I came across this earlier today and thought it sounded pretty good, but the thing is…can I actually do it?
A bit of background…
Ok – so I want to go travelling in a year or so, and as such, I need to save. Now, so far, I’ve been pretty poor at this (my willpower it would seem is appalling). However, in recent weeks I’ve managed to sort it out a little and make some headway. Then I saw on Twitter an article about ‘The $5 Savings Plan’.
Basically, it works like this:
Every time you have a $5 note, keep it. Save it in a jar, an envelope, under your bed, wherever, but DON’T spend it.
And that’s it. Sounds easy. I like the idea, of course, it would be adapted for the UK, but the thing is, those £5 notes seem pretty small when they are in your purse or wallet compared to £10 or £20 – and they often get spent so quickly you almost don’t think about it as you are doing it (or at least, I don’t tend to!)
So, it might be pretty simple to not spend that £5 – even if it means putting that £4.50 Starbucks special on a card (in the short term I think I’ll find it hard to go without things, but in the long run, those £5 amounts will go down in volume).
Sounds easy, probably isn’t….I’ll give it a go though and see how I get on. Maybe I’ll even do a couple of updates…We’ll see.
If you are saving for something special, and have tried this sort of thing before – how did it go?
Good luck, and keep me updated!