The $5 Savings Plan - Have you tried it? - Page 3

I don't use cash much, but I do write checks and use my debit card often. I "Save the Change" by rounding up to the nearest dollar. I've managed to save $100 in one month that way.

So in my ledger if I wrote a check or used my debit card for $52.40, I'd make a note in one column for the exact amount spent and then in the balance column, I write in $53 and deduct that. That way I can verify incase there are transfer errors and then figure my savings balance.

Before, I always used a debit card...I decided to only use my checking for bills and keep the cash on hand that we can use. Doing this has definitely made me a much more frugal spender. We spend much less than we used to before. I also save money in my checking account by rounding up. If i spend $13.12...i write in that amount but I subtract $14 instead. I have saved $250-$300 in a year by doing this. It really comes in handy when unexpected expenses arise.

I only use cash.  I don't know that my budget would allow me to tuck away $5 at a time however I save all my change.  I never spend it.  It does add up.  I may try putting some paper money with that for more savings though.

My husband and I started the Dave Ramsey budget and envelope system about 5 months ago. It is amazing how many bills we have paid off and how much money we have saved.  I am definitely going to start this plan, as well.  For you debit card users, you would be AMAZED at how much money you DON'T spend when you can't just swipe that card. My husband didn't realize that he was spending upwards of $13-15 a day because of that debit card. We put the debit cards away and can only spend our blow money. Not only have we saved money but he has decreased his sugar from soda intake by about 95%. LOL  Good luck to you ladies!

Quote:

Originally Posted by MommyRoberts77 

My husband and I started the Dave Ramsey budget and envelope system about 5 months ago. It is amazing how many bills we have paid off and how much money we have saved.  I am definitely going to start this plan, as well.  For you debit card users, you would be AMAZED at how much money you DON'T spend when you can't just swipe that card. My husband didn't realize that he was spending upwards of $13-15 a day because of that debit card. We put the debit cards away and can only spend our blow money. Not only have we saved money but he has decreased his sugar from soda intake by about 95%. LOL  Good luck to you ladies!

I agree how easy it is to spend money when you are swiping a card and not using cold cash...

I have been doing this for some years now, and it is the best thing. I have paid for fencing around our whole property $800.00 I have paid for a vacation for my hubby and I 950.00 I have paid for other needed household events, IT REALLY WORKS, I am now saving for a roof! 

P.S. I paid my fence all in one dollar bills, Laugh! He got a big kick out of it when I said I broke into my piggy bank!

Wow.  I've not heard of this.  I do pay cash for almost everything.  My debit card is for online transactions, which are rare, and gas (so I don't leave the kids in the van!).  Otherwise, I have my rent that I write a check for, and I pay my utilities and insurance through auto draft.  Everything else is cash.  I don't know that I can swing every $5 bill right now, but I may try it and do every other one...and then see how that goes to work up to every one!

Right now we have a "family bank" that we put all of our spare change into. I rarely use cash, but I think if I have some I would be able to stash some away. But I would definitely keep this hidden from my DH. Lol. I would love to see the look on his face when I tell him around Christmas time how much money I've saved. Though the trick, too, would be to resist temptation to take a few bucks here and there. Hehe. Hmmm maybe if I do that I'd have to put double in when I repay it. That sounds like a good idea to me.  Thanks for your inspiration ladies.

I used to do this with $1 bills... and I would save them. Then, once a week, i would deposit them into a savings account. I would end up with $45 to $50 a week. It was astounding! I don't know that I could do this with every $5 I came across, seeing that money is really tight, but I like this idea. I will try to incorporate it!

I saw this last night and I grabbed a small mason jar and once I fill it up then I'll move up to a pickle jar...lol