Kimberly Foss, founder of Empyrion Wealth Management in Roseville, Calif., says consumers can learn to save more if they figure out how many hours of work are required for their purchases.
"When we work, we are simply exchanging our hours for little green pieces of paper," Foss says. "If you earn $25 per hour, a $50 expense is really exchanging two hours of your time for a material object that will most likely wear out or break in the next 25 years. But, if you choose to save that $50 (per month) over the next 35 years, your coffee (pot) would be brewing over with the rich aroma of $176,000 worth of little green pieces of paper."
If you can manage $50 every two weeks, you can reach your savings goal of $1,000 in 10 months. The easiest way to accomplish this is to have $50 automatically transferred from your paycheck into your savings account.