Dresser Money – Get a Piggy Bank & Set A Weekly Date With Your Bank Teller

I do not care what you say, this is one of the quickest, most pain free ways to save money, and these small amounts turn into larger amounts very quickly. Laugh all you want, smile, smirk, but if you want to take an active daily role in saving money for your post-bankruptcy saving account this strategy is often overlooked.

If I were to give you $20.00 at the beginning of the week, by Saturday morning that money is gone, and if asked for an accounting of where that money went, you would probably just shrug your shoulders at me. Have you ever heard the phrase: “the money just seems to slip through my fingers” well here is one cure to recapture some of that “lost money.”

If you are like me, at the end of the day, the coins, dollar bills, receipts, business cards (pocket litter) in my pants and coat get thrown on top of your bedroom dresser, kitchen table or nightstand. If you’re female, just look in your purse or pocket book for the equivalent.

Any change (I don’t care how small adds up very quickly) and in this amount (depending upon how much money you make) should include $1 and $5 bills in this category should be put into your piggy bank.

I personally don’t have a piggy bank, but an old jar, but I faithfully put in all change and $1 and $5 bills, and at the end of the week I go and deposit (in person) this money into my savings account (actually my deposit day is Wednesday after work). If necessary convert the change to bills at the local mini mart, liquor store or grocery store. Some grocery stores even have machines that you can pour all your change into to be counted and they give you a receipt for cash.

As simple as this “strategy” sounds, it works because it puts that “dresser money” into the bank were it begins to earn interest.

In his book Start Late, Finish Rich, author Richard Bach – a book a highly recommend, calls this the Latte Factor. He outlines numerous ways to cut out (but not eliminate) so called luxury items: breakfast on the run, the “double latte”, premium channel cable, eating out. He suggests reviewing your daily expenditures (use paper and pen) of every cent you spend.

With his method or similar ones employed it easy to save $5, $10 or $15 per day. Added up over the course of a month saving $5.00 per day equals $150.00 – that a huge boost to your initial emergency fund.

Start small, build momentum and enthusiasm. You be amazed at what even small amounts saved can add up to in a very short period of time.

Most importantly, the emergency fund as it grows will give confidence in yourself and finances – confidence that was once artificially created because you had credit cards and equity lines of credit to use. Life after bankruptcy is not about false or artificial confidence but confidence based upon money in the bank.

Many of my bankruptcy clients have already cut out these extra expenses, especially those expenses that prior to filing bankruptcy were trying to save a house or car, so they have already established this discipline, but now that you have turned the corner and the debt is gone don’t go back.

Disclaimer

Fresno-Bankruptcy-Lawfirm.com is owned by the Law Offices of Jeffery D. Rowe. We are a debt relief agency. We help people file for bankruptcy relief under the Federal  Bankruptcy Code (Title 11 of the United States Code). If you would like to discuss your situation in further detail, please call our offices at: (559) 228-1500 to schedule a consultation.