The Change Experiment

I’m a compulsive spender, especially with money I haven’t earned eg: Credit Cards.  Many years ago I sent the Credit Cards packing, I no longer allow myself to possess one.  I own a Visa Debit card for online transactions,  once a week I visit the ATM and take out $100.00 for myself to have fun with, this money is to be spent on food, movie tickets, cloths, public transport etc.

Since living at home with my mother I use her as a ‘type’ of Credit Card to make purchases off eBay, or when we are out shopping together and a cute dress is outside of my remaining cash budget.  I must sound like a broken record at times “I’ll pay you back next week”.  I always do pay her back… maybe not the next week.

Since I began socially living off $100.00 a week that is dispersed from the ATM as 2 x $50 notes, my bag and wallet happen to take on an abundance of loose change 5c, 10c, 50c, $1 & $2 coins.  Every day I deposited the coins into a pink piggy bank.  My piggy bank falls over when its close to full, this happened last in February 2012.  I took the money, counted it out into piles of $10.00, wrote the total amount on a post it note, put the coins into a plastic shopping bag, and left it on the kitchen bench for my mother to find and take to the bank.  This is one way of paying her back, the total then was $76.80.

Recently my Credit Mother’s bill reached $789.00….. oops.  Having paid her back about $448.00 of extra cash I had lying around and selling a few items online, my bill is now down to $355.00 where it will normally sits until she gets a red angry face.  (Love you mum!)

I’ve decided recently that I wish/want to purchase a Mac Air when I finally receive 6+ months of back-pay.  Mother laid down the law that I’m not to buy a Mac Air until she has been COMPLETELY paid back.  I have been scribbling away with my budget to make sure in the next month I repay her, and can jump online the day my back-pay arrives and order my new Mac Air (I’m also getting impatience about waiting for the back-pay).  Then the piggy bank popped into my head! When will it fall over next?  There is bound to be another $70.00 in it to give to her!  Another step closer to owning a Mac Air!

It is pretty straightforward saving, so simple it can work for everyone.  We all end up with lots of loose change in our purses and pockets.  The “The Change Experiment” might create a savings system from your shrapnel.  Keep all loose change received and place it in a jar or piggy bank. The idea is that it’s “effortless saving”.  I’ve always kept a piggy bank and it accumulates all coins.  I average about $60+ every two months.

Could this work for you? Who’s doing something similar? Any better ideas?

Mars on life.