Save Every $5 Note To Build Your Savings Account

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]


Comments

    So you keep all the notes to the end of the year??? Ridiculous.....
    Learn to live frugally....

    I started doing this with $2 coins at the beginning of last year - and have around $600 now.

    I spend all my change/$5 notes on coffee. How difficult saving is.

    I have an empty water cooler container in my bedroom that i put my spare change in , every day when i get home , seems to work for me. A few years ago, I was living with a girlfriend and we had a sex jar, every time we had sex we put $2 in each, paid for a 10 day holiday to Bali !!!

    If you never use any of your $5 notes, you're going to end up breaking larger notes more often, which will lead you to getting more $5 notes. This isn't saving you money, this is just tricking you into thinking you have less money than you do.

    People still use cash?

      People avoid interest and fees. For example: if you don't use your own bank's ATMs you can get slugged up to $2.50 for withdrawals. I never withdraw less than $200.00 to keep the fee to less than 1.25% of the transaction. People who withdraw $20.00 at a time are paying 20% for the privilege. As for credit cards... Taxis charge 10% of the transaction. Highway robbery.

    Whenever I get coins in change, as soon as I get home, all the coins go into my piggy bank. Every 6 or so months, when the jar is full, I empty it out - usually about $200-300 :D

    We do this with the money left over from our weekly shopping and it works a treat. We are now upping it to all change and $5 notes for spending money for our honeymoon.

    I have paid for furniture, concert tickets (and t-shirts) and my cat with $1 and $2 coins saved over the years. It's easy long-term saving.

    I've done this with change, whenever the change pocket in my wallet gets too full. I just pull out a handful and put it in. My belief (along with an occasional sports bet) is thinking, what would I have spent that $4 on? A bottle of coke, probably.

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