Making a habit of saving

As the calendar gallops towards Labor Day and (yikes!) my 40th wedding anniversary, I’m reminded of the joint savings account Bill and I opened together after our marriage in 1977. It was with the Brookline Savings Bank in Brookline, MA, and our starting balance was somewhere around $700. Between the two of us, that was our net worth back then.

I still have a passbook savings account with Brookline Bank and the balance is considerable higher today. And that account represents a small portion of our net worth. But I hang onto the passbook and the habit of regular savings as much today as I did four decades ago. In fact, this is the account I use to accumulate my $5s, the stash of money I put away by saving every $5 that comes back to me as change in a cash transaction. Today, the amount of money saved in $5s is close to $40,000 (after about 13 years), coincidentally as I approach 40 years of marriage.

Some of you might say, OK, no big deal. Forty years of marriage or $40,000 saved in $5 bills. But I disagree. Imagine how big my nest egg would have grown if I’d saved my $5s back then when we said. ‘I do.’ By my rough calculations, I save approximately $3,076 a year in $5s. If I multiply that by 40 years of marriage, I’d add to my wedded bliss because besides decades filled with love, mutual respect and a whole lot of wonderful memories, I’d have $123,040. Imagine the kind of anniversary trip we could take with that!

Yours in Five,






6 thoughts on “Making a habit of saving

    • Hi Ray, Thanks for your question. The decision is yours but I like depositing my $5s in a bank. I actually accumulate them in my wallet until the wad of $5s gets too bulky (around $100?) and make a trip to my savings bank and deposit. When that amount reaches $1000, I buy a CD with it for a higher interest rate, though still quite small. This way I’m sure the $5s are going back into circulation, too, increasing my odds of getting more $5s back in the future! Good luck.

  1. We have saved roughly the same amount in $5’s in a year. I also have been pulling all of the change (except quarters) out of our cars when I make my $5 deposits.

    • I’m always amazed at how fast change adds up, and why not save it? There aren’t many things you can buy today for less than $1. Thanks for stopping by the blog!

  2. Why not just set up an automated weekly/monthly bank transfer of a desired amount from a daily spending account to a high-interest savings account? Why waste time and energy with the bills?

    • Certainly that’s another way to save money. Besides saving my $5s, I also contribute 8 percent of my salary as a college professor into a retirement account. But in terms of wasting time and energy with the bills? I actually like to use cash to pay for everyday expenses, habits, indulgences, etc. simply because it gives me a better sense of what I’m spending my money on. I also believe there’s a certain energy of abundance that results from actually touching the money, the cash. But again, if an automated bank transfer on a regular basis works for you, then go for it! Thanks for stopping by the blog.

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