Thursday, July 5, 2012

Tricking Yourself in to Saving Money #2

Ever hear of a bill jar?

The idea is that you pick a denomination- let's say the 5-dollar-bill. Every time you get a $5 bill, you put it in to a jar.  Some folks then make savings deposits once they hit $50 or so.

I like this idea, but there are two problems with it.

One: You have to have the iron will not to spend that money.  If you can handle knowing you have $45 in a piggy bank in your bedroom without splurging on a nice dinner, a movie or something fun...then it might be a way to go.  Then again, you probably don't have to trick yourself to save money either.

Two: Who uses cash anymore?  That's the biggest drawback I see to this plan. So unless you do the cash-in-envelopes system to pay bills or just use a lot of cash- this one probably won't save you much.


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