Trends and patterns of Savings (Household Savings) in India Akash Singh
This is my seminar work which i have done in my 4th semester. An attempt has been made to analyze the changing trends of savings and its dependency on certain factors in India , a comparative graphical representation of China and India has been done to reflect patterns of changing rates in these two emerging economies . Please do give valuable suggestion so as to improve in future .
This quick tour shows you how we set up and use the Sample Home Budget Workbook.I hope you enjoy it and add your own spin as you make your personal budget fit your own needs.
Trends and patterns of Savings (Household Savings) in India Akash Singh
This is my seminar work which i have done in my 4th semester. An attempt has been made to analyze the changing trends of savings and its dependency on certain factors in India , a comparative graphical representation of China and India has been done to reflect patterns of changing rates in these two emerging economies . Please do give valuable suggestion so as to improve in future .
This quick tour shows you how we set up and use the Sample Home Budget Workbook.I hope you enjoy it and add your own spin as you make your personal budget fit your own needs.
The whole slide describe about the financial system and the components of financial system. the branches of the financial institutions. And describe about savings, investment, loanable fund market and the economic actions that change the loanable fund market's demand and supply curve, which change the economic structures.
This presentation discusses about the following subtopics:
What is a government deficit?
Types of deficit
What is a revenue deficit?
What is a fiscal deficit?
What is a primary deficit?
Difference between Fiscal Deficit and Revenue Deficit
Difference between Primary Deficit and Revenue Deficit
Simply put, a budget deficit occurs when an entity (often a government) spends more money than it takes in. The opposite of a budget deficit, on the other hand, is a budget surplus.
The whole slide describe about the financial system and the components of financial system. the branches of the financial institutions. And describe about savings, investment, loanable fund market and the economic actions that change the loanable fund market's demand and supply curve, which change the economic structures.
This presentation discusses about the following subtopics:
What is a government deficit?
Types of deficit
What is a revenue deficit?
What is a fiscal deficit?
What is a primary deficit?
Difference between Fiscal Deficit and Revenue Deficit
Difference between Primary Deficit and Revenue Deficit
Simply put, a budget deficit occurs when an entity (often a government) spends more money than it takes in. The opposite of a budget deficit, on the other hand, is a budget surplus.
This 90-minute webinar will present 16 specific savings strategies for military families and will precede https://militarysaves.org/organizations/military-saves-week (February 22-27, 2016). Other topics that will be covered include the financial fragility of many U.S. households, types of savings accounts, advantages of saving money, barriers to saving, savings pre-requisites, research findings about savings behavior and characteristics of successful savers, savings motivational programs, and savings educational resources.
Register and join the webinar: https://learn.extension.org/events/2344
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This event is hosted by the Family Transitions concentration area of the Military Families Learning Network.
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1. Name three strategies to help support a child’s growing ability to combine words
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Three ways parents overindulge
Tools to reduce overindulgence (The Test of Four)
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Coconut oil is all the rage these days to benefit your health. It has been rumored to help with heart disease, thyroid problems, slow aging, and protect against illnesses such as Alzheimer’s, arthritis, diabetes and even weight loss. But what is the truth about coconut oil? Tune into this webinar to learn fact from fiction about this popular oil.
Learning Objectives
The participant will be able to discuss the composition of coconut oil and the metabolism of its triglycerides.
The participant will be able to explain the science behind the purported benefits of coconut oil for weight loss and blood lipid levels.
The participant will be able to assist clients in understanding the inclusion of coconut oil in the context of a healthy dietary pattern.
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1. Describe the importance of responding to child communication as a strategy
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*Identify at least 12 early developing gestures that are used by young children to share and gather information
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Savings Strategies for Non-Savers
1. Welcome to the
Military Families Learning Network Webinar:
Saving Strategies for Non-Savers
A
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This
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supported
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the
Na6onal
Ins6tute
of
Food
and
Agriculture,
U.S.
Department
of
Agriculture,
and
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of
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and
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2. Welcome to the
Military Families Learning Network Webinar:
Savings Strategies for Non-Savers
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This
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is
based
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work
supported
by
the
Na6onal
Ins6tute
of
Food
and
Agriculture,
U.S.
Department
of
Agriculture,
and
the
Office
of
Family
Policy,
Children
and
Youth,
U.S.
