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If you save $15 per day how much would you have in 20 years?


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#1 +warwagon

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Posted 26 June 2013 - 02:06

Recently I had a female friend who's car became out of commission for a while. She was almost in tears saying how she was broke and didn't know how she was going to afford to get it fixed. So I gave her a ride back to her town about 10 miles away. Once we got into town. She said "Can we stop at the gas station. I want to buy some pop and stuff".

 

So her and her daughter went into the gas station. She bought 1 beer (because she was having a bad day) a energy drink, some pop and candy for her daughter. Total money spent $15. All on things they didn't need.

 

So that got me thinking, assuming she / you or someone you know makes this a very frequent occurrence, If you save $15 per day how much would you have in 20 years?




#2 adam7288

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Posted 26 June 2013 - 02:08

It depends, are you putting this in a yielding account? IE compound interest?



#3 OP +warwagon

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Posted 26 June 2013 - 02:11

It depends, are you putting this in a yielding account? IE compound interest?

 

This is just saving not spending and no interest.



#4 Roger H.

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Posted 26 June 2013 - 02:12

$15x365x20? - $109,500.00.

 

:ermm:



#5 OP +warwagon

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Posted 26 June 2013 - 02:12

$15x365x20? - $109,500.00.

 

:ermm:

 

Ta Da! Crazy huh!?



#6 +virtorio

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Posted 26 June 2013 - 02:17

$109,560



#7 blade1269

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Posted 26 June 2013 - 05:29

$15x365x20? - $109,500.00.

:ermm:

You forgot interest ...even at 1%

#8 mrp04

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Posted 26 June 2013 - 05:34

Ta Da! Crazy huh!?

 

Except those people aren't spending $15/day on stuff they don't need. 



#9 +zhiVago

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Posted 26 June 2013 - 06:59

You forgot interest ...even at 1%

He didn't forget. The OP had clarified before that this was just saving from not spending, no interest.

 

But since I love this stuff, at 1% per annum compounding monthly, $15 each day will have grown to $180,218.97 after 20 years of investing.

 

 

Except those people aren't spending $15/day on stuff they don't need. 

Right. You need to have $450 of untied funds per month to be able to throw away $15 each day on junk. It's a waste of $5400 a year.



#10 Richard C.

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Posted 26 June 2013 - 07:04

problem is $15 a day = $450 a month, not many people can afford to save that per month, let alone for 20 years.



#11 Kami-

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Posted 26 June 2013 - 11:39

$15x365x20? - $109,500.00.

 

:ermm:

Not quite, you're forgetting 'leap years'...



#12 Torolol

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Posted 26 June 2013 - 11:44

Not quite, you're forgetting 'leap years'...

and thats about $75 more



#13 Kami-

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Posted 26 June 2013 - 11:50

and thats about $75 more

My point was that his calculation was incorrect, not that it made a huge difference.



#14 Roger H.

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Posted 26 June 2013 - 13:25

Thanks for pointing out leap years! (Y)

 

Don't think the exact $$ amount was needed, just that it's tons of cash



#15 Astra.Xtreme

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Posted 26 June 2013 - 13:28

And this is exactly why most people in this country live paycheck to paycheck.  Very very few people have financial responsibility.