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Woman Saves $12,000 By Collecting Fives

Tue, 07/22/2008 - 9:35am by SavvySugar
448,008 Views - 60 comments

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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60 Comments Add a Comment

  • mondaymoos's picture
    mondaymoos
    1

    I could never leave the 5s in my wallet. I would have to actually take them to the bank right away. That's two Red Bulls!

    12 weeks 1 day ago Report Comment
  • mondaymoos's picture
    mondaymoos
    2

    I could never leave the 5s in my wallet. I would have to actually take them to the bank right away. That's two Red Bulls!

    12 weeks 1 day ago Report Comment
  • Shopaholichunny's picture
    Shopaholichunny
    3

    Oooo I really need to try this! I have been trying to save money but I always end up spending it on clothes or shoes. I need more discipline. Sad

    12 weeks 1 day ago Report Comment
  • megln1022's picture
    megln1022
    4

    that's a pretty smart way to do it! i could never leave them in my wallet either- i'd have to at least store them out of sight at home. i wanted to start a vacation fund- maybe i'll do it this way!

    12 weeks 1 day ago Report Comment
  • Jude C's picture
    Jude C
    6

    Damn.

    I tend to spend 5s first--they're the perfect denomination for a doughnut and a soda at 7-11. Sticking out tongue

    12 weeks 1 day ago Report Comment
  • ilanac13's picture
    ilanac13
    7

    i love that idea. for a while i was allowing myself to spend only $10 a day and then whatever was left over from that $10 i would save and i realized that i could accrue quite the sum if i was good a being aware of spending.

    i really do like that idea though, and i might have to try it.

    12 weeks 1 day ago Report Comment
  • RosaDilia's picture
    RosaDilia
    8

    I really like this idea. Requires discipline but it's worth the try.

    12 weeks 1 day ago Report Comment
  • Renees3's picture
    Renees3
    12

    I don't deal with cash enough to do this, but it's a great idea!

    12 weeks 1 day ago Report Comment
  • Stupidasscat's picture
    Stupidasscat
    14

    I save ALL my $1 and any change (and any money that falls out in the wash) and we managed to save about $300 in around 3 months

    12 weeks 1 day ago Report Comment
  • hanako66's picture
    hanako66
    15

    I could totally do this, but my husband would have an issue...maybe in 3 years, I could have 6K...I'll give it a shot!

    12 weeks 1 day ago Report Comment
  • hanako66's picture
    hanako66
    16

    altlhough prob less than.....cd rates have really been low lately

    12 weeks 1 day ago Report Comment
  • lilylovesleo's picture
    lilylovesleo
    19

    If you can't save each $5.00 you have then try saving all your coin change. It really does add up at the end of the year.

    12 weeks 1 day ago Report Comment
  • ubringmejoi's picture
    ubringmejoi
    21

    i try to save all my ones, and i spend cash.... though i need to get them out that jar and into an acct... wonder what's in there?

    12 weeks 1 day ago Report Comment
  • soapbox's picture
    soapbox
    22

    I'm going to try this, but instead of buying a CD, I'll opt for a handbag or shoes.

    12 weeks 1 day ago Report Comment
  • bosoxfaninny's picture
    bosoxfaninny
    25

    Well, the ONLY thing I pretty much deal with is cash because I don't trust the Identity theft thing. Too much of that going on with plastic. So this sounds like a really good plan, and I'd love to try it. What a neat idea! Actually, $1, $5 or loose change will add up quick with discipline.

    12 weeks 19 hours ago Report Comment
  • gman11's picture
    gman11
    27

    Are ya'll kidding me or what? Do we save so little that we can't wrap our brains around saving $5 bills then we are really screwed. Wake up America!!! Our national debt is 9 Trillion dollars and growing by the minute. Google Ron Paul and the Federal Reserve. Please learn that saving and investing money is the only way that we can have a future. Our retirement system is a joke and our Social Security system is bankrupt.....please wake up. If you need any pointers please reply to this and I will be happy to respond.

    12 weeks 19 hours ago Report Comment
  • wraithofwonder's picture
    wraithofwonder
    28

    An interesting idea, except my local Fred Meyer spits out any "cash back" as only fives.

    12 weeks 19 hours ago Report Comment
  • wraithofwonder's picture
    wraithofwonder
    29

    gman11, you're nuts. You focus too much on the number and too little on the content. Our debt as a fraction of our GDP is comparatively moderate compared to just after World War II and no worse than the 1960s.

    I'm not saying it's not bad. It sure as hell is, but the world isn't ending... yet.

    12 weeks 19 hours ago Report Comment
  • omatetes's picture
    omatetes
    30

    everybodys said u will save alot i knew that when i was in grade skool

    12 weeks 18 hours ago Report Comment
  • cleve24's picture
    cleve24
    31

    I've done this with one dollar bill by putting all dollar bills
    except two into a cigar box and its amazing how fast they mount up.
    It average about a $1,000.00 extra for Christmas gifts.

    12 weeks 18 hours ago Report Comment
  • glitterhog's picture
    glitterhog
    32

    I don't use cash either, but its easy to setup some sort of monthly transfers from checking to savings. That's what I do and it works. I setup a certain amount to take from what I deposit from my paycheck into my savings. I mean sometimes we have to stop and ask ourselves,do we really need that venti frappuccino from Starbucks? That's money saved there if you don't get one. Anyone who thinks money is dirty, i'll gladly take it. LOL.

    12 weeks 18 hours ago Report Comment
  • belaclya's picture
    belaclya
    33

    Great way to save if you can! Around here, fives are used for everything---so I've found that we save easier if we just toss our loose change in a container. It's amazing how much change you lug around without knowing it. Painless way to save and it adds up. Only down side is hauling it to the bank to deposit! lol It gets heavy fast.

    12 weeks 18 hours ago Report Comment
  • groovyghoulie's picture
    groovyghoulie
    34

    I once had someone at a bar tell me to hide a 50 from my paycheck in my wallet pocket. I did, and after spending the whole check was relieved to find the 50. At least I had some drinking money the next day, but it really does work. Some sort of self-psych-out.

    12 weeks 18 hours ago Report Comment
  • tasha702's picture
    tasha702
    36

    Every time I save, something goes wrong to where I need to dip in my savings....lol 4 real

    12 weeks 18 hours ago Report Comment
  • golucky2005's picture
    golucky2005
    37

    I save change and 1's. My mom saves all change including dollar coins and other fun stuff. She drives a bus so lots of people try and pay with $2 bills but she trades them and keeps them in a wallet. She's got all kinds of 2$ bills. Including one with blue ink. She also has a 1 that has red ink on it, and off cut. I've never noticed any of that till she told me to really look at my money and sure enough I have some pretty crazy things myself. Granted all that has nothing to do with the article but I don't care. Oh and for the girl that does not know what a CD is, they are not talking about a music CD they are talking about what is now called at some banks as a saving certificate. It's something you put your money into and you can not touch it till the date or time "window" in which they allow you to without getting a penalty. some banks don't care but others do.

    12 weeks 18 hours ago Report Comment
  • ibqueenbee36's picture
    ibqueenbee36
    38

    We use a different version of this kind of trick! Everyday as we have to use dollar bills, we always keep our change. We try to pay only with bills. Then at the end of the day, we take all our change and put in a very large piggy bank (big jar works too). We did this the first year and had over $2,100 dollars in change!! We took our entire family on a trip to San Francisco (from Alabama), flights & hotel were paid for! Then the next time we waited almost 2 yrs and had enough for a full week in New York only a block from Times Square, flight again was covered! You'll be surprised how quickly it adds up. We have been stashing for over 2 yrs now - saving for a family trip (including the two boyfriends of my daughters lol!) to either Europe or the Carribean! WEEEE!!

    12 weeks 18 hours ago Report Comment
  • halidc's picture
    halidc
    39

    I have been doing something similar with pennies. I have been saving pennies for 3 years and so far I have like $5.00 Smiling

    12 weeks 18 hours ago Report Comment
  • bryangl's picture
    bryangl
    40

    Hey this sounds good to me. I save all my change and cash it in at the end of every year. It generally works out to about $400.
    Bank of America also has this thing where every time you use your debit card, it rounds up the balance of your charge to the next dollar and automatically deposits that into a savings account. So, if you charge $7.32 on your debit card, it would deposit the extra .68 into your savings. I like it. That adds up to about $60 per month for me. But I like the idea of this $5 thing and I think I'll give it a try.

    12 weeks 18 hours ago Report Comment
  • bugzrey's picture
    bugzrey
    41

    i could never do this with $5's. i'd probably save each $100 change i get. duh!!!

    12 weeks 18 hours ago Report Comment
  • pb4's picture
    pb4
    43

    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.

    12 weeks 18 hours ago Report Comment
  • vasha's picture
    vasha
    44

    il try this for my self, this will be an inspiration.

    12 weeks 18 hours ago Report Comment
  • mim skeet's picture
    mim skeet
    45

    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!

    12 weeks 18 hours ago Report Comment
  • snigley's picture
    snigley
    46

    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)!

    12 weeks 17 hours ago Report Comment
  • snigley's picture
    snigley
    47

    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)!

    12 weeks 17 hours ago Report Comment