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7 Ways to Save Big with a Simple Savings Jar
aving money with a saving jar is one of the earliest tips submitted to the Tip Store, way back in 1999 when it was just getting started. And various configurations of this tip are still submitted every week. It seems to be the most popular way to save money quickly and easily.
Who would have thought that a simple glass jar can help you save a lot of money in one year? But it can. The savings jar provides motivation to stay on a plan. It’s an easy way to put money aside for a holiday or home renovation; Christmas treats or next year's school fees. Whatever you are saving for, using the savings jar or a version of it, can really give your saving strategy a boost.
Any glass jar will work. It’s important to keep the jar see-through because seeing the money grow will encourage you to keep going.
1. The $5 note plan. This plan involves saving a $5 note by putting it in the jar each time you receive one back as change. The plan can be modified to be a $10 bill, $20 note or even dollar coins.
Instead of spending the $5 note, you save it and slowly build up the contents of the jar.
2. The 52-week money challenge. This method increases your savings gradually each week of the year.
Start with putting $1 in your jar during the first week of the year. Then, add an extra dollar each week. The savings grow until they reach $52 for the last week of the year. You can save $1,378 using this simple method.
A print or online calendar can help track the savings. Each week can be labelled at the beginning with the amount that needs to be added to the savings jar.
It may be easy to save $1 or $2 at the beginning of the plan, but how will you find an extra $52 at the end of the year? This savings method encourages you to think ahead and plan.
3. The traditional change method. Saving your change by adding it to the jar is a traditional method, but it can provide results. After work or running errands, add all of your change to the jar.
4. The payday plan. Consider adding a set amount of money to the savings jar each payday.
The payday plan also works for couples. You can cash a specific amount of money from each of your paydays every month and add it to the jar. This works best if you have a financial goal in place.
Are you trying to save for a trip or a new electronic gadget? Figure out how much you will have to save each month from your pay to pay for it.
5. The inspiration plan. The inspiration plan works best if you have a picture of the item or goal you are trying to achieve. It can be placed near the savings jar or attached to the lid so you see it every day. Put money in the jar each time you’re inspired to do so. Include the whole family.
Place the jar in the living room or kitchen so it stays highly visible.
The inspiration photo depends on your goals. It can vary from pictures of holiday spots to new television sets. You can also write the goal on a piece of paper.
The photo serves as a constant reminder of why you are saving money.
6. The $20 weekly plan. The $20 weekly plan is an alternative to the 52 week money challenge. Instead of slowly building savings during the year, you put a set amount of money in the jar each week.
Similar to the 52 week money challenge, you can track the savings on a calendar or chart.
At the end of the year, you can save $1,040 in the jar using the $20 weekly plan.
7. The 50 Jar. This is my favourite saving jar method. It's so simple and adds up very quickly.
It's simple: never spend a 50 cent coin. Whenever you have one, drop it into your saving jar.
We paid for a two week family holiday a few years ago by saving just our 50 cent coins. The kids loved to count them each month before we deposited the contents of the jar into the holiday account. It kept them so motivated to save and they were diligent in not spending any 50 cent coins they had, and they certainly made sure I never spent one too.
A glass jar can help you save more than $1,000 a year.
A commitment to saving money will help you achieve your goals.
Who would have thought that a simple glass jar can help you save a lot of money in one year? But it can. The savings jar provides motivation to stay on a plan. It’s an easy way to put money aside for a holiday or home renovation; Christmas treats or next year's school fees. Whatever you are saving for, using the savings jar or a version of it, can really give your saving strategy a boost.
Any glass jar will work. It’s important to keep the jar see-through because seeing the money grow will encourage you to keep going.
1. The $5 note plan. This plan involves saving a $5 note by putting it in the jar each time you receive one back as change. The plan can be modified to be a $10 bill, $20 note or even dollar coins.
Instead of spending the $5 note, you save it and slowly build up the contents of the jar.
2. The 52-week money challenge. This method increases your savings gradually each week of the year.
Start with putting $1 in your jar during the first week of the year. Then, add an extra dollar each week. The savings grow until they reach $52 for the last week of the year. You can save $1,378 using this simple method.
A print or online calendar can help track the savings. Each week can be labelled at the beginning with the amount that needs to be added to the savings jar.
It may be easy to save $1 or $2 at the beginning of the plan, but how will you find an extra $52 at the end of the year? This savings method encourages you to think ahead and plan.
3. The traditional change method. Saving your change by adding it to the jar is a traditional method, but it can provide results. After work or running errands, add all of your change to the jar.
4. The payday plan. Consider adding a set amount of money to the savings jar each payday.
The payday plan also works for couples. You can cash a specific amount of money from each of your paydays every month and add it to the jar. This works best if you have a financial goal in place.
Are you trying to save for a trip or a new electronic gadget? Figure out how much you will have to save each month from your pay to pay for it.
5. The inspiration plan. The inspiration plan works best if you have a picture of the item or goal you are trying to achieve. It can be placed near the savings jar or attached to the lid so you see it every day. Put money in the jar each time you’re inspired to do so. Include the whole family.
Place the jar in the living room or kitchen so it stays highly visible.
The inspiration photo depends on your goals. It can vary from pictures of holiday spots to new television sets. You can also write the goal on a piece of paper.
The photo serves as a constant reminder of why you are saving money.
6. The $20 weekly plan. The $20 weekly plan is an alternative to the 52 week money challenge. Instead of slowly building savings during the year, you put a set amount of money in the jar each week.
Similar to the 52 week money challenge, you can track the savings on a calendar or chart.
At the end of the year, you can save $1,040 in the jar using the $20 weekly plan.
7. The 50 Jar. This is my favourite saving jar method. It's so simple and adds up very quickly.
It's simple: never spend a 50 cent coin. Whenever you have one, drop it into your saving jar.
We paid for a two week family holiday a few years ago by saving just our 50 cent coins. The kids loved to count them each month before we deposited the contents of the jar into the holiday account. It kept them so motivated to save and they were diligent in not spending any 50 cent coins they had, and they certainly made sure I never spent one too.
A glass jar can help you save more than $1,000 a year.
A commitment to saving money will help you achieve your goals.