Rainy Day Fund Challenge to Our Readers - Thrifty Tips to Save Money

Here's a great challenge from one of our readers to create a Rainy Day Fund from spare change and $1.00 bills. More...

Last January 1st, 2008, I made a pledge to begin saving regularly. So I began to round up every bit of spare change I got a hold of and kept it stored in recycled glass jars. I have been saving it all year, until December 31, 2008. In January I am going to cash the change in for bills for a Rainy Day Fund!

I'd like to pose a challenge to the readers to do the same, from January 1, 2009, save either your change and/or dollar bills for the entire year, and then when the end of the year comes, let's see how much everyone has and what they plan to do with it.

Maybe everyone can post how they are coming along. After doing it for almost a year, it’s been amazing to see the savings add up!

December 2008 Tip Rewards Winner, for Challenging Our Readers to SAVE MONEY!!!

"I haven't spent change in years. I save it for special things I want. One thing my change got me was a new TV. Great way to save. I am 83 years old. Believe me it works. I got brave in my old age. I never pay in change. If something is under $1, I always give a dollar and save the change." - Eleanor B.

Note from the editor: It was just a coincidence that my husband took all of our saved change for the last half of 2008 shortly after we posted this challenge. We had saved up almost $100 in loose change, isn't that fun! We always like to play a guessing game with the kids and let every one guess how much the total will be; whoever's guess is closest to the total is the winner. I would have been the winner this time except my husband took my guess and added one penny to his guess--so completely unfair! - Michelle

"My husband and I have saved our change ever since I can remember. We use it to treat ourselves. I would use it for my hair (a perm, coloring or whatever). My husband is deceased now and I still save my change. I don't end up with as much as when we were both doing it, but I still do it. Like the one lady said, I never pay with change, if something costs $0.75 I pay with a dollar. Also, whenever I find a penny, I say a prayer for someone and put the penny in my jar also. I only do this with pennies. Something else we used to do is add up all the coupons I used that week and subtract that amount from my checking account. I would highlight the amount in yellow. It was money I would have spent had I not had a coupon. Then at the end of the year we'd add up all the highlighted coupon money and add it back into our checking account. Usually we had enough to take a little weekend vacation. Example: If I saved $8.13 in coupons, I would deduct $8.13 from our checking account, mark it as coupon money and highlight it in yellow. This was so much fun and just another way to save painlessly." - Kathy H.

"I really like the challenge, but not the name of it... it says in the Bible, 'as a man thinketh, so is he.' I once got to purchase my dream car, a vintage Ford Mustang, with the cash that was in a savings account I called my 'Opportunity Fund' Account. It seems others had wanted to buy this classic car but didn't have the cash and the banks would not loan them money for an older model. I bought the car from my opportunity fund and had a lot of fun times during the time I owned it. It was the first of many opportunities to get fun things for my home and garden, take vacations and even go back to school thanks to saving money this way." - Lynn

Editor's note: It's okay if you want to call your savings another name! I still like the name this reader gave it, Rainy Day Fund, because after every rainstorm... there comes a RAINBOW! :o)

"I have always done this, only I call it my 'fix the house fund.' We live in an older home, so it has come in handy a lot. It has been used to help replace a water heater and a refrigerator. It has also been used for furnace repairs, and to get roof shingles after a bad storm. Things happen, and it's good to be at least somewhat prepared." - Laurene

"Just thought I'd check in and see if anyone's been managing to save this last month. I've saved a total of $39.00 for the month of January, including pay from a side job and my change. Best of luck in the challenge to everyone who joins in!!" - Vicky Fox

"I agree that it is smart to save anyway that you can. My husband and I save our change from June to June, for our family vacation. Every year we go to the beach with the kids and whatever we have saved we cash in the week before and use that for 1 night of "fun" for the kids. That may be anything from rides and games, to dinner and souvenirs. Last year we took them on a boat ride in the evening on a dolphin watch. The kids even got into saving their change for it too. Another way we save is by doing the $1.00 a day saving method. Every paycheck a dollar a day is deducted. For example, if you get paid weekly, when your paycheck is deposited keep out $7.00 (1 dollar a day) and either put it into a separate account or keep it in a jar at home. Do this every week for 52 weeks and it adds up and at the end of the year you'll have $365 to put towards anything you want or need. It's especially nice to have for after Christmas sales." - Christina S.

"A couple of years ago, I did start saving $1.00 bills, while I don't remember how much I had saved, it has certainly come in handy since my husband lost his job a year ago. I do still have some left, but our rainy day hasn't ended yet. I hope to start doing it again once he finds a job. It not only works for saving money, but is a tremendous help at times like this!!! I have it locked up in a fire proof safe, so it is handy when necessary. I still try not to spend it if I don't have to. Thanks." - G. R. Orcutt

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