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!
7 thoughts on “Never Spend a $5.00 Bill”
Going to do the “Lincoln” saving plan this year!!
Good for you! You’ll be so glad you did!
My husband & I have been saving our $5 bills for 3 years . It is a great idea if you use cash . We have saved a lot of money and opened a separate savings account just for what we save.
I like the basis for this savings plan and it definitely can add up to large amounts over time.
I’ve personally been saving change for years, and that includes picking it up off the ground every time I see it. I’ll have to see if I can hold myself to the $5 challenge.
Once you start and make it a habit, it’s not that hard to do. It’s funny, I almost look at a $5.00 bill in a different way now. (It’s almost like it has no value in my wallet, because I know it’s going to go in my jar!)
I’m going to try 5 dollar in2015
Hubby and I picked up change for one year and put it in a plastic bag. At the end of the year we had $23.76. I now save $5 bills and really don’t miss them.