I had this idea a few days ago and since January 1st is approaching I think I'd like to finalize a plan and make it my new years resolution. Like many people, I need to lose weight. I'm not overly obese, just need to lose about 20 pounds and keep it off. I've gone on diets and exercise programs many times and managed to lose nearly all of that weight, but I always become lazy and start eating a bunch of junk food again and before long, I'm 20 pounds overweight again. Recently I was criticizing a co-worker for her cigarette habit. Besides the obvious health issues, we counted up the amount of money she's spent on cigarettes over the last 20 years and then imagined if she had bought silver coins with that money instead of cigarettes. The amount of money was quite substantial, especially if you include the appreciation of the silver itself. I think it came to around $30,000 without any gains in metal value. So it occurred to me that I'm really in the same situation with food. My vice is basically candy and junk-food from the vending machines at work. Pretty much if you leave that out, I'd be within my daily calorie limit. But also I realized that I could easily save approximately $2.00 per day by not eating said junk food. That works out to $60 per month or $720 per year. if I stuck with it over 30 years (about retirement age for me) I'd have $21,600. So. I'm trying to think of a way I can reward myself for not eating junk food. I would like some kind of visual representation of the amount of money I've saved. So I'd prefer to use coins rather than just have some number counting on a piece of paper or paper dollars. This way I can easily show not only myself but other people as well how much money I've saved by not eating junkfood. But here's the trouble. This is where I could use some advice. Here's the conundrum. I need to figure out what kind of coin to use. Whatever coin it is, I want to use the same one each day. Keep in mind that I need something in the realm of $2.00 per day. Here are some of the coins I've considered: Eisenhower Dollars Presidential Dollars Kennedy Half Dollars Susan B. Anthony Dollars 1-ounce copper bullion coins Here's the trouble with this. Each of these coins has the same problem. It is nearly impossible to get them at face value without buying a huge quantity at a time. In fact, my bank says they cannot even get dollar coins of any kind these days. (either that or they just don't want to) I see people selling hoards of eisenhowers on Craiglist but I'd need to buy $1,000 worth of them to get them and even then I'd be paying about $1.20 per coin. The copper bullion coins I can get for 88 cents a piece, but I have to buy 800 of them at a time to get that. (plus they are only worth about 30 cents in copper value) I can buy any of these one at a time off of eBay but by the time you include the markup and the shipping, I'm paying 4x face-value for them. If I buy a huge hoard of coins up front I am not sure my plan will work. Because it is kind of hard to tell myself "I'll reward myself with 'x' coin(s) if I'm good today" even though I already have a whole hoard of these in a box under my desk. So unfortunately, it appears if I'm going to pull this off I'll have to use essentially a standard US quarter. In which case I'll need 8 of them per day. I normally use $1 bills in the vending machine. So I'll have to make sure to get a roll of quarters every so often at the bank. Does anyone have any suggestion of other coins I could use and where I could get them at face value on a regular basis?
Use two jars and use quarters (as you mentioned). One jar for a behaved day and one for did not behave day. First thing in the morning get 8 quarters. Then at the end of the day put the quarters if you were good all day put all 8 quarters in the good day jar. If you were bad - put all 8 quarters(or what is left since you were bad) in the bad jar. Then when you reach your goal you get to spend the good day jar on a nice coin for yourself. The "bad day jar" donate to charity.
We don't have a change machine. The soda machine will give out $1 coins as change for a $5, but you have to buy a soda to get it. I don't even like sodas. I drink water.
Find a LCS where you can buy junk dimes or war nickels at melt and go there once a week. Let the dealer know what you are doing and you'll be in once a week. At least you have a chance to make a profit if silver increases its value. If you average the cost of a junk dime and war nickel you're looking at about $4 melt for the pair.
I like the change jar idea. Put yourself on a $2 a day allowance. Put the $2 in yoru pocket each day, and IF you buy junk food pay with it from that $2. At the end of the day, whatever is left, (hopefully all), of the $2 you put in a savings jar. When you wish to, take out of the savings jar and buy coins, (silver, etc). I would keep those items separate from the rest of your collection, just to show yourself what your hard work has bought you. I think its a good idea doing what you are doing. I should try similar myself.
Your bank should be able to give you kennedy half dollars at face value if you decide to go that route. I'd suggest silver dimes, as I believe this to be a better investment. You could wait and buy every month so you don't waste too much on shipping...... And if you did stick with it all the way to retirement I'd bet that $21,600, would be closer to a $100,000. (assuming silver keeps up with inflation or perhaps does even better)
Great idea actually! At first I thought this thread was going to be about limiting the amount of coins you buy, say only buying coins every other day for instance. I wonder how I could make that work for quitting smoking. $7 a pack, every two days. That's a few coins to be sure!
Hmm.. This is a good idea. See, what I'm worried about is if I just fill a jar with quarters, then when I decide to be bad again, I can dig into the jar of quarters and go have a snack-machine binge. That's why even half-dollars would be better as I'm quite sure the snack machine won't take those. But maybe if I just fill the jar with quarters and then once per week take those quarters and buy something else. If I was good all week, that would be $14 and I could actually buy a 40% silver eisenhower (one of my favorite coins to collect) or a 1964 half-dollar. I'm still pondering where to keep the jar. I could keep it in my office at work since that is where I'm most tempted to eat junk food. But then somebody might try to steal it.
I have some circulated Eisenhowers and SBA's that I would sell you at face value plus shipping for the package if dollar coins is the route you'd like to go. Send me a PM.
You could use those chocolate half dollars, the ones in the foil that you get from the bulk bins at the grocery store.
I only have a lonely 13 Ikes, but I am saving them and collecting more as I go for my honeymoon next year. Gonna use Ikes for purchasing things here and there so I can see people reactions (especially young kids who have never seen one). :yes:
Can you look for another bank or credit union? My credit union hates presidential dollars and loves to sell them to me. For a while I was getting 50 every Friday.
