From Debt to Wealth on $10 a Day

In Jane Chatzky’s wonderful book, From Debt to Wealth on $10 a Day: Pay It Down!, she offers a lot of practical advice on not only digging yourself out of debt but also saving money and acquiring a healthy nest egg for the future. One of her more compelling points is the notion that by saving $10 a day, you could potentially save over $1.3 million in the span of 40 years.

While this dollar amount doesn’t take into consideration the cost of inflation, it does make one think twice about the few extra dollars we spend indiscriminately each day. Now, while some might argue that $10 a day is actually a lot of money to save, I thought it would be interesting to look at some ways in which a person could easily save at least a few dollars everyday:

Forgo your morning specialty coffee and brew your own at home.

Walk, bike or carpool to work.

Brown-bag-it instead of eating lunch out everyday.

Consider cancelling your gym membership…especially if you’re not actually using it.

Avoid annoying ATM fees by taking money out of your own bank.

Stop Smoking! Good for your financial as well as your physical well-being.

Stop playing the lottery. Your chances of winning are about as slim as someone walking up to you and handing you a check for a million dollars. It’s just not worth the expense.

For women (and probably some men), consider coloring your hair at home. While you’re at it, reconsider the weekly” mani-pedi”.

Get into the habit of planning your weekly meals. This way you’ll be less tempted to eat at restaurants or order take-out.

Consider downgrading your cable, phone and computer service. Alternatively, look into bundling these items through your local provider.

Stop reading newspapers or magazines. You can read most major publications online.

Consider buying generic items at the grocery store. They really are just as good as most name brand products.

Go to the movies during the day instead of at night (forgo the popcorn and soda).

Start collecting your change and take the time to actually roll it and cash it in. If you use a Coinstar machine, just remember that they subtract 8.9% of your total. Ouch!

Just think about it. With just a few small changes in your life, do you think you could transform your debt to wealth. I bet you can. Give it a try.

Lauri Nawrot