Tuesday, March 15, 2011

Special Dollar Savings Plan

Good morning ladies!
As I await this kids arrival I have started reading a new book called Somebody's Gotta Say It by Neal Boortz. If I haven't shared this already, I read a lot. I use it to help me sleep better at night so I go through multiple books a month. My dad recommended this one to me.

My dad mentioned in particular the last chapter which is a special Dollar Savings Plan that the author swears by. It's a VERY simple concept and makes total sense and is fail proof from what I can tell.

I know people talk all the time about how they just can't save money. No matter what they try - it doesn't work.

Personally, I use automatic deposit to build our savings fairly quickly and that has worked for us for the past 5 years of being married. Plus anytime we come into unexpected money, it goes into our savings account as well - including tax returns.

However, this plan has prompted me to start a special dollar stash of my own and I challenge you all to try it with me for at least 2 months!

Yup, that's right - it's a CHALLENGE!!!!

Here is how it works... You don't ever spend dollar bills. You stash them away old school school style in a can or something fun and don't touch them until it's time to count them all up and see how much you have saved.

You can carry and spend cash as usual. But every time you get a dollar - you set it aside and at the end of the day you empty out your purse or wallet of all the dollar bills and put them in your savings container. He suggests having a few special dollar bills that you use for tips or tolls, etc... but that for the most part you refuse to spend dollar bills.

I say, start thinking of them like pennies... Who really spends pennies on a regular basis?

He said that when he started using this method he was shocked at how quickly he had saved and how easily it was to forget about the dollar bills so he didn't feel like he was missing out on anything or sacrificing.

Now, personally I am a slave to my debit card and I tried to go on a cash only diet and failed miserably because I never go to the bank. So, I will have to change my actions a little bit to include carrying and using cash instead of my debit card.
But, we all know this is better for your check book anyway - as you ALWAYS OVERSPEND when using cards... I think what's 20 bucks here or there and then check my balance and am like... OH :( that was a lot. The same principle applies to the dollar savings plan - it's a dollar here and there and it ends up amounting to quite a bit.

So... I think I am going to use it to save for a super fancy haircut at my favorite hair salon for a post baby makeover outing!

What are you going to try to save yours for? I might even decorate my super fancy savings can, especially if this baby doesn't come and my parents take Katie back to their house for a few days - I'll have a lot of time on my hands and will need to be entertained!

So... goodluck, I hope it works and I hope someone accepts the challenge with me:)


  1. (ugh I wrote this whole long comment and it deleted on me!)

    I have been using this plan for a while now. It is actually how I paid for Ben's crib last year and Alex's crib this year (over $800). It really does add up quickly. Now the money is going to be going towards spending money for our annual Lake George trip this summer.
    I am also a debit card addict and have been on a debit diet. Look to see where you can get "no fee" atms. With my two banks, I can get free atms at any CVS, Walgreens, or 7-11. It makes it super easy and I never go to the bank unless I am making a Pampered Chef deposit.

    We have 3 piggy banks in the family. One "family pig" (I still want to decorate it or at least write our family name on it). All spare change and dollar bills at the end of the day go in the pig. My hubby also has started keeping any dollars in the star series (I guess they have a star on them) in a drawer separate from everything else and calls them "Benny Bucks". The boys now have their own matching pigs that I got from work at my shower for Alex. We both put a dollar each in their pigs every week.

    Keep up the good work!

  2. I am totally in! I save all of our change at the end of every day so I can definitely see the benefit to upping this to dollar bills! I'm saving up for new clothes once I lose this baby weight - it's a double whammy motivator!

  3. I do this with change. I save it all year and wrap it to spend at Christmas time. I usually end up with over $100.00