So, I am probably the last person on the planet or on the internet to hear about this, but just in case I’m not I thought I would share a simple money-saving idea on to everyone.
While sitting at football practice with the other football moms tonight I overheard one of the moms say, “Yup I saved $70 this week already.” Immediately my radar ears went up and I asked her to repeat how she did it because up to that point I wasn’t paying attention…here is what she said.
She said that she carries cash to pay for everyday items and that any time she paid for something and received a $5 bill back she would not spend it. She would put it in a separate part of her wallet and then when she has 20 of the $5 dollar bills she will go to the bank to deposit that into a savings account. She said at first it was tough, because she had gone to get a quick drink at Sonic paid with a $20 and the car hop had given her 3 five dollar bills. She admitted that she asked for a ten, because she had other things she “wanted” to use that money for rather then “needed”. So she put the 3 fives in their separate space and went on with her errands. She has decided to do this for her family to save for an upcoming vacation.
I thought this was an interesting, fun, and unique way to save money. While it does take some discipline to get into the routine, it could add up quickly especially if you transfer the money from a savings account to a higher interest rate account such as a CD. I also thought it might be a good way for kids to learn to save money maybe by starting this with quarters and going up from there.
Happy Saving! If you decide to give this a try please feel free to comment and let us know how much you saved. 🙂
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