This Woman Put Away Over $40,000 with This Cheap Savings Hack
Get Better at Saving Money with Just a $5 Bill
Saving money can be tough, especially if you’re one of the many Canadians who’s getting bled dry by these common spending mistakes. Sudden expenses come up out of nowhere, and whether it’s an unexpected medical bill, a sudden repair needed for your car, or a sudden need to buy a luxury dog seat cover for said car, you just might have to wipe away all your progress. (If that’s the case, better read up on Milos Raonic’s secret to saving money like a pro.)
But one college professor has come up with a genius trick which might just turn your savings woe into a savings “Woah! Look at all this money I have!” Marie Franklin simply takes every five dollar bill she encounters and puts it away.
In her blog post on the topic, Franklin explains that the simple trick helped her save “almost $40,000 since beginning the practice 13 years ago.” It all started when Franklin had to be a bit tighter with her cash when her daughters were going through college and opted to start sliding every five dollar bill she encountered into a different pocket of her wallet. (Here are four easy back-to-school money saving tips.)
Jo Kelly, the CMO of UBank, spoke to the New York Post about how this basic banking method could really simplify saving.
What makes it so achievable is the simplicity,” Kelly explains. “Anyone, anywhere can start building their savings using this trick. There’s no need to set up new accounts or develop complicated budgets—you can start with the money that is already in your wallet.”
So, for the retirement-fund challenged millennials, this may be a good reason to eschew the ATM for once and carry some cash.
Check out 15 Surprisingly Frugal Habits of the British Royal Family.
Originally published as This Woman Put Away Over $40,000 with This Cheap Savings Hack on ReadersDigest.com.