6 Ways to Save Big with a Simple Savings Jar
A simple glass jar can help you save a lot of money in one year. The savings jar provides motivation to stay on a plan. It’s an easy way to put money aside for a well deserved holiday or home renovation.
Any glass jar will work. It’s important to keep the jar see-through because seeing the money grow will encourage you to keep going. It is also possible to use a virtual glass jar by opening an online savings account or by using a “pot” attached to your bank account.
The £5 Plan
This plan involves saving a £5 note by putting it in the jar each time you receive one back as change. The plan can be modified to be a £10 note, £20 note, or even £1 coins. Instead of spending the £5, you save it and slowly build up the contents of the jar.
The 52-week money challenge
This method increases your savings gradually each week of the year.
- Start with putting £1 in your jar during the first week of the year. Then, add an extra pound each week. The savings grow until they reach £52 for the last week of the year. You can save £1378 using this simple method.
- A print or online calendar can help track the savings. Each week can be labelled at the beginning with the amount that needs to be added to the savings jar.
- It may be easy to save £1 or £2 at the beginning of the plan, but how will you find an extra £52 at the end of the year? This savings method encourages you to think ahead and plan.
The traditional change method
Saving your change by adding it to the jar is a traditional method, but it can provide results. After work or running errands, add all of your change to the jar.
The payday plan
Consider adding a set amount of money to the savings jar after each payday.
- The payday plan also works for couples. You can add a specific amount of money from each of your paydays every month and add it to the jar. This works best if you have a financial goal in place.
- Are you trying to save for a trip or a new electronic gadget? Figure out how much you will have to save each month from your payday to pay for it.
The inspiration plan
The inspiration plan works best if you have a picture of the item or goal you are trying to achieve. It can be placed near the savings jar or attached to the lid, so you see it every day. Put money in the jar each time you’re inspired to do so. Include the whole family.
- Place the jar in the living room or kitchen, so it stays highly visible.
- The inspiration photo depends on your goals. It can vary from pictures of vacation spots to new television sets. You can also write the goal on a piece of paper.
- The photo serves as a constant reminder of why you are saving money.
The £20 weekly plan
The £20 weekly plan is an alternative to the 52-week money challenge. Instead of slowly building savings during the year, you put a set amount of money in the jar each week.
- Similar to the 52-week money challenge, you can track the savings on a calendar or chart.
- At the end of the year, you can save £1040 in the jar using the £20 weekly 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.