I tend to collect a lot of change over the course of time… (Insert whatever time period you are comfortable in comprehending). I hardly ever spend it because I don’t like to keep change in my pocket and the fact that most things these days cost more than the change in ones pocket causing you to use a note. So, what normally happens is money gets transferred to my change tray, then sorted into money bags and taken to the bank. My question is, could this be used as an effective savings strategy? I never use it and its not like I’m going to miss it either way. So its like I have already spent it. However having an extra four hundred bucks in the bank every few months is always nice.
Since I already put the money back into the bank, I’m already saving it. But how much have I saved? Again, is this an effective strategy? Obviously not the only strategy, but one that could buy me say a nice holiday say to the world cup in 2010…
So I will open a new ING Direct Account and deposit all money I collect in change. I think deposits once a month should be sufficient. Each month I will report how things are going.
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