It’s Only 5 Bucks

The phrase “it’s only 5 bucks” is the financial equivalent of a leaky faucet in your bathroom; it doesn’t seem like that little drip can add up to much until you plug the sink and see how fast it fills! You can build up to a $1,000 credit card balance, 5 bucks at time. The cash you had in your wallet on Friday night? It probably drained out 5 or 10 bucks at a time. Think to yourself how often that phrase runs through your mind, “it’s only X bucks.”

 

Here is a tip for saving that 5 or 10 bucks instead of spending it: keep an envelope in your purse or wallet that says, “it’s only” on the front. For one week, every time the thought, “it’s only x bucks” runs through your mind in relation to spending, put the money in that envelope rather than spending it. If you had planned to “swipe” for it, write the amount on the back of the envelope. Next time you are at Target, Walmart, or the grocery store, count how many the times you think, “it’s only,” as you look at an item and throw it into your cart. This time, put it back and write down that amount on your envelope. Every time. You will be surprised at how many times you discount the spending because the cost is low. You will be surprised at the dollar amount that adds up to in a week!

 

At the end of the week, move all the money to your savings account. You just created savings for yourself, 5 bucks at a time!  Become aware of all those “5 buck moments” and pay attention. Don’t buy something just because it is inexpensive. Try to avoid buying at all! Ask yourself, “do I really need this?” Start training yourself to recognize that phrase and stop before you just throw it into the cart, swipe your card, or click the buy button. You can get rich 5 bucks at a time; you just need to save that 5 bucks time and time again.

 

Trying to get a debt paid off?  Do it 5 bucks at a time. If you can plug all of the 5 buck holes in your spending and divert them to your debt, you will see a measurable difference pretty quickly. With the convenience of online payments, it is no problem to send in that extra cash every week.

What’s your  “5 buck” story?