Tuesday, September 8

What An Idea: Fives Account

Recently a Boston Globe reporter has managed to trick herself into saving $12,000 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. View the article

I save all of my ones, everyday I stash my ones into a jar and though it would make sense to put it somewhere that I can get to so that I can deposit them into an account for now we'll just say I'm working on that! Good Luck, easy saving tips!

*Update* I implemented this approach almost a year ago and you would be amazed at the amount that I have saved up! I'm onto buying my CD's too.... what about you?

FYI- the way I look at things is the glitz and glam worth it when you don't have any money in the bank? When a rainy day comes and you get rained on! I would rather have money in the bank and an umbrella than to be too cute and broke! Think about it!

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Charmaine said...

hmmmm...I like this idea. I would definitely like to try this..but I don't ever keep cash on me :O(

I'll have to find a way to work this out. I need to save ASAP!

Tuotierugif >^..^<© said...

This is a good idea, I save $ early in the summer but an emergency came up so now I'm back to square 1 lol