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The $5 Savings Plan - Have you tried it?

post #1 of 177
Thread Starter 

Have you heard about the $5 Savings Plan?  It's an idea that's been circulating in the blogosphere for awhile, so I thought I'd see if any of you have tried it.  What I like about it is that it seems like a relatively painless way to save, and yet could add up to pretty substantial savings over the course of a year.  Who knows, you may be able to use it to pay for your Christmas gifts later on this year!

 

Here's how the $5 Savings Plan works:  Whenever a $5 bill comes into your possession, you save it in a special jar or envelope.  Over time, they will add up.  The more you incorporate using cash into your spending habits, the more you will save (if you're a credit card user, you won't save as much).

 

Have you tried the $5 Savings Plan or another similar savings method?  How did it work for you?

 

AppleMark

post #2 of 177
I saw it last year and thought 'what a great idea' but it never went past that. I saw it AGAIN this AM and have decided from here on out- I'm trying it! We're trying to use more cash (so hard for me, I'm a debit card swiper for everything!) But I'm back on Dave (Ramsey) and DETERMINED this time smile.gif
post #3 of 177
Thread Starter 
Quote:
Originally Posted by 2bearsmom View Post

I saw it last year and thought 'what a great idea' but it never went past that. I saw it AGAIN this AM and have decided from here on out- I'm trying it! We're trying to use more cash (so hard for me, I'm a debit card swiper for everything!) But I'm back on Dave (Ramsey) and DETERMINED this time smile.gif


I rarely use cash, so I don't know if this would be effective for me, but I love the idea! 

post #4 of 177
Quote:
Originally Posted by 2bearsmom View Post

I saw it last year and thought 'what a great idea' but it never went past that. I saw it AGAIN this AM and have decided from here on out- I'm trying it! We're trying to use more cash (so hard for me, I'm a debit card swiper for everything!) But I'm back on Dave (Ramsey) and DETERMINED this time smile.gif


I just saw that on Pinterest last night. I looked at the blog and I think it is a good idea.  I would like to try it, but I use my debit card a lot too, but I too am reading the Dave Ramsey book and I just read that people tend to spend less $ when the use cash than if they use a debit or credit card, so I think I am going to try to use cash way more often too.  I agree, that could be an easy way to save for Christmas.  The woman on the blog I read saved $350!

 

post #5 of 177

I've used the $1 savings method - that added up for us until kids started school again and I started getting hot lunches for them.  May try this method and see where it goes - just won't tell DH about it ;)

post #6 of 177
Thread Starter 
Quote:
Originally Posted by lesliesmom View Post

I've used the $1 savings method - that added up for us until kids started school again and I started getting hot lunches for them.  May try this method and see where it goes - just won't tell DH about it ;)



That sounds good too!! 

post #7 of 177
Quote:
Originally Posted by lesliesmom View Post

I've used the $1 savings method - that added up for us until kids started school again and I started getting hot lunches for them.  May try this method and see where it goes - just won't tell DH about it wink.gif

We did the dollar a day for 100 days here last year- I loved it! It motivated me to save those dollars I otherwise wouldn't have!
post #8 of 177

I rarely have cash either though I keep those 5s for monthly Bunco!  

 

I started using a rewards CC the 6,3,3,1 Card fit my spending habits 6% off Groceries, 3% off Gas, 3% off Retail, 1% off everything else.  I just make sure every week to go on-line and make a weekly payment. So my balance never grows. 

 

It sounds like a great idea for those who use cash.

 

 

post #9 of 177

I purchased a gingerbread piggy bank on clearance at Target after Christmas and have been adding our excess from my grocery/hygiene spending each week (plus and extra I can add). We put it on top of the fridge so we will see it constantly and remember to add to it often. I am hoping that by November we will have a nice amount saved :).

post #10 of 177

Does it have to be EVERY $5??? redface.gif LOL  

 

I think it's an outstanding plan...but hard for me to "give up" every $5.   Maybe I'll try it with E/O $5 to start. Ease my way into it biggrin.gif

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