Monday, 24 June 2013

Saving Money - The Money Tin Challenge.

The Money Tin Challenge.

 
Today's challenge is to begin making your savings grow.  I understand that putting a few coins into a tin probably does not enliven you like the thought of a lotto win, but with a little patience you can save a considerable amount of money.Previously I mentioned how I was able to save $8000 doing this and install a solar power system on the roof of my house, thus lowering my power bill by around 70 percent (summer). 
 
You can view the entire article here  MONEY SAVING IDEAS >>
 
 

 
Today I would like to challenge you to do the same thing.  Find yourself a money tin and begin the process, I know it may not sound all that inspiring but over time you will save enough money to undertake something fairly significant.  I set the rule that only 50 cents and above were to go into the tin, so here in Australia that meant $0.50, $1.00, $2.00 coins, plus I poked in the occasional $5 note when I had a spare one.  During the day while away from home I stash my coins in the ash tray of my car and when I get home into the tin they went.  Everyone in the house can add to the tin for joint projects or have your own tin for personal savings.  This method is slow, but it works and after 12 months of doing it you will be amazed how much money you have saved.  I know another minimalist family who all contribute to what they call their "Holiday Tin".  Every family member adds to the tin and then during the summer holidays they tally their savings and jointly decide on a small vacation together.  The more they save the greater the scope for holiday destinations.  This works perfect for them as they have basically no debt and can use the money to enjoy time together without it having been a time robbing exercise to save.




Getting your life and your finances back on track is your responsibility, small steps like this one can really help you become debt free much faster, but don't waste the money you save!!


~~~ James Miller ~~~