Never Spend a $5 Bill. This was my New Years Resolution a year ago.
I learned about a great idea for saving some extra money. I decided to call it “My Lincoln Savings Plan!” (Abe would be proud!)
Here’s how it works:
Whenever a $5 bill comes into my possession (that means, anytime I get a $5 bill as change from a purchase) I save it in a special jar. Over time, my savings has been adding up!
When I was a kid, I remember my mom claimed all my dad’s quarters from his pockets and put them in paper rolls. Just one roll of quarters = $10.00. The savings added up and she used the money for something fun or to give to someone who needed it. It seems like saving quarters is a pretty painless way to save some extra fun money. Other people save all of their coins in a jar, but $5 bills add up a lot faster…
When I decided to start this plan, I had 5 – $5 bills in my wallet! So I put them in my jar. I figured that $25 was a good start.
They say that this is a relatively painless way to save, and yet it could add up to pretty substantial savings over the course of a year or two. I found that about a year later, I had saved 53 five dollar bills (or $265) without really even trying!
To succeed at this plan, I have had to be consistent. When I got a $5.00 bill, I would fold it up and put it in my wallet behind my other cash as a reminder not to spend it. When I got home, I would put it in my jar every time.
You’ll be pleasantly surprised at how fast it can add up! It’s great for saving up for Christmas, fun money, a special purchase, a charity, a vacation, paying off a debt…whatever is important to you.
If you think you can afford to do it, but just need a plan for yourself, try this!