without compensation of any kind.

  • 8.

    The National Bank of Canada is not required to delete any comments, opinions or material after a request has been made. All comments, opinions or material submitted will be archived and stored.

  • 9.

    The National Bank of Canada is not responsible for any external links suggested in the comments.

  • 10.

    The National Bank of Canada reserves the right to delete any of the comments on clearfacts.ca without notice.

  • 11.

    The National Bank of Canada reserves the right to modify the comment moderation policy at its discretion and without notice.

  • 12.

    To reach the site moderator, click here.

Close

0 COMMENT