Department
of
Defense
under
Award
No.
2010-‐48869-‐20685.
4. Today’s Speaker
Dr. Barbara O’Neill, financial
resource management specialist for
Rutgers Cooperative Extension, has
been a professor, financial educator,
and author for 35 years. She has
written over 1,500 consumer
newspaper articles and over 125
articles for academic journals,
conference proceedings, and other
professional publications. She is a
certified financial planner (CFPÒ),
chartered retirement planning
counselor (CRPCÒ), accredited
financial counselor (AFC), certified
housing counselor (CHC), and
certified financial educator (CFEd).
5. Saving Money: Savings
Strategies for Non-Savers
https://learn.extension.org/events/1426
Barbara O’Neill, Ph.D., CFP®, AFC, CHC
Rutgers Cooperative Extension
oneill@aesop.rutgers.edu
6. “Street Cred”
Published in 1994; still available online
http://www.amazon.com/Saving-Shoestring-ExpensesReduce-Stash/dp/0793111188
7. Week
A national social marketing campaign designed
to build a culture of savings in America as a core
component of financial stability
8. Savings Coat of Arms
• TR- Places where I save money…
• TL- Obstacles to saving money…
• Middle- A personal savings goal…
• BR- The best way that I save money…
• BL- Advantages of saving money...
12. Set a Goal….
SMART Goals
Specific
Measurable
Achievable
Realistic
Time Bound
13. Make Progress Toward SMART
Financial Goals
• Short-term goals (< 3 years)
• Intermediate-term goals (3-10 years)
• Long-term goals (> 10 years)
Match savings and investments to financial
goal time frame
• Money market account for emergency fund
• Stock index fund for retirement in 30 years
14. Examples of SMART Goals
• Save $2,600 for a down payment on a
car by saving $50 a week for one year.
• Reduce credit card debt by paying an
extra $15 a month (above the minimum
payment) for twelve months.
16. Then Do the Math!
• Approximate amount needed
• Number of months to save
• Divide number of months into goal amount
• Try to automate savings
Example: $15,000 goal divided by 48 months = $312.50 per
month to save
19. Make a Plan….
Track Income and Expenses
• Income: money that is received
• Expenses: payments that are made
• Fixed expenses are payments that must be made each
month and the amount stays the same.
• Flexible expenses vary in amount depending upon your
choices.
• Occasional or periodic expenses occur less often than
monthly
20. Save Automatically….
“Pay Yourself FIRST!”
• Pre-authorized deposit to savings or
investment account
• Pre-authorized transfer to savings account
from checking account
21. Question #2
How do you save automatically and/or
encourage others to save?
23. Types of Savings
• Emergency fund (3-6 months expenses…or more)
– About half (49%) of Americans have 3 months’ expenses saved; 27%
have no savings; 24% have at least 6 months
– http://www.usnews.com/news/articles/2013/06/24/survey-more-than-one-quarter-ofamericans-have-no-emergency-savings
• “No-touch” money for long-term goals
• Savings for short/intermediate term goals
• “Accumulation fund” for large, irregular bills
24. Saving vs. Investing
• Saving
• Investing
– Provides money for short- – Accumulates money for
long-term goals
term goals and
emergencies
– Higher average return
that cash assets
– “Parking place”
historically
– Principal is “safe”
– Can lose principal
– Low risk
– Volatility of account value
– Low reward
– Potential for capital
appreciation (stock)
– “Seed money” for
investing
25. The Rule of 72
Source: Garman/Forgue, PERSONAL FINANCE, Fifth Edition
26. Reasons To Save
• To cope with emergencies
• To purchase “big ticket” items
• To fund high-cost future goals
• To generate income
• For security and peace of mind
• For the good of the country
27. Why People Don’t Save
• Overspending and outstanding debt
• No goal or plan
• Lack knowledge about how/where to save
• High cost of living
• Lack of motivation
29. 1. Collect Coins
• Something that many people do
• Many banks and credit unions have free
coin-counting machines for account holders
• Avoid paying a fee to count your own money
• “Kick it up a notch”: $1 a day plus change
• Use see-through containers for motivation
30. 2. Anticipate Extra Paychecks
• Paid weekly: 4 months with 5 paydays
• Paid weekly: 2 months with 3 paydays
• Mark paydays on calendar
• Use “extra” money to:
– Reduce debt
– Save
31. 3. Automated Employer
Retirement Savings Plans
• 401(k) Plans- Corporations
• 403(b) Plans- Schools, colleges, non-profits
• Section 457 Plans- State/local government
• TSP- Service members/federal government
32. 4. Other Automated Saving
Opportunities
• Direct deposit of paycheck
• Mutual fund AIPs (automatic investment programs)
• Direct stock purchase plans
• Treasury Direct plan for U.S. Savings bonds
• Credit union
• Holiday clubs
• Other?
