The $5 Savings Plan - Have you tried it? - Page 6

I use coins for something similar. I have a bank that reads the size of the coins and is able to keep track of how much I've put in. I rarely use cash but when I do I always have change. The change is automatically inserted in the bank.(By the way,  a side benefit of not having cash is that I truly don't have money when my kids ask to borrow some!)

I started this plan seven months before our cruise last year. Over the course of seven months I had to trade in my $5 bills for larger ones because the mason jar kept filling up! We had over $1100 to take for fun money.  Since I don't use credit cards and pay cash for 80% of my spending I saved quite a bit. The only down side was when I would stop at Wendy's for lunch and the total was $4.98...I'd give a $20 and they would give me back three $5 for change.  My family always would laugh at me when that happened and keep me honest to my savings when we got home.

I would also add spare change to the jar every so often. That adds up, too.

I like the idea of the card you're using (6% on groceries, etc. etc.), esp. because you go online and make a payment each week.  Great way to do it!  I've been putting random bills into a Mason jar on a shelf in my kitchen...it starts to build up, then I run short of $$ for something, to pay the lawn man, etc., and out go a few of the bills, til I'm down to an empty Mason jar again.  I'm going to try the $1/day plan, and start of small, and WILL NOT TOUCH any of the money in it! 

I would really like to try it and see how much I can save with just 5. bucks... starting on the next 5 I come across of.....

My husband's been using that method for a few years.  He said $1 is too little to save and $10 would be too much to save. $5 bills are just right in the middle.  He doesn't miss it after he puts it away and adds up after awhile. 

How does the $5 plan work? I have never heard of it

I think I may try doing the $1 or $5 a week savings. I used to save all of my loose change, and it really adds up. This could be a nice little chunk of change by the beginning of next school year( usually when we are very broke and need school supplies/clothes).

We rarely have/use cash so we actually put all of it in the jar.  It is amazing how quickly it adds up.  Sometimes we take out cash for a trip or to buy or sell something from craigslist or garage sale etc.  Sometimes you just need a little cash.  Since it only comes out in twenty dollar bills there is usually more than $5 but less than $20.  Whatever is left after the original purchase goes in the jar.  All birthday money, refunds from store returns, change from cash purchases, all of it goes in the jar.

I love Dave Ramsey but if I have cash I spend it much more quickly with less accountability as to where it went.  When I swipe my card, I have a record of it.  (especially when using mint.com) When I have cash, I love putting it in the jar and look for an opportunity to fill the jar to an even amount so I can make a deposit.  If it were in my wallet, I would just spend it because its "off the record".

PS we also put a prayer card in the jar to remember to be grateful and stay focused on the goal

We always save our coins in the "love jars" as hubby calls them. Empty 5-gallon water jugs, one holds pennies the other holds silver coins.

I just recently started saving the $5's. Seeing as how I've been focused on using cash more as opposed to my debit card I figured I might as well try this too. It's actually working out great. Although it really made me question breaking a $20 on a mcdonalds frappe splurge this afternoon (it was 90 degrees out!) when I got back 3 $5s haha