Posted by Nancy Hecht , CFP®, AIF®
I know many people that cannot function at all without their premium coffee first thing in the morning. There are many other little things that we buy regularly that we can make ourselves at a much lower expense but don’t. So I ask; what are you willing to give up so you can have a more secure future? Let’s take the coffee as an example.
If you buy a premium coffee each day you are probably spending close to $4 per drink. If we just look a 5 day work week, that’s $20.
If you were to save and invest that $20/week and earned 4% on that savings, at the end of 15 years you would have $19,752.86. That’s a lot of coffee!
I challenge you to do two things:
First, just for two weeks pay cash for everything and get a receipt for every thing you buy. You will be surprised at how much money you spend per week without a thought about it.
Second, pick one item you are willing to give up for the sake of your future. It will hurt for about six weeks, and then you will not even miss that item as you watch your nest egg grow.
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