33. 5. Continue Paying a Loan or
Bill: To Yourself
• Continue making monthly payments- to savings- after a loan
or expense ends
– Car loan
– Mortgage
– Child care
• Does not affect lifestyle
• Don’t feel “deprived”
34. 6. Accelerate Debt Repayment
• Always pay more than minimum payment
• Get PowerPay analysis from www.powerpay.org
35. 7. Track and Slash Expenses
• Write down everything you/family spend
• Get monthly total for all categories
• Study numbers and identify “leaks”
37. Question #3
Have you tracked your own expenses?
If so, what did you learn about your
spending habits?
38. Improving Cash Flow
• Relationship between income and expenses
– Positive cash flow
– Negative cash flow
• Three sustainable ways to improve cash flow
– Increase household income
– Decrease household expenses
– Do both
39. Ways to Increase Income
• Adjust tax withholding/tax benefits (EITC)
• Add a second job or work overtime
• Start a small business
• Increase/collect child support/alimony
• Access public benefits
• Sell assets
• Upgrade job skills
• Charge adult children room & board
• Bartering
• Other?
40. Ways to Reduce Expenses
• Housing
• Food
• Transportation
• Clothing
• Utilities
• Other expenses
See http://pubs.ext.vt.edu/354/354-155/354-155.html
41. Assess Spending Plan (Budget)
• List after-tax sources of income
• List expenses
– Fixed (including revolving savings)
– Variable
– Irregular (periodic)
• Compare budgeted amount with actual amount
• Adjust as necessary
43. 8. Bank Windfalls
(a.k.a., “Found Money”)
• Retroactive pay
• Gambling proceeds
• Tax rebates
• Gifts and inheritances
• Insurance dividends
• Other?
Check www.missingmoney.com for state unclaimed
property
44. 9. “Kick It Up a Notch”
• Whatever you’re doing to save, do more
– Example: 3% of pay in 401(k) instead of 2%
– $2 a day plus change instead of $1 a day
– $100 EE bond instead of $50 EE bond
• Best times to do:
– When expenses end
– When income increases
45. 10. Increase Yields on Savings
• Interest rates are extremely low
• Expected to remain so through 2014-2015
• Higher-yielding alternatives:
– Credit union share accounts
– CDs (laddered purchases)
– U.S. savings bonds
– Treasury notes
– Money market mutual funds
– Short-term bond funds (increased chance of volatility)
46. 11. Reinvest Cash Distributions
• Dividends and capital gains on
– Mutual funds
– Stock purchases
• Check appropriate box on application form
• Painless way to “grow your money”
47. 12. “Installment Plan” IRAs
• Don’t need to save contribution all at once
• Simply need to meet minimum of IRA custodian
• Can fund with- or like- a holiday club
– 50 weeks x $10 = $
500
– 50 weeks x $20 = $ 1,000
– 50 weeks x $40 = $ 2,000
– 50 weeks x $60 = $ 3,000
– 50 weeks x $80 = $ 4,000
48. 13. Take Advantage of “Free Money”
• Employer 401(k) or 403(b) match
• Tax credit for low income savers
– 50% singles < $18,000; mfj < $36,000 AGI
– 20% singles: $18,001-$19,500
mfj:
$36,001-$39,000
– 10% singles: $19,501-$30,000
mfj:
$39,001-$60,000
• 50% credit means half of deposit is paid for by
government
49. 14.Take Advantage of CatchUp Contributions
• Extra amounts for persons age 50+ to save
in tax-deferred retirement savings plans
– IRAs: Extra $1,000 for a maximum of $6,500
– Employer plans: Extra $5,500 for a maximum
of $23,000
• Can result in tens of thousands more by 65
50. 15. Reinvest Lump Sum Payouts
• EBRI Study: Even small payouts add up!
