A key to successfully starting and continuing a savings plan is determination and consistency. One way to motivate yourself is to look at how taking small steps to save no can grow into big returns later. You might be surprised at how quickly your savings can grow if you do without a few "extras" each month. Thanks to compounding interest, you can quickly grow a nest egg.
If you forego a weekly dinner out for two at an average cost of $50, that’s $200 a month.
$200 earning 5% rate of return over 10 years = $31,186
If you forego premium cable TV subscription at a monthly cost of $80.
$80 earning a 5% rate of return over 10 years = $12,474
If twice a month you forego, movie and popcorn for two at an average cost of $32, that’s $64 a month.
$64 earning a 5% rate of return over 10 years = $9,998
If you forego purchasing a daily $1 lottery ticket, that’s $30 a month.
$30 earning a 5% rate of return over 10 years = $4,678
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