All you need to get started is a spare glass jar. Search the cellar, dust one off, and drop in some loose change for your first deposit. Watching your savings pile up throughout the year will push you to stay the course.
While it might strike you as an insignificant step at first, starting an at-home savings jar can lead to a significant payday down the road. You never know: that next summer getaway or house project could be one jarful of cash away!
Got any fivers?
With the $5 bill plan, all you have to do is deposit a five in your savings jar whenever it’s included in your change. Want even more of a challenge? Try it with tens or twenties. If bills are too daunting, start small by setting aside any pocket change you collect.
- This is a great way to wed your spending routines to your savings objectives.
One year equals 52 weeks… and $1,378 in savings
With the 52-week money challenge, you’ll ratchet up your savings level every week.
- Don’t panic: an advantage of this method is that it starts small. The first week, you only deposit a single dollar. But every week following, you deposit one more dollar than you did the previous week, such that week 1 = $1, week 2 = $2, week 3 = $3, and so on.
- On your calendar, mark the figure that you need to contribute each week. To stay motivated, keep a running total of what you’ve saved.
- Be aware that as the year progresses, so does the difficulty of meeting your weekly target. It’ll be important to anticipate and budget for the heftier deposits down the line.
The Classic
If you’re drawn to the elegant, tried-and-true simplicity of the daily change dump, stick with this method. Before heading to bed, purge your pockets of all your spare change.
Pay yourself
Each time a paycheck comes in, decide on a dollar figure that you’d like to contribute to the jar. Do this before dipping into your cash for discretionary expenses.
- If both you and your partner receive income, consider combining your efforts to double your savings. For greater accountability and motivation, set a savings objective that you can work to accomplish together.
- What’s the purpose of your savings jar? Whether your aim is to purchase a present for a loved one, secure a flight for a long vacation, or update the kitchen counters, the more specific your goal, the better. You’re more likely to persevere if you’re able to identify the “why” behind your savings mission.
Picture the savings
To gain and maintain inspiration, print out a photo of the person, place, or thing that best represents your savings goal. Set it beside or even paste it to your savings jar as a daily reminder of your objective. In addition to your savings routine, challenge yourself and your family members to make spontaneous deposits whenever you’re feeling especially inspired.
- Keep your eye on the prize by positioning your savings jar in a prominent place. Don’t tuck it away in a drawer or relegate it to a dark corner.
- If you’re unable to locate a photo, jot down your goal on a post-it and stick it on the side of your jar. Any visual aid helps.
- And again, the more explicit and more visible your “why,” the better your chances are of seeing your savings goal through to completion.
Set it and forget it
If you’re after a consistent figure, consider putting the $20 weekly plan into practice. Instead of having to keep track of all your fives or escalate your savings target each week, this method allows you to put your contributions on auto-pilot. One time a week, slip a twenty (or some combo of coins and bills adding up to $20) into the jar and forget about it till next week.
- This method is super simple, and like the 52-week challenge, it makes it easy to monitor your savings in real-time.
- With the $20 weekly plan, one year yields an impressive savings of $1,040.
Don’t put a lid on your savings potential. With an at-home savings jar, you have the ability to set aside over $1,000 in a single year. Consider incorporating one of the methods above as you cultivate new saving habits.
