March 12, 2014

$5 Savings Plan...

Early last year I saw this pin on Pinterest about a $5 Savings Plan. Though I never carried cash back then I decided to give it a whirl anyways. At the time I had been thinking of trying out the envelope system and budget that goes along with it, but decided to start with the $5 Savings Plan and go from there

Every time I would get a $5 bill it would immediately get put into a separate space than the rest of the cash in my wallet, until it could be tucked away safely at home. There were a few times throughout the year where I would have to 'steal' a $5 bill from myself and use it for something and every time I had to do this I cringed - those $5 bills are sacred and not meant for everyday purchases! When I saw anyone using a $5 bill for 'meaningless' purchases - buying coffee, tipping a waitress, etc, I would get SO mad. Use smaller change for that - save your $5 bills! I would also exchange Loonies or Toonies for $5 bills from my family if I saw that they had a $5 bill

Fast forward to December 2013 and I had $220 in $5 bills tucked away safely at home. (I considered this really good considering I still rarely ever had cash). That month I finally bought myself a new laptop, with the help of my $5 bills (I briefly talked about it in this post). I had determined early in the year that I would want to buy something I considered 'special' with my $5 bills - I didn't want to save them all year just to end up paying bills, buying fuel, etc.

This year when I got my first $5 bill I put a sticky note on it so I would know at the end of the year exactly when I had started saving the bills again. I have a 'wish list' of items that I have been wanting to purchase for awhile so hopefully my $5 Savings Plan will help me get some of these things by the end of the year

Iphone 5S
I've had my Iphone 4S for two years now and its on its last leg - the camera is sooo shitty now and that's no bueno when its my only camera. I qualified for an upgrade in January but just haven't wanted to spend the money on an upgrade quite yet
iPad mini
I have my new laptop and a NookColour but would still like to get an iPad for when I travel
Chi Orbit 
I have the Chi Orbit Double Dramatics but want one with only one wand
DSLR Camera
My iPhone just aint cutting it anymore (see above!)
Hunter Boots
I would kill for a pair of these boots. Right now I just have a $20 pair of Target rain boots and they don't quite have the same effect that Hunters do
 

Start saving those $5 bills people! 

4 comments:

  1. What a great idea! I rarely ever have cash but I could probably still end up with a fair amount at the end of the year. So smart of you to write what you were saving for in in the first place!

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  2. Chris and I did this too with 5 and 10 bills. Saving for our Bora Bora trip whenever that will be

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  3. I love your $5 bill plan!! :) We neverrrr have cash either, so we just started a jar we put cash in any time we have it, whether it's a $20 (rare!) or a few quarters. It adds up!

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Thanks for the love! If you have a specific question please feel free to email me at krmathison@ hotmail.com