How to make our money go farther is top of a lot of people's minds this year. The idea of budgeting and saving money doesn't have to mean depriving yourself of life's pleasures -- what's the fun in that?
But if you can separate wants and needs and save on those extras -- you can have more money in the bank--and not feel like you've been short changed. Let me show you how a few little changes can save you big time.
Some of our biggest expenses can be the little things we buy each day. Like that morning mocha-latte with extra foam.
"David Bach calls it the latte Factor and if you're really going to budget then those are the areas you need to look at and be reasonable about what you're going to spend," explained Judith Cane with the Antara Financial Group.
Two specialty coffees a day can set you back $10 a day. Over a year that equals more than $3,600. If you eat lunch out four times a week spending $10 each time that's more than $2,000
And it's not just specialty coffees. That daily $1.45 you spend on a straight black equals more than $500 a year.
And it's not just coffee and lunch. Add up what you might spend on cigarettes, magazines, and even lottery tickets. It's likely more than you think.
Industry Canada has set up an interactive website to help you see how much those little expenses can equal over a year and how those savings could multiply by retirement.
