3 Ways to Save $20 This Month has been published on Minimalist Finance
photo via http://techliberation.com/
They say a penny saved is a penny earned, and my guess is that if you are reading this blog you agree with that general notion. If you can save even a small amount of money each month, and invest it into your retirement or pay down your mortgage with it, you can end up earning a lot of money in interest over the long term because of compounding.
No amount is too small to save, but a good starting point for cutting back and looking for ways to save is looking at your savings in $20 increments.
If you can save $20/month, you’ll be saving $240/year. If you invest that money in a retirement account, that number will continue to grow substantially each and every year, compounding until you are better off in the long run.
Don’t have $20/month? Here are 3 ways to save that amount:
Cut Your Utility Bill
If you can’t find $20 to save per month but you still subscribe to cable, you may want to re-consider. Cable is costly and a luxury. If you can cut the cable and use Netflix and stream your shows instead, you are likely to be able to save far more than $20.
It is also worth considering cutting your home phone or just making an effort to preserve energy and water.
Carpool or Find an Alternate Mode of Transportation
Many people spend at least $5 per day on their commute, so if you can find an alternate mode of transportation even one day per week for a month you’ll be saving $20. Plus, it’s helpful to the environment, so it’s a win/win.
Track Your Food Waste & Meal Plan
Ever wonder how much food you actually throw out each month as food waste? Track it one week and you’ll be shocked. By meal planning, you can save far more than $20/month on food waste and unnecessary food purchases.
It’s not hard to save $20/month, if you are looking in the right places.