Who doesn’t need to save money these days? It seems that there is always more week at the end of the money than vice-versa. Mother of two, Marie Franklin, has discovered an ingenious way to save money – and it has paid off massively.
With both of her children in private college, Franklin and her husband were extremely stressed about their finances just 12 short years ago. It was then that she came up with her plan; she was going to save every five-spot she received for change for every transaction.
Saving in this manner gave her a feeling of control over her finances. She says most peoples’ way of saving with a change jar does not add up to high dividends. But the fives are a different story:
“[O]nce you commit to saving your fives, you’ll never look at a $5 bill the same way again. Once you see them accumulate, you won’t be tempted to spend them. It becomes an addictive habit, a fun game to see how fast you can grow your stash,” she says.
And grow it she has. Today she has accumulated $36,000, one five at a time. One of her secrets to saving so quickly is using cash more often instead of debit or credit cards since there are more opportunities to collect. There is another bonus to this – being able to save more in the bank and avoid costly interest rates.
Franklin is now using her experience to help others become financially stable.