- 2 min read
How Much Can You Save?
Saving money is often easier said than done. Everyone knows the benefits of saving, but most of us don’t know where to start. Some even believe they aren’t able to save because their income isn’t high enough. The reality is that there are many ways you can save money. The savings may be small, but the amount you save each week can add up to a considerable amount over time.
With our Savings Machine Calculator, we’ve identified many small expense categories where a small change you make can save you money. Our calculator allows you to see how your savings can grow over time at different projected rates of return. You’ll be amazed to find out how saving $15 a week on coffee can add up to $16,030 in 15 years. Add in an extra $50 savings per week in bars and nightlife and you could save $69,481. Yikes!
To use the Savings Machine Calculator, select an expense category such as coffee, entertainment, or gym. Use the sliders to select your weekly or monthly savings goal for your specified category. Add up to four expense categories and then select your expected rate of return. Choose a time period in which you want to achieve a financial goal, whether it be buying a house, a car, or taking a vacation. Then, see how much you can save. Of course, when doing a financial check-up in addition to a budget check-up the two best places to cut unnecessary costs are to get out of debt and to lower your interest rates and costs of borrowing. You can use two Bills.com resources to learn all about refinance tips and debt relief tips too.
Your savings can be huge and seeing the number in can be just the motivation you need to make a few small changes in your habits. Take the first step and start saving a few dollars daily today.
Struggling with debt?
Debt is used to buy a home, pay for bills, buy a car, or pay for a college education. According to the NY Federal Reserve total household debt as of Q4 2022 was $16.91 trillion. Auto loan debt was $1.55 trillion and credit card was $0.99 trillion.
A significant percentage of people in the US are struggling with monthly payments and about 26% of households in the United States have debt in collections. According to data gathered by Urban.org from a sample of credit reports, the median debt in collections is $1,739. Credit card debt is prevalent and 3% have delinquent or derogatory card debt. The median debt in collections is $422.
The amount of debt and debt in collections vary by state. For example, in Maine, 24% have any kind of debt in collections and the median debt in collections is $1598. Medical debt is common and 15% have that in collections. The median medical debt in collections is $825.
Avoiding collections isn’t always possible. A sudden loss of employment, death in the family, or sickness can lead to financial hardship. Fortunately, there are many ways to deal with debt including an aggressive payment plan, debt consolidation loan, or a negotiated settlement.