Can you afford to save $5 a day?

Brendan Barker - Home Financing Specialist - Home Loans - Car Loans - Personal Loans

How much do you spend on a daily basis? The morning coffee, a sandwich at lunch time, a coke mid-afternoon or a snack while doing the shopping, all these little things add up very quickly.

What if you decided not to purchase one of those indulgences and instead saved $5 each day.  Instead of picking up a coffee from the local café, make one a home before leave the house.

Instead of buying a sandwich at lunch, make a little bit more for dinner each night and bring leftovers for lunch.  Drink water instead of getting that coke, which is a much healthier option anyway.

There is so many little things we can do which would save us $5 just on the little luxuries.

What I hear you say, $5, that’s not going to change my life.

Read on and see how the simple $5 note is going to make the world of difference.

What if you saved $5 a day for a month?

You would have saved $150.  While it is a great achievement (whether you saved $10 or $1,000 it is a great result), is having $150 going to change your life?

Well if you bought a new bike and started riding it everywhere, it could have a significant difference on your health and your life.  If you went and bought a new outfit, while enjoyable not so much a difference on your life.

You could have a romantic dinner with your partner or you could spend it on the children.  While saving could make a change in your life, it most likely won’t be significant.

What if you kept on saving, say for 3 or 6 months?


What if you saved $5 a day for 6 months?

You would have saved $900.  Congratulations this is starting to look like some serious savings, but will $900 change your life?

That would be a great weekend getaway for the away for the family. That start of an emergency fund so you don’t have to reach for a credit card each time something from left field crops up.

For only the cost of a cup a coffee a day, this is starting to look like it could change your life…

What if you kept saving for a year?

What if you saved $5 a day for a year?

You would have saved $1,800.  Now if your partner had joined in on the challenge, so you both were saving $5 a day, $10 in total.  Yep, $3,600.

Now we are starting to talk about some serious money.  If you had $3,600 saved come the end of the year, what could you do?

Take the family on an overseas holiday? How about a cruise? Pay off the credit card once and for all (wouldn’t that be a great feeling).

What if $3,600 is not enough for you to reach your dream?  Nothing stopping you from continuing to save.  5 years and you would have $18,000, yep more than enough for a deposit on a new home or to buy a second car outright.

What if you don’t want to spend 5 years to get to $18,000 in savings.  There is nothing stopping you from saving a little more each day.  Instead of $5 a day or $35 a week, you could aim to save $50 per week each or you might go for $10 per day.

All it takes is looking at the little luxuries we enjoy each day and cutting one or two out.  You don’t have to cut them all out, just enough so that you can save for the future.

Uncertain how $5 a day can change your life?  Don’t know where to start?  Click here to get your free budget planner here to help you get under way.

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