If you’re still on the fence about this whole save your $5s thing, consider this.If you want to Save Money Fast, this simple method will work.
What can you really get with a five dollar bill? A gallon and a half of gas? Five items at the dollar store? A half gallon of milk and a small loaf of bread at the convenience store? A croissant and a large coffee at Dunkin Donuts? Two boxes of imported pasta, say DeCecco?
Now look at it a different way. Five dollars saved each and every day of the year would add up to 365 (days a year) times $5 a day, a staggering $1,825. Save two $5s a day and you’re looking at $3,650.
Save five bucks a day until you turn 75 years old, assuming you’re 25 years old today, and that five dollar account, without adding in any compounded interest if you kept the money in a piggy bank, would be worth $91,250. Just in five dollar bills. If you’re married and your spouse practiced the same habit for the same number of years, you would be, at a minimum, $182,500 richer than you would be otherwise.
Even if your twenties are a distant memory and you’re now 50 years old, if you saved five dollars a day for the next 25 years you will have socked away $45,625, without counting interest, or $81, 250 if you and a partner both practice the save your fives method of accumulating wealth.
And, no excuses if you’re in your 70s. If a 70-year-old started saving one $5 bill a day for the next 10 years, he would have $18, 250, a handsome amount to throw herself an octogenarian birthday party. Just saying.
Still on the fence? Yes or no? Have a great weekend, thanks for stopping by, and please, leave a comment on my blog!
Yours in Fives,