PORT MORESBY: Penny box or tin savings may seem old fashioned but you’ll be amazed with how much you’ve saved when you open it. A long time NCSL member was thrilled to share how her savings with NCSL grew through the penny tin savings method in one year.

Chantelle Mumbru from Port Moresby started the savings challenge in 2022 to see how much she would save by year end. The purpose of the savings challenge was for an immediate or unexpected financial need.

“I started the money challenge last year to save for the rainy day. A colleague shared a spreadsheet which comprised of different amounts, and I took interest to take up K3 challenge daily, but I got excited and started putting away more in the penny tin. Apart from my fortnightly contributions to my savings account, I wanted a little extra to add to my savings at the end of the year,” she shared.

“I opened the box in December and was surprised to see I saved over K4, 000. I used half for Christmas festivities and the other half was deposited into my General Savings account for my future needs. I
started again this year with K5 challenge and can’t wait to see how much I saved,” she said.

Through her experience, Chantelle is encouraging others to start a savings culture whether from a penny box or small sales and have the savings put into their savings account to grow.

“It doesn’t matter how much you start with. Consistency and self-discipline are key to achieving your goal. You can start with any amount and increase your contributions. Always remember to deposit some of the proceeds into a savings account where it earns interest and grows. Don’t keep it in the box/tin, you must remember to deposit your funds inside a savings account for it to grow. Think long term,” Chantelle concluded.

NCSL encourages regular and voluntary contributions for that immediate and unexpected need. Members can choose to save in any of the savings accounts for their financial needs.