It is difficult for many families to make ends meet in this economic climate, yet there are many who come up with more inventive ways to afford some of the luxuries they normally couldn’t. One good example is a couple who spend an entire year saving change and one dollar bills, which enabled them to save a considerable amount. Here is how they did it.
How It All Started
To ensure they had some spare cash when they needed it, Carey and his wife starting their unique saving habit ten years ago, shortly after they got married. When they first got married, the couple did not have a lot of money, so every penny counted! Therefore, they added all their change and dollar bills to a jar.
The habit of saving extra cash by saving change for an entire year seemed to stick, because the couple still uses this method to save some cash for things they couldn’t otherwise afford.
What They Spend It On
By saving cash and dollar bills for an entire year, the couple managed to save $324 in change and $1,050 in dollar bills; this means a total of $1,374 over the course of a year. Not bad considering the couple was struggling to get by.
After a full year of saving, the couple did not spend their savings on luxury items or splurges. Instead, they put some of the money in their savings account and used some of it to pay off medical bills. The couple also used some of the cash to buy some Christmas gifts, which provided a happy Christmas for the entire family.
How You Can Benefit from Their Method
You can save some money by using the same method as described earlier. You don’t need much to start saving your change and dollar bills for an entire year, simply use as a jar that can be closed to dump your money in. Alternatively, you could also use a breakable piggy bank, which makes it less likely you will take money from it.
For this method to work and benefit you, you’ll need to have some restraint for an entire year. Each time you have some dollar bills and change, simply deposit in the jar or the piggybank and don’t touch it until a year has passed.
When you save some money over the course of a year, it is also best to not splurge all of the money right away. Even though you could use some of the money on a holiday for yourself and your family, you should also put some of the money in your savings account. Unforeseen expenses are always a possibility, so it is best to be prepared.
Carey and his wife, the couple mentioned in the example, have proven that savings is never about putting large amounts of money in your savings account, it is about realising that little amounts matter too. So, instead of neglecting your coins and your dollar bills, simply save them over the course of a year and see how they could affect your financial situation. We’re sure that adding your coins and dollar bills to yearly savings will provide you with more security!