These days, coins can’t buy you all that much. Most things are worth more than two dollars, which means we are left with a lot of loose change each and every day.
However, it would be foolish of you to devalue spare change.
Imagine just how much you would have right now if you kept all these coins in a jar, and kept on adding to it day by day, week by week? There’s no doubt that spare change can quickly accumulate. But you have to think smart about how you go about collecting it.
Go old school with savings
You can start by recycling an old pickle jar to start store your spare change in. Place the jar in the kitchen with an enticing label on it like, “Feed me” or “summer holiday spending money.” Get as creative as possible.
Additionally, you can try developing a habit of tipping out your wallet or purse every time you pass the jar. Or perhaps you can establish a routine where the jar’s right next to where you dump your keys and wallet after work.
To make things a little more interesting, you can even apply a so-called “note rule” where each time your wallet has a note of a specific colour, then that goes straight into the jar as well.
Adding money to a jar is an easy-to-do, uncomplicated way to gain some extra money. And usually, the toughest part is counting it all up at the end.
Cashless loose change
But what if spare change doesn’t come often for you? How can you save your spare change if you don’t deal with cash anymore? You’ve still got options. You might just have to be a bit more hi-tech.
A feasible way is that you could set up a daily transfer of $1 from your everyday transaction account into your savings account. Or if you can afford it, a weekly transfer of $10. Because, let’s face it, if you were spending money the old-school way, that’s probably about how much spare change you’d amass.
Let’s face it: A year’s worth of spare change isn’t going to be enough to buy you a car or even a house deposit. But these are baby steps that can help pave the way for you to make larger strides towards even bigger goals.
Managing your finances in today’s landscape can be a tricky task. But fortunately, we have some tips that just might be of help.