Slide Show | May 2008

TURN $448 A MONTH INTO A MILLION BUCKS

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If you're 30 years old, you need to set aside $448 per month for next 35 years to become a millionaire -- if you earn a reasonable 8% annualized return in a retirement account. Don’t have $448 to spare -- or even $248? Maybe you do and don't realize it. Let's take a look at how you can come up with the cash. The slide show begins by clicking the navigation bar to your right:

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TURN $448 A MONTH INTO A MILLION BUCKS

Slide Show

11 Ways to Get Extra Cash - Slide Show

SAVE $219 PER MONTH ON TAXES

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HERES HOW: The average refund for the 2008 filing season so far is about $2,500. If you received an average refund and you are in the 25% federal tax bracket, you could be entitled to three extra exemptions worth $3,500 each. That would boost your take-home pay by $219 a month. A couple of reasons you might be eligible for more exemptions: becoming a new parent or buying a house.

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SAVE $219 PER MONTH ON TAXES

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11 Ways to Get Extra Cash - Slide Show

SAVE $100 PER MONTH ON FOOD

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HERES HOW: Bring your lunch and snacks to work. Considering that the average meal at McDonald’s costs $5 and Dunkin’ Donuts charges $2 for a large cup of coffee, the brown-bag windfall can be substantial.

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SAVE $100 PER MONTH ON FOOD

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11 Ways to Get Extra Cash - Slide Show

SAVE $80 PER MONTH ON ENTERTAINMENT

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HERES HOW: We're talking about one fewer dinner-and-a-movie night every month. That assumes you and your significant other pay the average $33 per person for a restaurant meal (according to a recent Zagat survey) and that you spend $7 per ticket, the average price at the movies (according to the Motion Picture Association of America).

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SAVE $80 PER MONTH ON ENTERTAINMENT

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11 Ways to Get Extra Cash - Slide Show

SAVE $28 PER MONTH ON HEALTH CARE

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HERES HOW: The typical family spends $1,321 on out-of-pocket health expenses each year, says the U.S. Department of Health and Human Serv­ices. You can pay those costs with a flexible spending account, which lets you set aside pretax dollars.

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SAVE $28 PER MONTH ON HEALTH CARE

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11 Ways to Get Extra Cash - Slide Show

SAVE $10 PER MONTH ON AUTO iNSURANCE

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HERES HOW:: The average consumer pays $829 annually for car insurance, according to the National Association of Insurance Commissioners. Raising your deductible from $250 to $1,000 can save you 15% or more.

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SAVE $10 PER MONTH ON AUTO iNSURANCE

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11 Ways to Get Extra Cash - Slide Show

SAVE $8 PER MONTH ON A WELL MAINTAINED CAR

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HERES HOW: Keep your car’s engine tuned and tires inflated to the proper air pressure. Those minor improvements can save you up to $100 on gas each year.

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SAVE $8 PER MONTH ON A WELL MAINTAINED CAR

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11 Ways to Get Extra Cash - Slide Show

SAVE $6 PER MONTH ON GENERIC NON-PRESCRIPTION MEDICINES

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HERES HOW: The average American spends $185 annually on over-the-counter medications. Generics cost up to 40% less than their brand-name counterparts and work just as well.

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SAVE $6 PER MONTH ON GENERIC NON-PRESCRIPTION MEDICINES

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11 Ways to Get Extra Cash - Slide Show

$451 SAVED IN TOTAL!

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Invest the found money every month in a retirement account that earns an average of 8% return over the next 35 years, and you'll have $1 million. That wasn't too hard, right?

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$451 SAVED IN TOTAL!

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