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Topic: The $5 Method

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Subject: The $5 Method
Date Posted: 7/3/2009 7:16 PM ET
Member Since: 10/14/2005
Posts: 1,228
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Saw this in the newest issue of Woman's Day and think it's a great idea:

Everytime you get a $5 bill, put it in a jar.  On the first of each month deposit whatever is in the jar into an interest-bearing savings account.

One woman saved $2,703.47 in just one year.

 



Last Edited on: 7/4/09 11:36 AM ET - Total times edited: 1
Subject: empty your pockets every day
Date Posted: 7/4/2009 12:41 AM ET
Member Since: 11/14/2008
Posts: 745
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Whenever I pay for something with cash I always use whole bills and pocket the change.  (Like a soda or whatever...of course I use a card for bigger purchases:)).  At the end of the night, when I am getting into PJs I dump all my change into my change jar (a big clean liquid laundry detergent bottle).  In a year and a half, my dad and I combined our change jars and went on a 7 day cruise to the Carribean with the money.  I had saved about 600$ and my dad had nearly a thousand bucks (he throws in a couple 1$ bills if he feels he's not dumping enough change in, that;s why his was higher).  It's amazing how little we think about change and yet how quickly it can add up. 

Date Posted: 7/4/2009 3:35 AM ET
Member Since: 4/2/2009
Posts: 7,620
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Last Edited on: 8/20/12 9:54 PM ET - Total times edited: 1
Date Posted: 7/8/2009 10:51 AM ET
Member Since: 6/18/2009
Posts: 229
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We do the "save the change" bit over here, but we use Pringle cans and once it fills up (usually $50-$75), my hubby & I will treat ourselves to a weekend out.  My bank hates me when it's "cash in" day.  It's the only place around here that doesn't charge.

Date Posted: 7/8/2009 7:01 PM ET
Member Since: 6/11/2006
Posts: 12,826
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these are great day.

Date Posted: 7/9/2009 6:40 AM ET
Member Since: 3/7/2009
Posts: 3
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ING Direct (ingdirect.com is a good place to save your money with a high yeild interest rate. I've been with them for a couple of years now and saved a lot. My interest rate started at 4%, but because of the way the economy is right now it's moved down to 1.4%. Which that's still quite a bit compared to banks or credit unions which give you like 0.1% or 0.2%.

I also like is that you can set it up to automatally transfer money from your current bank account weekly, bi-weekly or montly to your ING "Orange" savings account. I have it set up to transfer bi-weekly when I get paid so that my money is in there automatically getting high interest. And I don't miss it as much when I don't see it. I've already saved thousands of dollars that I wouldn't have been able to have done it without ING.

They're also doing a deal that if you open your account with $250, they'll give you $25 for free. It's just like a savings account so you can take your money back out whenever you want without any fees. There's also no minimums either, so if you wanted you could put the $250, get the $25 free and take the $275 out if you really wanted. Though I wouldn't recommend it because then you wouldn't gain any interest. The only thing though is I'll need your email (which you can pm me) and ING will send you an email with the link to get the $25 bonus.

 

Date Posted: 7/9/2009 8:41 AM ET
Member Since: 11/13/2005
Posts: 510
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We do the "save the change" bit over here, but we use Pringle cans and once it fills up (usually $50-$75), my hubby & I will treat ourselves to a weekend out.  My bank hates me when it's "cash in" day.  It's the only place around here that doesn't charge.

Both credit unions I belong to provide a free (for members) coin counting machine.  I just walk up to it, dump my coins in, wait for it to finish jingling and jangling.  It spits out a receipt which take to the counter and deposit or cash out in bills.  As far as I can tell, they like seeing me everytime I go in.

 



Last Edited on: 7/9/09 8:42 AM ET - Total times edited: 1
Date Posted: 7/9/2009 1:55 PM ET
Member Since: 10/14/2005
Posts: 1,228
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I started doing this on the 3rd and I already have $15.

Date Posted: 7/9/2009 5:34 PM ET
Member Since: 4/10/2008
Posts: 169
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My credit union also has a free coin counting machine. It's convenient. :-)

Date Posted: 7/9/2009 7:11 PM ET
Member Since: 7/31/2006
Posts: 14,634
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I do the INGdirect savings too and it's great. I didn't realize the interest had gone down that much(it was around 5 something % when I joined and that was when I only had to deposit $10 to get the  $25 ahh the good old days!) but the interest paid is way better than banks and I like how I can get the money in a few business days yet it's not so convenient that I'm taking it out all the time.I think i"ve left it alone this year so far and have a monthly amount automatically deposited from my checking account and I 'was' putting overtime in in though I've been sorta spending that lately which needs to stop but will hav eto since the overtime has pretty much dried up..sigh..

Subject: pocket change
Date Posted: 7/14/2009 1:20 AM ET
Member Since: 7/2/2009
Posts: 9
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The credit union we belong to has a system called "pocket change" - every time you make a purchase, they round up and put it into a special savings account.

So you spend $3.99 on something? They'll put the difference (1 cent) into the savings account.

This makes it easy for us to save (the change jar is great, but it usually doesn't get that much interest!!) :D

Date Posted: 7/14/2009 10:37 AM ET
Member Since: 7/31/2006
Posts: 14,634
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I wish mine would do the 'pocket change' thing! I could do it on my own but just haven't gotten that detailed yet! I was transferring $1 every time I didn't take the tollway to or from work but lost track of that so haven't done it lately. But if I knew I was taking the dogs to the dog park(which is much much quicker taking the tollway) I try to take the feeder or back way to work at least once to make up for the toll.

niffir - ,
Date Posted: 7/18/2009 3:21 PM ET
Member Since: 2/13/2008
Posts: 495
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I do both the pocket change thing and the ING automatic withdrawal thing.  I save the change in a big jar and deposit it back in our main checking or savings account if it runs a bit low-- like when all the bills hit at once and payday is a day too late.  I also save all my ratty bills and deposit those in a different checking account.  That is also the account that gets all the money from my internet work and any odd jobs I might do like babysitting.  That is our emergency fund.  I have ING set up to take out $5 from there each week to put in an Orange savings account.  That money is accessable if I need the money (they will transfer it right back to the account it comes from) but isn't easy to get at and I don't let myself see the balance.  It's money that doesn't exist to me, and adding to it $5 at a time from an account that isn't used often makes it completely painless.  That's what works best for me...hiding my money from myself :)

Date Posted: 7/29/2009 1:03 AM ET
Member Since: 1/14/2009
Posts: 175
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A few years ago my husband and I decided to start redeeming our spare change at Coinstar machines. If you get gift certificates with the money (not cash), there is no fee and you get every cent of change that you redeem!  Now every year a couple of months before Christmas we collect all the change, truck it to the Coinstar, and get Amazon gift certificates -- which we then use to buy some gifts for family and friends. It's usually around $200 or sometimes more. Certainly is fun to see how much has accumulated in the last twelve months and to know it's going toward something we would be spending money on anyway!

Date Posted: 8/9/2009 4:30 PM ET
Member Since: 6/13/2007
Posts: 4,731
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If you have TD bank around you (use to be Commerce) they have free coin counters and you don't even have to have an acct to you it!