The Economics of: Buying nothing new February 2016
As March draws to a close, I thought I should look back and update the Sasquatch family’s numbers for buy nothing new 2016. Our numbers for February are a little more modest coming in at a savings of $119.50. (see chart). According to our spreadsheet most spending comes in the form of gifts and items for others.
Using our handy 40 year calculation at 5% a 1 time savings of $119.50 would turn into $841.28. Like the month of January’s savings this is 7 times the initial deposit.
If we saved this same amount monthly at 5% over 40 years we would have a whopping $181,888.22. Not too shabby! If we average the first 2 months of our savings for this year’s resolution we have $297.25 a month in savings. Saving this amount monthly for 40 years we would have: $452,437.43, which is fantastic and has been relatively easy to do. More updates to come!