The idea of saving almost $800 per week can seem like an insurmountable mountain, a goal so lofty that it’s easy to dismiss it as impossible. “But how the hell can anybody save almost $800 per week!?” you might exclaim. The prospect feels daunting, like trying to scale a sheer cliff without a rope. However, when we break it down, the path to this significant savings target becomes surprisingly clear and achievable.
Let’s start with a common scenario: a household with two income earners. Suddenly, the burden is halved. Each person now only needs to set aside $398 a week. That number, while still substantial, doesn’t seem quite as overwhelming. Now, consider the time available in a week. There are 112 waking hours, a canvas upon which we can paint our financial future. To journey from a state of financial struggle to the bliss of early retirement in just ten years, each person needs to make 40 successful ten – dollar decisions per week.
These decisions don’t have to be grand, earth – shattering choices. Many can be woven seamlessly into our daily lives, becoming automatic habits. Take transportation, for example. Opting for a less expensive car and driving it less can easily save $100 per week per person. It might mean choosing a reliable, used vehicle instead of the latest luxury model or carpooling more often. Reducing electricity and other utility consumption by being mindful of our usage can save another $25 per week. Simple actions like turning off lights when leaving a room, unplugging unused electronics, and adjusting the thermostat can add up to significant savings over time.
Food is another area where we can make a big impact. Eating most office meals without going out to lunch can save $50 per week. Instead of splurging on expensive takeout or dining at restaurants, packing a homemade lunch not only saves money but can also be healthier. Cutting out cable TV and limiting time spent in retail establishments can save an additional $25 per week. Streaming services offer a more cost – effective alternative to cable, and avoiding the temptation of unnecessary shopping trips helps keep our wallets intact. With these automatic savings, we’ve already accounted for $200 of the $398 per week goal, leaving just $198 more to go.
The truth is, most people who struggle to save blow far more than $200 a week on random, impulse purchases. The list of potential money – wasters is endless: indulging in spa days, yoga classes, fingernail treatments, splurging on bottles of wine and six – packs of beer, buying new shoes and electronic gadgets on a whim, treating ourselves to ice cream cones, purchasing movie tickets, spending money on plastic toys for toddler birthday parties, or buying books from Amazon instead of borrowing them from the local library. These seemingly small expenses add up quickly, draining our bank accounts without us even realizing it.
The difference between the average person drowning in debt and the savvy early retiree lies in these ten – dollar decisions. It’s about being mindful of where our money goes, making conscious choices to prioritize savings over instant gratification. Each time we choose to forgo that unnecessary purchase, we’re not just saving ten dollars; we’re taking a step closer to financial freedom. It’s a journey of small, consistent actions, a series of ten – dollar decisions that, over time, transform our financial lives and bring us one step closer to the dream of early retirement.
