Thursday, May 29, 2008

Small Changes Can Pay Big

A friend sent me a link to an article with ideas on how to squeeze a little extra out of your budget in the hopes of reaching the illustrious $1 million mark. Now a lot of these ideas won't work for me, and they might not work for you either. However, you can look at your lifestyle and try to apply these concepts in other ways. The point of the story is that if you can change some habits slightly to more frugal alternatives and invest the difference you can change your long-term wealth significantly. The FRoW is one way I try to apply this concept.

3 comments:

girlNEXTdoor said...

I have tried to make small changes. One of them is when i have one's in my wallet, I will take a couple, put them aside somewhere I don't look everyday. I also keep all my spare change in a piggy bank. When it gets full I count it all and deposit it all into a savings account. Over the past 6 months I have managed to save about $800.

Lena said...

I read the article. Thanks for sharing that. I knew that cutting back on going out would help, but I didn't think that just once a month would help. I will have to really re-think our going out habits. What is FRoW?

IF Blogger said...

@Lena - Really watching and recording everything you spend money on can help, although it can be tedious. If you do it for a couple of months you will really be able to track your habits and see improvements. FRoW = Frugal Resolution of the Week, however, I don't make a new one every week so the name's a bit misleading.