How to save money using loose change
- 1
Coin jar
In these days and times it seems like every penny counts. It seems like everything costs twice as much as it did last year. Money just doesn't go as far as it used to. Sometimes it is the little things you do that can really make a big difference. In this case it is the loose change you acquire every day. - 2
Cash out
Now many people have commented on this but it seems like a lot of them are dwelling on the negative aspect of cashing in your coins. Like using coinstar and paying the fee or the gas it takes to go cash them in or the hassle of rolling the coins in the little sleeves etc. I guess you have to take those things into consideration if you are cashing them in right away like that but there are other alternatives. - 3
$1.00 a day easliy
It is not unrealistic to consider that the average person usually has around one dollar in change every day. Sometimes a little more, sometimes less so it will probably average out to be about $30.00 a month in change. I know for me i usually have more than that but lets say the $30.00 is average. - 4
Open a savings account
Open up some type of savings account. There are several to choose from like some type of IRA ( Roth ) or Mutual Fund or Money Market Acct. Take some time to find one that has the highest yield. There are some that are as high as 9 or 10%. For example if you put your $30.00 in change into your savings account every month for 30 years you would have approx. $60,000 to $70,000 of which in reality you put in about $15,000 or so and would make around $45,000 to $50,000. It is not hard to figure if you invested a little more, then the outcome would be enormous. This is nothing more than the change in your pocket or purse every day. - 5
Do you need this?
Consider this, besides the loose change that we all have. If you have a cell phone do you really need a house phone too @ $39.99 mo. or do you really need that cable TV you have at $39.99 mo. etc, etc. Something to think about.
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