The curious saving trick of a young woman to accumulate more than €1,700
Accumulating in the same piggy bank or container all the loose change that we have over the months can be a very effective way to save. Although it is one of the most classic methods, its effects are visible, especially if the container used is sealed and it does not allow to take out again the money that we have accumulated.
This is precisely what a young Colombian woman did with her family, who for four years were saving all the coins they had left over during the day to have made small purchases. By using these ‘turns’ to save, they achieved a pot of up to 8 million Colombian pesos, which in exchange is about 1,700 euros. Given the cost of living in the country, this is a great achievement for the whole family and they will be able to treat themselves in the coming weeks.
The method was shared by the user Aleja Buitrago via TikTok and many fans commented that they would use it in the future. “I would have assaulted myself several times,” said one of them. This method can be effective, but the biggest challenge is to have self-control so as not to take out the money early.
A simple and effective method
“It was approximately 8 million Colombian pesos in 500 and 1,000 coins, almost 4 years of savings“, Explains the young woman in the comments of the video. In addition, she highlights that the initiative was her father’s, although they all came to contribute to the process. When the water drum was complete, they had to take them all out and count them one by one to know the full amount that they had managed to accumulate. Now, their purpose is to exchange them at the bank to be able to have bigger bills and use it in what they most want.
Financial experts, such as Mike Winters, point out that the percentage of savings of our salary should approach 20%. Although in many cases it is difficult to remove that amount from the salary, especially when it is a very low amount, it is possible to do it progressively. The 1% method encourages all saving newbies to control their spending and go gradually increasing this rate by 1% each month until achieving 12% per year and continue during the following.
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