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kadesha
01-29-2012, 09:18 PM
I saw this on Pinterest and am going to try it. Has anyone here tried it and had luck? I just don't know if I can shove every five dollar bill I get in a jar or box! But it's a good idea!

http://www.mommysavers.com/c/t/197913/the-5-savings-plan-have-you-tried-it

2girls4me
01-29-2012, 09:24 PM
I just posted this on the "found money" thread. I'm going to try it for a month. I want tot see how much I can get. I started on Friday, and have $15 dollars saved as of today.

Four*Peas
01-29-2012, 09:25 PM
I think it sounds like a great idea and easy and easy enough...but I never have $5s! do it for a month and see what happens! :)

goofyredraider
01-29-2012, 09:29 PM
I used to do the $1 method a while back. I just started doing it again this month...and I've saved a TON already. I also save ALL coin change.

ksloane
01-29-2012, 10:21 PM
I save all change, but never thought to do $1's or $5's. I am going to a cash budget next payday and I might try it. Right now I know I wouldn't save much at all as I pretty much use my debit card to pay for everything.

vegasnative
01-29-2012, 11:41 PM
I also saw this on Pinterest today. My mom has been doing this for about 2 years now. She saves every $5 she gets, but she saves it up for my kids bdays & holidays, then sends it to them.
I think I'm going to try it starting in February. We have been on a strict cash only plan for awhile now, so $5s will be coming my way, I'm curious to see how it goes. Maybe we could use this thread to check in, and keep us motivated for those that want to try it? :confused3

kadesha
01-30-2012, 07:48 AM
Sounds good. I'd like to see how many people have luck with it. The only thing I'm worried about is gas. I tend to use $5 bills when I get gas for some reason, I guess it doesn't sting as bad as using $20's. lol!

Marionnette
01-30-2012, 08:28 AM
I think that anything that helps you to save is a good thing. I don't think it will work for me. I have a regular savings plan in place with my bank.

I have $25/week automatically taken out of my checking for each of the kids while they are in college. I call it their "Stupid Fund". If they do something stupid (parking tickets, fines, or worse), then the money to pay for it comes out of their Stupid Fund. If they don't do anything stupid during their 4 years in college, they will have over $5,000 to use as a means to start their adult life.

I don't get a lot of $5 bills since I only use a little cash during the week. But I do save my change, mostly because I don't like the added weight in my wallet.

scrapquitler
01-30-2012, 08:57 AM
We do this with coins and $1s. I don't use that much cash, so getting a $5 is somewhat rare for me. The ones and coins really add up fast.

DawnM
01-30-2012, 09:00 AM
ING works much better for me. I don't have to SEE it first. If it is in a jar I will grab it for those times I go yard sale-ing or the times I just need a few dollars for something.

I don't want large jars of money sitting around the house.

Dawn

momto2inKC
01-30-2012, 09:03 AM
We do this but not with $5's, with $1's and change. Sometimes we'll throw a bigger bill in the jar.

AnninIowa
01-30-2012, 09:57 AM
I empty my wallet of change and $1 bills everytime I come home from spending money. I would love to do 5's, but not sure I can part with those!

ilovemk76
01-30-2012, 11:16 AM
This is not a real savings plan if you are robbing Peter to pay for Paul.

You take $100 cash out of the bank to buy groceries for the week, per your budget. You stop at the grocery store for a few items and pay cash. In your change you find a $5, so you put in into a jar. You do this three more times before the week is out. At the end of the week you have $20 in the jar but find out you are out of money for groceries and do not have enough food to last until the next $100 draw.

Off to the bank you go and you take out just $20 to buy milk, bread, eggs, fruit and veggies. This takes all the $20.

At the end of the week you spent $100 on groceries and put $20 in your jar.

You took out $120 from the bank.

You did not save any money but just moved money from the bank to a jar. This is funny money accounting. It might make you feel better thinking you have extra money to spend but you do not. You are now overspending because of that "found" money.

The best way to save it by a budget. Each pay period you put $X into long-term savings. $Y into short-term savings. $Z into the vacation/movie/fun money savings.

budafam
01-30-2012, 11:42 AM
This is not a real savings plan if you are robbing Peter to pay for Paul.

