Saving a Dollar a Day

Discussion in 'Financial Planning' started by John Snort, Jun 17, 2016.

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  1. John Snort

    John Snort Well-Known Member
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    It doesn't sound like a lot of money but after six months you'll have like $180 which can be used to buy things you might need when shtf.

    The Presto Pressure canner costs $107. You'll find it useful even in normal times.
    Volcano 3 Stove Collapsible Costs $227. It can be used in emergencies.

    Thing is you don't have to buy all your supplies all at once. These small savings would probably help you get started. And from there on, you could save more and buy more supplies.
     
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  2. cluckeyo

    cluckeyo Well-Known Member
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    Having a budget, large or small, would be an excellent way to start accumulating things you would need for survivalism. That one dollar a day would make a nice start for the first year. This is money that really wounldn't be missed. Yet it would be going to a good purpose!
     
  3. Toast

    Toast New Member
      8/23

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    I think you can save a bit more than a dollar a day, but yea, it's a good plan. Saving money is smart in almost every situation. There's no need to blow through all your money as fast as possible. Just save it up, and you'll have it when you actually need it. Nothing is worse than being out of money when you need it the most. Barring apocalypse, or economic collapse, or death, it's the most important thing you can have available. It trades for everything.
     
  4. filmjunkie08

    filmjunkie08 Active Member
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    I like this idea. It is simple to do and not overwhelming. My son is 17 and I so want him to be a saver rather than a spender. I might just share this with him. Thank you.
     
  5. crimsonghost747

    crimsonghost747 New Member
      8/23

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    It really depends on your income and expenses, I'd definitely urge people to try and save more than a dollar a day since that really won't be getting you far. But it's still better than nothing and certainly worth doing, you can always increase the amount when you are in a situation that allows it.
     
  6. Moroccanbeauty2266

    Moroccanbeauty2266 Active Member
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    I always save the small change that I get when I pay for something at the store. Most of the time it sums up to more than a dollar a day. I always put it in a small piggy bank. By placing small change in the piggy bank I always use that moment to tell my kids how important it is to save money in case we really need it someday.
    There was one year where we would always save the 1 euro and the 2 euro coins and only place those in a container. When the container was full we brought it to the bank and the amount that they counted was more than 800 Euros which was totally surprising. I would definitely say it is worth it to at least save 1 dollar a day just remember to do it daily and consistently.
     
  7. remnant

    remnant Expert Member
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    When it comes to savings, I posit that a definite amount wouldn't do the trick for me. I suppose that a percentage of any income that you get no matter how small would be easier to save. There are times whe you don't get any income and you'll be forced to save more in order to compensate. This method is quite good as the savings accumulate quickly and you would be able to save bigger amounts of cash since there are times when one gets a large windfall.
     
  8. joshposh

    joshposh Expert Member
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    Saving a dollar a day is a great way to start. But instead of putting away money on the side, maybe the focus should be how to cut your living situation and needs, by 25-50%. Don't eat out. Cook your own meals. Turn on the water heater 10 minutes before you shower, and then turn it off. Buy LED lights for the house. Using Public transit or car pooling to work. All of these things would add up more then $1 usd a day. Continue to put away $1 usd a day, but if you cut back 50% on your current lifestyle and excesses, imagine your monthly bills cut in half. That is a bigger savings onto it's own.
     
  9. ReadmeByAmy

    ReadmeByAmy Expert Member
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    I believe that we should always live our life with the means of our income. Whether we had small or big income it is just the same thing. Our spending habits and how we handle wisely our money will help us to save money for our emergency and future savings. There is a saying that big things comes from small things. And so saving a dollar a day is really a good start. You will never know as days pass by your one dollar is already a big amount as it accumulates everyday.
     
  10. My3Sons_NJ

    My3Sons_NJ New Member
      8/23

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    That is a great goal to have and until a few years ago it was even feasible but the vast medical expenses that we have had since the changes brought about by the Affordable Care Act (Obamacare), really hit my family hard. Luckily, we are now starting to dig out but others in our circumstances may face the same trade offs so having some flexibility in pursuing a saving program can be very beneficial. If you are currently doing well, a way to really start accumulating finds is save $1 X the current week of the year so for the first week, you save $1, the second week $2, etc. until you reach the last week of the year in which case you would put away $52.
     
  11. amelia88

    amelia88 Well-Known Member
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    I absolutely advocate for starting small when it comes to building supplies. When we first moved here, we didn't have anything in the way of an emergency kit - because we'd never been somewhere that we felt we needed it before. To be honest, living in Japan has really put the usefulness of having an emergency kit into perspective for me - no matter where we live and if it's prone to natural disasters or not.

    We did much like you suggested, but we allocated a certain amount each pay to go towards our emergency supply items - it really allowed us to gradually get things we needed without us feeling strapped for cash.
     
  12. pwarbi

    pwarbi New Member
      8/23

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    Saving a dollar a day might be a good way to start saving in the beginning, but it's going to take you a long time to be able to have a decent amount saved up so I'd be looking at saving more if I'm being honest. I've always saved 10% of any money that I've had coming in, and that's always worked OK for me and as got me quite a bit saved up.

