By: Gene Walden, Senior Finance Editor, Thrivent Mutual Funds May 14, 2019
It may not sound like much but investing $50 a month over years could add up. If you’re cash-strapped, here are some creative ideas to consider.
10 ideas for saving $50 a month to invest
- Buy less non-essential stuff. Simply spending less on clothing, household goods and other stuff may allow you to put that extra money away.
- Cut back on coffee habits. You don’t have to give up coffee, but it’s possible to cut back on the amount or type of coffee beverages you may be ordering to help save.
- Fix your own meals. Eating out adds up quickly. By fixing a simple meal at home or bringing one to work instead of going out, you could save that $50 a month.
- Stay at home for movie night. Movie tickets, popcorn and a soda all add up. Instead of going out for every new movie, rent a movie at home and make your own popcorn. You’ll come close to saving the entire $50 you need each month.
- Use the library. You could cut back on computer and internet services by using your local library. Instead of buying music, books, videos or going out to movies – check them out for free and save that money to invest.
- Pay yourself first. Pay $50 into your account when you get paid and force yourself to budget your spending for the rest of the month to make up for your $50 investment contribution.
- Plan for large household purchases and watch for sales. Often, if you plan ahead you can save on more expensive purchases. For example, sales on mattresses occur on Memorial Weekend, appliances go on sale in September and furniture sales are big in January as retailers make room for new styles that are scheduled for release in February.
- Use coupons on essential purchases. Use coupons to buy essential products and services such as groceries, gasoline and oil changes, and you should be able to save a few dollars each month.
- Eat your leftovers. The more you cook in bulk, the more leftovers you can eat for additional meals - and, the more you could save on groceries and dining out.
- Walk, bike or take public transportation. Save money by biking, walking or taking the bus to work. It could save on gasoline, car maintenance and repairs. Plus, the extra walking or bicycling is great exercise.
Although it may take a little extra effort, there are ways you can invest now that could make a significant impact many years from now on your future.
1. New accounts with a minimum investment amount of $50 are offered through the Thrivent Mutual Funds “automatic purchase plan.” Otherwise, the minimum initial investment requirement is $2,000 for non-retirement accounts and $1,000 for IRA or tax-deferred accounts, minimum subsequent investment requirement is $50 for all account types.
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