Coffee Can Cash

The bottom line, before I go any further, is that saving anything is better than saving nothing at all. It’s something that I’ve had a hard time coming to terms with myself, and it’s taken me quite some time to truly believe “better than nothing”.

I KNOW that there are people out there complaining that with today’s US economy, they can’t afford to save anything. They’re behind on bills, so the money should go there. They’re paying $4.20 a gallon in gas, so the money’s going there. They’ve been buying organic food for so long, they can’t bear to switch back to the cheaper stuff, so the money’s going there. They don’t have the time to soak beans, so the money’s going there.

I’m tired of all the excuses, because dammit a dollar is a dollar!

Now, am I perfect? Hell no. Do I eat out more than I should? Yep. Do I drive more than I should? Probably. Do I use more laundry detergent than I need to? Yes. Do I neglect to turn the computer off when I’m not using it? Uh-huh. But I’m still saving money. I’m making deposits ALL THE TIME into my ING business savings account.

Is it a lot? Nope.
Maybe $250 a month for right now. But it’s $250 I’m not touching. I’m not spending it on clothes, or new makeup, or getting my nails done. I’m not spending it on dining out, and I’m not putting it in my gas tank. I’m also not smoking anymore, which technically saves me another $300+ every month, so that’ll eventually go in there too I’m sure.

Let’s say you make $600 a week take-home pay. My situation is extremely different, but for most working Americans, this is the case, a weekly pay.

That’s $2400 a month, or $28,800 a year, again, take home pay.

It’s not a lot of money, is it? I remember graduating from high school 14 years ago, and thinking that $30k a year was pretty damn good. Not anymore. Especially if you have a mortgage, kids, that kind of thing. So why bother trying to save, right? WRONG.

Putting just $10 a week away at the end of a year gives you $520 not including interest.
(You can find $10 in just two fast food meals, or 5 daily takeout coffees.)
Putting just $20 a week away gives you $1040 after a year.
(You can find $20 by skipping out on dinner at a restaurant one night per week.)
$30 a week? $1560 after one year.
(You can save up $30 by bringing your lunch to work every day, especially if it’s leftovers from dinner.)

The point is, at the end of that year, you have anywhere from $500 to $1500 MORE than you did at the end of the year before. If you spend that money, particularly on those things mentioned, you have NOTHING to show for it at the end of the year. Zero. Zilch. Nada.

Think about it - what ways can you cut back, and put that money to better use than an buying all that coffee or pre-prepared food? How much CAN you afford to put away every week, and if you’re already doing it, how much MORE can you put away?