Day Five

When I was a kid, I got a weekly allowance from my mom. Then, on birthdays, report card days and Christmas, I'd get a little extra from my mom. From an early age, I knew the importance of saving money. My brother would spend his money as soon as he got it. I, however, would not. I had a little purple metal bank (which I still have today!!) that had a combination lock. I kept all of my money in that bank and then when I wanted something (usually a new record, cassette or romance novel), I would use my money. If I didn't have the money for something, I didn't buy it.

Over the years, my spending and saving habits have gone through various evolutions. Like many people, I've abused credit cards. Like many people, I'm not nearly where I need to be with saving money and planning for my future. I've had times when I was very successful with saving and planning and had more than enough money in savings to tide me over for a few months... and other times, like now, I have nothing but cobwebs and IOUs to myself in savings.

About a decade ago, I was watching some show on television (possibly Suze Orman) about saving money. The person was giving advice about how to "painlessly" save money. That person suggested that an individual should give him/herself an allowance each paycheck. Cash. Then, when they use the cash, they need to set aside all of the loose change and save it someplace -- a jar, a canister, a coin bank, a piggy bank. Someplace where you won't easily grab a handful of loose coins (like a dish on a table or at the bottom of your purse.) Then, the person said that once you got into the habit of saving all of your loose change, then you should move up to singles. Every time you buy something, as soon as you get home, take all of the loose change and singles and put them in a bank and forget about them. The person said to set a goal of some sort for when you will "cash in" the savings -- like right before vacation, or a special occasion.

The plan appealed to my inner child -- the young Bev who saved weeks for a new Rick Springfield album or a stack of paperback books.

So, for the past 10 years or so, I've been doing this. My "allowance" amount has changed over the years as my pay changes and as my day-to-day needs change, but it rarely exceeds $30.

Each paycheck, I withdraw my "allowance". (Right now, it's $20 because that's all I can afford.) I carry that $20 with me in my wallet and give myself permission to use that money on myself or something that doesn't fit into one of my other household budget items (fuel, food, utilities, etc.) These days, $20 goes fast. This time, it was gone within two days. However, I still do the "loose change" saving technique. I used to do loose change AND singles, but every dollar counts lately.

Next Saturday, I am taking a bus trip to Atlantic City with a friend. Today, I took all of my loose change to the bank to cash it in for spending money for next Saturday. In the past 6 months, I have been able to "save" up over $85 in loose change. It doesn't sound like much, but for me, this is "found" money. Money I can spend next weekend without guilt. Money that will also be the parent to my new "savings" fund because all of the bills I use will yield some sort of loose change... and all of that loose change will come back from AC with me (the slots there don't take coins) and start the cycle over.

So, that's my "one thing" for today. If you find yourself having trouble saving, start small. One day, you may find yourself with more than you thought you had.

I also bought a lottery ticket for the powerball.