 |
| Image Source: Wikipedia |
Benjamin Franklin said:
A Penny Saved is a Penny Earned.
A penny is just a penny, right? You find them in parking lots, shopping malls and restaurants. So insignificant you often don't know you've dropped them, or don't bother to pick them up.
So why would we want to save our pennies? Remember when you were a child, filling your piggy bank with pennies, nickels, dimes and the occasional quarter? It was not a lot, but you learned the value of saving money.
I took my virtual piggy bank filled with a my savings of a penny a day for one year ($3.65) and calculated how much I would have after 50 years ($182.50). Allowing a modest interest rate of 3% compounded quarterly, I would have $439.98. OK, that's still not a lot of money, I will admit. But, that is just the savings of one penny a day - one penny that might otherwise go unnoticed in a parking lot.
The point here is that small amounts add up over time, and even mighty oak trees were once acorns.
For my calculations, I used an online compounding calculator.