How to Save Money With a Money Box or Piggy Bank

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The concept of saving sounds simple enough; however, it's not as easy as it sounds.
The concept of saving sounds simple enough; however, it's not as easy as it sounds. (Image: Target Woman)

The concept of saving sounds simple enough; however, it's not as easy as it sounds. There is always some unexpected expense that comes up, something that needs to be fixed or gifts that need to be bought. Saving money takes discipline. You need to avoid the urge to splurge on things you don't need. Sometimes, the best solution to a big problem is something simple. Here are two simple money saving ideas that worked for me.

Things You'll Need

  • Piggy Bank or Money Box
  • Bank Account

One effective savings idea that takes a lot of discipline, but is simple in concept, is to save every one dollar bill you get and put it in a money box until there is enough to deposit into a bank account. This may sound a little elementary, but like I said, big problems often have simple solutions. I find that whenever I have ones, I tend to just throw them in a vending machine, or use them to buy something else I don't need. If you think about it, if you're able to save about $3 a day, which was my average when I tried this money saving method, you'll save about $1,100 a year. I have even heard of some people taking this savings idea to the next level and saving every $5 bill they have. However, for those of you just starting off with this idea, I suggest you start small with $1 bills. With the advent of debit cards, I realize that some people no longer carry cash around anymore. The beauty of saving is that banks and financial institutions are making it easier for people to save money because they have a vested interest in you saving. The more money you save, the more money you have in your bank accounts, and therefore banks will have more money they can lend over night to earn interest on.

I have even heard of some people taking this savings idea to the next level and saving every $5 bill they have. However, for those of you just starting off with this idea, I suggest you start small with $1 bills. With the advent of debit cards, I realize that some people no longer carry cash around anymore. The beauty of saving is that banks and financial institutions are making it easier for people to save money because they have a vested interest in you saving. The more money you save, the more money you have in your bank accounts, and therefore banks will have more money they can lend over night to earn interest on.

Bank of America offers a program called "Keep the Change." This program is designed to help people, who use their debit card often, save money. What "Keep the Change" does is every time you buy something with your debit card, for example let's say you buy something for $10.50, it rounds up to the next whole dollar amount, in this case $11, and takes that .50 change you would have gotten had you paid cash out of your checking account and puts it in your savings account. It's a simple yet effective way to help you save a couple hundred dollars a year, depending on how often you use your debit card, which you might not have normally saved. The best thing about "Keep the Change" is it's all automatic. You don't have to remember to do anything; it saves the money for you. In addition, Bank of America will even match part of your savings, helping you save even more money. For the first six months, Bank of America will match 100% of your savings, up to $250 and after that they match 4% each year up to $250. I highly recommend enrolling in this savings plan even if you aren't a frequent user of your debit card, because they are pretty much giving away free money and it costs nothing to enroll.

Tips & Warnings

  • Don't try to save too much too fast or you'll find yourself dipping into your savings.

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