cleverchickadee


Jar Money by quornflour
April 18, 2011, 2:15 PM
Filed under: Clever Chickadees, inspiration, penny saver, quornflour | Tags: , , , , ,

I know many people who have a change jar, but if you want to maximize the savings try these clever chickadee tips:

  1. Do not spend anything less than a five:

    I know this might sound crazy, but if you use cash, do not spend anything less than a five, instead put all of your ones and change in the jar, the savings will add up fast. It will also help you think about what you spend money on, a dollar is not just a dollar, it is 5!

    Over the course of a year you could easily put aside as much as 800$ a year if you use cash regularly.

     

  2. Give yourself a weekly cash allowance:

    Instead of limiting the amount you spend using your card, get cash. This will limit what you have available and keep you within budget.

    If you have cash, but also do not spend anything less than a five you will find your pocket full of Jar Money.

    I use my allowance to cover things like: going out to lunch, getting drinks with friends, coffee out, and gas since I have public transportation options; basically anything that is not a regular cost like groceries and bills.

    At the end of each week, put anything that is unused into the jar as well.

     

  3. Do not steal from the change jar:

    Now that you are building up the jar of money it is tempting to just reach in and grab a few bucks when you want a cup of coffee, do not do it. Try taking out the paper money about once a month and relocating it to a box or a savings account so it is not tempting.

     

  4. Payback:

    If you ever lend a friend a few bucks, or get reimbursed for something, put that money into the jar as well, it is essentially money that has already left your account anyway.

     

  5. The Jar:

    Your jar does not have to be an actual jar, if you would rather see interest on these savings open a separate savings account just for this money. If you have on-line banking you can ask your bank to not have this account accessible on-line to avoid temptation.

     

  6. Street Parking and Laundry:

    If you live in a city or in a place with coin operated laundry, include a roll or two of quarters with your weekly allowance rather than taking from the jar, use only the quarters from the roll to pay for these known expenses. At the end of the week any remaining quarters go into the jar.

Once you do this for a while it gets easier, it also becomes easier to determine what your allowance should be. One year I managed to put aside over 2K, most of which would have been money I would have just piddled away. I used it to buy my DSLR and a few lenses.

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2 Comments so far
Leave a comment

We do this too. It’s the easiest money you’ll ever make, as long as you resist the temptation to steal from the jar!

Comment by Tonya

Sometimes having a seperate hard to access bank account is good, especially when you first start!

Comment by cleverchickadee




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