How To Use Modified Swear Jar To Achieve Savings Goals
There's no need to start swearing if you are sophisticated enough. Also, there is no need to completely adjust your lifestyle to save for either a short or long-term savings goal. You can slowly but steadily add to your savings by using the modified swear jar system to add to your savings every day of the week. Decide how much money you want to save. It would be best to consider the time frame you want to achieve your goal.
What is the Modified Swear Jar System?
In short, the modified swear jar is the adult version of the "if you say a curse word, you drop a quarter into the swear jar" rule mom had in place when you were a kid.
However, rather than dropping money into the jar each time you curse, you drop money into the jar each time you mention (or have recurring thoughts of) your savings goal. As long as your savings goal is important to you, you will express quite a bit of verbal lust and then enjoy the game as you focus on your savings!
If your goal is less than $500, you can use an average-sized jar or cereal canister. However, for a more sizeable goal, many people prefer an oversized flowerpot or a 5-gallon empty water bottle to stash their savings.
Swear jar rules
First and foremost, it's important to understand that simply dropping coins into a jar will take ages to achieve your savings goals. You'll need to up the ante and place bills in your jar.
Generally, $5 or $10 bills are small enough to comfortably drop a bill into the jar once or more each day without feeling a financial pinch. But if finances are tough, you can start by placing $1 into your jar each time you mention your goal.
Try these additional techniques for growing your savings with the swear jar system:
1. Choose your denomination
Choose your denomination between $1, $5, $10, $20, $50, and $100, and stick to it.
If you need to drop $10 into your jar and only find that you have smaller bills, place as many bills as necessary into the jar until you reach $10. It's okay to place different bills into the jar as long as you're putting in the amount you planned.
2. Set a minimum
If your goal is something you would talk about only a few times a week (such as new French doors), set a minimum deposit for each day.
For example, if your denomination is $20, vow to drop a minimum of $20 into your jar at the end of each day, regardless of whether or not you mention your goal. At the end of just the first month, you'll have saved a minimum of $600 in your jar.
3. No cheating
Make it a strict rule that you must deposit into your jar each time you mention your goal. If you let yourself off the hook once, you'll likely do it next time and after that.
If you routinely talk about your goal throughout the day and feel that a $5 or $10 donation to the jar is a bit steep, it's best to stick with a $1 denomination. If you talk about your goal five times per day, you'll still have $5 at the end of the day and up to $150 at the end of the month.
This system works because it's user-friendly and risk-free. Yes, you may be placing a considerable amount of money into the jar, but it will motivate you to ramp up your efforts as you can visually see your savings mounting.
Unlike financing the purchase you're saving for, if for any reason you were to encounter a financial emergency (such as a termination notice from your utility company), you'll be able to dig into your savings jar and continue your efforts once you're on a positive financial footing.
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