Money Saving Tips – Part 1

July 5th, 2007 Posted in Investing|Personal Finance

Following these tips will put some extra money in your wallet right away. Not sure what to do with the money you will be saving? How about investing for the long run? If you are 30 and start investing $100 a month at 10% interest rate – you will have roughly $380,000 when you reach 65. I will discuss the following areas where you can save money. Let’s talk about cable today and I will discuss Lunch in the next posting.

Cable TV
Lunch
Phone
Internet
Magazine Subscriptions


Cable TV

If you can cut cable TV, you will be able to save at least $480 annually. I am assuming you pay $40 per month for cable subscription and multiply $40 by 12 months, which will give you $480 savings annually. $40 per month is very low assumption. Most of the cable subscribers pay $50 to $80 per month. So based on what you are paying, your actual savings will be more than $480 a year. Living without cable is not utterly unthinkable. Many people are doing it and so can you. If watching TV is something you can’t live without, spend $40 on an indoor antenna and you will still have channels like CBC, CTV, Global and PBS.

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