Dollar Bill Savings Plan

**crashdive123** · 09-10-2009, 12:20 AM

I am a big proponent of knowing where I spend my money. A soda here, a candy bar there - it all adds up. Writing down everything that you spend money on, and I mean everything - in a little notebook will give you a good idea on where you can save some money. Another thing I've done in the past, and am doing right now is the dollar bill savings plan (not an origianl idea from me).

This plan does a couple of things. It shows you that every dollar counts, and it makes you think twice about where and how you spend your money every day. Never carry coins or $1 bills with you when you leave the house in the morning. Now you are thinking about buying a paper and cup of coffee on the way to work. The smallest bill you have is a $5, and after you break it, you must put the change away so that you won't use it. You want that cup of coffee for .89? The $4.11 is now burned and can't be used. You are not allowed to spend them. This does a couple of things. Do you really want to spend $5 on a cup of coffee? You might not spend quite so much if you pay cash and it costs you more than you want to spend.

Then at the end of the day, you put all the $1 bills and coins you come up with in a shoe box or envelope. Don’t count them. Just straighten them out. At the end of the month, two monts, or whatever period you decide - you add up how many $1 bills and coins you have and I bet you will be surprised. If you buy those little things - you will be saving. If you decide not to buy those little things because you don't want to spend $5 on a pack of gum - you'll be saving. Give it a try.

**kx250kev** · 09-10-2009, 12:35 AM

Great ideas Crash. I know I need to better appreciate the value of the dollar, and improve at saving it. Much of our society is centered around "saving money", but the American definition of saving has become distorted. Save 20% on this, or 50% on that, or I saved $4500 on my new car. Everywhere you look, everyone is saving money, but the bottom line is that when all is said and done, nobody is really "saving" a dang dime. We are all still broke, but now have more stuff and more debt.

Well the wifey and I have bucked the trend the last several years. While many of our friends are now in their 2nd or 3rd "dream home" (with a nightmare morgage and no dream jobs to speak of), we are still in our first house and are almost out of debt. It sure feels good with this lousy economy. A+ on your dollar bill savings plan.

**Ken** · 09-10-2009, 12:41 AM

Been doin it for years, Crash. All the loose change and $1.00 bills get dropped into a 6 gallon water cooler jug everytime I walk in the house. I dump it out every year around December 1st. I pull out the stuck bills with a section of coat hanger with a hook on the end.

Last year, it was a bit over $6,300.00.

**Ken** · 09-10-2009, 01:10 AM

I used to stop at the local D&D drive-thru for a coffee and a couple of newspapers most mornings. Now, I rarely stop for coffee - maybe once a week. I usually take a travel mug of Folgers when I leave. It's better than the messed up coffee (burnt, too little/much sugar, not enough cream, FRENCH VANILLA

instead of regular) I'd get every third day or so. Now, I read one local paper (home delivered each morning) and the rest on-line for free. I save about $20.00 each week.

Now, if I could just stop getting that cup of coffee and that sugar donut everytime I go to the local courthouse....

**Rick** · 09-10-2009, 09:17 AM

Ditto on the plan. I'm a strong advocate of a 30 day money diary. What an eye opener it is for anyone that does it.

**tacmedic** · 09-11-2009, 06:00 PM

Crash, that's a great idea. I will have to try that. Thanks!

**Gut shot** · 09-11-2009, 06:43 PM

Great topic i read the whole post to the wifiey , to no great enthusiasiam [SP?] as im still trying to tell her ammo will be a currency of its own

**Rick** · 09-11-2009, 07:33 PM

Start with pocket change and work your way up to dollar bills. Once she sees how much change is accumulating she just might be willing to step up.

**wildWoman** · 09-11-2009, 08:21 PM

What always worked great for me "in my younger days" was putting x amount of money onto a savings account as soon as I got paid. That account was off-limits for withdrawing cash. I made do with the money I allotted myself for spending and in a few years saved up thousands of dollars.
Don't know much about different account types, maybe you can also set up an account where whatever is paid in gets locked in for x amount of years if you have trouble controlling the spending urge. Just hope the bank won't fold in the meantime!!

**Pal334** · 09-11-2009, 08:37 PM

This just reminded me. When I was a kid in I think 4 grade we had a school savings account (actually with a local bank). We put 5 cents a week in it. It went dormant until I started working, and I would put $5 per pay day in it. When I went in the Air Force, I continued up to the days of electronic transfers and had it done automatically, still $5 per payday(even to this day). I have not opened a Bank statement, not checked the balance in probably 20 years. Mmm,, was simple, painless. Maybe I better get to that account and see whats there

My rambling is actually meant to agree, using Crash's idea, or some variant can add up to some money someday

**Rick** · 09-11-2009, 10:09 PM

Aaaah, the beauty of compounding.

You know, each state has an unclaimed property section that maintains any money that was attempted to be paid to you and wasn't for whatever reason (couldn't locate you, had the wrong address, etc.).

You can even do a search for your name on most state web sites. Don't laugh. As close as I watch my money I had two checks sitting at the Indiana Unclaimed office. Both from insurance companies. Who knows, maybe you'll get lucky...

California:

http://www.sco.ca.gov/upd.html

Texas:

http://www.window.state.tx.us/up/

Indiana:

https://www.indianaunclaimed.com/apps/ag/ucp/index.html

Google for you state...unclaimed property (state name). And don't forget other states that you've lived in, in the past.

**Ken** · 09-11-2009, 10:48 PM

The Unclaimed Property Clearinghouse was born in the early 1980's. It was a venture involving a majority of the State Treasurers of the several states through the National State Treasurers Associaton, The State Street Bank in Boston, and a lawyer named Epstein.

I designed the automated part of the system and wrote the code that identified the most likely corporate holders of unclaimed property. The system capabilities ranged from identification, notification, collection, and deposit. I built the system on an IBM XT (20 meg) writing code using Wordstar for Ashton Tate's dBase II.

State Street was the custodian bank. The bank didn't charge a fee for its services - it just didn't pay interest on the balances for 60 days. Not bad when you're collecting over $8 Billion in the first year.

**Icemancometh** · 09-16-2009, 01:47 PM

Been doing something similar for years. I place all my loose coins, and occassional bill, in a tub. It's interesting how quick you end up with $75-$100 dollars, and the great part is you don't even miss the change.

**Dutchman** · 09-18-2009, 11:43 AM

+1 more on the change thing. Accumulated a bunch of cash over the years with this method. Enough to bankroll some discreationary purchases, like a new rifle with scope and a new longbow here and there...

**crashdive123** · 09-18-2009, 06:56 PM

Hey Dutchman - when you're through counting your change, how about rolling on over to the Introduction section and tell us a bit about yourself. Thanks. http://www.wilderness-survival.net/f...splay.php?f=14

**oldsoldier** · 09-18-2009, 08:57 PM

I don't go quite as far as crash is talking about although it's a great idea. I don't write anything down (cash buys) or save the dollars but once I get change for a purchase (coins) i don't use any of it that day I wait until I get home and put it in a coffee can. When it's full I start another one if needed. twice a year I take it to the bank and cash it in. It then goes in the bank as a vacation fund Since we didn't take a real vacation last year or haven't this year as of taking the last change to the bank in july plus interest we have a little over $3,400. in our vacation account.