You take $100 cash out of the bank to buy groceries for the week, per your budget. You stop at the grocery store for a few items and pay cash. In your change you find a $5, so you put in into a jar. You do this three more times before the week is out. At the end of the week you have $20 in the jar but find out you are out of money for groceries and do not have enough food to last until the next $100 draw.

Off to the bank you go and you take out just $20 to buy milk, bread, eggs, fruit and veggies. This takes all the $20.

At the end of the week you spent $100 on groceries and put $20 in your jar.

You took out $120 from the bank.

You did not save any money but just moved money from the bank to a jar. This is funny money accounting. It might make you feel better thinking you have extra money to spend but you do not. You are now overspending because of that "found" money.

The best way to save it by a budget. Each pay period you put $X into long-term savings. $Y into short-term savings. $Z into the vacation/movie/fun money savings.

I agree with the above. It doesn't sound like the greatest savings plan... if you want to save, take a certain amount out each week... this $5 thing could end up hurting you in the end if you don't have enough at the end of the week. Sometimes my bank pays me out in $5 bills... so all of my grocery budget would go in a savings envelope :confused3

brennicksmom
01-30-2012, 02:52 PM
under what subject was it on Pinterest?

momto2inKC
01-30-2012, 03:01 PM
under what subject was it on Pinterest?

In the search box on Pinterest just put $5 saving plan and it'll come up

2girls4me
01-30-2012, 10:04 PM
I started on the 27th and I have 25$ now. Im hoping to keep it up for the rest of the month. Whatever I end up with, will get thrown into the savings acct for birthday party/Disney.

Laurawill
01-31-2012, 12:00 AM
Good idea in theory, I'm just too scared to keep any cash around the house. We were robbed a couple years back and they took all our change jars... It was probably $50... So after that we stopped keeping a change jar at home, but my husband had one at work. And last Christmas Eve their office was robbed, and guess what, they took the change jar again!

I was pretty frustrated about the theives taking my change I can only imagine how outraged I would be if they got some cash!

So now we are credit card people. We pay the balances off every month, get great rewards and if/when the cc gets stolen (because they of course got one when our house was robbed) it was quite easy to get the charges reversed.

tikilyn
01-31-2012, 12:46 AM
I've done the $1 jar before but the kids seem to always need money for school and I would raid the jar! Having the cash at the house doesn't work for me:lmao:.

I have become a debt card abuser (as I like to call me). What I do is when I write what I've spent in my register, in the fee column I'll add a 1.00 (like an atm fee). So if I spent 10.00 at walmart, I'll write down that amount plus the 1.00 in the fee column and subtract 11.00 from the total. Leaving the 1.00 in the bank. At the end of each month I total the fee column and take that out of the back account and put it in my savings.

nichanda
01-31-2012, 07:50 AM
I started doing a different plan the beginning of this year. I've started with the cash system. I use cash for all purchases. I still pay my bills through my bank (such as phone bill, power bill, etc).

However, I've budgeted myself a certain amount of grocery money, gas money, misc. money, etc. Each goes into an envelope marked as such. I make sure to be generous but realistic to each of these envelopes, as I don't want to have to take from one envelope to give to the other. At the end of the month, anything that is left goes in a jar, and I reload each envelope with what I've budgeted for the month.

This seems to keep me frugal. I'm more likely to use the coupons I have or not buy something I really don't need, as at the end of the month it will mean more money in my jar.

I'm undecided what I will use the jar money for. Might be a new fridge. Ours is ugly, and I've had my eye on those beautiful stainless french door fridges for quite awhile. :lovestruc

disney4us2002
02-01-2012, 11:03 PM
I figured I'd give this a try. I don't use cash a lot but since the atm only gives $20s, I figure I can get a $5 in change from lunch every week or so at least. It'll be fun to see what it all adds up to after a couple months. Also, we do a huge water bottle change jar and I never spend change. Every time I break a dollar, the change goes in the jar.

mdrob214
02-02-2012, 03:56 PM
There was an article some time ago about this http://www.boston.com/news/local/articles/2008/07/20/with_a_bit_of_creative_savings_5_can_get_you_at_le ast_12000/ and someone posted here in the Budget Board. I tried it and it works. BUT

You have to be someone who spends cash anyway. In my budget, I get a certain amount of cash each week. With that I pay for things like eating out, coffee, running in for a gallon of milk, giving my kids money for _______, etc., pedicures, etc. It's basically my misc/mad money, not for my usual budgeted items like groceries or the like.

