We started a penny-a-day family savings plan this year. It works like this: You save a penny for how ever many days are left in the year. I took a penny bank and started with $3.65 on Jan 1st. Then on the 2nd it was $3.64 . By December 31st I’ll only have to put in one cent. See how that works? It is less than what you would spend on lunch or coffee or soft drinks each day. We’re calling it our “Family Fun Money.” We plan to do something fun as a family with it at the end of the year. The kids pitch in what they can each day to help make the total for the day. Today we need to put in $3.44. (You could start with 1 cent on January 1st, but then you’d be putting in the larger amounts at Christmas and might not do it.) It is fun, helps the kids learn something about saving and money and it keeps us disciplined. The cool thing is you can start anytime in the year.
How much does it produce at the end of the year? Well, I’m sure there is some algebraic formula that I have long since forgotten that would tell me. However, if my calculations are correct we’ll have over $700 at the end of the year. Pretty good, I think, for a “penny-a-day”. 🙂