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Saturday, January 12, 2013

Five Dollar Bill Savings Plan

Have you heard of the Five Dollar Bill Savings Plan? A girl I work with told me how her parents started this and I thought it was a great idea!


At first, I thought it was just some genius idea that her parents had come up with and felt slightly bad copying them, but apparently it's a thing!

My dad collects spare change. I couldn't even tell you how many Mason jars he has filled with change. Could you imagine all of those filled to the brim with five dollar bills instead?

If you haven't heard of this savings method, it's really simple. Basically every time a five dollar bill comes into your possession, you put it to the side. Save it. Keep it somewhere separate from the rest of your money, whether it's a Mason jar, an envelope, or a cute little container. (Because cute little containers make putting things in them that much more exciting.)

I work in a restaurant where I get paid with cash anyways, making it extremely easy to put aside any five dollar bills I earn. I kept my spending cash in my wallet, but had a separate envelope alongside it in my purse for all of my fives. I'm sure it takes longer for those that don't typically use cash, but since November, I had saved well over $500.

It was really convenient for me to have that extra stash of cash, because I'm terrible at saving money. If any type of emergency came up that required me to pay a large sum of money, I panicked, not having any way to pay it. Setting aside all of my fives gave me emergency cash in case something like this should arise.

And lucky I did, because there were several things that came up: vet bills, flat tires, etc. In fact, we've had so many things go wrong recently and my job has been afraid to schedule me (they don't want my water to break while I'm working I guess), it has almost wiped out my fives. I only have about $20 left.

However, I've seen people actually set aside their savings and use it towards an end-of-the-year vacation or something of that nature. Whichever way you need to use it, I think this is a wonderful way to save some extra cash.

What do you do when you get a five dollar bill? Probably just stop at a drive thru or order a coffee. It's just as easy as setting aside spare change to keep aside all of your five dollar bills. Give it a try, and after just a month, let me know how much you've saved!

Do you have any easy ways to save a little extra cash?


11 comments:

  1. We just save our spare change but it seems we are always having to use it because things are always coming up.

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  2. I'm a terrible saver! I have two jobs - one which pays cash and one which pays into my bank account and I try to save all my cash, but it never lasts long before I spend it!

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  3. This is a great idea! But I get paid in direct deposit, so I'll have to figure out how to make it work for me. I'm TERRIBLE at saving, but want to move out in 2013 so I need to find something that works!

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  4. I save change for my son's college fund. I also worked at a restaurant so I try to set aside a certain amount toward his account along with all the change I collect. He has a pretty hefty amount seeing as he is only 5.

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  5. I've Nominated you for a Liebster Award, check it out here! http://www.littlehomesandbighearts.com/2013/01/liebster-award.html

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  6. That's a great idea. I keep a little jar on my dresser for change - I just cashed in $40 over the holidays. Every little bit helps :)

    Shannon @ Sewing Barefoot
    www.sewingbarefoot.blogspot.com

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  7. Hi Chloe! What a great idea! I wanted to let you know that you are the featured blogger on this week's Meet Me Monday! Thank you for linking up last week. Please feel free to stop by and link up again and grab a feature button =)

    Amy
    http://thestitchinmommy.blogspot.com/2013/01/meet-me-monday-2.html

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  8. Hey Chloe - I've nominated you for the liebster award

    (Great post btw)!

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  9. What a great idea! We could all use a little more money right?

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  10. What a great idea. I can do that! Thanks for linking up to Monday Funday!

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  11. What a wonderful idea! I am terrible at saving money too...in fact I have a $5 bill in my wallet and I am going to go put it up right now and start saving those $5 bills!!! :)

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Thanks for commenting! I love reading what you have to say! :)