Cutting unnecessary expenses is a great way to put money back into your budget. But eliminating wasteful spending won’t benefit your bottom line if you don’t put that money you’re saving to work for you.
In fact, you might be surprised by how much you could save over time by eliminating seemingly small expenses and investing that money instead. GOBankingRates worked with the team at OnTrajectory, an online financial planning tool, to calculate how much richer you could be if you cut 10 costs and put the money into moderate risk investments that earned 5 percent annually. We also factored in a 2 percent inflation rate.
Click to read more how to increase your savings and retire rich.