It's America Saves Week!
BOSTON (CBS) - America Saves Week runs February 27th thru March 4th.
America Saves Week is a national campaign for Americans to save more money. And seeing that our national savings rate is around 5% percent we all need encouragement to save more.
America Saves Week is an opportunity to promote good savings habits. Also there is Military Saves Week. We could use a Congress Saves Week, but that's probably not going to happen. They like to spend other people's money!
We all say we want to save more money but our excuse is we are so busy there is no time. Doing small things differently can produce some real savings over time. So a bit of discipline on your part and you will be able to see the results by year end.
And wasn't "Saving More" one of your New Year's resolutions?
Let's start with your morning routine; getting your caffeine jolt. What can you do to save money here? Get up a few minutes earlier and make your coffee or tea?
Today you can have your favorite brews, Dunkin' Donuts or Starbucks at home. How about convincing your boss to have your favorite coffee at work for everyone to enjoy during the day?
How about eating breakfast at home instead of heading to the drive thru? Try the easy stuff; cereal, yogurt, fruit, English muffins, toast, hard boiled eggs, sandwiches, even last night's leftovers. How hard is it to grab a container of yogurt, a banana and a mug of tea which is what I have in the morning? Cost: a bit more than $1.
Average saving for making coffee and breakfast at home: $3 a day, that's $15 a week, now multiple that by 50 weeks it equals $750.
Use the money to increase your retirement savings (401(k) contribution) and if we assume an 8% return in 20 years you could possibly have an extra $35,000 in your retirement nest egg. Do it for 30 years and you could have over $85,000. Continue for 40 years and you'll have $200,000!
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You can hear Dee Lee's expert financial advice on WBZ NewsRadio 1030 each weekday at 1:55 p.m., 3:55 p.m., and 7:55 p.m.
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