You know saving money is essential. But boy, is this habit hard to stick to. Your greatest challenge? Having enough money to squirrel away.
After you pay for essential expenses or accidentally overspend on weekends, there’s usually not much left to save. Additionally, saving is boring. You’d rather do something fun.
It sounds like you need a money jar.
With money jars, saving feels tangible, rewarding, and worth it. We’ll show you why and how to create a digital money jar with Braid Pools.
When you do, you won’t only save money. You’ll also gain positive experiences:
- Reach saving goals faster
- Gain financial security
- Reduce money anxiety
- Feel in control of your spending
- Have money for your goals and dreams
Keep reading to learn about the money jar saving method and increase your confidence and quality of life.
- How do you use money jars?
- What is the money jar system?
- How can I save money in a jar?
- 9 tips to save consistently and reach your financial goals
- How do I withdraw money from a money jar?
How do you use money jars?
When cash was more common, people sometimes saved it in jars, envelopes, or under mattresses. But how do you store money in a jar when your money is primarily digital?
You need a digital saving space. But it’s better if it’s not your checking or savings account. It’s too easy to spend from a checking account. And it’s hard to track various saving goals when they’re all in the same place.
Braid Pools are a great alternative. Here’s why.
What is a Braid Money Pool?
Braid Pools are a dedicated and secure digital place, ideal for individual or shared savings. They make saving effortless with Recurring Add $ and Pool Links, and you can quickly transfer funds to your bank account with Instant Send.
- A dedicated space: Braid Pools are separate from your checking or savings account, making it easy to track and grow your nest egg.
- A secure space: Enjoy peace of mind. With Braid, all payment and personal information is encrypted end-to-end, using industry-standard best practices. This means your money is safe, and your data is protected.
- Ideal for individual or shared savings: Braid Pools are fantastic if you save alone. Do everything from the app and watch your savings grow. If you want to save with someone else, like a partner or flatmate, invite them to your pool and save together.
- Recurring Add $: Keep your pool funded with Recurring Add $. Set a weekly or monthly frequency and the amount you would like to add to the pool.
Use Recurring Add $ to save rather than splurge, and resist what psychologists call present bias: our natural preference to experience pleasure now rather than later. That being said, Braid’s fresh interface makes saving fun and rewarding so that you can enjoy feel-good emotions now, too.
- Pool Links: Who says only you have to add money to your rainy day fund? Collect money from others with your Pool Link.
Each pool has a unique Pool Link that you can customize and share. When you share it, people can add money to the pool with a debit or credit card without a Braid account. This is an excellent option if you want birthday money or tips to go straight to your money jar so you won’t be tempted to spend them.
- Instant Send: Send money to your bank account in minutes with Instant Send for a small convenience fee. Not in a rush? Schedule a transfer and get pool funds within 3 to 5 business days.
Ready to set up your money jars with Braid? Click here to get started.
What is the money jar system?
The six jars system is similar to the cash envelope budgeting system. You set up savings jars (money pools) for different saving categories and use them to track your savings and spending.
You can dedicate jars to non-negotiable expenses, like rent, utilities, food, clothes, and savings. Or, you can create jars for particular savings goals, like coffee runs, a new car, a downpayment, summer vacation, designer pieces, etc.
The money jar system is a simple yet effective way to transform finances because:
- Each jar is dedicated to one spending category; you can’t spend that jar’s funds on other categories. This builds financial discipline and strengthens your saving muscle.
- Each jar shows you how close you are to your savings goal. You no longer need to save for different things in one account and constantly update a spreadsheet. Just check each pool balance from your phone.
- Each money pool reveals your spending habits in each category. Staying informed helps you feel calmer; no more money anxiety or surprises.
How can I save money in a jar that makes sense for my finances?
Money is personal, including how you save. Check out the following challenges and ideas. They can turn a boring financial task into a successful habit.
9 tips to save consistently and reach your financial goals
1. Set Aside Money
Every time you receive money in your checking account, set aside a percentage in your Braid money jar. This idea works well if you accept inconsistent payments as an independent contractor, consultant, artist, etc.
2. Commit to a Savings Challenge
Commit to a 52-week challenge. Save $1 for the first week, and gradually increase your savings by one dollar each week. After 52 weeks, you’ll save over $1,300.
3. Set it and forget it with Recurring Add $
If you receive consistent, regular payments, set up Recurring Add $ to automatically transfer money from your checking account to your Braid Pool(s) on a weekly or monthly schedule. Say hello to effortless saving.
4. Make it easy for people to send you money
Do you accept tip money? Generate a QR code of your Pool Link and welcome gratuities directly into your jar. This is perfect for hairdressers, housecleaners, DJs, etc.
5. Identify your savings goals
Do you want to save for a specific goal? Identify your goal, calculate the cost, and give yourself a deadline. Divide that amount by the number of weeks or months between now and then. Then, commit to saving that amount regularly. Using Recurring Add $ is a great way to stay on track.
6. Round up your change
“Would you like to round up your change?” We’ve all heard that question at checkout. But why not try it with your money jar? Whenever you make an online purchase, round up the change and add it to your Braid Pool. If you have a penchant for even numbers, transfer odd change from your checking account to your Braid Pool. Every little bit counts.
7. Give yourself a reward
Reward yourself when you reach particular milestones. Research shows that rewards incentivize and motivate you to repeat behaviors, including saving.
8. Try to cut back on costs
Does it feel like you don’t have enough money to save? Ask yourself where you might be able to cut back. Here are some examples:
- Wait for a sale instead of paying full price
- Buy store brand products rather than pricier competitor products
- Prepare meals 80% of the time, and save restaurants for the remaining 20%
9. Ask yourself if there's anything you can trade off
Give yourself meaningful trade-offs. What is essential for your life satisfaction right now? What can you do without? Maybe you’d rather have organic produce than new wardrobe pieces? Or a monthly gym membership rather than subscriptions to streaming services?
How do I withdraw money from a money jar?
Saving is simple with Braid. But it’s also easy to withdraw money when you’re ready to spend it. Here’s how.
- Standard transfers: This free option delivers funds to your chosen bank account within 3 to 5 business days.
- Instant Send: Get your pool funds in minutes for a small inconvenience fee.
Soon, you’ll be able to spend directly from your pool with the free Braid debit card.
When you download the app and create an account, you'll be able to sign up for the Braid card waiting list from the homepage.
Saving might feel boring until you try Braid. With personalized money jar(s), save for particular goals and have fun along the way. Whether you start with a little or a lot, you can grow your nest egg and experience greater peace of mind.