If you are like the majority of Americans today, you are finding it difficult to stay ahead financially. Especially with the economy and job market, not to mention the price of gas and milk!
But there is a way to create a savings plan for you and your family so that even if you are on a limited income you can have a rainy day fun and not be left without an umbrella.
Everyone has seen the commercials on television promoting life insurance and how they say for less than a dollar a day you can have 50,000 dollars in coverage and all of that? Well, how about for a dollar a day you can start saving towards your financial future? Of course most people have savings account that usually link up to their checking accounts and act as a cushion for overdrafts and such but there are some who either aren't able to get a savings account or maybe just don't want to go that route. For these people, this plan should help you out.
First, you need a place to store your “stash”. I suggest that you use a pencil box (like the kids take to school) or some kind of empty plastic container. It should be small but hefty, something similar to a baby wipe container. I also suggest that you put that box inside a fire proof safe with a lock or combination.
Now start by rolling up all the extra change that you have lying around or in your “piggy bank”. Take that and cash it in. Most states have a Coinstar* which is a machine that you dump all your loose change in and it gives you a receipt that you take to customer service and redeem for bills.
Put the money from the loose change in your box.
Second, evaluate what you spend on average a day at work or at school. Do you put three dollars a day in your company vending machines? Might I suggest, looking at the items you purchase, adding those in bulk to your monthly or weekly grocery list and taking them with you to work? Then, take that 3 dollars out of your wallet every morning before you go to work and put it in your box. You do that every day.
This eventually will add up to a nice chunk of change. 3 dollars a day for a full year is over one thousand dollars. So if you are spending more, than you can increase the amount quickly.
If you are a determined saver and this isn't enough for you, I suggest putting a percentage of each paycheck in your box. Don't forget that every time you get change for something and you automatically throw it in your purse or cars console that you could be adding that to your box for extra savings.
Try this method for at least 6 months. Once you make it a part of your normal routine, you will have a back up plan for any emergency or a start to a nice vacation. You have nothing to lose, except for a few pounds from not dropping by the vending machines!
Good luck!
