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Saving in College: Turning 5 Dollars into 500

Posted by Sara Krug on Wed, Nov 20, 2013 @ 09:11 AM

five dollar bill

College is a very memorable time for most students and often considered the most precious years of one’s life. It’s a time to learn, make friends, explore new interests, and bring ideas and dreams to life. Some people are able to attend college without any financial concerns, but let’s be honest; there are also many who work really hard to make ends meet. Whether you are a college student or not, I’d like to offer some advice for how to save money for something special.

It turns out that Pinterest is not just good for great craft ideas and inspiration; it also contains great tips for how to organize your life and improve budgeting habits. Over a year ago, I saw an interesting pin about a “5 Dollar Savings Plan”. The idea is to save 5 dollar bills whenever they come into your possession. The trick is to put them aside whenever you receive them as change and vow not to spend them no matter what. It takes dedication to follow through with the venture, but it is definitely worth it.

As I mentioned, I came across this 5 dollar savings idea and started to follow it last August when I returned to college for the fall 2012 semester. Since then, I have tried my best to set aside my 5 dollar bills, knowing that they would be put to good use some day for something that I really want or need. It turns out that since then, I have been able to save $500 dollars. It is amazing how well this concept works. So, if you are one to carry cash, I highly recommend trying this savings plan.

One reason that I thought to share this idea with you is that I found it ironic that the day I reached my $500 milestone was this past Monday, November 11, the same day that my $500 deposit was due for a spring mission trip to Brazil. Saint Vincent College Campus Ministry hosts this trip ever year and I have considered it ever since I was a freshman. Some fundraising efforts will be taking place, but it helps that I can have some of the financial burden lifted by having the extra money that I was able to set aside because I saved 5 dollar bills. I am so grateful to have the opportunity to attend this trip next semester and serve others in different country. 

Brazil Jesus Statue

I have to be honest; I was a little hesitant to attend this trip at first, mostly because it requires traveling to another country and stepping outside of my comfort zone by experiencing an entirely new culture. I wanted to be sure that this was something that God was calling me to do. This trip to Brazil will definitely be a sacrifice in many ways, but I look forward to the ways in which it will touch my life as a result of reaching out to others in need. I have been blessed with a burning love that I cannot wait to spread to all of the people I will encounter. Please keep me and the others that will be attending this trip in your thoughts and prayers.

Topics: Sara Krug, Campus Ministry, Brazil, saving money

About this Blog

On this blog, current students write about everyday life on the campus of Saint Vincent College, a private, liberal arts college located in Latrobe, Pennsylvania.

 

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About the Authors

Michael Brinker

Michael Brinker, junior communication major, currently in Orlando, working with the Disney College Program.

Amanda MacMurtrie

Amanda MacMurtrie transferred to Saint Vincent as a sophomore studying English with a minor in Theology. Transferring to a new school is not the easiest thing in the world, but she is steadily finding a home on this beautiful Benedictine campus. Between enjoying life in community, balancing books for fun and books for class, and finding little corners of beauty, Amanda is discovering a few joys of life at Saint Vincent College.

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