There are plenty of areas of life about which we could have a New Year’s resolution. And for most of us, money is on the list.
Looking to buy a house in 2016? Hoping to pay down your student loan? Working to raise your credit score, or simply get out of credit card debt? Or how about the ultimate savings goal—a comfortable retirement and enough money to pursue your passions?
If you have financial goals for 2016, here are three ways that saving your $5 bills will help you reach them.
1. They add up over time
Even if you don’t save your $5s but feel you can afford to put away $5 a day each day of the coming year, by New Year’s 2017, you will have accumulated $1,825. Just by saving one $5 bill a day.
2. Easy does it
If you’re looking for an easy way to save, what could be easier? Save each and every $5 bill received as change in a cash transaction and watch your savings grow. There’s no need to deprive yourself to save. No need to set aside a fixed amount a month. No need to do anything but commit to using cash for many of your daily purchases, and then saving each $5 given back as change. Viola!
3. Five, ten, fifteen, twenty
Just like children get excited when they learn to count by 5’s, it’s fun for all ages to count a stash of $5 bills. On a recent holiday shopping excursion, I came home with six $5s to add to my pile, and honestly, it was fun adding them up. 5, 10, 15, 20, 25, 30! It was certainly more fun than filing credit card bills. And if saving money equates to having fun, well, what could be better than that?
Happy New Year’s!
Yours in Fives,