On my new found adventures at my local public library, I am exploring self help and financial aid books. Being in my mid-thirties I realize i'm a little late when it comes to start saving for my future and retirement. But as they say, better late than never, right?
I only started this book a few days ago, but so far i'm really enjoying it's lessons. I'm sure everyone has heard of the latte factor. It's that little spending we do everyday, that 5 dollars here, 10 dollars there, that we could be putting aside into savings! So I sat down last night and tried to come up with my own latte factor. I only work 3 days a week right now, so for 4 days I eat all 3 meals at home. We have already tried to cut back on our spending by only eating out once a month and only going out to the movies once a month. On the 3 days that I do go to work I usually stop by McDonald's and buy a x-large sweet tea. I work midnight to 7am so the sugar helps keep me going throughout the night. They only cost me $2.07 a day. But I can make a 2 gallon pitcher at home for the same amount, which would save me $4.17 a week. The idea is that every little bit adds up, so i'm going to try this this week.
The book states that if you're starting later in your life, say mid thirties through your fifties, then you need to double up on your latte factor. Cut out those extras that say 10 years ago you didn't even know existed but now you don't think you could live with out. Again, having cut my income in half, I have already gone through my personal budget and cut out all the extras that were costing me, such as manicures, massages and trips to the bookstore. I have reassessed my budget and to be honest there isn't allot more I can cut out to claim as a latte factor. But in the spirit of the book, I have decided to set aside $35 a week straight out of my paycheck (that's $5 a day), to set aside and save. I will take this out first thing and figure out my weekly budget afterwards. My only concern is those rainy day mishaps that seem to drain the life out of my savings account. I'm hoping the book will address those issues later.
This is a great idea, but you're right - saving money can work out well unless there's a mishap especially at the beginning of when you start. But it sounds like you are on the right track, and I wish you the best.
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- Margaret
Thats a good post. I am so guilty of drinking my coffee every morning it is so prob. sad at how much I could be saving. If you want a good book after this one try Dave Ramseys Total Money Makeover! Its great, and it helped me to get totally (car and house included) debt free in 3 years! Dropping by from SITS, hope you have a great day!
ReplyDeleteSorry to bother you again but I just seen all your recommendations on your side bar, and wanted to tell you that I LOVE the Sookie Stackhouse series! I have read them all and waiting on the 10th to come out!
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