In a time when the cost-of-living crisis is tightening its grip on households across Australia, finding effective ways to save money is more important than ever.

With many Aussies feeling the financial squeeze, it's inspiring to hear the success stories of those who have saved a significant sum in a short period.

One such story is that of Jenny Joo, a Brisbane local who has shared her straightforward yet effective money-saving strategy.

Jenny's approach was simple: she used a money tin and committed to saving a set amount of cash every day, ranging from $2 to $200.

The beauty of her method lay in its flexibility. Jenny labelled each day with equal increments, starting from $2 on day one, $4 on day two, $6 on day three, and so on.

Jenny shared the money-saving strategy that will help her save $10,000 in 100 days. Credit: @jenjoojoo / TikTok

However, she didn’t follow this sequence rigidly. Instead, she had the freedom to choose any day between one and 100 to deposit the corresponding amount of money, depending on how much she had to spare on any given day.

This adaptable system means that when Jenny finds herself with extra cash, she can cross off one of the higher-value days.

Conversely, if funds are tight, she can contribute just a few coins. The key is consistency and commitment to the process.

By sticking to her plan, Jenny is set to save just over $10,000 in a mere 100 days.

Of course, this strategy might present challenges for those who don't typically carry cash or who find their wallets a bit lighter at the end of the day.

However, the overwhelming response from people who have heard about Jenny's tip is one of motivation and eagerness to try it for themselves.

'My gosh, I need to start doing this, this is a great idea,' exclaimed one viewer, while another added, 'Brilliant idea! I will definitely try, thank you for sharing.'

Jenny acknowledged that there are days when it's impossible to add to the money tin.

But she offered a solution: instead of a 100-day sprint, you could stretch the plan across an entire year. By doing so, you'd still accumulate over $10,000.

You can watch Jenny’s video below:

Credit: @jenjoojoo / TikTok​

The concept of saving in a money tin may evoke childhood memories for many, but in these challenging economic times, it's a practice that’s making a comeback.

Another Aussie shared her success with a similar approach, saving $3,293 in six months by stashing away all her spare change and $5 notes.

'We just saved all our $5 notes and all our coins. We are moving house at the moment, so I've sold a lot on the [Facebook] marketplace, so all that goes in there,' she explained.

‘Sometimes you have to get cash out because places…have cash only. So, for example, today I was at an alteration place to pick up some alterations. It was cash only, so I had to get cash out and all the change went straight in [the tin].’

If saving money in a tin doesn’t work for you, you can try to make budgeting even more ‘fun’ with another trick!

In a previous story, a savvy saver shared her experience with the 100 Envelope Challenge. This challenge helped her save around $10,000, which she used to pay for her dream holiday.

How does this challenge work? Read more about it here to find out.

Key Takeaways

• Jenny Joo shared her money-saving hack, which involves putting daily cash amounts in a piggy bank, potentially saving over $10,000 in 100 days.
• She labelled each day with equal increments from $2 to $200 and allowed herself to choose any amount to deposit each day.
• The hack received positive feedback, with people considering it brilliant and wanting to try it.
• Despite challenges, Jenny mentioned that the plan could be extended over a year, and another Aussie shared success in saving using a similar method with spare change and $5 notes.

Have you tried a similar savings challenge? What strategies work best for you? Let us know in the comments below!

 

[gbaerken]

Come back to this story when the time is up for her experiment and then tell us how much she has.

 

[Rob44]

$10 000 in 100 days is $100 a day or $700 a week. Not many people on the Old Age Pension can save $700 a week from their OAP.

 

[Clancieblue]

What did she do ,take it out of the bank and put it back at the end of the day.

 

[JKD]

Pensioners are in no position to put even a couple of dollars away every day when struggling to make ends meet and having to survive on just over $500 per week. Great concept for those lucky enough to be in the work force and able to save.

 

[IAN3005]

She's lucky to be saving a cent.... Mr pension doesn't cover the rent........ let alone savings

 

[Luckyus]

Then you get burgled and, lose the bloody lot?.

 

[Barbara V]

I try to save all my loose gold coins,got to $100 then had to start dipping into the cache. Back to $40 but at least I know it's there.Haha couple times forgot where I hid it,but always found it

 

[margaretritchie48]

She is lucky to have money to save, not many pensioners do,

 

[Rujam]

When I have been out shopping, whether it's clothes, craft or groceries, I put my $1 and $2 in a jug then my other small change in a tin. When they are full I deposit them in the bank. It's surprising how the money adds up.

 

[JKD]

These days not many people are in a position to save at all let alone what Jenny Joo does. That is $100 a day she is saving!!! Come on - few of us can afford even a dollar a day to save. How lucky to be so rich!!!!

 

[Rob44]

Yes, I save all my gold sovereigns, small change I know, in a jam-jar stashed below the stairs. But when I empty them onto the bank's counter the bank clerk complains that they are all covered in jam! Ingrate!