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Rainy Day Cash

Last post Wed, Dec 24 2008 4:11 PM by billea. 6 replies.
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  • Mon, Dec 1 2008 2:08 PM

    • karen604
    • Top 200 Contributor
    • Joined on Mon, Sep 10 2007
    • Colorado
    • Posts 151

    Rainy Day Cash

    Several years ago I cam across a magazine article that asked if it was possible to put $2 a day away. I thought about it and decided to combine it with the idea of paying myself first. Each week I would take $14 out of my weekly cash and put it in an envelope and date it. Soon I realized that I had more than enough to raise it to $3 a day and I have been stashing $21 a week aside ever since. Each time I get $500 I seal it up and put it away.

    I have been doing this for close to 5 years now. It is a habit. I have a minimum  amount that I keep as an emergency fund and otherwise it is for the unexpected or single occurance things. I bought my son's HS ring from it, 4 new tires came from it and flowers for a funeral.

    It is great comfort knowing that I have some cash on hand for when something happens.

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  • Mon, Dec 1 2008 2:13 PM In reply to

    Re: Rainy Day Cash

    Karen, that's a really wonderful idea. Before you began this habit, did you wonder where you were going to that money from? Or did you decide to not think about it and just do it?

    ~~~~

    Take care of the sense, and the sounds will take care of themselves.
    ~ Lewis Carroll

  • Mon, Dec 1 2008 2:24 PM In reply to

    • Toni B.
    • Top 25 Contributor
    • Joined on Sat, Apr 5 2008
    • Seneca Falls NY
    • Posts 3,826

    Re: Rainy Day Cash

    You know, its so easy to blow $14 to $21 and most don't ever even think about it. When I was single and in the military, I played a little game in my checkbook. Before I reveal my secret. I must clarify that this is an accountants nightmare. However, on payday I would enter the amount in the checkbook and pay my bills. By the following payday if I had any amount left, it would disappear and I would start over with the new deposit amount. In about two years time, I saved about $1,800. Only I forgot to keep track of it and was totally surprised when I discovered what I had. DH and I have since refined that trick and we do know how much we have now.
    Officially Recognized Stretchpert in Stages of Life
  • Mon, Dec 1 2008 2:33 PM In reply to

    • karen604
    • Top 200 Contributor
    • Joined on Mon, Sep 10 2007
    • Colorado
    • Posts 151

    Re: Rainy Day Cash

     For the first time with $14 I did not think about where it was coming from.But by peeling off the top it was there. IfI did not have money in my pocket to buy a lunch out or a soda it did not happen. I did start carrying a waterbottle with me and a little box of raisins in my purse for when hungry horrors happened.

    I keep some coins in the car to pay for tolls or parking. A credit card is back up for necessities like a tank of gas.

    For the most part the money this came from was my weekly allowance. When the week is over that cash leaves my wallet so I am less tempted to spend it. Very rarely I have needed to dip into the extra cash to put the $21 a week in. The extra cash never seems to get to be much $100 or so likely because I do not track it as well.

  • Mon, Dec 1 2008 2:36 PM In reply to

    Re: Rainy Day Cash

    Toni, I'd love to her about the refined version of that trick. Please share! Big Smile

    ~~~~

    Take care of the sense, and the sounds will take care of themselves.
    ~ Lewis Carroll

  • Mon, Dec 1 2008 5:37 PM In reply to

    • Edey
    • Top 25 Contributor
      Female
    • Joined on Mon, Sep 10 2007
    • Los Angeles County, CA
    • Posts 3,869

    Re: Rainy Day Cash

    We do some variations of what Toni B. does. At the end of each month, whatever cash is left in my purse, gets set aside and not touched. We then get more cash from the ATM after payday on the first. Also whatever balance is left in the checking account goes into savings or gets paid towards a bill balance. That way I've built up emergency cash and paid down bills faster than monthly minimum payments would do.

     When we were working it worked out even better; we had 4 paychecks a month between us, and being as I had one whole check a month that I could pay towards bills, they disappeared rapidly paying it that way.  Edey

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  • Wed, Dec 24 2008 4:11 PM In reply to

    • billea
    • Top 500 Contributor
    • Joined on Sun, Nov 9 2008
    • Posts 26

    Re: Rainy Day Cash

     That's great.  My wife does a variation on this.  If I leave money in my pants pockets, she collects it when doing the laundry, and deposits it in an account that's separate from our regular checking account.   It really does add up over time, very similar to your $2 idea.   Thanks for sharing.

    King of the money saving tips...er, well, trying to find ways to save money anyhow.
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