Swap your sweet tooth for a $20,000 nest egg

Did you know that Australians will spend approximately over $2.9 billion* over the easter period, with $191 million of that spent on chocolate? While indulging in a Cadbury caramel-filled easter egg for breakfast on Easter Sunday is one of life’s joys, $191 million is a whole lotta money and it does make you think about whether we should be doing more to bulge up our bank accounts instead of our waistlines.

We’ve crunched some numbers using our Vice Calculator and you really will be surprised by just how much little daily indulgences add up to over a year. A $3.00 soft drink each day will set you back $1095 annually. Add on one $4 ice-cream each week and a treat such as a $3.50 chocolate bar, and all up you could be spending $1667 a year on satisfying your sweet tooth.

What would happen if you put that money into a savings account earning 4.00% interest and kept that savings habit going for a decade? You’d be $20,320 richer according to our savings calculator.

What would you do with an extra $20,000? Fund an around the world shopping trip to Hong Kong, Paris and New York, buy a new car or upgrade the household entertainment systems?

Start building your nest egg now. You can set up a new online savings account in about the same time it would take to devour a Darrell Lee Rocky Road easter egg.

Here are a couple of top savings deals but you can also head to Mozo to compare all savings accounts:

ME Bank Online Savings Account with Everyday Transaction AccountING DIRECT Savings MaximiserBankwest TeleNet Saver

 

 

*Source: IBISWorld

 

Swap your sweet tooth for a $20,000 nest egg was last modified: April 9, 2014 by Kylie Moss

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