Every little bit we set aside adds up, sometimes in surprising amounts. The $5 savings plan is one method you could use to save a little more money over the course of the year, and its randomness makes it somewhat enjoyable.
Picture by Museum Of Australian Currency Notes
Whenever a $5 note comes into your possession, put it aside into a special jar or envelope. By the end of the year, you might be surprised by how many $5 notes you'll have saved. The fund could be used for buying holiday gifts at the end of the year or just extra savings.
Other variations on this theme, as mentioned in the Mommy Savers forum, include the $1 a day savings plan (for 100 days or another time frame) or the rounding up savings plan (where you round up any deposits or transfers to whole dollar amounts). And, of course, the age-old emptying of your pocket change into a jar. The idea is that small habits and amounts can really make a difference.
Got a saving trick to share with us? Post it in the comments.
The $US5 Savings Plan - Have You Tried It? [Mommy Savers]