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Weighing Your Options

Here's an excellent information from Bank of America on how to save money every day! The text from their infographic is reprinted below:

"The average workday can take a toll on your personal finances. With a dollar here and a dollar there, those little expenses can add up over time. By taking advantage of better money-saving alternatives, you can make small changes that allow you to put aside some additional savings, make an investment in yourself or just have some fun.

$4,400 – That's the amount you could save in one year with better spending habits!

Daily Choices - Based on a 5-day work week

  • Buy Coffee: $1.56 Daily Cost Vs. Brew Coffee at Home: $0.17 Daily Cost. You could save $6.95 weekly and $340.55 yearly. Did You Know? On average, a gallon of lattes from a coffee shop costs 8 times more than a gallon of gas.
  • Drive to Work and Pay to Park: $8.89 Vs. Take Public Transit, Ride Bike, or Carpool: $4.40. You could save $22.45 weekly and $1,100.05 yearly. Did you know? The U.S. saves an average of 85 million gallons of gas a year by carpooling. That's the equivalent of 128 Olympic swimming pools.
  • Buy a Newspaper:  $1.50 Vs. Get News Online: $0.00. You could save $7.50 weekly and $367.50 yearly. Did You Know? Around 24 billion newspapers are published globally every year.
  • Buy Lunch: $10.00 Vs. Pack Lunch: $2.84. You could save $35.80 weekly and $1,754.20 yearly. Did You Know? If you do buy lunch, using a rewards credit card to earn points or cash back is a great way to get the most out of your purchase.
  • Buy Snack from Vending Machine: $1.75 Vs. Pack a Snack: $0.15. You could save $8.00 weekly and $392.00 yearly. Did You Know? You already have snacks you can pack! Americans spend an average of 12% of their total food budget on packaged snacks at the supermarket.
  • Run at the Gym: $1.83 Vs. Run Park Trails: $0.00. You could save $9.17 weekly and $448.35 yearly. Did you know? There are 45.5 million people in the United States who pay for a monthly gym membership; however, 67% of them never use it.

What could you do with $4,400?
•      Save for Tomorrow – Contribute to a Nest Egg
•      Invest in Yourself – Buy New Bikes for the Family
•      Have Some Fun – Take a Vacation