03/13/2008 (By Larissa Walkiw)

Savings tip: Keep the change

Saving money is hard to do sometimes. Unless you have an immediate goal in mind (like getting your hands on that video game), saving can slip your mind.

One approach that works for many people is extremely simple: keep your change. When using cash, get into the habit of only using bills to pay for things. At the end of the day, clear out all the change from your wallet and pockets and stick it in a coin jar.

You'll be more mindful of your cash spending, and after a month you'll see how all those little quarters and dimes can really add up.

The amount you save will depend on your saving habits, but generally a change jar collects between $30 and $50 dollars a month. Before leaving for this week's road trip, I counted my coins. My savings added up to $46.43 (I'm at the one-and-a-half month mark).

The best part about this method is that it's easy! You need very little determination to pull it off, and if you're not prone to saving, it can help pay off that debt, help you achieve that financial goal, or even become the regular contribution to your savings account.

So give it a try and see if it works for you.

Do you save your change already? Does this method work for you? Why or why not? Leave a comment below.

Larissa

Comments

1) Nicole M - 03/13/2008

It works for me! A friend and I planned a trip to Europe and I had been saving all my coins over the previous 1.5. It added up to close to $400.

2) Joanne D - 03/13/2008

My husband and I empty out our change into our dish every night. Then every 3 months we take it to the bank and deposit it into a savings account. We usually end up with $375 being deposited. It is a great way to save!

3) Larissa - 03/16/2008

http://www.youngfreealberta.com

I'm so glad that this system works for you!

I think it's a great way to start saving, because it's such an uninvolved process... You end up saving money without really thinking about it.

4) Michelle - 03/17/2008

I do this too! I took an old (algae-free) fish bowl and taped a photo of a beautiful beach with aqua-marine water to the front. It's my trip fund and every spare change "deposit" into the bowl gets me that much closer to a break from the everyday.