Small savings add up to big money
How much does a cup of coffee/tea cost you?
If you buy a cup of coffee or tea every day for Rs. 20 (an awfully good price for a decent cup of coffee/ tea nowadays), that adds up to Rs. 600 per month, which adds up to Rs.7200 a year.
If you saved that Rs. 600 each month and invest it in a SIP it would grow to Rs. 7610 by the end of one year and Rs. 49002 by the end of 5 years and Rs. 2096978 by the end of 30 years.
That’s the “power of compounding”. With compound Interest, you earn interest on the money you save and on the interest that money earns. Over time, even a small amount saved can add up to big money.
If you are willing to watch what you spend and look for little ways to save on a regular schedule, you can make money grow. You just did it with a cup of coffee/tea.
If a small cup of a coffee/tea can make a huge difference, start looking at how you could make your money grow if you decided to spend less on other things and save those extra money.
If you buy on impulse, make a rule that you will always wait 24 hours to buy anything. You may lose your desire to buy it after a day.
Try emptying your pockets and wallet of spare change at the end of each day.
You will be surprised how quickly those nickels and dimes add up!
Happy Savings! Happy Investing!
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