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Jan. 17th, 2009 @ 09:54 am Every Little Bit...
I think I may have posted before that my husband and I have been trying a new savings "game" of saving every 5-dollar bill we get. I am a long-time saver; my husband is new to it as he could never see the value before. But he gets into the game aspect of this 5-dollar-bill plan. In the last 3 months we have saved over $300.00 this way. We had saved a few hundred previously this way as well and were able to open a new savings account to be used for vacation planning to which we will now be adding this $300.00. Now that hubby has seen the way it all adds up and sees some concrete results (a bank statement every month that tracks the growth), he is really on board with it.

I have taken it a step further and have started saving every $10.00 bill I get. This is being set aside for my other "want" items such as new furniture pieces, a television set, a decent sewing machine, and home improvements. I only have $40.00 so far, but I just started about 2 weeks ago.

This is all in addition to our "regular" savings to which we contribute every payday via direct deposit, and it is a fun and pretty painless way of building those nest eggs. We don't really notice any negative impact -- these bills just get set aside right when we get them, so we don't really notice their absence from our wallets.
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3catmagic:
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From:newsbean
Date:January 17th, 2009 06:38 pm (UTC)
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Tell me more about your savings game! It sounds great.

Do you use cash for most things? Are you saving fives that you get as change? (That's what I'm reading, but I want to make sure.)

That sounds like a really good way to build up some savings.
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From:3catmagic
Date:January 18th, 2009 04:20 pm (UTC)
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Yes, because we are looking to save any 5s and now 10s we get, we do try to pay cash often. We do use the change we get to contribute to our plan. We do really save every 5 and 10 we get -- no cheating. It really adds up.

It is just a fun approach to take, fun to watch it add up, and is one thing that keeps my hubby on board with it as he is loving the results.
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From:by_my_hands
Date:January 18th, 2009 02:43 am (UTC)
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I would have never thought of something like this. I think me and the hubby will have to try it!
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From:3catmagic
Date:January 18th, 2009 04:22 pm (UTC)
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It is fun and it really helps -- after a while you start looking for ways to save on expenses just so you can squirrel away more 5s.

The way we heard of this was in a magazine article -- a woman tried this and after 3 years, she had $12,000.00. I only hope we could be that successful at it, but anything is better than zero.
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From:heywood417
Date:January 19th, 2009 01:01 am (UTC)
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I think that's an awesome savings plan. I used to used that method when I was delivering pizzas...when I brought my tips home at night, all the fives went into a jar for savings--when I got enough I'd take them to the bank & deposit in my savings. I also had a change jar & would roll my change (back in the days before CoinStar) and would put my change in savings as well. The $10's and $1's were mine for everyday type spending, and $20's or larger went into my checking account. It worked out really well.

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From:3catmagic
Date:January 19th, 2009 05:48 pm (UTC)
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Correction -- It was not a magazine in which we saw that article about the lady saving 12,000.00 in 5s - it was an online blogger. My hubby wanted to be sure I mentioned that.
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From:genniechan
Date:August 20th, 2010 02:45 am (UTC)

savings

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