– $5,000 distribution at 25, 35, 45, 55
– 8% return
– Almost $200,000 at 65 if all 4 distributions are rolled
over into tax-deferred accounts
– If age 25 lump sum is cashed out, only $84k
• Research shows small sums more likely to be
cashed out and spent
52. Seeing the Possibilities is Key
• Bankrate.com Savings Goal Calculator:
http://www.bankrate.com/calculators/savings/
savings-goal-calculator-tool.aspx
• FINRA Savings Calculator:
http://apps.finra.org/calcs/1/savings
• Council for Economic Education Compound
Interest Calculator:
http://www.econedlink.org/interactives/
index.php?iid=2&type=educator
53. EBRI: What $20 a Week in
Savings Adds Up To:
• 5% Return:
• 10% Return:
– 20 Years: $36,100
– 20 Years: $65,500
– 30 Years: $72,600
– 30 Years: $188,200
– 40 Years: $131,900
– 40 Years: $506,300
See
http://www.ebri.org/pdf/
surveys/rcs/
2002/02rcssof.pdf
54. Family Communication is Key
• Rutgers study of Extension MONEY 2000
participants in NJ and NY
• Asked “What challenges you the most in
making progress toward your financial goals?”
• Children/family listed by 11.5% of sample
• Need to teach communication skills
– Example: Money “I” messages; “I feel stressed
out when we charge more than $200 a month on
credit cards”
55. Experiencing Success is Key
• Saving Challenges
– America Saves Challenge: http://goo.gl/kgYWXo
• Savings “Lotteries”
– http://saveyourrefund.com (Save Your Refund)
– http://www.d2dfund.org/ (D2D Fund)
– http://ne.savetowin.org/ (Save to Win; credit unions)
• IDA Programs
– http://cfed.org/programs/idas/directory_search/ (CFED IDA
Program Search)
• “The $11 Savings Story”
56. Personality Characteristics Are
Key: Organization and Planning
CFA Research: Having a savings plan with
specific goals can have beneficial effects,
even for lower-income families. Those with a
savings plan are much more likely to:
• spend less than their income and save the
difference
• have adequate emergency savings
http://njcfe.org/wp-content/upLoads/2012/02/asw2012pr.pdf
57. Automation is Key
• Direct deposit of paycheck
• Saving in employer credit union
• Checking to savings account transfers
• Checking to mutual fund or stock transfers
• Automated tax refund savings deposits with Form
8888
• Other?
59. Resources for Savers
• Choose to Save/ASEC:
http://www.choosetosave.org/
• America Saves: http://www.americasaves.org/
• Ballpark Estimate (Calculator):
http://www.choosetosave.org/ballpark/
• Save and Invest (FINRA):
http://www.saveandinvest.org/
• Save and Invest Military Center:
http://www.saveandinvest.org/MilitaryCenter/
60. Every Small Step Makes a Difference
http://njaes.rutgers.edu/sshw/
What People Think About, They Bring About!
61. Promote Saving and America
Saves Enrollment
America Saves Video #1: Saving Money with America Saves
http://www.youtube.com/watch?v=yChFVQvzOGc
America Saves Video #2: Saving Money on a Tight Budget
http://www.youtube.com/watch?v=FV0Ib07WXOM
America Saves Video #3: Set a Goal
http://www.youtube.com/watch?v=1bc8VmugNE4
America Saves Video #4: Make a Plan
http://www.youtube.com/watch?v=1KWyCQz91N8
America Saves Video #5: Save Automatically
http://www.youtube.com/watch?v=4bhJ0ck2qSA
America Saves Video #6: The America Saves Challenge
http://www.youtube.com/watch?v=7UZPZUcwvww
62. Video Outreach to Service Members
• Saving Money With Military Saves:
http://www.youtube.com/watch?v=E0HqKb1xx5k
• Saving Money in the Thrift Savings Plan:
http://www.youtube.com/watch?v=SDY0Cc4kqZQ
• Debt-to-Income Ratios:
http://www.youtube.com/watch?v=loV5ff8rt5o
• Credit Reports: http://www.youtube.com/watch?v=bUXvc-jyrsk
Plus 6 other videos at
http://www.youtube.com/user/moneytalkBMO
63. Question #6
Can you think of any other good
resources to help non-savers save?
