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The $5 Savings Plan is a savings plan that focuses on the $5 bill. Every time you get a $5 bill, you put it aside in your savings. Some people don’t do every $5 bill. Instead, they save a $5 from their wallet everyday.
The problem with this plan is it doesn’t work for everyone. Some of the reasons this plan may not work is people do not use cash on a daily basis, people can’t afford to give up the $5 bill in their wallet, or they do not have $5 to begin with.
With the help of my readers, I have compiled a list of ideas to allow “EVERYONE” to participate in a $5 Savings Plan. Our $5 Savings Plan focuses on ways to “save” $5 a day without having to use cash you may not have.
By Saving $5 a day you will be $1,825 richer at the end of the year.
Stop buying Soda, Juice, Tea, and Energy Drinks and drink water.
If you must have soda, buy it on sale in 12 packs or 2 liters and stop buying it from vending machines, convenience stores or drive-thru restaurants.
Stop buying bottled water and Switch to tap water.If you can’t use water directly from your tap buy a water pitcher with a filter.
Use reusable water bottles. (Earth Friendly $5 Savings Plan Tip)
Brew your coffee at home and take it with you in a reusable coffee cup.
If you like flavored coffee, buy flavored creamer or syrups and use them at home.
Use your K-cups twice to get 2 cups of coffee for the price of 1.
Skip appetizers and dessert
If you are going out with others, meet at one house for appetizers and stop off at another house for dessert.
Eat dessert when you get home. It will cost way less and you will have more options.
Share an entree with your spouse, child, or friend
If you don’t have anyone to share with, automatically wrap up half to take with you for lunch the next day. This saves money and calories.
Order water with your meal and skip the soda, teas, and drinks. (Most Simple way to save on the $5 Savings Plan)
Water is FREE and has no calories.
A Family of 4 can save at least $8 buy opting for water instead of tea, soda, milk or juice.
Ditch breakfast from the drive-thru, your local doughnut shop, or other dining establishment.
Get up a few minutes earlier and prepare your breakfast at home or pack it the night before to take with you.
Make a big batch of pancakes on the weekend and freeze them. You will have a quick go to breakfast on hand for busy mornings.
Oatmeal Lovers can portion out your oatmeal with brown sugar in Rubbermaid bowl. In the morning all you have to do is add boiling water and you are ready to go. You can even take it with you since it has a lid.
Pack your lunch and snacks for work. Use an insulated lunch bag to keep it cold.Prepare extra at dinner so you automatically have lunch for the next day. Pack in a reusable container. Get creative with leftovers and create a new lunch with them. Bento boxes keep your food separate.
Stop paying for subs or sandwiches from your local deli, sub shop, and fast food establishments.
Buy lunch meat and cheese at the grocery store and make your own at home.
Keep condiments in a separate container to avoid mushy sandwiches.
Stop paying for individual sized snacks.
Buy a large bag and store personal portions in reusable containers or reusable baggies to make your own individual sized snacks to go.
Plan a Dinner Menu for the week or month.
Make a shopping list based on the menu plan you have created. This avoids random shopping trips during the week that raise your grocery bill.
Grow your own garden and enjoy fresh vegetables.
Grow your own herbs to create flavor all year long for a fraction of the cost of store bought.
Reduce the amount of meat in a recipe and substitute vegetables.
Use cheaper cuts of meat in stews, casseroles, and soups.
Take your own snacks and beverages with you whenever you can.
Plan ahead when out running errands, going on car rides, day trips, etc.
If you have kids, keep a snack bag stocked since you don’t know when they will get hungry.
If you know you are going to need to eat while you are away from home, bring food with you.
Make side dishes from scratch and skip the boxes.
Use seasonings and spices to create your own pasta and rice dishes.
Buy a large tub of flavored yogurt and freeze your own yogurt drops instead of buying Name Brand yogurt melts.
Keep Reading for more $5 Savings Plan Tips
The question that people ask me all the time is how do you save money? That is really a loaded question because I do not SAVE money. I actually do not spend the money I have. That is the real difference it is not spending the money you have. That brings us to the $5 a day challenge. I am challenging you to think of ways you can save just $5 a day using the $5 Savings plan. I am sure you are thinking I do not have $5. That may be true. In fact last night I was frantically searching for a $5 bill and in my wallet I had only $3. I didn’t even have $5 myself.
You are actually kidding yourself when you think I do not have $5 a day because you have bills daily that add up to more than $5 a day. You need to be creative in how and when you spend your money. If you can “save” $5 a day then you can begin the process of becoming someone who is more responsible in your finances. We can all use this and we all need to do it. I decided to take a hard look at my spending and cut it by $5 a day.
If I can do it you can as well! We hope our little contest and challenge will help you all think different. Madame Deals is about Making Dollar$ out of Change! Let’s make that change together.
Amee- Madame Deals
Coming Soon: $5 Savings Plan Ideas List and $5 Savings Plan Daily Winners.
The Traditional $5 Savings Plan focuses on saving $5 a day by taking a $5 bill every day from your wallet and putting it aside for savings. Some even put aside EVERY $5 bill that comes into their possession. This may work for some people but most of the people I talk to find that this doesn’t work for them. For instance if you don’t use cash very often you are not going to accrue much with this $5 savings plan. Other people don’t have the $5 to save to start with.