You have to be disciplined. Don't spend those $5 bills! I put mine in a separate section of my wallet so I didn't even see them. When I got home, I put them in an envelope in my secret spot at home.

You can't just go get more cash! Stick to your budget. If you run out because you got a bunch of fives, then you wait til next week. It may be difficult for some to follow this.

The first year I did this, Aug 2008-July 2009, I saved about $1000. The second year I didn't do quite as well, but close--it was about $900. I have "sort of" done this since then. I didn't have a trip or other specific thing to save for, so it made it a little more difficult without the motivation!

It really stinks when you go to the drivethru at Sonic for a drink, pay with a $20, and get 3 fives back in your change! :rolleyes: However, it made me think twice a couple of times, about spending that on drinks.

(oh, and even now, if I have cash left at the end of the week--it doesn't happen often!--I put it in my Disney envelope)

vegasnative
02-03-2012, 08:01 PM
This is not a real savings plan if you are robbing Peter to pay for Paul.

You take $100 cash out of the bank to buy groceries for the week, per your budget. You stop at the grocery store for a few items and pay cash. In your change you find a $5, so you put in into a jar. You do this three more times before the week is out. At the end of the week you have $20 in the jar but find out you are out of money for groceries and do not have enough food to last until the next $100 draw.

Off to the bank you go and you take out just $20 to buy milk, bread, eggs, fruit and veggies. This takes all the $20.

At the end of the week you spent $100 on groceries and put $20 in your jar.

You took out $120 from the bank.

You did not save any money but just moved money from the bank to a jar. This is funny money accounting. It might make you feel better thinking you have extra money to spend but you do not. You are now overspending because of that "found" money.

The best way to save it by a budget. Each pay period you put $X into long-term savings. $Y into short-term savings. $Z into the vacation/movie/fun money savings.

I agree with the above. It doesn't sound like the greatest savings plan... if you want to save, take a certain amount out each week... this $5 thing could end up hurting you in the end if you don't have enough at the end of the week. Sometimes my bank pays me out in $5 bills... so all of my grocery budget would go in a savings envelope :confused3

I understand what you are saying....but I certainly hope that people don't take this as the way to save for retirement or emergency funds. I think it is more to curb impulse spending, and stash a few bucks away. Very similar to the change jar.

vegasnative
02-03-2012, 08:08 PM
We are on a cash budget for groceries, entertainment & clothes. All bills (car payment, mortgage, utilities I pay online). I take out a set amount of cash from the ATM each Monday and that has to last us until the next Monday. So I wanted to give this a try. I started on Monday, Jan. 30 & I have $15. What I did so I didn't short myself was at the end of the day I looked in my wallet, and took out the $5s. If I spent $20 and got a $5 in change but still had more shopping to do I could use that $5, but at the end of the day it went into my jar. :)

2girls4me
02-03-2012, 09:57 PM
I agree it's not the best savings plan. I started on the 27th and have $35 saved. Not a huge amount, but if I find myself going to the ATM over and over, I'll scrape it and just use the cash.

goofyredraider
02-03-2012, 11:02 PM
We are on a cash budget for groceries, entertainment & clothes. All bills (car payment, mortgage, utilities I pay online). I take out a set amount of cash from the ATM each Monday and that has to last us until the next Monday. So I wanted to give this a try. I started on Monday, Jan. 30 & I have $15. What I did so I didn't short myself was at the end of the day I looked in my wallet, and took out the $5s. If I spent $20 and got a $5 in change but still had more shopping to do I could use that $5, but at the end of the day it went into my jar. :)

Basically, I do the same thing. I take out a certain amount weekly, and that is my budget for the week. I don't do the $5 method, but $1+coin change. I empty it daily into the jar. I make my list and do my main shopping that same day. The leftover is what I have for the week.

Oh, and I don't keep it hanging out in the jar. Once I get a "decent" amount, I take it to the bank and deposit it in the vacation or savings account (depending on what I have planned for it).

