Save Money: Genius Tips To Add $100,000s To You Account

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Who doesn't want to have $100,000 in their accounts?

I know it's not me because I like to have a cushion in my account for both retirement and emergency purposes.

The next thing I have is, who doesn't want multiple $100,000s in their accounts? Include me not because I also want those in my account and I want to save money.

Just the other day, I was trying to help my friend make her budget work. She wasn't a fan of budgeting, but she needed to create a working budget because she's not saving money even though she's making a lot.

Actually, she makes a lot of money and makes more than what my wife and I make combined. I know that fact because she's one of my best friends and we share with each other just about anything.

As I went through all her receipts and asked her where her money goes, I was able to find out the things that are costing her a fortune.

I was not only shocked about her spending habits, but I was also shocked about the things she spends on. She spends a lot on things that she doesn't need to spend on.

I guess I sound like I'm being too nozy here. ūüôā But truthfully, I just want her to save money as much as she also wants to.

Since I am a numbers person and like to make a lot of projections, I took a stab at some expenses that she could cut easily and project how much she would save in a couple of years. The figures are outstanding and unbelievable.

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Save Money: How To Add Multiple $100,000s To Your Account

Though these numbers are hypothetical, it is still worthy to note how much she would save XXX number of years from now.

Here are some of the expenses that she or you could cut right away so you can save $100,000 or multiple of it without making too many sacrifices. These are the things that many people use every day that they can really cut down and still go on with their lives unharmed (at least in my opinion).

If you are looking on ways on how to save money each month or creative ways to save money, use the following as a guide.

1. Coffee

Save money by finding alternative ways to get your coffee at the lowest possible cost.

Coffee is a staple for a lot of people. I know a couple of my friends who can't go on the day without sipping their favorite coffee. It's like a part of their day and is a need for them.

If you happen to like drinking coffee every day and buy it from gas stations or even Starbucks, change your habit and make your coffee at home.

Assuming you spend an average of $3.50 a day for a cup of coffee, you are paying around $1,277.50 per year or $106.46 per month. If you invest the $106.46 per month in the stock market, you could potentially make at least $100,000 in 35 years.

If you happen to spend more than $3.50 per day, you could potentially make more. Here are some of the potential earnings if you invest your money in the stock market. For this exercise, the interest will be compounded annually.

at 6%: $100,199.40
at 8%: $144,721.60
at 10%: $210,144.40

Yes, if you invest $106.46 per month for 35 years at 10% annual rate, you could have at least $200K in your account.

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Read: Money Saving Strategies: How I Earned $3,241.15 In 4 Months

 

2. Cell phone

Save money by lowering your data plan or going for a basic phone plan. If you are looking for ways on how to save money every month, well, tackling your cell phone bill is one of those ways.

The cost of having a cell phone is ridiculously high. The cost of the phone and the data plan can cost you hundreds of dollars every month. Think about the money that is getting wasted every month.

Having a cell phone bill has become a norm now. This doesn't mean that you can't stop that from being a norm for you. There are ways that you can reduce your cell phone bill.

Among these reasons are: (1) Get a basic smartphone, which doesn't cost a lot compared to the more advanced smartphones; (2) downgrade your data plan, which means you cut down your data, talk, and text usage; and (3) find discounts that can be applied to your phone account (e.g. military and federal employee discounts).

If you cut your bill by $75.00 by month and invest it in the stock market, you could potentially make more than $100,000 in 35 years. Here are some of the potential earnings if you invest your money in the stock market. For this exercise, the interest will be compounded annually.

at 6%: $71,152.37
at 8%: $101,954.90
at 10%: $148,044.60

So far (i.e. less than a year), we haven't paid a dime for the past seven months because we were able to stay within the limit set for the free monthly plan. Cha ching.

If you are like us who don't use a lot of data, minutes, and texts or someone who needs to seriously and dramatically cut their phone bill, I recommend FreedomPop. We've had it for almost a year now and we are so happy with it.

