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.
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.