Hello world. This is a long over due check in from Ms. Elle. Note the name change along with a few changes coming in the future. But lets focus on the right now and my current little savings pot I’m building up. I’ve seen different methods and I needed a method that worked for me and my fellow online shoppers. My issue was that I do a lot of things online; shopping, bill pay and other things. I have my saving account also but that was starting to get skimmed into with the holidays coming up and whenever I needed extra funds for different things. So how can an online shopper set aside money for short or long term goals.
Step 1: Bring out that old piggy bank….Or any type of container that you can reopen. I know this is the digital age and there are banks that actually count the change as you add to it but I work better not knowing the amount.
Step 2: The big bills. Now you aren’t actually going to be putting big bills in the bank all the time. With this method what you are doing is taking out a big bill, at least $20 to break for change. The change from the bigger bills are what you are going to be putting in the bank.
For small purchases, use your cash and every time you do put the coins into the bank, except quarters if like me you have to use for laundry. Also on top of the coins add at least one dollar bill in with it. The best way to do this is by keeping your cash purchases small. My small purchases are usually food purchases which usually come out to $7 or $8. I try to limit what I am purchasing with my cash so that I am putting most of the cash into my bank. Every now and thing try to put a large bill like a $20 in to reach your goal faster. This on top of my savings account helps things add up for that vacation down the line or that expensive hand bag that you want. Set a timeline for how long you want to do this and write a title for what the money is going to be used for. For example, mine right now is birthday fund and I have 5 months to save up. Of course yours funds might not always be the same but try as little as you can and work your way up. Happy savings!