What can you do with $10? If your first thought is “I can buy something!” you’re not alone. But, $10 won’t get you very far, and then you will be left with zero.
Another option is to save the $10.
You are probably thinking that isn’t much money. Maybe you think it’s not worth going to the bank to make a deposit so small. But, look at it this way. If you saved $10 each week you would have saved $520 in a year, but with an interest rate of 1% that would be $532.46.
You are still probably thinking that’s not much money. But, after two years, you would have $1,060.20. After three years you would have $1,593.26. After five years you would have $2,675.57.
Most people can find $10 a week to put into savings. If you look at what you are spending, there has got to be something you can eliminate to get the $10. On the other hand, if you think that $10 a week isn’t enough, challenge yourself to save more. Can you find $20 to save? That would give you $5,249 in five years. Can you find $50 to save? That would give you $13,379 in five years.
Saving any amount on a regular basis can give you money to fall back on. So the next time you are out shopping, think about the item on the shelf. Is it worth buying, or would it be better to save the money instead?