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4 Money Saving Decisions That Add Up

money saving decisions

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If you go to your local coffee shop and spend: $3.50/day x 5 days/week

How much will you spend on coffee in a year?

Answer: $910

Now maybe to you that coffee habit is worth it…or maybe it gives you a different perspective on small money saving decisions that really add up. Imagine if you took that nearly $1,000 and invested it over time. Well, I’d bet you could buy a whole lotta coffee.

So that brings us to the topic of this post. Let’s look at the four decisions that save money each month, or even day, that will have a big impact later.

Money Saving Decisions to Consider

1. Quit Smoking

There probably isn’t anything I can preach more about than quitting smoking. It’s not only a ridiculously expensive vice, but it can also cost you your life. It did for my dad and we had to go through the unfathomable pain of watching him slowly suffer from lung and brain cancer.

Average yearly savings if you stop smoking a pack per day: $2,011

2. Meal Plan for the Week

If you meal plan for the week, it’s more likely that you’ll use all of the food in your fridge. By shopping for only what you need and will use, you won’t be throwing out spoiled goods.

Average yearly savings if you stop throwing out $5 of food per week: $260

3. Go Out to Eat One Less Time Each Month

Because you’ve planned your meals, you’re less likely to go out. While I’m not suggesting to always stay at home and cook, I think it’s reasonable to cut out one restaurant trip each month.

Average yearly savings if you cut out one $25 restaurant bill: $300

4. Choose Generic Brands

We buy a lot of generic brands when we’re shopping. Most of the time it’s nearly identical to the name brand at a fraction of the price.

Average yearly savings if you go all generic with a difference of $60/month: $720

These might not be mind-blowing adjustments to your routine, but it really does add up. The total, including kicking the coffee habit, is:


Now consider if you took that money and invested it at 7% over 10 years. That’s almost $45,ooo!

So next time you pull out your money for a small purchase, consider how cutting out just a few dollars from your spending could make a big difference in your financial future over time.

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