Saving money can be a difficult task, especially with all the costs life constantly demands from you but I think I’ve found a good way to help save so I thought I’d share it.
Whether you’re saving for a new car, an exciting trip or an emergency fund should you need it, you can try this method which involves a wooden box and a pen.
I started using this saving method at the end of May and I’m still using it now and most importantly, I’ve stuck to it, saving money each month.
I’ve challenged myself to save £10,000 using only a wooden money box and a pen (Image: Newsquest) The money-saving method allows you to save £10,000, however, I’m a bit of a way off yet. Here’s what I think about the saving method.
How to use a wooden box and pen to save £10,000
This money-saving method couldn’t be easier since it only involves you adding money to a wooden money box and ticking off the amount of money you put in as you go. The pen is erasable if you make any mistakes – bonus!
It allows you to deposit set amounts – £5, £10, £20, £50, £100 and £200. I think this is a good and bad thing.
It’s good because it keeps you on track and you can save amounts that will increase your savings quicker than say the odd £1 or spare coppers you’ve got lying around would. However, saving a big chunk of money at one time isn’t easy for everyone.
I’d advise putting anything less than £5 into another savings jar or wait until you have saved up to £5 or £10 etc before putting it in the money box and ticking it off.
The money box I bought cost £9.99 on Amazon and at the end of each month when I get paid, I like to withdraw some cash (usually £200) and put it into the box so that it’s out of sight and out of mind.
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While this has helped me save quickly, it does mean that the box gets filled up so I’ve been emptying it so I can continue saving with it.
I think this is a downside to the method plus, having lots of cash in the house isn’t safe (especially because the box can go up to £10,000!).
I’d recommend taking the money out of the box regularly and cashing it in at the bank. I then move it to my savings account which I know I should only be adding to rather than withdrawing from.
The method itself though has worked for me because I saved £1,595 in seven months (total correct as of November 2024).
Any other cash I can save when I get paid also gets added to the same savings account so it feels like I’m saving a bonus amount of money as it’s separate to the wooden box savings.
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Overall, I think this money box has really helped me to save money because although there is the opportunity to add a big amount like £200, I can also use cash for shopping or a hair appointment and put my £5 of change in if that’s all I can save at that time. After all, it all adds up.
There’s also something satisfying about saving money and crossing it off – it feels rewarding at the end of each month which I think has helped me keep going with it.
You can buy the wooden savings boxes with different amounts on as well so if you’d like to start smaller and aim to save £1000, you can.
Will you give this saving method a try? Let us know in the comments.