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!
*Wendy
Great idea! I used to save my $1 bills and I remember at the end of the 6 months one time I had almost $300. We paid for Christmas with cash that year and that started my journey of paying for things with cash first.
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteInspiring idea, in fact with forced savings plan like yours, you'll be able to save large amount of money and get surprised at the end of the year that you can see digits doubled. Personally, I researched a bank and opened savings account with high interest rate and zero maintaining balance. In that way, I was encouraged to make forced savings every time I withdraw my salary and save some of it for the distant future.
ReplyDeleteCredit card repair process - (877)853-5483