How A Mother Of Two Built A Fortune Just By Saving $5 Bills Every Day

Sep 18, 2018

If you’re like most people, saving money isn’t as easy as you wish it could be. My approach to saving usually revolves around the days I simply don’t spend money at all. Of course, there are days where I fly through hundreds of dollars on clothes or items for my home, as well.

If this sounds like yourself, Marie C. Franklin may be able to help out. This college professor has a pretty foolproof plan to save money every day, and she is proof that this way actually works in the long run.

After her kids were off to college, Franklin became invested in the idea of saving money. It wasn’t easy, as she was paying a lot in college fees and household expenses.

Franklin wasn’t interested in any of the complicated plans floating around. Instead, she came up with a very simple, yet effective, scheme. What was it? Saving a $5 bill each and every day.

Franklin explained that saving $5 a day was the only way she could manage to put away money with both daughters in college.

It sounds too easy, right? But Franklin was not leaving the bills in her wallet to use for a rainy day.

She set the bills aside and would not touch them, no matter what. She realized that the cash was quickly piling up.

Within a few weeks, her stash was over $200. By the end of the year, Franklin had saved close to $2,000.

It’s been 15 years since she started this savings plan, and Franklin has now saved a nest egg of over $50,000.

Franklin says that some people do the plan by saving $10 or $20 a day, but she insists that keeping small bills is much easier. Experts agree, saying that research has shown that those saving $5 a day stick to the plan more often than those who try and save more.

When you focus on a smaller amount, you are more likely to have success with your plan. You’ll also want to save that cash in a bank account that accrues interest over time for a bigger return.

While it took more than a decade for Franklin to actually save more than $50,000, it is still a quick investment when you consider that it is such a small investment.

For example, if you can save just $5 a day, you will have $1,825 put away every year.

A 25-year-old who follows this simple plan will have $91,000 set aside by the time they are 75, before interest.

Michael Taylor is a savings guru who also advocates the $5 rule. He says that if you follow the plan and set aside the money in an account with a 10% annual return, you will have $330,000 saved 10 years later.

At this same rate, you will save $2.3 million in 50 years. Did you think it was possible to save that kind of cash with just $5 dollar bills? I know I didn’t!

Are you planning to save your $5 bills after reading this? I sure am! Let us know your thoughts in the comment section and pass this on to your friends!