Your Spare Change "Tips" Jar
Want to start saving? Try a spare change "tips" jar for yourself.
A colleague had mentioned that he saved all his pocket change in a big jar. He said each year he ended up with well over $1000. One year it acted as an emergency fund, another year-- he banked it, and yet another year he used it as his vacation fund.
This got me thinking about how I was doing this when I was younger in a bowl or dish. About one month ago, I started letting my change pile up. Here's what I ended up with:
- $19.50 in quarters
- $6.30 in dimes
- $2.05 in nickels
- $2.34 in pennies
That's a total of $30.19 in about one month-- annualized over $360 for a year. That's a very nice "tip" for you.
I used the quarters for gas last week-- almost a full tank and I am depositing $9.00 in rolled coins into the bank.
For anyone who says they can't save . . . here is an easy way to start.
Like this post? Check out the related posts for more information. You can also get email notification of new posts in your email by subscribing. Your email address won't be used for any other purpose than to send you notification of a new post.
Related posts:
Squirrel Accounts . . . Do Yourself a Favor and Set One Up
Wealth: It’s Not What You Make, It’s What You Keep! Wealth Building Posts Revisited
You've Got to Start Somewhere, So Chunk It!
Spending Money Recap
Ways to Save Reviewed
Should You Sell Your Gold or Collectibles?
Categories: Money Savers, Wealth, Personal Finance, Savings, Frugality, Personal Philosophy
Tags: Tips Tricks Techniques Personal Finance Ideas Frugality Money Savers Frugal How to ideas Savings Wealth Personal Philosophy
I think this is misleading. It gives the impression that those coins somehow amount to “found money”. Or that this money would have been wasted otherwise. I disagree. If I have coins accumulating in my pocket I will eventually use them to pay for something instead of pulling out paper money. I don’t throw them away nor let them leak out of my pocket into a black hole somewhere. They get used.
Mind you, I do have coin stashes, but I create them with coins from the bank. At drive-up windows (McDonalds, etc) I find it awkward to fish out money from my pocket because I sitting snugly in the car seat with the belt on. I therefore keep coins inside the center console container. Change from the drive-up also goes back in there. This doesn’t save me anything, and certainly generates no interest; it just makes the payment easier when I want a hamburger on the run. These car coins are also used for parking meters (only happens when I go to the “city”) and tolls (none in my state but occasionally I travel).
Reply to this
My intent was to demonstrate a way to "Find Savings"-- many people complain they can't save . . . here is a way to do it with mere pocket change.
Reply to this
Love this post...I guess I'm not crazy after all...I throw all my loose change into containers handily kept on my fridge. I keep separate plastic containers for each denomination to make it easier to sort/count later on.
Reply to this
PS. Since I don't go to McDonalds drive in or walk in, I save that money also
Reply to this
I've used this method for years. One day I rolled a bunch of quarters from my quarter jug and went out to do my errands and shopping. It was amazing how many people were grateful to be paid with a roll of quarters. Apparently their change drawer was running low.
If you save change for years in a large 5 gallon jug, it isn't uncommon to have at least $2,000 in it when it looks like it's time to empty it.
Clair
Reply to this