Where to Find Extra Money

It's out there somewhere. The money you need to save to make your long-range investment goals a reality.
You may think you can't find another dime to save, but most of us, if we look hard enough, will discover that it's there. First, consider what it would mean to spend just a little less each day, and put that money to work in a tax-deferred savings vehicle, such as a variable annuity or IRA:

Saving this much each day...	gives you this much more to invest each month:
$3.33	$100
$5.00	$150
$6.67	$200

Next, consider what a difference an extra $100, $150 or $200 could mean if you put that amount to work each year for 20 years (assuming a hypothetical 8% average annual return):

This amount saved per month...	grows to this much after 20 years:
$100	$466
$150	$699
$200	$932

Seven ways to find extra money
Putting extra money to work can make a big difference for your future. So where can you find the money? Here are eight ideas:

1. Refinance your mortgage to reduce your monthly housing costs.
2. Cut back on lunches and dinners out and other eating and drinking extravagances.
3. Use coupons and do a better job planning and budgeting your grocery purchases; buy in-season foods, which are usually available at a lower cost.
4. Turn on fewer lights and adjust your thermostat to trim home energy costs.
5. Pay off credit card debts to reduce or eliminate monthly payments.
6. Review your current expenses compared to a year or two ago. Determine if there are items you could live without.
7. Find ways to car pool to work or to other destinations to reduce your vehicle's operating expenses.
8. Skip the daily gourmet cup of coffee.

Content is for informational purposes only and may not accurately reflect your specific situation. Information is not intended to provide financial, legal, tax, or accounting advice. You should consult a qualified advisor for advice specific to your own circumstances.