    10% isn't a lot when you think about it, but it does tend to mount up quite quickly, and if you're wanting a rainy day fund so to speak, or even if you're saving for a specific item then it will certainly get you saving a lot more on a yearly basis than what saving a dollar a day would.
     
  13. FuZyOn

    FuZyOn Expert Member
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    Lately I've been trying to follow this budget plan and although I've been failing a little bit I hope I can achieve my goal by the end of the year. I know it's not much but I also have an emergency and retirement fund. If you can do it I highly recommend it, if not it's still good to save a dollar a day.
    [​IMG]
     
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  14. nytegeek

    nytegeek New Member
      3/23

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    Maybe safe small amounts in varied currencies as well. There disasters and events that can make the currency of your nation worthless or worth more. Even small investments or savings should be diversified.
     
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  15. pwarbi

    pwarbi New Member
      8/23

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    I've actually seen this plan a number of times now, and it does look like if you are able to stick to it and not dip into your savings half way through, by the end of the year you'll have a decent amount saved up, and it won't be too much of a financial hardship to make it happen. At the most you'll be having to put away $52 out of your income and I'm sure that we can all manage that and it comes at the end of the plan, so it's not as if you'll be losing $52 but more like gaining $1378.
     
  16. nytegeek

    nytegeek New Member
      3/23

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    Attitude is important. You need to view savings as gaining money rather than losing it because you don't spend it. If you view what you put aside as a loss from your pay or a bill you will never save much.
     
  17. FuZyOn

    FuZyOn Expert Member
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    I do it in reverse meaning the first week of the year I save up $52 and so on simply because you're better off putting away less money on Christmas when you need to buy gifts, but the plan is really good and by following it you get disciplined. With $1.4k you could buy a lot of things, it's essentially money that you wouldn't have because you'd spend it on small stuff.
     
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  18. ProNine

    ProNine Member
      18/23

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    I don't know whether one dollar is a good saving amount and you all can decide whether it's a good idea or not. However, it's still a good idea to save up money for a rain day. One of the best suggestions was mentioned above by @nytegeek, that you should invest in various places and save a bit in various currencies due to what can happen to your currency in the case of a financial crisis.
     
  19. Rosyrain

    Rosyrain Well-Known Member
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    I really like the 52 week challenge idea and you could save a lot of money in a single year by doing it. The first couple of weeks would be easy to accomplish and then you would have to work a little harder to save each week thereafter, but it would all be worth it at the end of the 52 weeks. After 52 weeks you could start the process all over again and compile your money even further. I am going to save this so I can try it out for myself!
     
  20. cluckeyo

    cluckeyo Well-Known Member
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    I got to thinking about how I, personally could save a dollar a day. And this is what I came up with. In the summer, I drink about 6 bottles of water, a canned Coke, and an Ensure almost every day. Fortunately I love unsweet tea, and 16 oz of unsweet tea costs around 2 cents. So I began today , and by giving up all that extra stuff and switching to tea I should actually save more like $2 a day. Small changes.
     
  21. pwarbi

    pwarbi New Member
      8/23

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    As long as you follow the principles of it, I guess it doesn't matter how you do it. I take your point about saving the $52 first because of Christmas but sometimes people are struggling for money the first weeks in January as well so it can be hard to save that much then as well.

    As long as you stick to some sort of plan though and follow the plan in whatever way best works for you, the outcome and the amount you'll end up with will be the same, it's just a case of working out what way best works for you in your circumstances.
     
  22. nytegeek

    nytegeek New Member
      3/23

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    Various currencies and even precious metals like gold platinum or silver.
     
  23. Rere

    Rere New Member
      8/25

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    I believe that we should always live our life with the means of our income. Whether we had small or big income it is just the same thing. Our spending habits and how we handle wisely our money will help us to save money for our emergency and future savings. There is a saying that big things comes from small things. And so saving a dollar a day is really a good start. You will never know as days pass by your one dollar is already a big amount as it accumulates everyday.
     
  24. WildSpirit

    WildSpirit Active Member
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    The big "trick" when it comes to saving money is to believe that the small amount won't make any difference in our daily life (and obviously keep that money in the bank because even "stopped", the money will still yield something at the end of the month :D).

    Today, the value may not mean much, but for sure, after some time saving money (constantly) it's very common that we are surprised at the value that we'll accumulate. From my own experience I can say that it's very worth doing this. ;)
     
  25. BethSztruhar

    BethSztruhar Member
      23/29

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    1$ per day is not too much, but when you'll look at it after a year, you'll be amazed!
    We save money like this: if we have way too many coins, we put the smaller ones in a box. This is the kind of saving that I like, beause I HATE those filthy coins, my wallet looks like a balloon because of them....so yeah, this is how we save.
     
  26. Chiari

    Chiari New Member
      3/25

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    That's a good start. You can also look for some other ways to save money, like selecting store brand products at supermarkets and pharmacies.
     
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