Turn Extra Cash
Into a Million Bucks
Previous-
How to Find $448 a Month
If you're 30 years old, you need to set aside $448 per month for next 35 years to become a millionaire -- if you earn a reasonable 8% annualized return in a retirement account. Don’t have $448 to spare -- or even $248? Maybe you do and don't realize it.
Click through our gallery as Kiplinger.com shows you how you can come up with the cash.
First: Save $219 per month on ...More From Kiplinger.com:
-
Save $219 per Month
On Taxes
Here's How:
The average refund for the 2008 filing season so far is about $2,500. If you received an average refund and you are in the 25% federal tax bracket, you could be entitled to three extra exemptions worth $3,500 each. That would boost your take-home pay by $219 a month. A couple of reasons you might be eligible for more exemptions: becoming a new parent or buying a house.
Next: Save $100 per month on ...More From Kiplinger.com:
-
Save $100 per Month
On Lunch
Here's How:
Bring your lunch and snacks to work. Considering that the average meal at McDonald’s costs $5 and Dunkin’ Donuts charges $2 for a large cup of coffee, the brown-bag windfall can be substantial.
Next: Save $80 per month on ...More From Kiplinger.com:
-
Save $80 per Month
On Entertainment
Here's How:
We're talking about one fewer dinner-and-a-movie night every month. That assumes you and your significant other pay the average $33 per person for a restaurant meal (according to a recent Zagat survey) and that you spend $7 per ticket, the average price at the movies (according to the Motion Picture Association of America).
Next: Save $28 per month on ...More From Kiplinger.com:
-
Save $28 per Month
On Health Care
Here's How:
The typical family spends $1,321 on out-of-pocket health expenses each year, says the U.S. Department of Health and Human Services. You can pay those costs with a flexible spending account, which lets you set aside pretax dollars.
Next: Save $10 per month on ...More From Kiplinger.com:
-
Save $10 per Month
On Auto Insurance
Here's How:
The average consumer pays $829 annually for car insurance, according to the National Association of Insurance Commissioners. Raising your deductible from $250 to $1,000 can save you 15% or more.
Next: Save $8 per month on ...More From Kiplinger.com:
-
Save $8 per Month
On a Well-Maintained Car
Here's How:
Keep your car’s engine tuned and tires inflated to the proper air pressure. Those minor improvements can save you up to $100 on gas each year.
Next: Save $6 per month on ...More From Kiplinger.com:
-
Save $6 per Month on Generic Non-Prescription Meds
Here's How:
The average American spends $185 annually on over-the-counter medications. Generics cost up to 40% less than their brand-name counterparts and work just as well.
Next: Those savings total ...More From Kiplinger.com:
-
$451 Saved in Total!
What to Do Now:
Invest the found money every month in a retirement account that earns an average of 8% return over the next 35 years, and you'll have $1 million. That wasn't too hard, right? (And you even saved $3 more per month than the $448 that you needed!)
More From Kiplinger:
8 Ways to Make a MillionMore From Kiplinger.com:
-
More From Kiplinger.com:
Want to Strike It Rich?
Don’t just dream about striking it rich. Make it happen. To inspire you, Kiplinger looked for people who have become rich. Just how did they do it?
Click through our gallery as Kiplinger shows you how eight ordinary entrepreneurs, investors and savers reached millionaire status.
8 Ways to Make a MillionMore in Money & Finance:
Our Most Popular Features
Recent Comments
Emory C Wyatt 10:44:14 PM Jun 22 2008
Also, surely for all your hard-earned money and success, you must remeber at least some past times when you were just at the right place at the right time. I don't care how anyone thinks they made it all on their own, because they didn't.
As for those of us who worked hard for our college diplomas, but didn't know the 'in' crowd. (Like the ivy-league top members) It was not so easy to turn that diploma into a good job. Throw in some attempts at making it, and counter it with bad luck and tough breaks. Then throw in not one, but two catastrophic illnesses
Aside from the things in that past paragraph, you are the same as me, only I lost, and you were LUCKY enough that your hard work was rewarded.
As the saying goes, there but for furtune for you or I. ... Get it?
living in the land of Mammom
Emory C Wyatt 10:31:09 PM Jun 22 2008
KarenChase16 12:17:59 PM Jun 05 2008
Report This! JA Clark65: I agree with you......I can only pray that Obama does not get in. It isn't that I don't like him, but I will never vote for someone who is proposing to tax me to death. I vote for a flat tax. I will say it again......it is not my responsibility to support the poor. I went to college, got an education, and worked my butt off to start a business that is now successful. All of that didn't come easy, nor was it free. We are all in our current positions due to the choices we made. Everyone can get financial aid (EVERYONE) so when uneducated people cry about being poor I don't listen. Get off your butts and get busy....and stop complaining.
