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Saving by Spending

All gas and grocery purchases are rounded up to the nearest dollar, and the difference goes into a savings account.

Photo of Melina DiMambro
9 6

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When people purchase groceries or gas, the total is rarely an exact dollar amount. To save extra money, we propose that for these types of daily purchases, the total is rounded up to the nearest whole dollar amount. The difference is automatically put into a savings account that can be accessible at the age of 50. This will also help eliminate the annoying problem of carrying around change.

What is a provocation or insight that might inspire others during this challenge?

We wanted to give some sort of incentive to save money. We thought that the elimination of carrying around change would be a good pro get people to like our plan. We also believed that saving small amounts over a long period of time was better than putting away huge amount of cash at a time.

Tell us about your work experience:

We are high school students.

Specifically, please check all that apply:

  • I'm not currently involved in a credit union, but am curious to learn more!

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Photo of Kate Rushton

Hi Melina!

This is just a friendly reminder that the ideas phase of the finance challenge is open for another two weeks. I hope to see your idea there. 

Kate

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