Could Investing Just $10 a Day Change Your Life?

Becoming wealthy can seem like a pipe dream, especially if you don't have a ton of money in your checking account. In fact, you may feel like you'd have to make such big changes to grow your brokerage account balance that it's hopeless to even try.

But, what if that wasn't the case? What if investing just $10 a day could make a huge positive impact on your financial stability?

How much of a difference could investing $10 a day make?

Investing $10 a day can have a huge impact on your financial future because it has a snowball impact. The $10 a day adds up to $3,650 a year -- which is a pretty good sum of money. And, once you have invested that money, you get to benefit from compound growth. That's when your investments earn returns that are reinvested so you earn even more money going forward.

Investing $10 a day also means you'll be consistently putting money away. Your investment balance will grow and grow and compound growth will continue to have an even bigger impact each year.

Just how big of an impact? Let's say you invest $10 a day over a period of 20 years and earn a 10% average annual rate of return. By the end of those two decades, you would have an account balance of around $208,945.93. And, if you continued for another 10 years, by the end of 30 years your balance would have grown to over $600,000! You'd have more than half a million in your brokerage account just from that $10-a-day commitment.

Can you find your $10 a day?

Investing $10 a day is something that should be within the reach of most people -- especially if you can make some simple lifestyle changes in order to free up the money. Some possible options that could enable you to find the money include:

• Making lunch or dinner at home instead of dining out
• Doing one hour of extra work a day at a side job that pays at least $10 an hour
• Switching to buying generic brand groceries and cutting coupons to reduce your grocery bill and other spending
• Choosing a free event instead of a paid night out
• Making your home more energy efficient to cut your electric bill by turning your thermostat up or down, caulking your windows to seal up gaps, and unplugging appliances that use phantom electricity
• Canceling memberships you no longer use and diverting the money to savings
• Paying off a credit card that has a high interest rate and a hefty monthly payment and not charging up your cards again

Ultimately, everyone's budgets are different, so taking a look at where your money is currently going can help you to identify ways you can invest $10 a day. It may take a little bit of effort to free up the cash, but the small sacrifices that you may have to make are well worth it when you end up with hundreds of thousands of dollars in the bank that will give you the financial security that you deserve.