Woman lives life one dollar at a time

PORTLAND, Ore. – When Julie Fast needs cash now, she doesn't go to the bank.

Instead the 45-year-old Portland woman goes to her mother's house down the street, where Fast keeps a drawer full of money - $1 bills to be exact.

She's been doing this for months as a way to cut her spending. Keeping the money there helps her stick to her daily expense plan, she said, because she doesn't feel like she has enough impulse control to keep the stash of cash at home. And paying for most of her everyday needs with single bills really makes her think.

"I had this idea - dollar bills - because there’s nothing better to see exactly how much you’re spending than to count dollar bills," she said.

Fast, an author and national speaker on bipolar disorder and depression, decided to make such a drastic change after she learned last November that her eBook sales had plummeted. 

"I decided to cut my spending literally in half,” said Fast, who suffers from bipolar disorder and has written three books on the subject, one of which has sold 85,000 copies. “And the way I did this was by cutting up my credit cards and going to a cash-only system."

Turns out, it takes a lot of work to stick to it. She withdraws a hundred $1 bills at a time from her bank accounts and takes just enough each day from the drawer at her mom's home to cover her carefully planned expenses.

"We don’t live in a society that teaches us to be strong about money, so I’m getting it out of my purse,” she said.

Fast doesn’t keep a daily spending limit but instead tries to buy as little as possible, depending on the day’s plans. For example, if she’s having a business meeting over coffee she’ll allow herself $2. (She was appalled for recently shelling out eleven ones for a chicken sandwich.) And she only eats out in emergencies, “if there’s a friend in town or something like that,” she said.

While in the past she ran up her credit cards buying everything from lip gloss to books to restaurant fare, now she is convinced relying on plastic prevents people from keeping track of their money.

In lieu of spending, Fast has turned to other activities, like walking with friend Karen Shoebottom, who was recently laid off from the mortgage industry. They count on each other to be smart with their money.

"If you’re out with someone who says, 'Let’s go somewhere where I can only spend $10,' it has a positive effect," Shoebottom said. "It’s about being conscious of what you’re purchasing."

Fast said she still does all the things she used to do, but instead of paying full price for a movie, she’ll see a $3 movie at the Bagdad Theatre in Southeast Portland, or she’ll have potlucks instead of going out with friends.

"It’s part of paring down your life," she said.

Until her income rises and she climbs out of debt, Fast said she’ll stick with the cash-only philosophy.

"I don’t plan to live like this forever," she said.

HAVE YOU EVER TRIED TO RELY ON CASH ALONE FOR SPENDING? WOULD YOU CONSIDER TRYING IT? LEAVE YOUR COMMENTS BELOW: