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Woman Saves $12,000 By Collecting Fives

A sum like $12,000 doesn't usually make the news, but one Boston Globe reporter has managed to trick herself into saving that amount by adopting a creative way to save. With two daughters in college and a mortgage to pay, Marie Franklin and her husband didn't have any extra money to put into savings. While perusing online, she came across a saving trick that suggested saving every five she acquired and depositing them into a separate savings account.

Once she's collected ten fives in her wallet, Marie deposits the $50 into her designated savings account, and once that account has $2,000 she purchases a CD to earn higher interest. After three years of saving all of her fives, she has accumulated $12,000 in savings. Marie acknowledges that this method of saving requires discipline, but her unconventional habit has obviously worked for her.

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mo_ri_ah mo_ri_ah 7 years
The other day I asked my friend how much it costs him in gas money these days to drive from Los Angeles to Oregon - he drives there once a year to visit family. He said about $210, as they recently had went. The way he saves for the gas every year is by putting all his change in a jar.. he racks up about $300 a year in loose change. I love that!
mo_ri_ah mo_ri_ah 7 years
The other day I asked my friend how much it costs him in gas money these days to drive from Los Angeles to Oregon - he drives there once a year to visit family. He said about $210, as they recently had went. The way he saves for the gas every year is by putting all his change in a jar.. he racks up about $300 a year in loose change. I love that!
jcrn jcrn 7 years
Whatever works is great!
jcrn jcrn 7 years
Whatever works is great!
ambition247 ambition247 7 years
I save all my loose change and just yesterday i deposited 100 bucks. I used to collect and ignore pennies but now i have a new found love for them.
MSL83 MSL83 7 years
My siblings and I opened a CD for my parents and it has truly grown! I encourage everyone to start one. It's free money!
verily verily 7 years
I so rarely have cash in my pockets that I could not do this type of saving. I do need to learn how to save 10% of every paycheck. That would add up pretty fast.
ChicaCity ChicaCity 7 years
i love bank of america's keep the change - i know you can only save up to $200 but it's $200 i wouldn't save on my own!
loveyoulots loveyoulots 7 years
I think this is great and gives me a little motivation to try this I commend her for taking this approach inorder to care for her family.
popularsugar popularsugar 7 years
It is a great idea. I am going to save up. By the way, I want to share with you all that Bank of America has the best CD rate at 4.11% for 7 months. The minimum is $5,000. I'm saving up for a house and I think this will definintly help me reach my goals. I also have ING, and their CD rates are around 4% but you need to lock in for 5 years! And I have student loans, so i am trying to figure out how to best save for my goals without going broke.
nv27 nv27 7 years
I use my Amex card for EVERYthing so this obviously wouldnt work for me. Besides Im pretty disciplined but I think the idea is cool, whatever works.
drymetal drymetal 7 years
I am 29 now (30 on Aug. 8th...ugh) and ever since I was 15 and working I have saved 10% of every single dime I have ever earned. When I earn money - I have 10% go straight into a seperate account before I see the rest of the money. If I make money outside of a paycheck, then I just deposit 10% right then and there. It is called paying yourself first. It is much easier than anyone realizes because within a couple months, your life automatically adjusts to your "new" income. Of the 10%...on average about 80% goes into mutual funds. Global funds to be more exact. The remainder goes into precious metals. Remember, saving 10% out of your check before you take it home is very easy. Your life changes naturally. I have never made over $30,000/year and will have enough to retire very, very, very comfortably by the time I am 45. And I'll be able to live on any part of this planet I want. And so you know...I never go to Starbucks, I only shop cheap...even for clothes. And live extremely below my means. The money that is not spent goes into....you got it...my retirement portfolio. You people can do this too. While I might not be trendy....I will most certainly be a multi-millionaire in my lifetime and unlike the trendy people....I will never have an ounce of debt in my entire life. I have yet to ever own a credit card!It is easier than you think.
drymetal drymetal 7 years
I am 29 now (30 on Aug. 8th...ugh) and ever since I was 15 and working I have saved 10% of every single dime I have ever earned. When I earn money - I have 10% go straight into a seperate account before I see the rest of the money. If I make money outside of a paycheck, then I just deposit 10% right then and there. It is called paying yourself first. It is much easier than anyone realizes because within a couple months, your life automatically adjusts to your "new" income. Of the 10%...on average about 80% goes into mutual funds. Global funds to be more exact. The remainder goes into precious metals. Remember, saving 10% out of your check before you take it home is very easy. Your life changes naturally. I have never made over $30,000/year and will have enough to retire very, very, very comfortably by the time I am 45. And I'll be able to live on any part of this planet I want. And so you know...I never go to Starbucks, I only shop cheap...even for clothes. And live extremely below my means. The money that is not spent goes into....you got it...my retirement portfolio. You people can do this too. While I might not be trendy....I will most certainly be a multi-millionaire in my lifetime and unlike the trendy people....I will never have an ounce of debt in my entire life. I have yet to ever own a credit card! It is easier than you think.
