Can Saving Pocket Change Really Change Your Finances?

Can Pocket Change Help?

Can Pocket Change Help?

It’s amazing how many ways there are to save money.  It seems like every day we’re learning a new way to save.  And as Your Life for Less pointed out in one of their blog posts today, saving money isn’t a one-size fits all approach.

It helps if you can find a savings method that works for your particular situation.  If you find yourself carrying around change in your pocket, please stick around because we’ll be showing you how to turn this spare change into serious savings throughout the rest of this post.

The first thing that you should know about using change to save money is that there are creative ways to save money and there are more traditional ways to put something extra aside.  Saving pocket change as a savings strategy would definitely fall under the category of creative ways to save money.

However, don’t let the fact that this is creative prevent you from considering this option.  This is because throughout the day there are usually enough opportunities for you to use this strategy to make it worth your while.

Actively on the Lookout for Loose Change

One of the simplest ways to save spare pocket change is to physically look for it.  If you look in your own home, chances are that you will be able to find at least a few coins that you may have dropped and never noticed.  For example, a great place to look is in your couch, your pockets or even on the floorboard in your car.

Keeping the Change

Another really practical way to save your loose change is that anytime you pay for something with cash; resist the urge to insert the remaining $0.75 into the vending machine.  Instead, designate an empty jar as the place that you’ll be putting your loose change-going forward.

Digital Change

A number of financial institutions have started programs that encourage you to use your debit card by helping you build your savings account.  These programs tend to be referred to collectively as “save as you go” or “round up” plans.

The way it works is that for each purchase you make using your debit card, your bank rounds up that amount to the nearest dollar.  Then, they deposit the difference into your savings account.

This method of saving money does not put a lot of money into your savings account at a time, but over time the amount can add up.

At the end of the day, so long as you are consistently saving money the method that you use doesn’t matter so much.  However, if you like finding creative ways to do things or if you encounter a fair amount of change each day, saving your pocket change could be just what you need  to grow your savings account.

We hope you’ve enjoyed this post.  Also, don’t forget that if you’d like to stay current on the latest budgeting, saving money and fashion tips be sure to subscribe to our newsletter or RSS feed!

7 Comments

Filed under budget, save, Saving Money Now Series, savings, Uncategorized

7 responses to “Can Saving Pocket Change Really Change Your Finances?

  1. I’m sure you’ll see my post but I wanted to let you know that I nominated you for the Versatile Blogger Award! Congratulations! Here’s the website if you want more info: http://versatilebloggeraward.wordpress.com/

  2. Saving our spare change is often overlooked as a tactic to build savings. I think because a pocketful of change isn’t worth a lot, we don’t think of it as important. What we don’t realize though, is that if we save this change over time it can add up to a significant amount.

    I don’t often have spare change these days because I mostly use credit cards. But when I lived in Europe I used cash for a lot of purchases. I’d always have change at the end of the day and I put it in one place so I wouldn’t lose it. When I had enough, I used it to pay for things instead of bills.

    • Hi YLL, you’ve just hit the nail on the head. Since in our subconscious coins don’t hold as much value, even if we’re comparing $10.00 in Quarters to $10.00 in paper currency, it’s so easy to adopt an easy come, easy go outlook to coins. But as you’ve said, over time it can add up and become a substantial sum.

      Thanks for stopping by and sharing your thoughts!

  3. Another great post! You just hit the mark with this one. Just at the beginning of the month, I had saved $40 in change. Generally what I do is whatever change I have at the end of the day I toss it in a can and leave it there (unless my daughter needs lunch money). It’s a habit I picked up from my boyfriend who did that for so many years straight that he had over $1,000 or more once he finally empty out his water bottle (the kind you get from Arrowhead or Sparkletts. For every $100 I accumulate in cash during the month of savings or during any giving period, I take that and put it in an envelope, seal it and date it, and lock it up. My daughter picked up the habit and at the end of a school week, she takes whatever she has left from her lunch money and tosses it in her bucket. She saved so much one year that she bought her own cell phone. She has a savings account and a teen checking account which she manages on her own with some assistance from me in terms of reconciling and keeping her accounts active. Teaching them when they are young makes it much easy for them to know how to save for a rainy day.

    My sister (who currently lives in Brooklyn) took the money that she would normally spend on lunch and dinner from eating out during the week for one year and dumped it into her savings account instead, and brown bagged it. She racked up $500 if not more. She did it as an experiment to see how much she would actually save.

    How we save does not have a “one size fits all” approach to it…I have to agree with you on that because everyone’s savings habits are different – there are those who are disciplined and are avid savers and there are those who just go along without giving it a second thought. What we do with the pocket change we toss in a bucket at the end of the day determines our level of saving and what we do with it. Best idea is to throw it into a savings account and leave it there. You’ll have that rainy day fund built up whenever you need it. And it will add up over time.

    • Hi Rene, those are all excellent examples of this post “in action”.

      Kudos to you, your daughter and sister by the way. It sounds like the three of you are really on top of saving money.

      Hmm, never thought about using one of the big commercial water bottles to save change, but now that you mention it sounds like watching it feel up would be highly motivating. Thanks for commenting, Renee!

  4. Glad that I came across your blog, really good to read about ways in which money can be saved. Just love a good saving tip.

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