And yes, I realize you could just "save" that $$ outright, and I do try to move a set amount weekly into savings....but this method is fun....partially because I know I *can* spend that amount or those extra $1 bills....but I don't. It does help me be more conscious of my spending and makes me want to save more.

disney4us2002
02-03-2012, 11:34 PM
Basically, I do the same thing. I take out a certain amount weekly, and that is my budget for the week. I don't do the $5 method, but $1+coin change. I empty it daily into the jar. I make my list and do my main shopping that same day. The leftover is what I have for the week.

Oh, and I don't keep it hanging out in the jar. Once I get a "decent" amount, I take it to the bank and deposit it in the vacation or savings account (depending on what I have planned for it).

And yes, I realize you could just "save" that $$ outright, and I do try to move a set amount weekly into savings....but this method is fun....partially because I know I *can* spend that amount or those extra $1 bills....but I don't. It does help me be more conscious of my spending and makes me want to save more.

This is what I'm finding. More than once I have had a $5 and wanted to buy a Starbucks, but instead I decided to keep the $5 for my envelope. Saved calories can't hurt either, lol!

aprilgail2
02-04-2012, 08:46 AM
I've been doing that for awhile with change, ones and fives- I recently took it all to TD bank and deposited it all-over 1,000.00 which will be used in July for our Disney trip!

vegasnative
02-04-2012, 11:15 AM
Oh, and I don't keep it hanging out in the jar. Once I get a "decent" amount, I take it to the bank and deposit it in the vacation or savings account (depending on what I have planned for it).

And yes, I realize you could just "save" that $$ outright, and I do try to move a set amount weekly into savings....but this method is fun....partially because I know I *can* spend that amount or those extra $1 bills....but I don't. It does help me be more conscious of my spending and makes me want to save more.

I think you hit it here. Some have mentioned it's not a great way to save....well yes that is true if your trying to pay debt or save for retirement but this is really just to have a little stash. I was thinking about what a previous poster said about how it would be tempting to take that money and go to yard sales with it....well that would be a good use for it, I think, if that's what you like to do.
It's just a fun way to create a little stash money. You could set a small goal and when you reach that goal go get yourself a treat with that cash. That type of thing. Or you can make it a bigger goal, and say when I reach X amount I'm taking the fam to Disney. So no its not the way to save 'real' money, but yes it's a fun way to save for a rainy/fun/yard sale kinda day. :goodvibes Also, if your trying to reach a large amount it would be a wise idea as a previous poster suggested, when the jar gets full, take it to the bank. We have a coin jar also that we have been doing for 15 years, and whenever it gets full I take it into the bank and it gets transferred to Ing for our vaca savings acct. Probably not the best idea to have tons of money laying around the house.

kadesha
02-04-2012, 11:57 AM
I think I'm doing well with it, I've got about $30 in my box so far. And I opted for a box so I couldn't see through it and be tempted all the time.

I don't think it's meant to be a very serious saving plan, as some have made it sound. For me, it's saving extra money. I'm not taking anything away from paying bills, and if I found that I couldn't pay my bills I would certainly use what's in the box. I see it as more of a self control tactic to control needless spending. For example, instead of using 5's to buy breakfast this week, I ate at home and put my money in my box. :)

goofyredraider
02-04-2012, 04:31 PM
I think you hit it here. Some have mentioned it's not a great way to save....well yes that is true if your trying to pay debt or save for retirement but this is really just to have a little stash. I was thinking about what a previous poster said about how it would be tempting to take that money and go to yard sales with it....well that would be a good use for it, I think, if that's what you like to do.
It's just a fun way to create a little stash money. You could set a small goal and when you reach that goal go get yourself a treat with that cash. That type of thing. Or you can make it a bigger goal, and say when I reach X amount I'm taking the fam to Disney. So no its not the way to save 'real' money, but yes it's a fun way to save for a rainy/fun/yard sale kinda day. :goodvibes Also, if your trying to reach a large amount it would be a wise idea as a previous poster suggested, when the jar gets full, take it to the bank. We have a coin jar also that we have been doing for 15 years, and whenever it gets full I take it into the bank and it gets transferred to Ing for our vaca savings acct. Probably not the best idea to have tons of money laying around the house.

