A simple glass jar can help you save a significant amount of money over the course of a year. The Savings Jar serves as a motivator to stick to a budget. It's a simple method to save money for a vacation or home improvement project.
Use one of these Savings Jar methods to reach your savings goals today.
How do you make a Savings Jar?
Any clear glass jar will suffice. Rinse out a jam jar, spaghetti sauce jar or any other food condiment jar and set it up as your Savings jar for your savings goal.
It's critical to keep the jar transparent since seeing the money grow motivates you to keep going.
Setting Cash into a jar addresses two issues.
A. A Savings Jar is a motivational cue. It's encouraging to be able to see what you are saving.
B. Cash can be inconvenient, so it's less likely to be spent. Many of us prefer using a card over cash.
1. The $5 Dollar Bill Savings Jar Plan
This strategy entails placing a $5 bill in the jar each time you receive one as change.
$5 bills on their own, are spent quickly on small purchases that we usually don't need. However, each $5 bill you save easily adds up to a substantial amount.
In today's economy, putting $5 or $10 dollars aside is barely missed.
1. The $5 Bill Savings Jar Plan
This plan involves saving a $5 bill by putting it in the jar each time you receive one back as change.
Instead of spending the $5 bill, save it by placing it into the $5 bill Savings Jar.
If you don't receive $5 or $10 dollar bills on a regular basis, get cash back when using a card to pay with. Ask the cashier to give you your change in $5 or $10 dollar bills.
Use a $5 dollar bill or $10 dollar Bill Tracker with the Savings Jar. Hang the Savings Tracker up on the refrigerator or somewhere visible. Fill in a circle each time you add a $5 or $10 dollar bill into the Savings Jar.
- When thirty-one $5 dollar bills are added into the Saving Jar, you will have a total of $155 saved.
2. The $10 Bill Savings Jar Plan
The $5 bill Savings Plan can be modified to be a $10 bill Savings Jar Plan. The principle operates the same as the $5 bill plan, except $10 bills are used instead.
- When thirty-one $10 Dollar Bills are added to the Savings Jar, you will have $310 saved.
The $5 dollar and $10 dollar bill trackers serve as a motivator to keep adding to the Savings Jar.
3. The Traditional Change Savings Jar Plan
Saving your change in the Savings Jar is a tried and true strategy that yields results.
This is a great way to save as a family. Each family member contributes to the Savings Jar to reach the family savings goal.
Family members will receive enjoyment out of a goal that they have contributed to. Kids will have a sense of accomplishment as they enjoy their fruits of a goal they helped to turn into a reality.
The Traditional Change Savings Jar Plan is also a tool that children can use to learn about money.
Change is physical and because its physical its an easier way for children to understand the concept of money as a whole.
Use the Traditional Change Savings Jar Plan to teach children math skills as they practice counting coin change.
Each child chooses a jar, and decides what he/she is savings for. As the child earns money through chores, they can put the money in the jar.
Dump the Savings Jar out every week and count the money with the child to help him/her see where they are at towards achieving their savings goal.
4. The Paycheck Savings Jar Plan
Are you trying to save for a trip or a new TV Screen or Trip?
The Paycheck Savings Jar Plan works best if you have a specific financial goal determined.
How to use the Paycheck Plan:
- Determine the amount you need to purchase your item.
- Decide the date you want to purchase your item by.
- Count the number of checks you have between now and that date.
- Divide the amount you need by the number of checks.
This will tell you how much you need to save out of each check to purchase your item by the date you need it.
The Paycheck Savings Jar Plan also works for couples. Cash a specific amount of money from each paycheck and add it to your Savings Jar.
Use a Printable Jar Tracker to help with determining how much to save from each check. If you need to save $100 from a paycheck, fill in that total of the Printable Jar Tracker along with the cash placed into the Savings Jar.
If you need to save $1000, simply use two copies of the Savings Trackers. Color in the matching circle for the cash you have put into the Savings Jar.
- When every circle is filled in, you will have saved $500 dollars.
Use these Savings Jar Trackers to implement the Paycheck Savings Plan
5. The Inspiration Savings Jar Plan
The Inspiration Savings Jar Plan works by putting a picture of the object or goal, you want to achieve. This Savings Jar Plan can also be used as a Family Savings Plan. Couples and family members can contribute money to the Savings Jar to reach a family goal.
The inspiration photo depends on your goals. Pictures of Goals can vary with a photo of a vacation spot or a new phone.
Attach a small photo to the lid of the Savings Jar, or place the photo near the Savings Jar. Make sure to display the photo so that you see it every day.
The photo serves as a constant reminder of why you are saving money. Each person puts money into the Savings Jar each time they are inspired to do so.
This Printable Savings Tracker can help you stay motivated to continue to put cash into the Inspiration Plan Savings Jar.
Use the Printable Jar Trackers to track the amount of cash put into the Inspiration Plan Savings Jar. If you need to save $3000, simply use two Budget Trackers.
- As you put money into the Savings Jar, color the circle of the appropriate amount.
- When every circle is filled in, you will have saved $1500 dollars.
6. The Weekly $25 Savings Jar Plan
The Weekly $25 Dollar Savings Plan is a popular Savings Jar Plan method. For many people, it's easier to put a small specific amount of money into the Savings Jar each week.
Saving $25 Dollars a week is easy to develop as a habit.
Consistent practice equals consistent results.
Consistent results mean consistent Money Jar Savings cash.
This Printable Savings Tracker can help you stay motivated as you continue to put cash into the $25 a Week Savings Jar.
When you add money into the Savings Jar, color in the circle with the appropriate amount. When every circle is filled in, you will have saved $100 dollars.
- In a year's time, you will have saved $1,300 using the Weekly $25 Savings Jar Plan.
A glass jar can help you save more than $1,000 a year. A commitment to saving money will help you achieve your goals. Once you have saved for a specific goal using ONE Savings Jar, expand upon this idea. Try adding another savings Jar for another category you need to save for, like retirement or a college fund.
The Savings Jar Planner can help you to stay on track every month for a year. The monthly calendar helps you plan out your schedule, and financial goals. Use the Savings Jar Planner Expense worksheet to help you figure out the monthly expenses so you are better equipped to add cash to your Savings Jar.
Money should not be a source of stress, but a tool. I have used the Savings Jar method to get control of my own expenses and spending habits. It's a great accomplishment and the skills I learned continue to help me keep control of my budget.