Wanna save money?
Get a piggy bank or two… I’m serious.
Back in 2008 I decided to set up a two piggy bank system, and in the course of 6 months, saved about $1000.
They were cans, to be precise, but it’s all semantics, really.
The cans were each bought at what would be my equivalent of the dollar store, and had no easy access. Meaning… if you wanted to get the money out, you needed a can-opener. I had one bank for 100 yen coins, and one bank for 500 yen coins.
For those 6 months I went all out. Whenever I came home, I took my change out of my pocket, and dropped any coins into their respective piggy bank. Smaller denominations stayed in my change purse for the next day.
Some may argue that I wasn’t really saving, as any money put into the cans would cause a loss in my money on hand, and would require a trip to the ABM more sooner than later. To those people I say that it is no different from any other automatic saving plan:
- When you set up an automatic RRSP contribution plan you are taking money out of your pocket now for later.
- When you pay your pension premiums you are taking money out of your pocket now for later.
- When you set money aside for you next vacation you are taking money out of your pocket now for later.
All of the above have the same result: you sacrifice a certain amount of cash now, for a future benefit.
The money I saved in 2008 remains in the same savings account, untouched, gaining interest. And now that I am married and settled, the system has begun again, though now I allocate 50% of said coins (i.e. if I have two 100 yen coins, one goes in the piggy bank)
You can do the same thing in Canada with one and two dollar coins. You can set whatever rules you like. Your could put all coins in the banks, for example, or you could set up a 3 coins to 1 deposit ratio. The important thing is to stick to the system. You will be smiling when the piggy bank is full and you roll up the coins.
As this is the one month anniversary of this blog, I am offering a contest. The first person to reply to this post will receive a free Japanese only-open-with-a-can-opener can bank. Simply comment on this post, and I will then contact you to ask you for you mailing address. It’s that simple.