Raise your hand if you’re great at saving money….I’ll wait!
If you’re anything like me, you didn’t grow up with the best role model for saving money and being financially savvy. Our parents were coming of age in a time were wealth was not about what was in your pocket but what you had to show for it. Often times, those same poor spending habits and financial choices we witnessed our parents make, find their way into our lives. According to a recent CNBC report, only half of adults 30 and over save 5% of their income each year. Chances are between covering expenses, splurging on the latest gadgets and funding your business, you have little left over to save.
I’ve always wanted to save, but never figured out a way to introduce it into my budget. One day I came across a post on Instagram of a young lady holding a huge stack of $5 bills. This was all the money she had saved in just a few months. She now had almost $1,300 to used toward a dream vacation. The trick to her stack was to save every $5 bill she encountered. I figured, trying this method out couldn’t hurt. So, from July 2015 to December 2015, I saved just about every $5 bill I came across. It took some obedience, but I managed to save over $300. I started over in January and saved enough money to buy a plane ticket for a summer vacation. I began saving my $5 bills again in April with hopes to get better at tithing.
I know if I left it up to myself, I would likely never save a dime. Following this structure has made it super easy to stack, stack, stack and save.
Here’s a hint: make yourself a savings jar labeled with your goal and watch your stash grow! I can’t wait to hear how much you’ve saved.
Rather it’s saving money for your business, a trip you’ve always wanted to go on, or just rainy day fund, I encourage you to try it. What techniques do you use to build your savings? Comment below!