You can get the FREE monthly plan without being in a contract. As a fact, there's no contract with FreedomPop.

Read: How I Made $23,520.50 In Just 9 Months As A New Blogger

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3. Cable

Save money by cutting off your cable.

For me, cable has become overrated and is becoming obsolete day after day. There are so many platforms out in the market that you can avail to watch your favorite shows without shelling a lot of money.

The average cable bill hovers around $100. This charge comes with a ton of channels that you probably or definitely don't need. I asked my friend how many channels she thinks she's been using. Her answer was five channels.

I don't know how many channels are there for each cable subscription package, but I would suspect the lowest one is at least 20 channels. Assuming I were right, that's a lot of wasted channels and wasted money when she could easily go to the network's website and find the shows she wants to watch.

I recommend buying a Roku and subscribing to streaming services like Netflix and Hulu to save you money every month.

I believe they have more selections of shows and movies that you won't miss out what is offered on regular cable.

If you cut your bill by $100.00 by month and invest it in the stock market, you could potentially make more than $135,000 in 35 years. Here are some of the potential earnings if you invest your money in the stock market. For this exercise, the interest will be compounded annually.

at 6%: $94,869.82
at 8%: $135,939.90
at 10%: $197,392.80

Read: 7 Perfect Jobs For Stay-Home Parents To Earn Money

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4. Cigarettes

Save money by taking cigarette smoking completely out of the picture.

Cigarettes are never good for you. That's a fact. Using cigarettes will not only cause bad effects on your health but also in your pocket.

There are harmful health effects of using cigarettes. We are talking about the possibility of contracting diseases like emphysema, chronic, and others.

I tried to find how many sticks of cigarettes a day a person uses but I couldn't find statistics on that. I based this on the responses of the people I work with. I asked them how many sticks they use every day. They told me that on average they finish a pack of cigarettes.

Based on Fool.com, a person who consumes a pack a day could shell out $235.75 a month on purchasing cigarettes.

If you completely stay away from smoking, you can free $235.75 a month and invest it in the stock market; you could potentially make more than $320,000 in 35 years.

Here are some of the potential earnings if you invest your money in the stock market. For this exercise, the interest will be compounded annually.

at 6%: $223,892.80
at 8%: $320,818.10
at 10%: $465,847.10

Read: Get Free Cash: Make $30 Or More In 30 Minutes

 

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5. Haircut

Save money by doing your haircut.

Going to the barber shop or the salon can cost you a fortune.

I have not gone to a barber shop for almost ten years now. I always use my best friend (i.e. razor) to cut or shave my hair, and it has saved me a ton of money. I bought my razor at Ross for less than $30.00, and I have been using for almost ten years.

A haircut can be expensive especially for women. I don't recommend that women do it themselves using a razor. That doesn't sound right. But what I do recommend is find ways to reduce their haircut expenses. This may mean getting a shorter haircut than just getting a trim. That's just an example.

For guys, though, I recommend buying a razor and have your friend, your girlfriend, wife, sister, brother, or whoever you know to give you a haircut.

Let's assume that haircut costs $40.00 including tip and you just do it by yourself, you could free up $40.00 every month. If you invest it in the stock market, you could potentially make more than $54,375.94 in 35 years.

Here are some of the potential earnings if you invest your money in the stock market. For this exercise, the interest will be compounded annually.

at 6%: $35,347.10
at 8%: $54,375.94
at 10%: $71,342.85

Read: Reduce The Food Budget: Feed A Family For $150 A Month

These are just some of the expenses that you could easily stay away from and make a lot of money years down the road. It's all about discipline, patience (a lot of it), time, and luck in the stock market.

If you are looking for ways on how to save money every month or ways to save money on a tight budget. The answers are those ones I stated above.

What other costs you think people should be able to cut out or down easily? What have?

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One Response

  1. Shanetta February 15, 2017