Ffirst few weeks would be easy but could be almost impossible for some of the rest of us for the last weeks

Ivamae if you scroll down further on moni's link, after the printout there are more savings plans starting with $.25 that works out to almost 350 for the year. I think it said 13 dollars was the highest amount to add in....there is also a reversal chart to print out so you can start at the high amount then work your way down to the smallest increments. That smaller one looks like it might work for first timers. Maybe trying the 50 cent one the next year. I think if you had two jars, one to put spare change in or a dollar or two if you can and just use those monies to pay into the "savings plan" jar you could get ahead a bit to make up for the times money might be tight.

Actually, I find that if I don't spend change, and then toss it into a jar at the end of the week (mind you we only use cash, so we do get a fair amount of change in any given week), it adds up to several hundred $$$ a year. My bank counts it for free, so that's a nice extra at vacation or Christmastime.

I toss quarters in a coffee container. Cash them in every six months to help with property taxes. Adds up to about 600.00 a year. It helps.

I have no idea, if I can pull this off till the end of the year. But, I shall try.

Worse comes to worse, I just start over with a single dollar, when the amount gets to high, or reverse, and put in a dollar less each week.

I just think, it is a genius idea, and I don't even know, what I will do with the savings, but savings should be nice at the end of the year.

Moni

I agree that any of the ideas are a great way to save. I put all my extra change in a jar and It does count up nicely too. I may try the idea of putting all my quarters in. I think that could add up pretty quickly. I go to the bank each month and take out what I think I should need - an equal amount each month. When I come home, I put it in envelopes. One for groceries, one for my personal use and one for church givings. If I run out before the end of the month, I do without unless it is something that is impossible to do with out. It works very well for me, and usually I have some left over each month from both the grocery and personal use.

I really really 100% agree that saving is very very important, no matter how you do it. I just know that for me, I could easily start with the $1.00 a week but by the end of the year would be finding it impossible, so all of the ideas are great. What works for one person might have to be adjusted a bit for another.
I'm enjoying this topic.

It sounds like a fun challenge, Moni! I'll give it try too. All of us who are on board with this will have to check in a few times over the course of the year to see how we're doing.

I used to think it made sense only to save in a way that paid interest. But with the piddly interest savings banks are paying now, a nice jar sounds good to me. :-)

I want to add that I don't need that much money for Christmas, so one option would be to stop before the 52 weeks are up. Another option is to do the 50-cent plan. The backwards one appeals to me . . . get the hard contributions over with early. I don't know if I could pull that off this year though.

But if you had enough money left over next year, after doing the savings plan, you might easily do it backwards in 2015.

This post was edited by alisande on Sat, Jan 4, 14 at 9:29

This is a good idea. I also throw change in a bowl.
Interesting how things can add up. My husband just gave up going out for coffee and a bagel.

His routine was taking the dog for a ride to get his bagel and coffee. Often he would get a newspaper and a skinny girl breakfast bar for my daughter. He brings the bagel home and shares it with the dog.

One day, we happened to have rye bread and he was in the mood for toast. He realized that he was spending $10 a day on his bagel trips with the dog.

It's not that we can't afford this indulgence, but when he added things up, it just seemed silly to keep doing it.

We now order the skinny girl bars for my daughter online. They cost $1.92 and at the bagel store they were over $3.

My husband's thing is going for coffee and pastry. So, we still go to Panera's. But, since we both go, and we sit there, it is social thing to do together.

I saw this posted a few times on Facebook. I am going to give it a try. I also dump all my change into a jar, and I mean all change, which in Canada includes loonies and toonies , which adds up fast. I usually use my change when I'm travelling. I call it my airport money.
I figure with the first few months, I can transfer the whole month savings into my account. The 1st of January, I transfered $10.00 into my savings account, and I will try to do that the 1st of every month. I already have it written down on my calender how much needs to be deposited into savings. Lets hope I can keep it up.

my problem is I never have any cash, lol...I use just my debit card...dh does have an hidden savings system and it's a pretty good sum...

I don't have change either, I pay for everything with a credit card and then write one check each month for the entire amount. I'm so frugal that there's nothing that I could do without like buying coffee or bagels etc because I just don't do that. I realized many years ago how wasteful such things are when you can buy a whole package of bagels for less than what one would cost at a coffee shop. You can buy an entire package of ground coffee for what a coffee drink would cost and have coffee for a week for what one single cup would cost at a coffee shop. I just cannot see the logic in the waste of money. Why would you need to go to a coffee shop to be together when you can be together sitting around your own table?

