Last week, the college where I teach near Boston, graduated another class of seniors. In retrospect, I cried and clapped more in a three hour commencement ceremony than is normal even for me, an effervescent type who wears her heart on her sleeve. But why wouldn’t one be super excited for the bright futures these young graduates have ahead of them?
And when I look back on my own college graduation more than 41 years ago, and when I do the math, I realize that if I had started saving $5 bills back then in 1975, I’d have a heck of a lot more than $40,000 saved in $5 bills (which is approximately what I have put aside now after 12 years). So, for any recent grads reading (or any reader who knows a recent grad and wants to pass along this tip), why not commence now to never again spend a $5 bill and save them instead and see how fast your nest egg will grow?
The good news is that it’s a lot easier to part with $5 today than it was that summer when I rented my first apartment, a two bedroom that I shared with a college friend and each of us paid—are you ready for this—-$112.50 a month!
Which brings me to the point of this post. Whether you’re a recent college graduate, a senior citizen, or somewhere in between, make the month of May, the traditional season of graduations, or commencements, be the time you start saving your $5 bills.
As a personal training coach I used to work with always said about the power of forming an intention and then focusing on it—-Doing Does It! Save one $5 bill a day for a month and you’ll sock away $150. Save two a day, and the stash grows to $300, a month, or $3600 a year, about what I average. Start today. No crying from me this time. I’ll be clapping instead. Congratulations on making a commitment to your financial future. #SaveMoneyFastWithFives
Yours in Fives,