Can’t Keep Your New Years Resolutions? Save $5s Instead

Unfortunately, many New Year’s resolutions have been broken by now. Those of us who strive to improve ourselves or break bad habits, often shoot too high in the pursuit of goals. Then, when we fall short of our stated resolution, we beat ourselves up and declare our hopes and dreams lost forever.

This is just another reason I like my save your $5s plan to achieve financial security. It’s just so easy to keep that most people who begin this practice succeed.
How’s your New Year’s resolution to save each and every $5 you get back as change in a cash transaction going? Mine is going well, and well, maybe a little bit slower than at the end of 2015.

It’s no surprise: I spend more money around the fall and winter holidays than at any other time of year. Between Halloween and New Year’s, in fact, I bet I spend more money than in any other two month period. Between gifts and hand-outs, dinner parties and office gatherings, out of pocket expenses everywhere I turn and of course, travel, the amount of cash I spend, and the $5s I get back as change, is high.

By contrast, January and February are slow. On a recent 10-day vacation in Mexico, for example, I passed more time swimming in warm, turquoise waters and sipping pina coladas under a palm tree than spending money and getting back $5s. And when I did get change back from a purchase, they were pesos, not dollars, and believe me, 5 pesos is so little money it’s not worth saving.

A few days ago, a snowstorm descended on Boston, and since then, I’ve been at home, warm and cozy and not spending any money. So, while some days in December, I might get back three or four $5s in a day; today, it’s nada, no $5s saved, and I’m OK with that too. As long as I stick to my plan to save each and every $5 received as change, and as long as I use cash for most day-to-day purchases, my nest egg will grow, over time. Your’s too!

Yours in Fives,