We have all heard people talking about savings and how they can really add up in the long term. However, it’s hard to see the long term gain when you are struggling week by week. So how much does saving $150 a week add up to over a 5 year period?
How much does your saving add up to
Savings per year $150 x 52 weeks = $7,800 per year
Savings over 5 Years $7,800 * 5 = $39,000 5 years
Interest over 5 Years $2,268.94 (taken from ING savings calculator at 2.25%)
Total savings = $41,268.94
As you can see over 5 years $150 a week really adds up, allowing you to save up for your retirement or a house deposit.
How do you save a $150 a week
I bet you are asking, how will I be able to save $150 a week, I can hardly pay my bills. However, by cutting back in a few areas, saving $150 a week will be a breeze. For example, do you drink coffee from a café each day? Instead drink instant and save $25 a week. Small ideas like this really add up and you will reach your $150 target in no time.