April 5, 2017

A Penny Earned ~ Words of Wisdom

The saying "A Penny Saved is a Penny Earned" is often attributed to Benjamin Franklin, but earlier versions are recorded.  Regardless of who first "coined" the thought, it is sound wisdom.  The best way to have more cash is to not spend all that you earn.

A simple and painless way to start saving is by throwing all of the change you receive in a jar.  When it is full put it into a savings account.  When it adds up to enough, invest it in a higher interest earning account.  You'll be surprised how quickly it grows and you'll have savings for a rainy day, a safety net for emergencies or an addition to your retirement account. Tip:  to help it grow even faster, the day you take it to
the bank add all of the one dollar bills you have on hand to the deposit!

I remember as a twelve year old girl back in the early 70's starting my first savings account with $3.57.  I walked to the bank a block away and opened an account and received a passport booklet that the teller recorded my deposit in.  Anytime I earned even 50 cents babysitting the neighbor's little girl for an hour or any other cash I'd walk to the bank and deposit it.  It added up nicely and came in handy when my family had an emergency and later when I bought my first car.

The next time I see a penny on the ground you can be sure I will bend down and pick it up!

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