You might not think a few dollars a day can make a difference, but I’m here to crunch the numbers for you and tell you that it can!
If you put $3 and change away earning just 4%, in 10 years, you’d have over $16,000! In 15, that would grow to nearly $27,000 and in 20 years, that pot of your money would be worth just about $40,000. Not bad for pocket change, right?
Let’s up the ante. What if you could find $10 a day to invest at 4% over say 10 years? Now you have over $46,000! At year 15 just about $78,000 and if you could do that for 20 years, you’d find yourself sitting on nearly $114,000. I know I’m a geek but isn’t it fun when you crunch the numbers and see how little changes in your spending and saving can put you on a path to financial freedom?
What are you willing to save and how? Here's a few resources to help you get started:
- Ratesupermarket.ca has a fantastic savings calculator
- Where will you find the money to save? Try my 30-Day Anti Budget
- Learn about RRSPs and TFSAs
- Check out my video on this topic
