Johnny Cash may not have been singing about saving money when he uttered those famous words "I walk the line", but we all know there's a fine line between a crazy money-saving idea and a genius one.
If you need some cash of your own, here are three crazy money saving ideas that walk the line – and if you stick to it, might just land you with a tidy sum at the other end.
The 52-week savings plan
It was the eve of 2013 and 47-year-old Kassondra Perry-Moreland was feeling down about her savings (sound familiar?).
The next morning Kassondra decided on a new plan. In week one of 2013 she would save $1. In week two, $2, in week three $3, and so on. Knowing she'd need a little inspiration and support from her friends and family, she started a Facebook group that outlined her plan. It wasn't long before she had far more supporters than just her mum and bestie, as people around the world caught on and decided to try the plan for themselves.
After a year of saving, this plan would leave you with a neat $1,378 in the bank. And if you kept it in a high-interest savings account, this number could be even higher. Just like a solid superannuation investment plan, it's surprisingly simple and can garner surprisingly good results, even after just a year of commitment.
The 10 per cent plan
Many financial experts will agree you should be saving around 10 to 15 per cent of your income each year. A quick calculation on your salary will tell you how much that is, so it's easy to see if you currently putting that much aside – and if not, why not?
Figure out how much of your weekly payslip this equates to, then set it aside straight away. Removing the temptation to spend it from the outset will help you get your head around spending a little less. If you're constantly finding you're having to dip into those savings in the lead up to your next payday, take a closer look at your expenses to determine what's holding you back.
If you're finding 10 per cent isn't much of a challenge, aim for 15 instead. And again, don't forget to put all of these savings into an account that will help you with your savings goals with a little extra interest.
The 5:2 diet for your wallet
Diets are all about restrictions and meeting goals, so why can't they apply to your piggy bank too?
This principle borrows from the diet where for five days of the week you need to be very strict with yourself, while the other two days you get to relax. For savings you could think of it this way – five days a week you should pack a lunch for work, avoid takeout meals and coffees, walk straight past that sale window and watch a DVD from your collection rather than going out. The other two days, you can buy a coffee or lunch out, purchase that new kettle you've been wanting or see a movie with a friend.
The idea is to stay mindful of how much you're spending on your 'free' days compared to your restricted days, but still enjoy them so you don't go crazy trying to save all the time. Just as no one can sustain a strict diet seven days of the week, no one can avoid splurging a little all the time either. This plan takes a little more control as you'll need to move any leftover funds to a savings account at the end of the week, but it does mean that you could end up saving more than you'd expect!
What's your crazy (but slightly genius) savings plan?