The idea is that every time a $5 bill comes into your possession, you put it in a jar or something and save it. Well I liked this idea, but I'm a college student. I usually only have $10, $5 and $1 bills so this wouldn't really work well. However, I do try to get change a lot, we use quarters for our laundry so I started to empty my pocket everyday with any change I got. I keep it in a piggy bank that's not clear so I won't get the urge to spend it. But anytime I have change, I put it in there and then don't touch it again. I pretend it doesn't exist. Then at the end of each year I take it out and use that money to buy my family Christmas gifts and I put everything left over in a savings account.
Another thing I do is I take 1/3 of my paycheck (I work about 3 days a month because of my job) so I get around $600 per month, I take $200 and put it in my savings. No exceptions. I pretend it doesn't exist and act like I got paid $400 instead. I also have two different accounts, so I put $100 in one account that I call my "emergency account" This is when I have a bill or something comes up where I need cash and I take it out of this account. My second account is where I put the other $100 and this account cannot be touched. I don't ever take money from here and I don't even keep track of how much I have in there so that I'm not tempted to take anything out.
By the time I finish college (3 years left) I'll have enough to get an apartment, have time to find a job, and start paying off my student loans.
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