The $5 Savings Plan - Have you tried it? - Page 2

I'm a mother of 3 and love this idea. But I bartend and wait tables so I only ever get $5s and $1s. I only work for extra money because their dad works too, but maybe after income tax when everything is caught up I will try this or something close to this. very good idea especially for Christmas time.

We save all of our change for the year. One year we had over $700 in change. That was our Christmas money.

I started this on Monday I already have $15 bucks that I don't miss lol. We have gone to more cash I am definately more accountable for the money I spend since doing that. My father in law saves all his change for the entire year then on Christmas eve he takes it to the bank he divides it between his 3 kids and each year dh gets between $150-$250 a year just from his change. Now he has started a seperate jar for my kids where he puts dollar bills at Christmas they each got $65 bucks pretty good for only starting mid summer.

My bff and I started the $10 savings plan several years ago.  Rules: we have to save every ten dollar bill we get.  We cannot ask for a ten in change, it has to just happen that way.  You would be surprised how quickly it adds up.  We take a trip every year to a quilting related activity (quilt festival, retreat, shop hop..etc)  This is what pays for our trip.  No worrying about coming up with the money all at one time, because you've been saving all year.  It really became a contest between us, which was fun too because I am very competitive.

I think it's a great idea.  I'll definitely give it a try!

I try to put $5.00 in my daughters bank everyday... my justification even though we are not "rich" by any means is that I don't buy expensive coffee drinks, don't get pedicures and manicures and cut coupons for most of the things I buy.  $5.00 a day is $1825 a year and by the time she gets to college that is $32,850 that she can use for school or a wedding or a car.  So all the things I can live without will be saved for something that will make her happy.  And actually we turn her savings into savings bonds a couple hundred dollars at a time so that number will double :)

 

My problem with cash jars is that I use it for unexpected tooth fairy visits, allowance, and a higher than expected bill!  

I used to do the "never break a $1" method. It is the same idea. Whenever you have a $1 bill, don't spend it, use your change or break a larger bill. Of course, I almost never use cash now so that doesn't work for me anymore.

 

I save $1 bills that have the serial numbers that start with B and D....I cannot believe how fast they add up and it's really turned into a fun game.  Some of my co-workers joined in the fun also, so we are always swapping out dollar bills.  They add up SUPER fast that way!!

We ALWAYS use cash!  I'm going to give this a shot.