Truth be told, an enviable savings plan is one of the hallmarks of good money management. All financial experts agree with this and will always advise their clients to set some money aside, may it be for retirement, as an emergency account, or for any other relevant expense.
Even without the input of an expert though, everyone knows that they should save up, and we all try to adopt this practice as soon as we come into some money.
Easier Said Than Done
Unfortunately, saving is easier said than done for most people. You may always intend to put that cash aside, but expenses keep bombarding you left, right, and center, no?
You have little kids, you’re making mortgage payments, you’re also servicing credit card debt and so many other things that eat into your income. How then do you spare that extra pound for your savings account?
Thankfully, a certain sales executive from Surrey in South East England revealed a relatively simple trick that helped her save £386 in 2019. How much is that in USD? A cool $500.
Speaking to The Daily Express, 27-year-old Erin O’Meara revealed that she achieved this milestone by saving each £2 coin she received.
Interestingly, she did it the old-fashioned way – took a jar, made it her piggy bank and vowed not to open it till the year was over.
The sales executive is saving to buy a house, and the £386 will go a long way into helping her realize her dream.
Don’t we all have the same dream? Owning a home tends to be one of the measures of success, no wonder everyone wants one.
If you’re wondering where this young lady came up with this brilliant idea, she learned from the best – her dad.
Since she was little, her old man always asked to check her change when they went out shopping. And if he ever came across £2 coins, he’d take them, leaving the child wondering what he would possibly be doing with the coins.
When she was old enough to understand money matters, she approached him for financial advice. It was then that he revealed what the £2 coin story was all about, telling Erin that he saved them all up.
It Had to Work
Now that the saving plan had worked for her dad, why would it not work for her too? And just like that, our story’s protagonist is a step closer to becoming a homeowner.
She’s doing it exactly the same way her dad did. Get you tin on Jan 1, start filling it up, and only open it after December 15. Seems simple enough, no? How many times have you not given a second thought to your change after going out shopping?
Erin says that in addition to buying a house, she plans to save up for traveling, and she also hopes to open up a fabric store.
To this end, she hopes to make 2020 an even bigger year where her savings are concerned, this time around saving both £2 and £1 coins.
It may seem little, but suppose she’d also saved up £1 every day last year? That would have been an extra £365, no? That some good money.