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The Easy-As Savings Trick That Could Earn You $50,000

In theory, saving money should be one of the easiest things to do; just chuck 10 per cent of your pay into a separate account and leave it alone, right?

Wrong. With internet banking making it so easy to give yourself an extra $100 to buy those shoes you so badly need, your savings account doesn't always look as healthy as it should.

Which is where journalism professor and blogger Marie C. Franklin's incredibly clever trick comes in; after struggling to stick to a family budget, she started doing one simple thing that has totally changed her life.

"Every time someone handed me a five-dollar bill, I hid it away," Ms Franklin wrote. "I refused to spend it under any circumstances and started accumulating those fives, first in a separate compartment of my wallet and then, as the pile grew, in an envelope.

"As the $5 started adding up, I put them in a separate bank account. Within weeks, I had a nice little stash, more than $200. 

"Then $350. Then $500.

"By the end of the first year, I had saved almost $2,000."

Since putting her hack into practice 13 years ago, Ms Franklin has saved almost $50,000 - which is an awful lot of money for an awfully simply technique.

"Go to the ATM. Take out enough cash to cover the basic expenses you expect to face in the next seven days. Pay for as many things as you can in cash," Ms Franklin recommends.

"Consume as you need, rather than simply buying out of habit. See how many $5 you get back in a week. If you like the number, repeat it into week two, then a third.

"At the end of the month, add it up!"

Challenge accepted.

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