***********************
So, if I get this right, you are one of many who are not your brother's keeper, am I right? Do you tithe to your church, (or synagogue or mosque?) Do you donate to charities, or do you seek tax-right-offs, and nothing more.
Please, I don't intend to attack you or you
Osprograms 10:23:42 AM Jun 21 2008
if you frequent an AMC theatre, i was told by their staff that it is NOT against their policy for people to bring their own food. whenever i go there, i bring my own starbucks coffee, and a salad or burger.
OPookie70 09:58:57 AM Jun 21 2008
My husband and I like going to the movies but it has become so expense. We discovered by accident if you go during the week, the tickets are cheaper. Also our movie cinema will allow you to bring in food from the food court in the mall. Since the movie cinema is located in the mall. The food at the food court is cheaper than the cinema. So we just buy a large drink from the cinema and split it. For about $30.00 we have dinner and movie.
Melena1006 01:04:39 PM Jun 05 2008
I live comfortably on $1000 a month social security.
I use lifeline for my basic phone that only cost me $4 a month
I don't have cable. Rabbit ears work just fine. i don't need 150 shows that i won' t watch anyway. I get all the major channels and PBS
I use dial-up internet , that's only $10 a month. Yes, it's slow, but it's better than nothing. i do most of my communication with my family online.
I use a Dolllar Store Net !0 cell phone and use 150 minutes a month =$15
I by a $5.00 long distance card that gets me 80 minutes of long distance to call my mom. 6 cents a minute compared to 10cents a minute using my cell phone Sometimes $10 (2 cards)
I use a pharmacy plan that Medicare doesn't cover - cost 12.99 vs $44
I only go to the doctor once a month cost $18.43 If I have to go to another one, I save up for that.
I use homemade cleaning products, vinegar, ammonia, baking soda
I use level billing for my utilities and have a locked in low rate.
I live in a small town and drive a small c
KarenChase16 12:17:59 PM Jun 05 2008
JA Clark65: I agree with you......I can only pray that Obama does not get in. It isn't that I don't like him, but I will never vote for someone who is proposing to tax me to death. I vote for a flat tax. I will say it again......it is not my responsibility to support the poor. I went to college, got an education, and worked my butt off to start a business that is now successful. All of that didn't come easy, nor was it free. We are all in our current positions due to the choices we made. Everyone can get financial aid (EVERYONE) so when uneducated people cry about being poor I don't listen. Get off your butts and get busy....and stop complaining.
JA Clark65 11:09:36 AM Jun 05 2008
TCSchmadeke, and every one im new here quick question how do u feel about a flat tax or even a fed sales tax? and a democrat in office would hurl us into a severe recession if not a deppression.
GJAGUAYO 11:05:11 AM Jun 05 2008
On "Ways We Burn Money"-I agree with most of these, but the people who advise against disposable diapers never had to take care of an infant and lead a busy life! Also, "go natural"-in other words, no undies!! Gross! I can see buying the less expensive, no frills brands. GA in Tampa
KarenChase16 03:29:26 AM Jun 03 2008
TheJozMan.......I am with you on this one. Only poor people want a Democrat in office because they want the well-off to contribute to their piggy bank. I'm sorry, but we are all in our positions in life because of our own choices. I am not paying more taxes to support the poor. Start a business and get around the system that supports people making more money having to pay for the poor people. The poor people should be forced to go to school and get educated.....or tough luck. If they can't be bothered doing that much, then they should stay poor and live with the consequences.
KarenChase16 03:26:44 AM Jun 03 2008
I don't particularly care for any of the Presidential candidates, but one thing is for sure....the Democrats have made it public knowledge that they WILL increase our taxes.......and by a lot. Just look at their web sites and see what they are proposing. It is all there in black and white. The other "good" stuff they are proposing is still yet to be seen, but like most President's they probably wont keep their word. Best believe they will tax the heck out of us and make it difficult for the average Joe to tread water. I own a business, but those people working for someone out there are screwed if they get in.
Currently experiencing technical difficulties. Please refresh page or try again later.
Stock Quotes
There's more to investing than just the latest price...
• Free real time stock quotes
• The latest investing news
• Over 30 detailed financial reports
Stock Quotes
My Portfolios
My Portfolios is the web's most popular investing tracker. You'll enjoy...
• Automatic totals for multiple investment portfolios
• Track cash holdings & foreign issues
• Customizable views
My Portfolios
Stock Screener
Tired of hearing about the same old stocks? Use our free stock screener to find the best stocks to suit your investment strategy.
Stock Screener