Stash Away Cash

Amanda Peterson

December 16, 2022  •  2 Minute Read

Money Saving Tips

The definition of frugal is summarized as being "careful in spending or using resources". With that, one way to remain frugal is by stashing away any cash you may have.

For some, having cash in your pocket is a sure fire way to spend it. And as the old adage goes, it's burning a hole in your pocket! This idiom is used to refer to someone who can’t resist the urge to spend money as soon as they earn it and/or who spends it extravagantly.

Get In The Habit

This week's bit of frugality focuses on a hard concept for some, or a "no-brainer" for others. Saving money! There's no better time to start than right now. Get in the habit of either stashing away a few bucks each week, or having it automatically deposited into your savings account each paycheck.

4 Ways to Stash Cash

There are several ways to make this task fun, and in the end it adds up! Build your savings account or backup funds by following any one of these four practices:

1. Stash only the big bills. Once you receive cash back, keep only the $1.00's, and put ALL of the larger bills into a hidden envelope, or special hiding spot, that you won't think to touch.

2. Go cash-free! What better way to keep that cash than to not have any on you. If you sell something, for instance, put that cash away in a safe keeping place; a piggy bank, dresser drawer, locked closet safe, wherever you need to keep it, just don't spend it.

3. Put away only the $5, or $10 bills. If you still feel the need to carry at least some sort of cash, stick to only stashing either the $5 or $10 bills. In the long run, those will all add up!

4. Don't spend your tips. Have a side hustle, such as waitressing? If you receive cash tips, don't spend them. Take them home and stash them away. This creates a nice little cash cushion in case of emergencies. You never know when you'll need extra cash & now you'll be prepared!

Saving for the Kids?

If you have kids, you can always open a savings account for them with an automatic $5 or $10 deposited from your paycheck each pay period. Or, do it the fun way while they are still young! Pinterest has a plethora of different options for saving. One I've seen is a $20 hack. Save a $20 bill each month in a three-ring sleeved binder, and then present it to them when they graduate high school. If you do the math, by the time they are 18, they should have a fresh $4,320 in cold hard cash! This will help them pay for a new car, first apartment (or house), college, or school books! If you're a bit more advantageous and want to save even more, try stashing $20 away each WEEK. This equals $18,720 by the time they are 18. If you've done your part in educating your offspring on wise spending, that would be a nice little nest egg to send them off on the right foot with.

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