Fabulessly Frugal Friday: Save an Extra $50 a Month Week 5
It is the last week of our 50 ways to save $50 and month. I hope you have enjoyed it and incorporated some of Robert Allen’s tips.
Just think if you did each thing to save $50 a month you could potentially save $2500 a month, or $30,000 a year! That is like a teachers salary not spent!
41. Don’t touch that thermostat, put on a sweater instead.
I have friends who wear wool socks, beanies and sweaters in their house during the winter. If I knew that it really saved a lot of money I would try it too. Maybe we should do an experiment this winter and find out!
42. Take a shower instead of a bath.
Another idea is to bathe your kids together, or one after the other in the same water. Does that gross you out? Sorry if it does.
43. Only run a full dishwasher.
Washing dishes by hand will save you even more. It saves you on water and electricity. I am okay with going the full dishwasher route though. I am a little too busy or lazy to wash by hand.
44. Have an energy audit done on your home – some companies do them for FREE.
You can even do one yourself! Check it out.
45. Never pay extra for car rental insurance – you’re probably already covered by your credit card or regular car insurance.
46. DON’T PLAY THE LOTTERY – the odds of getting hit by lightning are better than your chances of winning.
Buying lottery tickets not only wastes your money, but it entices you to pick up other items at convenient store prices.
47. Time to refinance your home? Keep an eye on interest rates.
1% point on your interest rate will save you about $100 a month on your mortgage for every $100,000. If you have a $200,000 mortgage 1% will save you $2.400 a year. If you have that mortgage for 10 years you will save $24,000 during that loan period. Keep it for 30 years save $72,000.
48. Pay yourself first – set aside a dollar a day.
If you put that $1 a day into a fund that earns 10% you will earn $25,000 in 20 years. If you do the same thing for 54 years you will grow 1 million dollars. We invest $10 a day and in 20 years will have $250,000. We will have our million in about 33 years. Now that is assuming we can earn an average of 10% interest. Right now we are not earning that but are buying our stocks at a discount because the market is down. We started investing almost 7 years ago so it will actually be sooner than that. The younger you are when you get in the market, the younger you will be when you accumulate your million. So start now. Robert will tell you how in his book.
49. Buy a “piggy bank” for all the spare change you keep finding in your couch.
I love to use my change for garage sales and doubles coupon shopping at Albertsons.
50. Don’t spend your next pay raise – INVEST THAT MONEY INSTEAD.
That is a great time to start investing. Your budget will not miss the money! We invest the maximum allowed in our 401K plans.
All 50 of these tips plus more great advice from Robert Allen can be yours for just $2.95! Hehe that sounds like an infomercial. But REALLY You can purchase Multiple Streams of Income: How to Generate a Lifetime of Unlimited Wealth! Second Edition at Amazon.com
Sorry the FREE book offer is no longer available.