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 a simple and painless way to save.
I pay cash for as many expenses as possible. After I’ve accumulated $35 or so, I deposit it in a high-yield money market account. If I average about $35 a month, in a year I’ll have accumulated $420 plus interest. It’s not a huge amount, but we all know that little savings can grow into significant amounts with persistence and consistency.
Spare Coins and $5 Bill Savings Can Add Up
As I wrote previously in “7 Free Things You Can Do This Week to Simplify,” another painless way I save money is by emptying the coins from my wallet into a container each night. We always keep our eyes open and scan the ground for loose change, too. Periodically, we empty the coin jar and deposit the contents in my son’s credit union account. 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.
Do you have any simple ways to save money? I’d love to hear your thoughts and ideas.
Happy saving, and let me know if you try the $5 Bill Savings Plan!
You might also like: