A fifty dollar note could save you | Updated: 12:36:08 PM, Monday December 19, 2011
By Savings Guide
What you can do to regain the exciting feeling of saving again and get your finances in order.
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One $50 note per week could save your finances.
We often get asked at Savings Guide for a magic bullet when it comes to starting a savings account, making it flourish and staying motivated. The problem is, there is no magic bullet and odds are you will become disinterested in your savings account very quickly.
So why is this the case? Well we believe it is largely because savings accounts no longer have a tangible feeling. You will rarely ever see the actual money, instead just an abstract figure of cash in your online banking list. This doesn’t help for motivation and gives you a sense of distance between you and your money.
So what can you do to regain the exciting feeling of saving again?
It’s as simple as putting away $50 every week for 10 weeks. At the end of this time, you will have earnt zero interest but learnt a lot about money.
Imagine having a pile of $50 notes, crisp and packaged between your fingers. You have given money that real feeling again and have seen what a set goal can achieve. Why not take the savings directly to the bank and do a cash deposit? Odds are none of us have done that in many years either.
So what on earth is my point?
With online banking, online deposits and pay going directly via online deposit, we are losing the feeling of money, it’s worth and what it means to our lifestyle.
Why not try putting some money into an envelope or coin jar over the coming weeks and see how proud of yourself you feel after accomplishing the first of many new savings goals.
Sometimes we need to go back to basics to learn the advanced techniques.