I started a new "game" that I dubbed "Dollar Daze".
Back story - I pay cash for food and incidentials. I use the cc for the uitlities that will charge to a card for no extra fee, as well gas for the car. I started off depositing the coins once a month. The amount varied, but it was consistantly between $12-34 a month, in coins.
I got bored with that. I still do it and it's still netting me some extra savings each month! But now I do the dollar daze! So, paying cash for everything, I get a lot of $1 bills. They get take up a lot of room, easily miscounted in the wallet...so I decided that when I am out and about, I will pay using whatever is in my wallet, including dollar bills IF necessary. When I go home, I pull ALL of the $1 bills from my wallet, as well as the coins, and set them aside in a plastic baggie. About once a week, I go to the bank and deposit them on the zero percent interest cc. Extra payments! They add up!!
So far this month, I have paid an extra $88.82 (one dollar bills and coin) on the cc!
It's kinda fun. I feel good about making the extra payments. I am no longer off by a dollar or two in my finances. And I don't miss the dollar bills at all!
The other thing that I hoping for is that my spending actually decreases a bit becuase I pull out cash every one to two weeks, as needed, within the budget parameters. When I run out of cash, I am out cash until the next payday.
** I have a budget schedule to pay off the interest free cc a few months before the promo rate expires. The extra payments from the Dollar Daze and coins is just helping me get there faster!
I like it, I have read studies that say you spend less when you use actually cash, because you can equaint that cash to actual labor, and is harder to do that with a credit card. Personally I use credit for most things, but I scurtinize everything, many of times I catch the cashiers overcharging me at trader joes. I make a metal note of home much everything should cost, and if I plan on something more than 80 dollars on anything I think about it for a couple of weeks and decide if I really need it.
I just made another dollar daze payment on the cc. Seventy-one bucks! Plus another seventeen dollars in coin!
Yeah, overall, I spend way less using cash.
I love the cc too...and the rewards...
I don't know if it's changing times or greedy people, but I am finding so many more credit card and cash errors. The amount of additional charges seems to range from adding an extra dollar tip to double charging me. The short change ranges from a few cents to fifteen dollars. Think this is a hint that I need to stay home and not spend money??
Lol - even the electric company (who automatically charges my cc each month) can't seem to get it straight! Two months ago they said they were putting a credit back ($28) on my cc cuz they overcharged me multiple months in a row. The credit never materialized. Ok, no biggie. No charge for October. That works. No charge for November. What?!?! I called them up. The gal said I still had a $28 credit. Okay.... *eye roll* We will see what happens this month.
It all works out in the end...and I have an idea I am going to use when I pay cash. See how that does for helping people for providing accurate change.
Update - I was able to pay off the zero percent interest cc 6 months ahead of schedule doing this!!! With DH's medical condition, it felt great to have the cc paid off early.
We have been really focusing on at home stuffs, to include using up as much stuffs at home as we can, so I am not doing that much grocery shopping. It's taken me 3 weeks to save up $6 in dollar bills and coins. Pretty pathetic, compared to what I was doing...but dang awesome cuz it means I am not spending as much money in the first place!
That's really fantastic! Great idea and I love how much of a difference it made. Thanks for documenting this, I'm filing it away in the back of my head for future reference.