Simple way to extra money!

An entry I contributed to CDAC's blog, which I have been volunteering with (though I would like to do more than I am now)...

Here's the entry... you can check it out at also at http://cdacvolunteers.blogspot.com/2011/05/simple-way-to-extra-money.html 

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Simple way to extra money!  It is painless and anyone could do it right now – even you!

Remember the coin banks you owned when you were a kid? Mummy was right, it is important to get into the habit of saving.

 Mummy is STILL right, even now!

Saving is important and coin banks are not just for kids. If you find yourself struggling to save anything, start by saving your spare coins.

Take what I do for example:

As I do not have a coin compartment in my wallet and I do not carry a coin pouch, I deposit all my coins into my coin bank when I get home every day. The amount may not be huge, but every little bit adds up.  But most importantly, it is about getting into the habit of saving, again.

Approximately once every 6 months, when the coin bank starts to get full, I make a trip to deposit the coins in the bank. The savings from these coins can add up to about $600.

            It is a painless way to save!

So, if you save as many coins as I do, you could be looking at an extra $1,200 a year. Furthermore, the interesting thing about saving loose change is that even if you do not save them, you would most probably not remember where or what you spent the money on anyway. Sometimes, we even misplace them altogether!

Money Saving Tip: Save your coins

Even if you do not have as many spare coins as I do and you just save a dollar a day, in a year this habit will help you save

365 days x $1 per day= $365

This is the best way to begin if you need to get into the habit of saving but feel that you do not have much to start with. Go back to the basics, start saving today and you could be a step closer to that “million-dollar” dream!

Written by Benjamin Ang who is a volunteer of the CDAC Editorial Blog Team. He has a Bachelor of Business Administration and holds the designation of Associate Financial Consultant (AFC) and Associate Estate Planning Practitioner (AEPP). He writes about wealth matters to share financial knowledge with the public and also writes regularly on living a fulfilling life and experiencing all the wonderful things that life has to offer.