Woman Saves $12,000 By Collecting Fives

Miss-Delectable

Miss-Delectable

New Member
Joined
Apr 18, 2004
Messages
17,160
Reaction score
7
Woman Saves $12,000 By Collecting Fives | money, news, saving | SavvySugar - Career and Money

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.
 
we could learn to be more saving-savvy from examples like this, its seems a little silly but hey it works, cant be silly after all.
 
Good on her! ... Yes, it will work if you save consistently.
 
2,400 times to decide to keep that loose $5 change ok we have 52 weeks a year, if you kept a loose $5 once a week to do this, you'd have to do this for 46 years.... double that- do it in 23 years, $20 a week of four loose $5 a week will take 11 and a half years if would be easy if you are a fair income - meaning plenty of loose changes but the hard part is to stick with the rule. Simple yet it is not that straight forward to maintain this consistency like you get all sorts of distractions, interruptions, even that rainy days. but i guess she made it a little easier to have that bank account solely for the fives and deciding to feed it alot with the fives.
Point im saying it wont work for everybody, but darn it is a neat idea though. Actually I'm pondering whether I should try it, say for 3 years and get some plane tickets with it. :)
 
Back
Top