Now that the spending spree of the holiday season is finally over. It’s now time to get one’s finances back on track and get to work to achieve financial goals. This may be easier said than done though for many people around the world. Thus, starting with something small and simple is advisable before getting more aggressive when it comes to saving money.
Sales executive Erin O’Meara knows this by experience. Now, she shares her own technique when padding up her savings to afford various financial goals. Read until the end to know how to follow her example.
Small Increments
Savings coins is small enough to go unnoticed but add up quickly.
People who used to keep piggy banks as children will find the 27-year-old Surrey resident’s method familiar. All she does different keeps every £2 coin she comes by in her everyday life, which she then keeps inside a container. In one year, she managed to put £386 ($503) in her savings jar. This amount will go to paying for a house deposit.
O’Meara also revealed in an interview with the money-saving community site Latest Deals that she initially got the idea from watching her father practice the same thing back in the day. She particularly recalled her father asking her whether she has any £2 coins and her wondering why he wanted to have them.
Fortunately, O’Meara found out eventually when her father shared his saving method with her after being asked for some tips. She then decided to challenge herself and followed the example of her dad. Some of her current goals include opening her own fabric store, traveling and, of course, buying a home.
Reaping the Benefits
The savings jar is meant to be opened and counted at the end of the year in December
Not surprisingly, the savings challenge came with some difficulty. Based on O’Meara’s experience, she particularly found it tempting to spend the accumulating money she’s saved. But thanks to her willpower and dream of being a homeowner, she managed to not crack her savings tin open to paying for gas or lunches out.
In the end, she was surprised just how much money she got when she finally opened the container. What more, she shared how it can be hard to come by £2 coins sometimes.
Taking Things to a New Level
Increase your savings significantly by doubling the amount being placed in the jar.
After doing the challenge successfully, the sales executive is now determined to challenge herself some more. For 2020, she plans on increasing her final total significantly by getting a larger tin and keeping both £2 and £1 coins that she encounters. She reminds people that it might be better off beginning with a small container during their first attempt and upgrade from there as the years go on. From here, they can also start saving for a house deposit or a retirement fund.