Arkansas, We don't need to go to a coffee shop, it's something we LIKE to do together. Sometimes we just need a change of scenery to mix things up.

I understand your way of thinking and you are right. However, when I go out taking the bagel and coffee as an example, I look at it as a social experience. If the total cost is $10, I don't break it down to what I could have saved if I didn't go. In some cases you are sitting in a pretty environment, served by someone else etc.

My brother in-law is frugal. Actually he calls himself cheap! I like that he recognizes this about himself. But, it is difficult going out to dinner as couples. Because he collects wine as a hobby, he knows the cost of many bottles listed. He refuses to pay what might be double the price. Even though this could be a celebratory event. My husband took him aside later on and explained that since this was a special event, the wine added to the festivities. He got the point.

For me, there are times to be frugal and times to enjoy life.

We use our reward credit cards for most purchases. But there are some places where we shop that only take cash. So I save the $5 bills - and the loonies and toonies go into a piggy bank. I never ask for my change to include $5 bills but if received I do not spend them. I don't have a cell phone so I make sure I always have quarters with me and know where the pay phones are. I used to save $2 bills until we were forced into the Cdn. toonie. Every month I deposit my cash - plus any other little amounts that we might receive by cheque - until recently they were the office medical/dental insurance cheques - not that they added up to much - but now we have cards so pay direct. My husband thinks I am stealing his coins and tried to hide them from me - as if he could ever put one over on me. I agree with arkansas_girl - that going to a coffee shop or out to dinner is a social experience. Certainly you can buy a lot of the same product for less and eat it at home, but you also have to live!

Eccentric, you have pay phones where you live? I haven't seen one in years. It's unfortunate, really, because there must be times when even cell phone owners aren't able to make a call but would like to.

I think of myself as frugal, but I agree with Ellen about occasional treats. Every couple of months I find myself near a coffee house that serves wonderful decaf soymilk lattes. I couldn't make one at home even if I wanted to. The experience of sipping the latte and soaking up the atmosphere--and usually leaving with a used book I've bought--is a lovely treat, well worth it to me.

We all prioritize our spending in individual ways, whether we realize it or not. I buy most of my clothes at the Salvation Army and wouldn't dream of spending money on a pricey purse, but I love good camera equipment. There are many other examples, but that'll do.

Many years ago I asked for a cute piggy bank to keep on my dresser. My DH and DD had to go to a baby store to find one. Since then I have been putting all my change in there. I have the habit of just throwing it into the bottom of my purse, and coat pockets. When I get around to going through them I often have ten dollars or so. I fill the bank until I cannot put another thing in, then we sit on the floor and roll it together and DH takes it to the bank. We've done this several times and it is almost time to do it again. I have never kept track of how much we've saved this way, but it is kind of like found money.

I started this challenge too. I had left over Christmas money so I put it up and I am using that for my last months. ( I started backwards..since I had the extra money.)

That does look interesting moni.

I also save all my change in a jar,that adds up fast as well.I also save pennies but in a separate jar.I also take my bottles and cans in to the recycling center and save that money as well.
Kathi

Littlebit, I'm doing it backwards too. Hoping it will feel like riding a bike downhill instead of uphill. LOL

The only way I have ever been able to save is to have the money never reach my hot little hands. I always had the maximum amount withdrawn from my paycheck for retirement savings. I also put a good chunk in my HSA. Now that I am retired, I really don't save but I spend my savings judiciously.

I hate saving change. I have a huge container of pennies that must be cashed in one day, but going to the bank and pouring them in the change counter is a big pain. The Coinstar machine at the grocery store keeps a big chunk of it, so I might as well spend all of it on me.

I'm usually pretty disciplined about money. This method of saving seems foreign to me. I can see how it would work to show how effortless saving can be if you just add a dollar at a time.

Small bills don't usually last long here because the kids always need one's and five's for school. I put mainly quarters with a few nickels and dimes out in all the cars for trips. You never know when you need money to go through a toll booth. I also keep a selection of bills out there for emergencies or when the kids are getting out of the car and need a couple of dollars for school. Dh is notorious for leaving his wallet at home. We joke about about my stashes of money. I have saved him quite a few times when he has been at work and realized his wallet was at home.