How To Make 1,200 Dollars In An Hour
Or, more accurately, how to save 1,200 dollars in an hour.
As we get closer to our retirement, we have been doing a careful analysis of our spending patterns. And there is certainly room to improve. During the course of an hour last week-end, we saved 1,200 dollars in annual expenses.
When I turned 50, the monthly payment of one of my term insurance policies had doubled from 45 dollars a month to 90 dollars a month. The payment is bundled with a number of other term insurance policies that get paid through automatic withdrawal and I am embarrassed to say that I hadn’t bothered to take any action for the past nine months.
I went online to get a quote from my favorite bank, the Bank of Montreal. And I obtained a quote for 50 dollars a month. For a policy with a significantly higher face value. I bought that policy and cancelled the old one. Annual savings? 480 dollars.
I had switched from the National Post to the Globe and Mail last year. We were paying 25 dollars a month for the Globe. I had received an offer in the mail to subscribe to the National Post. 30 dollars. For one year. We cancelled the Globe and switched to the Post. Annual savings? 270 dollars.
My wife received a Gold Card for my charge account. Not that we asked for it. And then I thought about whether there was a fee for this card. Yes indeed. 50 dollars. Card cancelled. Annual savings? 50 dollars.
We keep three active cellphone accounts in our household. I never use mine. Contract is at end of term so that phone is gone. Annual savings? 400 dollars.
Many financial planners talk about the so-called Latte Factor. It is so easy to throw money away without thinking about it. And a little bit saved here and there can make a difference over time.
Good for you guys, it’s all about wise stewardship 🙂 Last week I watched a documentary called “Maxed Out” about the overwhelming problem of debt, particularly credit card dept, in American. I recommend it, I learned a lot and it opened my eyes to a number of issues I had never even thought of. Interestingly, Dave Ramsey, who you mentioned in the last post, is fairly prominent in the film. It’s amazing, as you wrote; the problems we can create without thinking about it.
i want money!!!!!!!