(Closed) NWR – which is better for a money jar?

posted 6 years ago in Money
  • poll: Which would be better for a money jar?
    One that can be opened fairly easily (key, screw on lid, cork, etc) and reused : (6 votes)
    16 %
    One that can only be opened with a sharp implement or a hammer, but can't be reused : (27 votes)
    73 %
    I have a better idea! (Please suggest ideas below) : (4 votes)
    11 %
  • Post # 3
    Member
    4031 posts
    Honey bee

    @Jacqui90:  First, have you tried auto savings plans and connecting it to a savings account at a separate institution?

    I use Wells Fargo as my main bank and then Sallie Mae online savings account (they have one of the better interest rates). It autowithdrawals the day after my paycheck is deposited and if I want to take money out of the savings account, it takes about 2 days. So I really have to want to spend it to get it out (i.e., 2 days is a good amount of time to think about making large purchases).

    ETA: Also, when I log into my Wells Fargo account, I cannot see my savings account balance, so I am not constantly reminded of how much money is in it. NOT having that visual reminder of the amount helps me not to want to spend it.

    As far as savings jars, I would think one that is hard to access is better for you πŸ™‚ We use one that has a money counter on top, so it is fun to see how much is adding up! We have agreed not to touch it until we have $200 in change (we are at $108 right now).

    Post # 5
    Member
    9053 posts
    Buzzing Beekeeper
    • Wedding: June 2010

    We have the digital counter as well.

    And I agree.  We have a savings account that’s not connected to any cards, so we can’t use it at a machine or a point of sale.  I actually have to go into the bank to withdraw cash.  I like that, as it’s a little less accessible.

    Post # 7
    Member
    452 posts
    Helper bee
    • Wedding: May 2013

    I use ING orange savings I can transfer money automatically to my ING account, you have access to it if you absolutely need it but it takes days to get it transferred back.  May be worth looking into.

    Post # 8
    Member
    380 posts
    Helper bee

    @Jacqui90:  Hey! Your in Australia, why not open a ‘christmas savers club’ account? Most of the major banks offer them. And you can only touch the savings at Christmas, or if you go bankrupt.

     

    Post # 11
    Member
    9952 posts
    Buzzing Beekeeper
    • Wedding: December 2012

    In the past we’ve used a LARGE Wine Makers Carboy to collect change in at home.  If you really wanted to you could flip it over and get the change out, but those suckers are heavy (more so if you have a good amount of money in em)

    PHOTO – Large Carboy (aprox 20 to 24 inches tall).

    Alternatively you could use a Spring Water Jug that is the same shape etc… perhaps a bit smaller and size, and lighter as they are made of plastic vs glass (lol which makes them easier to flip over and raid)

    IMO, there is nothing like wrangling up your end of day change, to see one’s savings grow.  Amazing how much can be accumulated / gained in such a short amount of time.

    — — —

    Interestingly in Canada, we now have banks offering Debt Card Round up service… whereby every purchase you make is rounded up to the nearest dollar. (So $ 24.23 becomes automatically $ 25)… the difference (in this case $ 0.77 cents goes into your High Interest Savings Account)

    Not 100% sure how I feel about this, but it is out there.

     

    Post # 13
    Member
    960 posts
    Busy bee
    • Wedding: July 2013

    I use ING and love it.. you can set up an ASP (automatic savings plan) as well if you want to force yourself to save, you can do it so even as little as $5 a pay gets transfered over to your savings and not your chequing account πŸ™‚

    Benefit of ING is no fees so its a real step above the rest. 

    For spare change I’d recommend the counter jar or a jar you can’t open. You can use normal jars if you have a hard time finding good ones and just hot glue the lid on πŸ™‚ ALSO make sure the jar isn’t clear. If you’re a habitual spender “seeing” the money may make it more tempting. We have a solid normal change jar in a kitchen cupboard.

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