Debt Cancellation Challenge – Recycling Money
RECYCLE! RECYCLE! RECYCLE!
How many times have we heard how important it is for us to do this? Until you participate, you never really know how much. While most people recycle paper, plastic, etc… I recycle money also. It’s nothing new. People have been recycling money for years. Not all of us are doing it.
I began this journey several years ago after a conversation with my Uncle Bunyan (my mother’s youngest brother Paul). I inquired about a flat screen TV he had purchased and was curious about the price. Uncle Bunyan took me to a place in his house and showed me a can full of pennies. He always kept a can full of pennies in the house. I just never knew what he saved them for – Nosy Granny. Uncle Bunyan proceeds by telling me when he comes home from work every evening, he empties his pockets and sort out all pennies to place in that can. It only took him two years to save up for the TV. WOW!!! Only two years worth of pennies – no credit card usage; no financing; no spending extra money you’re suppose to put somewhere else needful; NO UNNECESSARY DEBT.
In the photo, you see coffee cans I gathered from coworkers and neighbors (Granny not into coffee) to store loose change and dollar bills throughout the year. The idea is to save to add on to bills still left to pay on at the end of the year. Once you get to the end of the year, and you haven’t touched the money, you will be so amazed at how much is available to help you.
You may come up with a better system that works for you, but this is one that works for me:
- Label each can separately with what you’re putting into it – You may choose to keep all loose change together, I choose to separate them. It makes it easier when its time to put them in coin wrappers.
- Work up to the dollar bills – Your finances may not be ready for you to save them just yet. It is according to where you are financially. Don’t overwhelm yourself by trying to do so much at one time. Remember we are creating winning strategies for our lifestyle. After a couple of years, I have worked up to saving $5 bills. That really helps. My goal is to save my $10 bills next year.
- Remember this does not replace paying on bills throughout the year. This is just a way of having extra to put on bills at the end of the year.
- If you find that you have money left over after paying all bills completely off, add it to an emergency fund or use it to start the cans over the following year. This method can also be used to save money to use for holiday spending, pay taxes, family vacations, special events i.e. church or networking. I choose to use it to add on to bills.
- Keep in safe place and happy saving
What creative ways of saving money work best for you? Share in comments below.