Before I started helping people "find north" in their financial lives and get on the path to financial indpendence, I was a school teacher.  One day a student came up to me and asked me if I had ever heard of the proverb, "a penny saved is a penny earned."  Of course I had, but I had always just assumed that the proverb meant that saving a penny is the same as making a penny.  The student told me his take on the saying, which amounted to, if you save a penny and invest it, eventually it will earn interest or some return and you will someday have two pennies.  I thought that was a brilliant understanding and it got me thinking about all of the pennies we carelessly let fall on the ground or down our seat cushions.  Watching the Gail Vaz-Oxlade interview yesterday reminded me about the importance of practicing the skill of saving.  Watch the short video and then read further for an exciting special anouncement.
Okay, so the challenge is on!  Get yourself a makeshift piggy bank (or an actual piggy bank) and let's start saving up some money.  I have been doing this for the past few months, and I've noticed that the saving habit is like a muscle - the more you exercise it the stronger it becomes.  I am posting a collective challenge to the Finding North readers out there, to save $1,000,000!  I will be adding tips from time to time, as I come up with them or readers send them to me, and I will also be adding "A Penny Saved... Challenge" page to the website to keep everyone up to date on our progress.
 


03/18/2013 2:18pm

With pennies having been phased out does it make any sense of saving pennies?

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03/19/2013 3:04am

Because you can roll them up and trade them in for quarters. Woo hoo!

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