Tuesday, July 22, 2008

It's like hidden savings!

I just put away some money from my last paycheck, due to my recet raise and holiday pay. I recently got a 33 cent per hour raise. I've decided each time I get paid I will take that difference ( it works out to be about $25 per paycheck) and put it into savings.
So I worked 77.75 hours. Multiply that by 33 cents and you get about $25. We also recently had Canada day. I still worked 5 days that week but got paid for 6 because of the holiday. So thats a whole extra day of pay, about $80 bucks!
So thats an extra $105 dollars that I won't really miss deposited into my savings account which brings the total to about $1687! I've never had this much savings before, I can't wait to open up my new ING account and start getting interest, and investing some of it.

I also wanted to mention something I read about on another blog, Get Rich Slowly. There was an article about a woman who had a great tip to accumulate savings. Every time she got a $5 bill, she saved it! I've been putting away my spare change, but I never thought of putting away all my $5 bills! But if you think about it, you could save so much so fast, if you really stuck to it! I've decided I'm going to start doing this, or atleast try. I don't know if I'll be able to save every single one, but I'm going to try it and see what happens!

What do you guys think?


SavingDiva said...

Congrats on setting aside $105! It sounds like you're really being productive!

I like the idea of setting aside $5 bills, but I don't have cash on hand very frequently. I would save about one $5 bill/month...

I prefer to add a little bit to my savings when I can. I've also started to budget a bit of savings from every pay check. I also picked up a second job to devote entirely to savings because I didn't feel like I was able to save enough with my primary job. Now that I'm going back to school, all of the rules are changing!

Dolly Iris said...

I used to do that with toonies and loonies but then I would cheat and use them for bus money, lol. It's a great idea!