The Coin Rule: How To Save Money

Saving money is a culture that many people find hard and challenging throughout time. Majority consider the usual fixed deposit/ savings bank accounts a very tedious and long term method, and thus get discouraged to keep aside some money. Some people also prefer to save inform of investments, leaving aside no petty cash in store to support any uncalled for circumstances.

Saving is very important from the time you start to handle any type of money; allowances, pocket change, salary or profits. It is thus true that we have to instill this culture in our children before they are of age.

THE COIN RULE

The coin rule is simple. It has just one simple rule. Do not make it official buy buying a piggy bank. savings box or lockable enclosure to keep the money. The more the brain gets to know you are saving, the lesser interest you will have. To achieve the coin rule, choose a category of lose change that you will not use. Example, let the maximum be five hundred Uganda Shillings. Obtain a strategic place that you can access everyday when you get back from work. It could be a handbag on the wall, a small box of perfume on your dresser, or a tin of used up Nido on the dining table.

For every time you get change, keep the coins and drop them in the tin when you get home. Use up only notes, and develop a dislike for pulling coins to make payments. Many of the people who have applied this rule, usually use transparent tins, and place them up as a form of decoration. This creates determination and want to fill up the tin, and in the process, one ends up saying.

Do not tie yourself up from accessing the coins. Once in a while, pick up a few larger ones, and use, but always remember that the tin must get full.