Just because you’re saving doesn’t mean you can’t occasionally treat yourself. Use this strategy to accumulate what I call “mad money.”
- Empty your pockets or change purse every evening into a jar.
- Every month, bring your jar to a change-counting machine (the “Penny Arcades” at TD Bank branches won’t deduct a fee; most change machines at supermarkets withhold about 8 percent), and exchange your coins for bills.
- Keep your “mad money” in a separate envelope in your wallet. Just knowing it’s there will help you discipline yourself not to “leak” money on small purchases that add up to big spending over the course of a month.
- Every once in a while, use your mad money to reward yourself for your new self-discipline.
Congratulations! You're on your way to organizing your finances.