My daughter and her friend came up with a great idea for saving some money. A little background first. They are both waitresses where they receive tips for their service. If you are unaware, waitresses typically make about $2.15 per hour for their wages. The expectation is that they will receive tips for their service to make up the difference between that amount and minimum wage.
The “standard” tip is usually 15% of the check. As an example, if you have a bill for a meal that is $30.00, the typical tip would be about $4.50. If the waitress does an unreasonably poor job, you might lower the amount of the tip to 10% or $3.00. Then again, if your waitress did an exceptional job, you might offer 20% or more which in this case would be $6.00 or more.
Ok – A little selfless plug for my daughter. She is working very hard at being pleasant in her service.
Here is a tip sheet for you. It shows the tip value for an order of $5.00 through $100.00. It shows tip values for 15%, 18%, and 20%.
The $5.00 Savings Idea
My daughter and her friend came up with this idea to save some money. When they get tips, if there is a $5.00 bill in the tip, they put it aside. My daughter’s roommate saved over $300.00 in about two months doing this. It’s that simple.
Of course, I started thinking about it some more. They said that it really did not matter which denomination of bill you decide. I would only suggest not using the $1.00 as the denominator since that is probably the most common bill size for tips.
But what if you changed the idea a bit? There are a lot of people out there who are not waitresses. I am one of them. I thought that since I am using cash for most of my purchases, what would happen if I saved the $5.00 bills I received as change from cashiers? What if I did it with $10.00 bills? How about $20.00 bills?
I must admit that at this time, I will not be doing this savings plan. I am already involved in a different savings challenge and am doing well.
Maybe this is something I can try next year when I am done with the first challenge.
If you are not involved in the savings challenge, they why not give this one a try?
As you know, I have been saving with my wife for either a vacation and/or furniture for our new house. Since this week is not a pay period, we are using the low end of the chart. Here are our results so far.
Now, our savings is at $424.59. The extra 59 cents is not from interest. It was extra change that I happened to have. Might as well let it work, even if it is just a little. How is your challenge going?
I’d love to hear about your progress and how you have implemented the ideas offered from this blog.