While it’s certainly true that you must have goals to get your finances on track, the reality is, it’s simply not enough. Whether you’re looking to buy a house, pay down credit cards or take your dream vacation, John C. Maxwell said it best, “The secret of your success is found in your daily routine.” So, what indulgences or luxuries are you willing to give up?Having a clear understanding of the financial adjustments you need to make daily, weekly, and monthly is critical to boosting your savings.
According to Bank of America, $4,400, is the amount you could save in one year with better spending habits. I’m sure most of us could benefit from having $4,400 in our bank accounts. So, based on a 5-day work week, Bank of America provides the additional tips below to weigh your options daily:
- Buy Coffee: $1.56 Daily Cost Vs. Brew Coffee at Home: $0.17 Daily Cost. You could save $6.95 weekly and $340.55 yearly. Did You Know? On average, a gallon of lattes from a coffee shop costs 8 times more than a gallon of gas.
- Drive to Work and Pay to Park: $8.89 Vs. Take Public Transit, Ride Bike, or Carpool: $4.40. You could save $22.45 weekly and $1,100.05 yearly. Did you know? The U.S. saves an average of 85 million gallons of gas a year by carpooling. That’s the equivalent of 128 Olympic swimming pools.
- Buy a Newspaper: $1.50 Vs. Get News Online: $0.00. You could save $7.50 weekly and $367.50 yearly. Did You Know? Around 24 billion newspapers are published globally every year.
- Buy Lunch: $10.00 Vs. Pack Lunch: $2.84. You could save $35.80 weekly and $1,754.20 yearly. Did You Know? If you do buy lunch, using a rewards credit card to earn points or cash back is a great way to get the most out of your purchase.
- Buy Snack from Vending Machine: $1.75 Vs.Pack a Snack: $0.15. You could save $8.00 weekly and $392.00 yearly. Did You Know? You already have snacks you can pack! Americans spend an average of 12% of their total food budget on packaged snacks at the supermarket.
- Run at the Gym: $1.83 Vs. Run Park Trails: $0.00. You could save $9.17 weekly and $448.35 yearly. Did you know? There are 45.5 million people in the United States who pay for a monthly gym membership; however, 67% of them never use it.
What can you cut back on daily to accomplish your savings goals? Do you have any daily tips to help people save money? Leave me a comment below.