Old school trick for saving money- Start a savings jar!

Anyone who has lived in a hostel knows how difficult it is to save money. With a limited access to money and parents being away, it is difficult to reach even the month’s end, what to think of saving! But what if I told you that one of the most powerful tools for saving money is not a fancy app or a bank account? It is a Jar. Yes, a physical, old-school savings jar. It is simple and incredibly effective which has been working for generations. But like the problem with most habits - starting it is easy, but sticking to it is the real challenge. This blog is all about helping you do both.

The reasons why I recommend using a Savings Jar are multiple. One, it is visual, which means you can see your progress grow day by day. Two, it is tangible, which means that unlike digital money, physical coins and notes feel real. Three, it builds discipline wherein, dropping coins into the jar becomes a daily ritual. Four, watching your jar fill up can be surprisingly satisfying. And finally, this method is especially great if you receive money in cash, whether it's pocket money, change from your canteen expenses, or occasional cash gifts from kind relatives!

Now, that we have agreed upon the benefits of having a savings Jar, let us see how and where do we begin.

The first step is to choose the right jar. Start with something transparent, made of either glass or plastic, so that you can watch your savings grow. It does not have to be fancy. In fact, repurposing an old jar, bottle, or container adds a personal touch. You may also decorate your jar with stickers or a label like “Phone Fund” or “Trip to Goa” to make it feel more connected to your goal.

Second Step is to set a real goal. Saving just for the sake of saving is hard to stay motivated for. We must always set an achievable target to encourage ourselves to save. For example, you may want to save money for buying a new pair of headphones (₹1500) or a birthday gift for a friend (₹500) or your next haircut (₹200) or emergency money stash (₹1000). You will start noticing that when you attach a purpose to the savings, every coin you drop in starts to feel like progress toward something meaningful.

Third Step is to make it a daily or weekly habit as consistency is more important than the amount. Small achievements matter and even saving as little as ₹10 a day adds up to ₹300 a month. If you receive ₹5 coins from your change, learn to drop them in. If you get ₹50 left after your weekly budget, drop that too into the jar. It does not have to be perfect, but it does have to be regular. Tie it to an existing routine like putting coins in the jar every night before bed or every Sunday evening when reviewing your weekly expenses.

Fourth step is to start using a “No Spend” Tracker. Saving money can be made more fun with a challenge. For example, every day you don’t spend on snacks or impulse buys, drop ₹20 into the jar or if you miss the hostel canteen today, put that money into savings. Gamifying your savings like this keeps you interested and motivated. It is after all, not just about saving, it should also become a personal challenge.

Fifth step is to ensure that you do not touch the jar until you reach your goal. This is the task at which most people fail. It is tempting to borrow from your jar when one is low on cash, but if you keep dipping into it, you must remember that you are simply delaying your progress. One simple trick is to tape the lid shut or write your goal on the top which will make it harder for yourself to open it casually. But if you give into temptations easily, consider having two jars- Main Savings Jar (do not touch!) and Mini Emergency Jar (for very small, urgent expenses)

Next step is to track your progress which can be done by keeping a small chart or notebook where you note how much you have added each week. This not only helps you stay on track, but gives you a sense of accomplishment. You will be surprised how fast your savings grow when you are consistent, even with small amounts.

Seventh step is to celebrate when you reach your goal. You just practiced self-control, patience, and smart money habits which is a huge win, especially as a student. You may use the money for your goal, or if you feel confident, put part of it into a bank account and start a new savings jar with a new goal.

While starting and keeping up with the habit of a savings jar, there are some common mistakes that one must try to avoid:

1. One must not be too ambitious. Do not aim to save ₹1000 in a week unless you actually have that extra money. Learn to start small and build.

2. One must not start skipping one’s routine. Missing a day is okay but missing 10 days is a problem. Habit matters more than perfection.

3. Learn not to treat the jar like a leftover storage. Do not just put in what is left at the end of the month. Make it a priority, not an afterthought.

4. Never keep the jar out of sight. If you do not see it, you will forget it. Keep your jar somewhere visible like on your study desk, shelf, or nightstand.

To conclude, starting a savings jar might feel silly at first as it is neither high-tech nor complicated. And that is probably exactly why it works. In a world where money often feels virtual and fleeting, a savings jar brings money back to the real world. You feel it. You see it. You own it. And most importantly, you are taking control of your finances, one coin at a time. So go grab an empty jar, set a goal, and drop in your first ₹10. That tiny sound of a coin hitting glass, is the sound of your financial future starting.