As I posted previously, one of the painless ways I save money is by emptying the coins from my wallet into a container each night. Periodically, we empty the coins and deposit them in my son’s credit union account, and this year — after about five years of collecting coins — he was able to buy his first $500 certificate of deposit (CD). We did the same thing with our daughter and purchased her college computer with the savings we accumulated from loose change.
Last month I tried a new tip that I had read on several blogs, of removing and saving $5 bills whenever one lands in my wallet. What I’ve discovered is that this practice is as simple and painless as saving spare change. I have an envelope in a drawer where I keep the bills, and after a month I’ve accumulated $35 that I’ll deposit in a high-yield savings account. If I average about $35 a month, in a year I’ll have accumulated $420 plus interest. Again — it’s not a huge amount, but we all know that little amounts grow into significant amounts with persistence and consistency.
So far I really like the Five Dollar Bill Savings Plan. Do you have any simple ways to save money? I’d love to hear your thoughts and ideas.