5 Tips to Save $5 This Month

5 tips to save $5 for your piggy bank

Think saving $5 a month isn’t worth the effort? We’re here to prove you wrong!

Believe it or not, an extra $60 per year can provide you with some pretty big returns. For example, a $60 donation to local gardens, parks, and museums can often provide your family with a membership including free admission for the year.

Not to be over looked, $60 towards your savings goal is worth more than just the money. By gaining a sense of control and confidence through small habits, you’ll make a larger impact on your financial future.

The best part? You’ll hardly notice the sacrifice with these hassle-free money saving tips. With a little effort up front, you won’t have to think about saving the $5 goal for months to come.

Tip #1: Automate Your Savings

Many banks offer free recurring transfer services between your checking and savings accounts. Pop online or give your bank or credit union a call and arrange to have $5 transferred into a savings account each month. Then sit back and relax as your savings grow each month, hassle-free.

Tip #2: Save Money and Mother Earth by Not Buying Water Bottles

Yes, there are times when buying that overpriced bottle of water feels especially unavoidable—needing water at a sports arena or waiting in an airport come to mind.

But even then, being in the habit of carrying a portable water bottle can save you cash rather than buying a good you could just get for free from the tap.

Want a reusable bottle for cheap? Check out your local thrift store for bottles that others donated. Give them a good wash and keep them in your car or in your bag. Then, every time you forgo that water purchase drop a couple bucks in your rainy-day fund.

The benefits aren’t only to your wallet. Not only does bottled water cost at least 500 times that of tap water, the one-time-use plastic packaging also inhabits a permanent place on our planet. What’s more, contrary to popular belief, it is also not necessarily healthier. Studies have shown that bottled water can contain higher bacterial levels than ground water due to storage time and temperature. Plus, tap water has the added benefit of fluoride.

Tip #3: Fresh and Frugal Food for Baby

We know—you’re exhausted! But to save just $5 consider making a few baby food recipes a month from scratch. Better yet: if you have a friend or family member eager to lend you a hand, send them here.

Feeding your baby freshly pureed avocados, bananas, cooked carrots, squash, peas or apples is going to make you feel good, too.  (Remember, if you buy or make baby food in bulk, you also can freeze it in single serving packets.)

Tip #4: Change for Change

Make it a daily family tradition to pool your leftover change into a jar. Watching your money add up together may be just the motivation you need to make the habit stick.

Be careful where you cash it in! Many coin-counting exchanges will charge you for the service. Avoid self-service machines that will help themselves to a percent of your savings.

To avoid this, call your bank or credit union and ask how you can deposit the coins without a fee. Another option is to unite on a way to spend your saved change; a few ideas to get you started would be to use your savings for parking meters, kids’ allowances or for special family outings.

Tip #5: Battle Your Caffeine Fix

Let’s say you’re buying two 16 oz. cups of coffee a week at an average of $2 a pop. By moving down to one cup at the coffee shop per week you’re saving $8 per month. Plus, the same cup at home only costs a few cents on the dollar. Click here if you want a breakdown of those costs.

Like those bottled water containers filling up the bins in thrift stores, to-go coffee cups of all shapes and sizes will avail themselves for less than the price of one cup out.  Again, toss that $2 into your rainy-day fund and you’ll be saving up a chunk of change in no time.

Stay focused on how the future benefits of savings will far outweigh denying yourself certain treats now. By getting into a habit, saving money will become easier and far more natural in the future. Now isn’t that worth a little effort? Save $5 this month and tell us how you did it on social media!

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