A sum like $12,000 doesn’t usually make the news, but one Boston Globe reporter has managed to trick herself into saving that amount by adopting a creative way to save. With two daughters in college and a mortgage to pay, Marie Franklin and her husband didn’t have any extra money to put into savings. While perusing online, she came across a saving trick that suggested saving every five she acquired and depositing them into a separate savings account.
Once she’s collected ten fives in her wallet, Marie deposits the $50 into her designated savings account, and once that account has $2,000 she purchases a CD to earn higher interest. After three years of saving all of her fives, she has accumulated $12,000 in savings. Marie acknowledges that this method of saving requires discipline, but her unconventional habit has obviously worked for her.
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I love this idea. I have done this with change, but it takes a real trooper to do this with 5 dollar bills.
Eric B’s last blog post..First National Bank Omaha Visa Gift Card
That’s a great tip for saving money. A lot of people recommend doing this with pocket change too but I think the 5s would add up a lot faster.
Stu | Improved Lives’s last blog post..Participate in an Exciting Online Positive Psychology Study
What a great idea – and so simple! I’ve got to try this.
Laurie | Express Yourself to Success’s last blog post..The Unsung Social Skill
Yeah, I have a large plastic coke bottle that I use to put all my Ones, Fives and spare change into.
Also, whenever I cash a check, I get 2 $25 1-dollar coin rolls and throw in there, as well.
It really adds up, plus it teaches my kids the art of saving money.
This technique is awesome. I’m very simple and straight forward. Thanks for posting it. I’ll definitely put it down on my to do list.
Excellent technique. Very simple and straightforward. An interesting example of the “pay yourself first” principle of wealth building.
Anand Dhillon’s last blog post..Carnival of Self-Mastery – July 29, 2008
I save all of my change and periodically go to the bank with it for my children’s saving accounts. Hopefully they will go to college on the money saved!
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