shorbe shorbe 7 years
Actually, the much better method is that described by glitterhog, which is commonly known as "Pay Yourself First".Instead of spending and saving what's left (whether that's a five dollar not or some coins), it's much better not to touch that money to begin with. You'll save much more if you set aside a fixed amount. A fixed dollar amount is good, but it's even better to set aside a fixed percentage of your income (assuming it's going to go up over time). Also, try to add any bonuses, etc. you can to this as time goes on. Aim for at least 10% of your income.Why this is better than saving any notes or coins left over is twofold. Firstly, you don't have to spend anything to save anything. You save automatically before you even spend. Secondly, and even more importantly, you don't have to have the discipline to avoid spending all of that excess money (e.g. the five dollar note).If you set your banking and investments up right, you can have a percentage of your pay sent to a second account, and you can then have that invested automatically in a mutual fund, for example, once it reaches a certain threshold. All of this can be done automatically.The rest relies on the second basic principle of money: live within your means. If you're forced to live on 90% of your income, for instance, you will get used to it after a while and before long, you won't miss the 10% you're automatically investing. If you're able to get away with living on 100%+ of your income (at least in the short term), then your lifestyle will adjust accordingly and you'll waste money without even knowing why.I hope this helps. A very simple (but great!) book on this topic is "The Richest Man in Babylon". "The Millionaire Next Door" is fantastic too.
shorbe shorbe 7 years
Actually, the much better method is that described by glitterhog, which is commonly known as "Pay Yourself First". Instead of spending and saving what's left (whether that's a five dollar not or some coins), it's much better not to touch that money to begin with. You'll save much more if you set aside a fixed amount. A fixed dollar amount is good, but it's even better to set aside a fixed percentage of your income (assuming it's going to go up over time). Also, try to add any bonuses, etc. you can to this as time goes on. Aim for at least 10% of your income. Why this is better than saving any notes or coins left over is twofold. Firstly, you don't have to spend anything to save anything. You save automatically before you even spend. Secondly, and even more importantly, you don't have to have the discipline to avoid spending all of that excess money (e.g. the five dollar note). If you set your banking and investments up right, you can have a percentage of your pay sent to a second account, and you can then have that invested automatically in a mutual fund, for example, once it reaches a certain threshold. All of this can be done automatically. The rest relies on the second basic principle of money: live within your means. If you're forced to live on 90% of your income, for instance, you will get used to it after a while and before long, you won't miss the 10% you're automatically investing. If you're able to get away with living on 100%+ of your income (at least in the short term), then your lifestyle will adjust accordingly and you'll waste money without even knowing why. I hope this helps. A very simple (but great!) book on this topic is "The Richest Man in Babylon". "The Millionaire Next Door" is fantastic too.
stacey07 stacey07 7 years
I sure can use $12,000 right now but i guess i have to save it first.sweet,its worth a try
BigJoe BigJoe 7 years
I couldn't do this because of all the "high maintenance" women in my life.....the vampires...but its a good idea in theory.
snigley snigley 7 years
I am proud of her for doing this and getting a CD. With inflation, if you are not earning money for your money then you are technically losing money. Many people are trying to live beyond their means, get what you can safely afford and save the rest, like this woman. Maybe she should get a Mutual fund? diversify! and buy buy buy while the prices are low, so it will pick up. Ok I am off my finacial soap box. GO save (+earn)!
snigley snigley 7 years
I am proud of her for doing this and getting a CD. With inflation, if you are not earning money for your money then you are technically losing money. Many people are trying to live beyond their means, get what you can safely afford and save the rest, like this woman. Maybe she should get a Mutual fund? diversify! and buy buy buy while the prices are low, so it will pick up. Ok I am off my finacial soap box. GO save (+earn)!
MimiDee MimiDee 7 years
i do something similar but on a smaller scale. i empty my wallet of all ones every night and put them in a jar. sometimes, if i have a bunch of bills, i add fives too, but when i'm broke towards the end of the paycheck, it's always nice to have a fall back for a mocha or gas money or something. something else i do is only transfer from my savings to checking what i'll need (a roundabout number) so i wont be tempted to spend more when i go shoppin, since i tend to be a bit of an impulse buyer. saves me ALOT!
vasha vasha 7 years
il try this for my self, this will be an inspiration.
pb4 pb4 7 years
Self discipline... so tough!and Gman11, don't forget there are some of us who have only one income, three children and a dead-beat ex!-so saving any amount of money is not impossible but difficult at times, specially when gas prices go up everyday.
T3T T3T 7 years
...Like Coca-Cola?
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