As a little girl my father would have this huge glass jar filled with coins. When the jar became full, he would take it to the bank, cash it in, and make a deposit. My aunt also had a money jar, that she kept on the corner table filled with coins, and that’s where we would grab our 0.90 cents we needed for the bus every morning.
It’s ironic that in the last couple of years, I too, have adopted the coin jar method and didn’t even realize it. Right now we keep an old peanut jar on the kitchen counter and everyday we put our loose change in their.
What is a money jar? Welp, its a money management system used to save, budget, plan, and be financially responsible. It’s the act of using mason jars, purchasing money jars, making your own money jar, or using regular glasses from your cabinet to place a certain dollar amount in daily, weekly, or monthly to reach a certain finacnial goal. This is a great system for those who are having financial difficulties and want to save for something specific or just to create a savings. Also money jars are good for those who have poor spending habits and is careless with the spending of their money.
Go to your kitchen cabinet and grab a glass that you aren’t using and put a dollar in it. Do this every Monday, or whatever day you choose. If you have more to spare in your budget then start with $5 or whatever you can afford. The best thing about this system is that you can start as little as your budget allows. This is the quickest and easiest way to save money especially if you’re on a budget or just going through a rough time right now.
Having a money jar or jars in the home are a great way to physically see your savings. Yes we have saving accounts, but the physical action of taking money out of your wallet, and watching that jar fill, encourages you mentally and emotionally. You see the progress which encourages you to save more and spend less.
Also, I don’t know about you, but we’ve become so used to swiping our debit or credit card. How many times have you said you weren’t going to spend any money, and before you know it, your account balance has dropped. It’s very easy to swipe, and guys those small amounts add up.
You begin to know the importance of spending less, being grateful for what you have, and the desire of having “stuff” isn’t as fulfilling anymore. You become more comfortable in living without certain “things” and notice the amount of frivolous spending that may occur.
The insight on “what did I spend my money on” becomes clear. How many times do you look and say where did I spend all that money? What did I buy? I’ve done it plenty of times walking out the store, and saying “it doesn’t look like I have a cart of stuff worth a $100”. How many times have you guys said that?
You can have as many money jars as you think you need or want. To begin the process, figure out what you want to save for and how many jars you need. We have 3 children so January 1, we get a jar and label it Christmas. Next, we like to pay our car insurance in full so we have one labeled car insurance. Thirdly, we have one that literally say “rainy day”. Finally we each have one for something we are saving for personally to us.
Next, label each jar. You can create labels, color code them, or purchase some labels . Then figure out a place in your home of where you’d like to place it. You can opt to keep it visual or in a spot to where it’s out of sight.
You can have a money jar for a house down payment , purchasing a new car, tuition, vacation, or whatever you desire. If you don’t have the finances or desire to purchase a set of mason jars, then you can literally get some glasses and place the money in there.
This process is completely personal to you. You can get as creative as you like. Actually the more creative you are the better.
Mentally you will be encouraged to save as you see it grow, you gain confidence in knowing you’re taking responsibility, and knowing you are pursuing your goals actively. Emotionally you become more aware and conscious of your actions. It makes you question priorities, needs, and wants. Financially you have taken responsibility , being more aware of your spending, and taking control of your life.
Initially, I was like so many people in thinking that’s what I have a savings account for. But since I’ve began putting money in the jar weekly, I’m more encouraged to save, excited about the possibilities and opportunities the savings will allow me, and motivated to continuously be more financially responsible and aware.
One of our biggest motivations is to know that we have something saved not just for our family but if someone we love who is need we can provide a little financial assistance to them in their time of need.
Most of the time one of the biggest reasons we begin to feel hopeless or in despair it’s due to a financial set back that we didn’t expect. Having a financial set back tends to send every other area in our life into a pit. The best way to set ourselves up for success is to begin to save no matter what our income level is and using the money jar system is a great way to start. I encourage anyone to try it. Make a commitment, start small, and work on your finances this year.
Be you so you can be free.