My friend saves money by sticking it to his fridge with magnets. Bare with me here, because this sounds a little strange – but it is an interesting technique to budget your money. The best part is, it’s easy and it takes almost no thinking. When I first saw it, I was understandably skeptical (I mean, who does that?!), but it makes sense for some people – visual savers.
What it’s all about
Take your spending money out at the beginning of the week and divide it by 7. For example, if you had $70 to spend through the week, you would have seven $10 bills (hello John A. MacDonalds!). After you’ve got the cash, stick it to your fridge using seven different magnets.
Each morning, you can grab that day’s cash. If you don’t spend it, or have left over money, it carries over to the following day. If you run out of cash during the week, that’s it; no more money.
Why it Works
The visual element of your money sitting there in plain view really enforces the amount of cash you’ve got to spend and how much you have gone through. There is no need to check accounts, forget about envelopes or blindly go through your money. All you need to do is go to the fridge (which I do at least 10x day… but that’s a different story).
Try it out and let us know what you think! Are there any weirder ways you save cash? Hit the comments and let us know.