The Five Dollar Savings Plan

May 3, 2012

Looking for a new and easy way to save money? Try the Five Dollar Savings Plan and soon you’ll see those five dollar bills turn into serious savings!

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It’s very silly how excited I get over receiving five dollar bills lately.  Five dollars.  I know!  That’s nothing!  You can’t buy lunch with $5, you can’t see a movie for $5, and $5 certainly won’t go far in your gas tank!  So why am I so excited over such a small bill?  The five dollar savings plan!

To save extra money, I usually dump spare change into my coin jar and cash it in before I take a day trip for extra spending.  Then I read about the five dollar savings plan on Pinterest.  Each time you receive a five dollar bill, you take it out of your wallet and save it in an envelope.  I started this plan about a month ago just for fun.  Since starting this plan, I have accumulated $45. 

I keep my fives in an envelope in a drawer for now, but once I reach $100 I plan on opening a savings account where I will keep depositing my savings.  Think about it – if you save $40 in a month with this plan, you’ll have $480 in a year.  Not too shabby for putting your five dollar bills away instead of using them for a cup of coffee (and a small cup of coffee, at that)!  It’s such an easy way to save without feeling like you’re turning all of your money over to the bank.  I’m having fun keeping track of how my fives are adding up!

If you’re not ready to put away your fives, try dollar bills.  If you’re feeling a little more adventurous, try tens!


If you’ve started this plan, let me know how you’re doing with it!  What other fun ways do you save for a rainy day?


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