Saving money isn’t always the easiest thing to do; spending too much money is. Even the most frugal person can find themselves spending more than they expect sometimes. Also, people have no control over unexpected bills like car repairs, medical bills, and other things that can happen out of the blue.
But there is one woman, Marie Franklin, who found a new way to save her money. She committed to the process and ended up saving $40,000 in just a few short years. This college professor and mother of two decided enough was enough. With her own bills and two daughters in college, it seemed like she was never going to have enough in her savings to give her a cushion.
So she developed a tried and true practice that ensured her savings would expand every day, week, and month. Her method? Simple: $5 bills. This is a basic banking method that can make your money woes a thing of the past. The process is to take each and every $5 you encounter and stash it away. Just $5 bills. At the end of the week, take all of those $5 bills and deposit them into your savings account. You will be surprised to see how much your money can grow.
The system is simple. Once you see how much money you are saving, you don’t want to stop. Many people have certain financial goals set. Not all are easy to achieve. The $5 bill ensures that you start off with something small and continue to build.
In most cases, it is neither feasible nor practical to jump headfirst into programs that you cannot maintain. The small amount will ensure that you can continue to put money toward your savings without placing yourself in a bind.
Even a number of bankers agree with the method. UBank CEO Jo Kelly says that it is one of the easier programs for women to achieve.
“You don’t have to do anything complicated. You can start saving with the money you already have on hand and continue from there,” said Kelly.
Kelly also said that once you start saving, it trains your brain to continue with good money habits. According to Kelly, once you get the hang of it after a few years, you can start saving your $10 bills and even our $20 bills.
Franklin insists that if she can do it, anyone can.