Tuesday, August 14, 2012

Saving and Getting Rich S-L-O-W-L-Y

I've seen a few people on YouTube talking about how to 'get rich slowly' or at least save and grow your money easily and painlessly. They recommend saving your $5 bills every time you get one returned in change buy something. I did something similar a year or so ago. I actually took out a $20 each time I got paid and kept it in an envelope in my desk drawer at work. I kept it at work to make it more difficult to get to, and also so I'd have some emergency money handy if I needed it there as well.
  That system worked pretty good and the money grew rather quickly, but it never failed that I'd be inbetween paychecks and needed gas or pet food or something or other would come up causing me to take from my stash. I would try to replace what I took and add another $20 when the next payday came around. It would work pretty good for a while. It even gave me a little extra spending money when vacation time came around. After vacation, I kind of let it go by the wayside because it was going into the Fall and Winter months and money really gets tight for me around that time of year!

I've decided to try again with this $5 plan. It adds up very quickly and $5 is a small enough amount that I can say, oh, that won't do me anygood, I'll just use my debit card to get gas. This seems like it would be defeating the purpose, but I realized that I am more likely to 'pay myself first' by doing it this way. AND, since you have to use cash to get cash back in change I'd be more apt to use my debit card even less. I was already working on cutting back on my debit card use by withdrawing in cash what I thought I'd need for THAT pay period, still paying my bills electronically, and hopefully have something left over to build on. I find that it really makes a difference and you better realize what you're spending and where your money is going!
  One of the girls on YouTube saved her $5's for about 6 months and came up with more than $200! I think I will try saving my $5's from now until the end of the year. I have a lot more depending on my income so I don't think I'll do as well as she did, but we'll see.

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