You've seen us refer in some articles about saving money in a jar. Saving money can be a tedious process - when you're saving for a down payment for your home, it's hard to see the dollars adding up. Just think about the motivation that can be created in your family by watching your hard earned dollars and cents adding up in a large jar! This is a great way to keep your entire family involved in the savings goals for your new home. Adults and children alike will love seeing how quickly savings can add up and it's never more noticeable than when the evidence is right in front of you.
The Types of Money Saving Jars
You can use almost any type of container for saving money for your home down payment, but the best types are those that you can see through. It's fun to watch as the pile of change grows and it helps keep everyone motivated with a positive money saving attitude.
- Water Bottles - An oversized water bottle (clear) that you can drop your change into will help you keep track of how fast your savings is growing! Keep one in each room of the house. Saving money for your home down payment can be a family affair.
- Coffee Jars - Coffee jars are smaller and easier to store and it's easy to put one almost anywhere. Space constraints can be overcome by using these types of jars when your whole family is involved in saving money for your down payment.
Not only are you saving money in a jar and keeping your whole family focused on the end goal of owning a home but you're helping to protect the environment by not adding to the landfills.
Add Names To Your Jars
Label each bottle with the name of a family member. Once a week you can empty one of the bottles out and count up the money and that person gets to select their favorite meal, television show or game for that evening. This can help keep everyone on track and motivated to save money for your home down payment. In general, it's great to involve your entire family in saving up your down payment.
Add Themes To Your Down Payment Savings
Label your bottles or jars with a theme.
- Savings From Eating In - Did you eat in this weekend rather than eating out? Deposit your savings here.
- Family Entertainment - Did you save money by renting a video, not attending a cinema? Deposit yours saving here.
- Environmental Protection - Did you save money biking, recycling? Include it here!
- Pet Savings - Have you found a great way to save money on your pet's expenses? Label a jar as pet savings and watch the money add up.
- Grocery Savings - Has your family become great at coupon clipping and looking for unique ways to save on groceries? You can really watch the savings towards your home down payment build up in a jar marked grocery savings.
Save Money With Project Jars
These are great if your family has done some money saving project.
- Mulch Project - Money saved from mulching your food and lawn waste.
- Bottle & Can Project - Money saved from returning bottles and cans.
- Bag Project - Money saved from using re-usable bags versus plastic or paper.
- 2nd Job Project - Did someone in your family take advantage of a unique skill to take on a 2nd job? Mark a jar especially for this savings! Keep them motivated by seeing how much extra money they are contributing to the dream of home ownership.
Make saving money a fun way to get your entire family involved in the dream of owning a new home. Using jars, canisters, contests and other fun things can help keep your savings plan for your home down payment on track and it can help keep your entire family motivated to continue their efforts as well. Periodically, don't forget to deposit your hard earned savings in the bank for safekeeping.
This article is written by guest author Doreen Martel exclusively for Save For House.