One of the Healthiest Addictions on Earth
Saving in our opinion is one of the healthiest addictions one can have. For the past year, we, at Ireland Check have been looking at ways to save money and also at ways to bring in additional income. You might have read our articles already where we explore ways to bring in additional income and then even more ways to bring additional income, both written on how to make extra money. We do have a life, we buy new clothes and go out every weekend for meals. We just do it smart. We get asked a lot, “Why live frugally?” First, because it allows you to spend less than you make, and use the left-overs to pay off debt, save or invest. Or all three. Below are very good examples why you should get addicted to saving too.
If you think about this for a minute, then what you do not always realise is that if you make an additional euro per day or save a euro per day, this all adds up over the course of the year. Potentially you could be saving or making (which is the same thing really) about 365 euros per year. Just to take it up to another level, what if you could make 10 euros per day in addition to what you make in your day time job and what if you are in a couple and both of you makes additional 10 euros per day? Here is what is looks like:
20 euro per day for 365 days = 7300 euros
Okay, we do realise that you might not make 10 euros EVERY SINGLE DAY. So say, some days you might make less or nothing. We all get tired, sick, want a break, go on a holiday and other things get in a way. But there is still a potential to make nearly 7000 euros per year in addition to your salary! Put this amount in a bank and you will end up with interest on top of it! Lock it there for 5 years if you want to take savings to another level. Result of 5 years with a compound interest of 1.25% with 7,000 euros is below. You do not need to be a maths genius to see the benefits of savings.
All in all, you are about to be somewhat richer if you follow our strategies and you not going to just live for your next paycheck every week or month.
Most of us make just enough money to survive on what we earn and what is not surprising in today’s statistic, a lot of us are not even doing that due to debt. But we are here and we are about to teach you how this does not have to be the way. Relying on your salary is not practical in today’s day and age. Everyone should know that.