65. First Steps
• Commit to saving regularly
• Pay down debt
• Set aside and adequate emergency fund
• Do a retirement savings calculation
• Save until it “hurts”
66. America Saves Week
Co-coordinated by America Saves and
the American Savings and Education Council.
A national initiative designed to encourage and assist
Americans, especially lower-income households, to
start saving and build wealth
Thousands of local partners including:
§ FDIC
§ Jump$tart Coalition for Personal Financial Literacy
§ Department of Defense
§ Cooperative Extension
§ CUNA
§ Federal Reserve Board
§ Social Security Administration
§ Many others
America Saves is managed by the
Consumer Federation of America
67. Celebrate America Saves
Week: Take the Pledge
Become an American Saver today!
http://www.americasaves.org
http://www.americasaves.org/for-savers/savingstools-and-resources/pledge
68. Make It Personal: Write
Down Your Savings Goal
• Download the poster:
http://www.americasavesweek.org/forindividuals/picture-your-savings-goal
• Write your savings goal
• Take a picture
• Post it online and at home
69. Closing Thoughts
“If saving money is wrong, I don’t want to be
right”- William Shatner
“If you would be wealthy, think of saving as
well as getting”- Ben Franklin
“If it is to be, it is up to me”
70. Questions? Comments
Experiences?
Upcoming Webinar: Tuesday, Feb. 27, 11
a.m. ET: Saving Money: Research Insights
https://learn.extension.org/events/1442
Please complete the webinar evaluation form
and CEU request form
71. Continue the Conversation
• Find the Personal Finance Team online
– Facebook: PersonalFinance4PFMs
– Twitter: #MFLN
– LinkedIn: Military Personal Finance
Managers Group
Editor's Notes
America Saves is a national social marketing campaign that seeks to motivate individuals to develop a saving habit as a core component to financial stability. We have found that the best way to reach individuals is through the organizations and institutions in which they work, participate and utilize, like financial institutions and non profit organizations.
we use the SMART acronym to assist people in setting successful financial goals. We all know that goals are important, but if we don’t reach our goals, it can be discouraging. Creating SMART goals gives us an action plan for reaching the goals we set. So here we go.
Make Your Goals Specific
Write down exactly what it is you want to accomplish. For example, instead of writing “I want to pay off credit card debt,” write “I want to pay off the $5000 balance on my Visa Card.” Or instead of writing, “I want to start an emergency fund,” write, “I want to save $1000 in an emergency fund.
Make Your Goals Measurable
In general, financial goals are measured by a dollar amount, and you want to be able to see the progress you are making toward your goal. So in the example we used before, if I want to pay off $5000 in credit card debt, I need to figure out how much money I need to pay per month, based on my deadline (this is the Time-Bound part- we’ll get to it shortly). If I wanted to pay it off in 12 months, I would need to pay around $420 per month (plus a little extra to cover interest and fees). Each month, I will see measurable progress toward my goal as my balance decreases.
Make Your Goals Adaptable
With finances, we always need to be adaptable. Things change, life happens, emergencies come up, and we have to change our plans. Make sure that your goals are adaptable for changes in your financial situation. For instance, if you figure out that you want to pay $300 per month toward paying down your credit card debt, but then you have some unexpected expenses one month, you may have to pay less this month and either make up for it next month or stretch out your timeline.
Make Your Goals Realistic
One of the biggest reasons we do not reach our financial goals is because we set the bar too high. If I only have $100 extra dollars in my budget, but I commit to paying $300 toward my credit card bill, I am setting myself up for failure. I could make this goal more realistic by 1) lowering the amount I plan to pay toward my credit card bill and stretching out the time I will be paying it down or 2) looking for other places in my budget where I can cut expenses in order to make this payment possible.
Make Your Goals Time-Bound
Set deadlines for your financial goals! If you are anything like me, tasks without deadlines get pushed farther and farther down my to-do list. If you are serious about meeting your financial goals, set deadlines by which you want to accomplish them. This will also help you to determine how to measure your goals (see making your goals measurable above.
