Have you ever heard of the $5 Savings Plan? I hadn't until I found it on Pinterest. It is one of the coolest things ever! Honestly! Here is how it works...save ALL your $5 bills. That is it. Pretty darn simple if you ask me!
I started this plan 6 months ago. I decided to also add my change (when I remember), but you can do whatever you want. Once the jar gets too full I swap the $5 bills our for $20 bills. I decided to count it all just to see how much I had. **Drum roll please** I have saved $336.37 in six months! That is incredible because I honestly do not miss a $5 here and there when I pull it out of my wallet.
It might not seem like much to some people, but that is money I'm not missing. I RARELY take money out of the jar (I have for the car wash a few times) because I want to see how much I can save in a year. I love knowing that I could buy Christmas gifts with it. Use it towards a vacation, or just not spend it at all. It is just nice to have a little cushion of money you never think about spending.
This would also be great for $1 bills or even $10 bills. You can even use it just for your change. It is your savings plan, so you make the rules...it all adds up. I bet you could have your Christmas paid for by November if you start this today! Maybe you have a family vacation planned this summer. Why not start saving with this? You can use it for WHATEVER you want...new wardrobe, new shoes, down payment on a car, ect. You set the rules and time limit.
Now there is a down side to this plan. Unlike budgeting $X in your monthly income, you don't exactly know how much you will be saving each month. So if you have a specific dollar amount you want to reach in a specific time frame you may want to rethink this strategy. But I would still do this "jar savings" plan as well. I have not missed a single dime that has gone in this jar.
I hope this inspires someone to start saving today!
This post is linked up to Frugal Tuesday Tip HERE!