How Can We Save $50 A Week as A Minimum?
$50 seems like a big amount. You can easily save up to $50 a week by making a few changes. According to Certified Public Accountant Brandon Small, it is not a big amount to save $50 a week when you think about it. Moreover, if you make up to four transactions daily, you will most probably get a good chunk of that back in coins every single week.
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Try To Eliminate Unnecessary Monthly Expenses
Small says, irrespective of how much money the clients make, many of them have a common thread. They have no idea where the money goes. If you eliminate the repeating expenses, basically, you have locked in these savings. When you make a goal to save money, a lot of people will see their monthly expenditures in a new light. A few make do with fewer TV channels and save up to $30 every month and $7.50 per week.
You can get a good enough gym membership for $19 instead of getting a membership for $40 at a full-service gym; you will reduce your gym membership expenses altogether and save 5-10 dollars every week. Brandon Small further adds that with the smartphone services, you will have another chance to save, particularly if you are around the Wi-Fi connections throughout the day. When you reduce your cell phone bill, also consider dropping your landline in order to save more money.
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Ways to pay off debt.
As saving can be a good idea, here is an example of where you come when you spend your money when you have the most interest rate credit card loan. Why would you like to put your money in the savings at 1% or 2%, when you can use the same amount to pay a credit card at 15% or 20%. In order to save in the long run, it will be best for you to spend down extra money to pay your debt, as you will be able to get what you pay on the debt and interest and save it.
Make daily choices
If using down debt or cutting some of your extra expenses does not help you meet the 50 dollars goal, then change the pattern of savings. The first thing that we can suggest and you also can pick this one is to visit the cinema once a month instead of twice. Watch a movie in your lounge by spending only 5 dollars on DVD instead of spending extra dollars on tickets, popcorn, drinks, and coffee. If you eliminate one coffee from your weekly schedule and take only one per week, you can save 10 dollars every week. Eating more at home and less in outside places can also save some extra charges from your salary.
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Pay with fives
Boost your saving speed by adding a small number of dollars. For example, whenever you pay for something, use the bill with extra five dollars. Wait, I am going to explain with an example, suppose if you buy a shirt or perfume or any cloth for 25 dollars, and use the 30 dollars bill. When you get a change of $5 in return, then add it to your savings. We buy a lot of little things every day and also get little change back. So put these little dollars in savings, and they will increase in numbers quickly.
What does $50 do?
When someone asks the question, is it worth saving 50 dollars per week? The answer is very calculative and pleasant. Fifty dollars per week can be 2,600 per year. If you start to add your savings in interest, then it increases more quickly. According to the calculations of the consumer federation of America, if someone honestly saves 50 dollars per week for 40 years, the total amount could be 332,020 dollars. If you invest this money at 5 percent profit, it returns you 16,601 dollars per year without performing any job.
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