Exactly! In in a way, it is a neat way to save without "trying" too hard. It sounds corny, but I get excited when I get $1 bills as change now.:laughing: It adds up quickly, for sure!

patsal
02-04-2012, 09:48 PM
Change and $1 bills, but $5 is just too much money to keep pulling from my change. I only have $200 in spendable cash every other week, if I took out the $5's I'd be in trouble!

I do have $25 auto deducted every two weeks form my pay. I have not touched the account in 8 years I have a surprisingly high balance there!

I did the add $10 to the mortgage payment trick back when we bought our house 12.5 years ago. I was floored when I got my end of the year statement this year and discovered I only I have two more mortgage payments left! (BTW it isn't $10 more per payment so don't get confused!)
The first year it was $10 extra then add $20 more the next year, then $30 more the next year, etc.

disney4us2002
03-16-2012, 09:41 PM
PLEASE NOTE THIS IS A BUMPED THREAD FROM 6 WKS AGO....

So, is anyone still doing this method of saving? I figured I'd try it since we have a Easter trip planned to Universal and it was only 2 months of saving. I'm surprised to say that I now have $85 in fives. This isn't my only spending money so no worries there, but I found this to be kinda fun and really easy.

I think I'm going to keep it up and see what I have by next year's summer vacation.

goofyredraider
03-16-2012, 09:46 PM
PLEASE NOTE THIS IS A BUMPED THREAD FROM 6 WKS AGO....

So, is anyone still doing this method of saving? I figured I'd try it since we have a Easter trip planned to Universal and it was only 2 months of saving. I'm surprised to say that I now have $85 in fives. This isn't my only spending money so no worries there, but I found this to be kinda fun and really easy.

I think I'm going to keep it up and see what I have by next year's summer vacation.

Yes, I'm still doing my $1 method (and change). Just my $1 added up to 2 deposits of $200 each! (400!!!!) since I started doing this again. My change jar is still accumulating....I won't cash it in until a few days before our trip. :)

Mickeyflower
03-17-2012, 01:36 AM
I do $2 a day, if I can. Im unemployed so if I have $2 at the end of the day, it does go into my future Disney trip lock box. I also do not spend loose change, it goes into my car ash tray, and when that gets full, it gets rolled and into the lock box. When the lock box looks full, it goes into my savings acct. It's a slow, but steady way for me to save for a trip that is at least 3 years, maybe more, away. No, it's not the ideal way to save, but when you are literally, digging for pennies to get gas, it works.

kadesha
03-17-2012, 10:34 AM
PLEASE NOTE THIS IS A BUMPED THREAD FROM 6 WKS AGO....

So, is anyone still doing this method of saving? I figured I'd try it since we have a Easter trip planned to Universal and it was only 2 months of saving. I'm surprised to say that I now have $85 in fives. This isn't my only spending money so no worries there, but I found this to be kinda fun and really easy.

I think I'm going to keep it up and see what I have by next year's summer vacation.

OP here! When I saw this thread bumped up I counted my box and have $205!!!! (I also threw a couple of 10's in there when I had some extra money) I can't believe it! The only spending habit I changed to go with this plan was eating breakfast. I used to stop and pick up a biscuit before work, but now I eat at home. I cannot believe I have saved that much, and I still have 65 more days of saving before my trip! :cool1:

(I have to admit, sometimes I cringe when someone hands me a $5 bill. lol! But then I remember how much I'll appreciate it while I'm at WDW!)

nuke
03-17-2012, 08:53 PM
I've been doing this for a couple of years. Last year I had enough spending money for two vacations. I started over after Christmas and I have $300 saved. I still do automatic deposit into a savings account and save for retirement. This is just fun money and money I don't miss once it's in the envelope.

jessp1021
03-17-2012, 09:37 PM
I already have a change jar started but I am going to do $1's and maybe even $5's..although we have the dining plan I would like to do a night at California Grill as a surprise for my hubby! (We went there on our honeymoon so this would be soo cool to do!) and my goal is to save enough for dinner for the 4 of us there tip included and maybe even a little extra spending money for a new outfit for everyone before the trip!