Friday, October 20th, 2017

Follow Us

With Savings, Don’t Miss the Forest for the Trees

Save your bills.A lot of advice on savings focuses on little, day-to-day things: Making your own coffee instead of buying Starbucks; buying generic instead of brand-name; eating out less; and occasionally biking instead of taking the car.

That’s fine, and it can help trim the fat from your budget. But for real savings, it’s often necessary to step back, look at your life holistically and ask yourself some painful questions.

Books like Jeff Yeager’s The Ultimate Cheapskate’s Road Map to True Riches and Thomas Stanley’s classic The Millionaire Next Door point out that it’s big decisions that save big money.

Instead of trading down to a cheaper car, what would happen if you sold your car and took the train or biked?

Rather than moving into $2,000 studio apartment in Manhattan, what if you lived with family or rented from relatives for a few months, investing all your earnings?

What if you skipped vacations for a few years and put that money into a down-payment for a house?

None of these sound that appealing, until you think about having $50,000 or $100,000 extra in the bank some years down the road. Savings and cost-cutting are like any other type of investment – your returns scale with a greater initial commitment.ADNFCR-3389-ID-19895361-ADNFCR

This entry was posted in Budgeting, Saving and tagged , , . Bookmark the permalink.

One Response to With Savings, Don’t Miss the Forest for the Trees

  1. Ecemm says:

    Sorry folks, we have been had, peed on, scammed and lied to.WallStreet biloauts were rigged and a fraud, market manipulations,high freqency trading, flash orders, naked short selling by:Goldman, JPM, Cit, MorgStanley, Aig, stay away from this scum.The Fed, Comex, ETF’s, Govt data: frauds. Your labor devalued to Zero.Pull your money out, walk away from your mortgage and CC card debt,We can beat them at their own game, buy pure silver bullion,buy local mom and pop. Starve The Beast!

Comments are closed.