suggestions and estimated savings over 30 years
There are many ways to reduce spending. In order to have funds
available to Pay Yourself
First, it's usually necessary to find some way of
spending less. Some ways to reduce expenses are shown below.
|Cost cutting measure
@7.5% compounded return
over 30 years.
| Quit smoking.
| Pack a lunch instead of buying.
| Cut down on eating out, and frequent trips to the
| Cut down on liquor purchases.
| Do you really need call waiting, voice mail,
etc.? How much could you save by reducing some of
the telephone features you use?
|Do you spend a lot on long distance calls?
Check to see if you are on the best plan. If
most of your calls are to one area code, investigate
getting a second phone line for that area code, using
a VOIP (voice over internet), or internet broadband
| Do you really need high speed internet? Cable
companies have lower speeds at lower costs.
|Cell phone - do you really need it, or one
each? Do you need that monthly plan, or could
you use prepaid phone cards?
| Could you reduce or eliminate your cablevision bill?
| Turn down the heat. Turn off the lights and
TV when you are not using them. This saves money
and helps the environment.
| Make more meals from scratch instead of using
expensive pre-packaged foods.
| Fix it yourself. Do-it-yourself books are available
at the library, and it isn't really as hard as you
|Don't buy on impulse, even groceries. Make a
list of what you need.
|If you think you need something, put it on your
list. Then think about it. Do you really
need it, or will you just be adding to the
"stuff" you own?
|Cut fuel costs by cutting the number of trips you
make for shopping or other purposes. Build up
your list and don't make the trip until you really
|Do you really need all those movies, and music
CDs? You can listen to the radio and watch TV.
|Total of all above estimated cost savings -
The accumulated savings amounts are calculated assuming
that the annual savings are deposited at the end of each
year, and rates of return are compounded annually.
Tip: You would be amazed at how fast small savings can add
Revised: June 03, 2014