Saturday, July 11, 2015

More Penny Pinching

We are pinching pennies because Shorty has a wish list and I have debt to get out of while making those wishes come true. The change jar is something that I have not been able to implement in a while because I was using my debit card for purchases. Now Shorty has a jar to hold the money she earns doing small tasks; she is learning money management and how to find something for less while waiting on the larger ticket items ($5 and up). 
it adds up
I have a small jar to put change in, quarters are reserved for the laundry since that's what the machine takes. I have a bad habit of taking the small change out of the jar to cover taxes preventing me from breaking dollar bills unless it ends up in Shorty's jar. Occasionally she gets ends up with a quarter for her efforts, usually she wants smaller coins or bills to stuff in it. She does not build up a balance since she is a child.

I am thinking of separating her money into saving and spending so she can make larger purchases. I have began withdrawing cash from the bank for in store purchases so that the quarters I get back can go into the laundry fund. 

It is a regular habit to scan my receipts. Cash back apps require the receipt as proof that the items you are redeeming for has been purchased. While I recently made a withdraw when the cash back amount reached the minimum I will be leaving the amount now until October or November to utilize it for online shopping for the holiday. That is if I do not waiver and decide to pay on the credit accounts that I have open.

January of 2016 will begin the process of using the cash back from purchases toward paying for credit account balances to pay them off faster. Actually I will be using that amount for purchases instead of my bank account and spending the equivalent from the bank to pay extra on these accounts.

What methods are you employing to save money and pay down debts? Do you have a set goal or is the idea simply to remain above water while you find your comfort zone?

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