I saved $5,500 in 1 year by making these 5 small changes to my daily routine


Money

Last year, I needed to pay back a loan of $5,500, while managing other outstanding debts I had.
I decided to make some changes to my daily routine to raise the money.
By making small changes like making my lunch instead of buying takeout and cutting out one cup of coffee a day, I managed to save the whole $5,500.
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I received a letter last March explaining that it was time to pay back a hefty career development loan.

I shouldn’t have been surprised, but I was — because, to be honest, I’d completely forgotten about the loan I’d taken out several years before to help support myself while I completed my master’s degree.

But there it was, in black and white, explaining I had 12 months to pay back the total sum of $5,500. If I didn’t pay within a year, I’d be charged a steep interest of 9.9% annually — which would have added an extra $544.50 for every year I delayed.

This looked pretty challenging, as I had other outstanding debts at the time, including a car repayment loan. Not to mention all the usual expenses like rent and utilities. But there was no escaping it. Where was I going to come up with an extra $5,500 in a year?

I decided this was the challenge I needed to make some long overdue adjustments to my weekly working routine.

And by making a few small changes to my everyday routine, I managed to save the entire $5,500.

Here’s exactly how I pulled it off.

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My first order of business: Stop getting takeout for lunch every day and start making my lunch at home. By making my own lunch, I saved more than $2,500 in a year.

My first discovery was just how much money I was spending on my lunch. I worked out of an office in London, which meant my daily routine included popping out for a bite to eat.

For 50 weeks of the year, this routine was costing me 10.65 pounds, or $17.04 every day. It’s hard to believe, but when you factor in $10.40 for a salmon salad or similar meal, $3.20 on a drink, and then a sneaky $3.44 on a dessert to get through the afternoon, …read more


Source:: Business Insider

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