Saturday, January 05, 2013

Money Saving in a Neat Way

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Ok so my co-worker Tina came across this the other day on Facebook and we thought it would be neat to do. Basically how it works is you put however many dollars with the number of week of the year it is into an envelope. As you will see below. You can either put it in an envelope or for extra savings you can start a savings account at ING. At the end of the year you should have saved at least $1,378.00.

Now if most of you are like me you are probably wondering where you are going to get the extra money every week to put away. Well lets think about that. The average price of a pack of gum anymore is about $1.19 depending on where you buy it at. The average bottle of soft drink is more then a 2-liter which is about $1.58-$1.99 a bottle. The average price for a bag of chips is $1.99. Now these prices may seem a bit crazy which I think they are but have you ever really noticed the price of some of the "snack" or "drink" items you buy on a trip to the gas station or grocery store. Well trust me when I say they all add up. If you take all of these items and you buy them 5 out of 7 days a week you are blowing $24.43 a week not including tax. If you take that amount and times it by 52 weeks that alone is $1,270.36 a year that you just blow.

So here is what I want you to do. First ask yourself before you spend your money on these items...."Do I really NEED this?" More often then not you will realize that you don't "NEED" it but you "WANT" it. Wouldn't you "WANT" to have the $1,270.36 at the end of the year instead? Now I know that this is not the number that I mentioned when I first started out, of course this is just an example of 3 items that I could think of right off the top of my head. Here is another example of a way to save ALOT of money. Say you eat McDonald's everyday during your work week. On average you may spend $6.00 a day for your meal if you don't order off the dollar menu. During the week you would have spent $30.00 and if you times that by 52 weeks you spend an average of $1,560.00 a year on McDonalds...uh hello people no brainer here. Pack your lunch and save the money. Now let me remind you...I hardly ever if at all take my lunch to work. What I normally do is buy some groceries and put them at work. Not always but usually. Although that is changing. My co-worker found a cookbook that she thought was really interesting and got it for me as Christmas Gift. She specially told me that she can't wait to try the food when I cook it. Now you are probably thinking why doesn't she just cook it herself. Uh she doesn't cook, she usually eats out alot because her son is in major sports at school so she is always on the go. So the agreement with her and I is that is she brings me breakfast in the morning then I will cook dinner the night before and save her a plate for lunch the next day. So we both win, I get breakfast which I never think to get in the mornings and she always (ok usually if there is leftovers) gets a good lunch.

Ok here is the breakdown on how this works in the table below. Feel free to print it out and keep it on your fridge or at your office or desk or wherever you keep your bills and bank statments. Wouldn't it be great that at the end of the year you have this extra money for whatever you need. I am thinking a trip, new wardrobe, a piece of furniture you have been wanting but never had the money, you get the idea.

To see another place where this is at just click Here.

Sorry the image is kind of blurry. I didn't think I could create a new table so I just scanned the print out I did yesterday. So lets see who all can do this. I think that would be a wonderful way to start off the year and definetly away to keep our eye on the prize at the end of the challenge, yeap you guessed it, you can do whatever you want with the money. Plus you will find that you don't really miss putting it away when you think of it in terms of your healthy choices.

So lets pass this around and lets see how many people can do it. I think this would be a great way to Share the knowledge of wealth. I would love to hear how you have done.