One of the key points from Budget 2017 is that we are up a fiver! The €5 increase to the State pension will come in March of next year.
Now, you might say; “Sure what’s a fiver extra!” There’s a lot you can do with €5!
If you saved a fiver a day for 10 years you’d have €18,250. If you invested just €5 a day at 8% return, you’d have €26,449 after 10 years
With that in mind we wanted to give you some tips on how to save a fiver a day! We’ll set you on the road to riches!
A coffee a day keeps the fiver away
Take coffee from home, keep some in the office, if you get your coffee from a local coffee shop…every day, the cost can be anywhere from €2.50 to sometimes 4 or 5 euro! That’s between €20- €35 a week. That can be close to €2,000/year.
It is also likely that you’ll buy additional items while you are there, so, you can at least double that cost to €4,000/year.
Put the fiver back in your pocket, make homemade coffee and save yourself some money!
Avoid ATM Fees
Have you ever looked at how much bank fees you are paying?
Banks can have different charges for different things. Some charge you for using your card, some for withdrawing cash from other banks ATM’s, some charge you for breathing (ok we are exaggerating now) but these can add up.
To avoid getting charged to access your own money take lump sums out of your account each week and try to only withdraw from your own bank’s ATM. This will not only help you avoid bank fees it will also make you budget with the money you have. With cash you’re forced to be a conscious spender about what you pay for, rather than blindly using your card.
Review Your Mobile Phone Plan
How much are you currently paying for your mobile phone plan? Review what you need and don’t need and talk to your provider about changing your plan so you only pay for what you most frequently use. Save the money slashed off your monthly subscription fees.
Actually Save €5 a Day
Get an empty jar and put a fiver into it every morning. Leave it at home or somewhere you won’t be able to get to it. If you don’t have the discipline to do this, set up a direct debit into a saving account that you can’t touch.
Whether you’re saving actively or passively, the money will add up.
Make a fiver a day!
Last but not least you could try to make an extra €5 a day. Is that one extra sale? It could be getting paid for doing an online survey, getting an extra job, Asking for more money, whatever you have to do to make sure you have a nest egg!
The secret to getting rich is simple (but boring)
You have to know what’s coming in and going out and then live below your means.
That’s it. The bigger the difference between what you earn and what you spend, the sooner you’ll find yourself with enough money to do what you want with your life.#
Talk to us about planning your finances so you can live the life you want to! Click Here