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dollar bill savings plan

 
Sun, 01/18/2009 - 05:17
smith

Try this one out. Not a new idea but from now on make all cash purchases and never pay in anything smaller than a $5 dollar bill. Your wallet will be filled with $1 dollar bills by the end of the day. Take those dollar bills and put them into a shoe box each night when you get home and hide that shoe box. Do not count the dollar bills till the end of the month. You may be surprised how many you have at the end of the month. They add up fast. I do this and usually save an extra $150-$250 dollars per month. I then take the money in each month to the bank and place it in a high interest money market account that I found at a local bank that pays over 4.01% APY. I have been doing this for a few years and have been able to save quite a bit. Get an automatic coin counting jar and add all the coins you have in your pockets, purse, and car to the account also. Watch it grow into a couple extra thousand dollars each year easily and painlessly.

Tue, 11/03/2009 - 22:37
Keeba23

I have not tried the small

I have not tried the small bill method, but have taken all of my coins to the bank and was surprised to note that I had saved over $80.00 in less than a month!
Great advice.

Thu, 10/29/2009 - 22:57
savedman

Coins instead of dollars

This plan works great for those who can afford to save dollars but may be discouraging for those of us close to or below the poverty line. I have been able to save money in this same fashion using coins instead of dollars. The pay off is not as great but it is still a pay off. I put my coins in jug that makes it difficult to access the money but not impossible. The more difficult it is to get to the money the more likely you are to use it only in either the event of a true emergency or when you are ready to make a deposit/investment. My father helped me pay for $500.00 of my sons first car using only pennies!

Sun, 04/19/2009 - 19:52
dmason

dollar bill savings plan

great idea i will start doing this today. thanks d mason

Fri, 03/13/2009 - 06:46
cha_ri_lyn's picture
cha_ri_lyn

Hello, I actually love this

Hello, I actually love this idea! I save my coins, but putting cash into an empty box? that sounds like a really good idea! THANKS!