This mother-of-two grew a small fortune from just $5, here’s how!
Marie C. Franklin, a college professor and mother, has developed a way for small savings to add up to big results. This method has already allowed her to accrue a small fortune, and we are going to share how she does it! This can be done by almost anyone, so start saving up your own fortune!
5 Dollars a day, every day
Marie’s fortune-growing method starts with one simple, critical step: to save 5 dollars every single day without fail. Each of those bills may be small on their own, but they add up over time. In just one year of saving every day, Marie was able to save nearly $2,000.
Save for the long haul
The money that Marie sets aside is not to be spent under any circumstances. This is not money to spend on a rainy day or when there is a good sale. These savings are not to be spent unless in an absolute emergency. Having this mentality is crucial to long-term saving.
Stick to small bills
Some people who have heard of Marie’s money-saving practice chose to save $10 or even $20 a day, rather than $5. However, the professor herself recommends anyone who wants to follow in her footsteps to stay small. Psychologically, it is easier for people to save small amounts, helping people stay on track.
The importance of saving daily
Marie’s method of daily saving has sound scientific backing. Acorns, a money-saving app, ran a study on the difference between saving daily versus monthly. Some participants needed to save $5 a day, others were to save $150 a month, coming out to the same amount. The study found that people are much more likely to stick to saving a little every day than a lot monthly.
$5 a day may seem to add up slowly, but in terms of small investments, it is rather quick. By saving just 5 dollars a day, you can add $1,825 to your savings every year. If you place $5 every day for a decade into a savings account with just a 10% annual return, you will have $330,000!