Tuesday, September 9, 2008

Savings $10/week- Does it make a difference?

I absolutely loved this article on savings! And not just because it talks about coins in your couch making a difference.... (but that was pretty cool!)

No, this woman talked about how $10 could really make a difference. The same advice I was given when I was just starting out newly married... that I chose to ignore. I wish I had this article that could have explained it logistically to me back then. I'd be better off today.

She has written and shown how much money you would have accumulated after 30 years if you saved $10 a week. Here is the quote:

According to MSN Money's Savings Calculator, if you saved just $10 a week, or $40 a month, you'd end up with almost $60,000 in 30 years, assuming an 8% return. (Historically, that's been the long-term return for investing in stocks.)

Now doesn't $10 a week sound rather insignificant? I mean, I thought the same thing.... how can a measly $10 make a difference? But look at how it adds up! I am re-evaluating my savings plan today and starting small.... even $10 because with all the adoption stuff etc... I can at least afford that. $40 a month is dining out one time for my family. I can forgo a restaurant in favor of socking that money away.

How about you? Care to take a savings challenge? Even a small one? Take a look at this article and and see if you can save $10 a week..... even a small amount can make a big difference!

How $10 Could Save Your Retirement.

5 comments:

Troy and Rachel said...

Wow! I really need to put 10 bucks in a savings account each week! Thanks for the information as always!!

Kris said...

I just wanted to stop by and say that I love the new direction you've taken with your blog. The money-saving tips are really fabulous. You're creating a wonderful resource. Thanks for all the time you put into your blog.

Kim Abraham said...

Great posts! I really hope people are out there listening close! What you are describing works and is so very important! Isn't it amazing what just $10 can do?

We have always tried to live off one of our salaries and save most of the other. It's the only way we ever could have dreamed of completing our adoption debt-free -- well, that and a few unexpected blessings from God at just the right time!

jeannie said...

you know sometimes it is so hard to look at the big picture.
your right what's 10.00!
you know how often I blow that on something really dumb...
Great tip....

Mamosa said...

My eyes are opened!