It's a good idea, by saving small amount in a long run, you will be surprised to see the total amount of your savings. It is also a good way to teach your kids how to save. Including them with this kind of idea will encourage them how to save money at a very young age.
I noticed that a lot of people are interested in your own $5 version of a coin bank. The worst thing that could only happen to this is when people force themselves to spend just to put a $5 in the jar. Aside from that, this is a great way of saving. I just like to add that it will be better if you put the money on the banks or in an investment center when the jar is already full.
This would be great if i didn't already scraped the entire house for every little money i found and put it on the bank account to pay the bills, and for some reason, there is never enough money even after cutting costs everywhere.
This is a great idea! Thanks for sharing the link to the blog. I usually place loose change in a piggy bank or container, but to take it to the other level of placing it in a credit union account is something that I've never thought about. The other tip of collecting smaller bills in an envelope or jar an then placing it in a high yield savings account is another good idea too, and I'm going to try both of these saving tips myself.
Wow make a lot of sense, I should try this out with my family. But you have to be really discipline in order for the money to grow into a very large sum and achieve your goal.
This sounds fun me and my husband have a change jar we do and we like to play around see who can get more change in their we usually get up to about 40 bucks within two weeks or so, I think I will give this 5 dollar deal a try thank for sharing!
It's a cool idea. I have tried to do this, but with all the change I got - so everything from coins up to 10 bucks. The problem is everytime I started running low on money I ended up getting some of it out..
I mostly get paid via paypal and when I'm withdrawing money from my account I always leave the anything below the dollar mark. If say I receive $19.8, I take the 19 and leave the $0.8. The next time I receive say $20.7, I withdraw the $20 and leave the $0.7. Since I make withdrawals daily, daily the dough accumulates well enough for me. It's not much but heck, at least I save a little something.
I've done this before, but it was when I was living in Japan so it was 500-yen coins (roughly $5) instead. It was kind of cool actually. I bought this book made of thick cardboard pages with holes cut out to put the coins in, and each hole had a little motivational saying under it. I filled up the book over the course of a year and a half or so, and I had a cool $1000 to spend on myself.
It's funny that I actually do the $10 bill savings plan, which really helps me to build up my emergency fund. For instance, if I make $20 a day, I would save $15. However, if I make $15, I would save $10, which is no less than $10 because that's my initial amount of money I need to save each day. I make no less than $10 a day, which is nice because it gives me a monthly budget with a steady earning amount. If I have extra money, I would put them into my emergency fund, which is gonna be the additional amount for saving.
