After reviewing all the cost cutting measures I anticipate I could cut back and save approximately $15000 a year if I put those measures into practice. Some of the cost cutting measures would not be hard to do because I do not smoke and I make my own coffee at home. However, I do love my shoes and I love to pamper myself with a manicure/pedicure at least once a month. However, overall I think I may have to start practicing some of these tips as I can see where it would assist me in saving money.
Q2. Looking at bettering your long-term financial situation, explain how you would invest the money you would save each year.
Q3. Estimate how different your financial situation would look if you continued saving and investing over a ten-year period.
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2. If I can save $15,000 with my cost-cutting measures, I would be able to start saving and investing as an integral part of my financial management plan. First, I would start an online savings account, such as ING Direct Online. Online accounts tend to have better interest rates that traditional brick and mortar banks. I would also look for institutions that are FDIC insured and one where my money is accessible right away via online transfers. My first goal would be to save $1,000 to be used for emergencies, like car repairs. Then, I would focus on saving 3 months worth of expenses in case I got laid off from work, got sick, or in case any other extenuating circumstance were to ...
Cost cutting measures are examined. The expert determines how to estimate the differences between financial situations which would continue saving and investing over a ten year period.