These are examples of SMART
Track Income and Expenses
To create a savings plan, start by tracking all of your income and expenses. Income is money that is received whether from employment, welfare payments, child support, alimony, or other sources. Expenses refer to payments that are made for products and services. Some expenses will be fixed and others will be flexible. Fixed expenses are payments that must be made each month and the amount stays the same. Examples are rent, car payment and insurance. Flexible expenses vary in amount depending on your choices. Examples are clothing, food and electricity. Flexible expenses are where you are likely to have the opportunity to save money to put toward savings.
Some expenses that only occur a few times during the year such as insurance premium payments. To calculate the monthly amount, divide the total payment by the number of months of coverage. For example, divide quarterly payments by 3, semi-annual by 6, and annual by 12 to get the monthly amount.
What is meant by the phrase “Pay Yourself First”? Accept answers –
Before you get your hot little hands on your money, before it lands in your checking account, put it aside in a savings or investment account.
If we wait to save what is left over each paycheck or month, what is likely to happen? Accept answers –
It will be spent instead of saved or invested.
Ask your payroll department to split your paycheck by sending the amount directly to a savings or investment account.
If your payroll department doesn’t offer the ability to split your paycheck, ask your bank or credit union if they can automatically divert a specific amount each pay period to your savings or investment account. Or, have your bank, credit union or brokerage automatically draw a pre-set amount from your checking account on a specific date.
Do you have online bill pay? Set up a recurring payment to your brokerage account or the bank where you have a separate savings account.
Transition –
What accounts do you use for your goals? Accept answers
All of these answers are possible. But the important thing is to choose the type based or your goal. - click
Cash flow, very simply, is the relationship between the total of household income and expenses:
Earn more than you spend and you have positive cash flow.
Spend more than you earn and you have negative cash flow.
Occasional periods of negative cash flow can happen to almost anyone and are probably not a major concern. When negative cash flow becomes a way of life, however, it is very dangerous because it indicates that you are living beyond your means. In order to spend more than you earn, you are probably depleting savings and/or relying on credit to maintain your lifestyle.
When one wants to lose weight, they can do three things: eat less, burn more calories through exercise, or do a little of both (better diet and exercise).
When one wants to have positive cash flow, they can also do three things: increase income (or products or services in lieu of income), reduce expenses, or do a little of both (increased income and reduced expenses).
This slide lists possible strategies to increase household income:
Adjust tax withholding, using Form W-4 through your employer.
Taking advantage of available tax benefits, such as deductions for tax-deferred savings plans, the child tax credit, and the earned income tax credit.
Starting a home-based business or freelancing your talents and skills.
Trying to increase/collect child support or alimony (caution: this may require court intervention and the expense of a lawyer).
Accessing public benefits such as free rabies shots for pets and low-cost immunizations and health screening tests).
Selling assets, such as a unneeded car, or having a garage sale.
Upgrading job skills through additional education and training.
Charging adult children “rent” and bartering (swapping) products/services.
Note to Instructor: Review each household expense category and ask participants to share strategies that they have used to reduce expenses. Some examples are:
Housing- refinancing mortgage, canceling private mortgage insurance when equity reaches 20% of home value, buying energy efficient appliances, trading down to a smaller home at retirement, etc.
Food- combining coupons and store sales for double savings, buying in bulk when food is on sale or in season, buying cheaper store brands, etc.
Transportation- keeping a car for as long as possible (8-10 years), buying “new used” (2-3 year old) cars, purchasing low cost airline tickets, having car routinely maintained to avoid major repair problems, etc.
Clothing- shopping sales and “alternative” vendors such as thrift and consignment shops, avoiding dry clean garments, coordinating colors, etc.
Utilities- using e-mail instead of the telephone, low-cost telephone calling plans, insulating the water heater, lowering the thermostat, etc.
Here’s What $20 a week Adds Up To:
These figures on the slide are provided in the 1998 Retirement Confidence Survey report prepared by the Employee Benefit Research Institute (EBRI).
At a 5% rate of return, an investor would have $36,100 more than they would otherwise have in 20 years, $72,600 more in 30 years, and $131,900 in 40 years.
At a 10% rate of return, the accumulations are even more dramatic: $65,500 in 20 years, $188,200 in 30 years, and over a half million dollars ($506,300) in 40 years.
The longer that money is invested, and the higher its rate of return, the more that an investor will accumulate.
The following quote from the EBRI report says it all:
“The message is clear that seemingly small amounts of money saved on a regular basis over long periods of time can accumulate into a nest egg that would make a difference at retirement.”