During the summer of 2011, I noticed that as I took a green pet waste bag from where they are handily kept in a holder above the outdoor pet waste receptacle each time my dachshund and I went outside for a doggie business break there were times the bag was not used. The clean unused pet waste bag I took home for safe keeping. I figured this would be wise for whenever the pet waste bag holder ran out I would be prepared, have a bag available. After a while, I noticed something significant about this foresighted pet waste bag saving technique.
The remarkable thing was a pet waste bag was not used each time my dog and I went out for a doggie business break, was unneeded. I found myself collecting enough pet waste bags within a thirty day period where I no longer needed to collect more for just in case . I had noticed the same phenomena of plenty applied to the plastic grocery bags I saved with each visit to the store. I had plenty of those for my household’s waste baskets.
I began to think about how I could take this plenty of bags phenomena and apply it to my monetary situation. In the middle of the night I awakened with a Eureka moment. I realized if I saved one dollar a day, I could afford my savings account balance to incrementally grow. I decided to try this system.
The next morning, I telephoned my bank’s manager and asked if the bank would mind if I deposited daily one dollar into my savings account via my online banking. After listening to my daily savings plan specifics, the cordial bank manager said this would be within their banking policy since I was shifting my own money from one account to another while maintaining a positive balance in both. This understanding bank manager further wished me a happy savings. Now I could begin implementing my money savings plan.
By the end of the first 30 day period of depositing one dollar per day via online banking into my savings account, I had saved $30. I had not monetarily felt saving this money; not even a pinch. I was amazed! I continued depositing one dollar per day and in three months I had saved $90. Saving money this way was easier than all the other methods including the traditional ten percent plan I had tried. I was able to save without the nagging feeling the money saved should have gone to necessities or bills. This method was worry free!
This savings plan works with any amount. You can save twenty five cents, fifty cents, one dollar, two dollars, three dollars or upwards per day. The key to this savings plan working is to be consistent with the daily deposits into the savings account while making certain the amount daily saved plus one’s expenses equals less than the monthly income; this way one daily practices living below one’s means and does not feel the savings process.
I personally found implementing this money savings plan best via my online banking services provided by my bank. There is nothing wrong with daily visiting the bank in person. One’s depositing method (online or offline) is a matter of preference.
The goal of this system is to save money; set aside a monetary cushion. It also works with weekly deposits of seven dollars (equivalent of one dollar per day) into the savings account; fourteen dollars for bi-weekly deposits. This plan can work with monthly deposits of thirty dollars (for the 30 day months) and thirty-one dollars (for months with 31 days). In one year, if one dollar per day or equivalent is saved, the savings account balance should increase three hundred sixty five dollars plus the quarterly interest received from the bank. The more one saves, the higher paid in interest the savings account receives.
I found my daily money savings plan viable, satisfying and rewarding. This savings system proved to me Americans can afford to wisely save money during a recession even when every penny counts. One’s little money can grow into more. Good savings to you!
Sources:
Alicia Rose, personal monetary saving experience, 1980 – present
Alicia Rose, personal monetary experience, 1980 – present
Alicia Rose, personal studies in Economics, 1980 – present
Alicia Rose, work experience in money-handling, accounting and bookkeeping, 1980 – present
Alicia Rose, personal experience as dachshund owner, 2005 – present
