Save Some Money With the $5 Bill Plan

Today’s economy is rough and it seems to feel worse every day. Even though I’m young enough that I should still have quite a few working years ahead of me, I’m still always interested in trying to save a few bucks. Which is why I found the $5 bill plan so interesting.

Marie C. Franklin of the Boston Globe recounts in an article how she managed to save a little over $12,000 in three years. She admits that she was always a habitual saver, but that saving became more difficult when she was simultaneously putting two daughters through college. So when she came across an Internet posting with '10 Tips for saving money,' she was especially interested.

Although the advice rather skeptically claimed that there are less $5 bills in circulation than other bills, the author still decided to go ahead and follow the plan: save your $5 bills and put them in a separate bank account. It worked. It is now three years later and Franklin is ahead $12,000.

Franklin admits that she was very disciplined and quite literally saved every $5 bill she had. When she had $50, she would make a deposit. When the account reached $2,000, she would then put it in a CD to earn higher interest.

Sounds good to me. Like a more elaborate piggy bank, with greater results.