Next Post: Eating Breakfast To Save Money?
The Power of the Pocket Change Jar 12comments
I have a little jar that sits on my dresser. Inside it is my pocket change from the last several days.
It seems like such a simple idea, but it can be quite powerful if you keep up with it. Instead of dumping excess pocket change into a vending machine, I keep it in my pocket. If I see money on the ground, even if it is just a penny, I pick it up and toss it in my pocket.
At the end of each day, I take that change and put it in the jar, where it remains for a while. I usually let it build up until the last Friday of the month, which is when I usually stop by my bank branch anyway to do business. I just take the jar with me and deposit the contents in the jar into my account. Most banks (not all, but most) will accept this relatively small amount of change as a deposit (they won’t give you cash directly, but they’ll usually accept it if it is a straight deposit into an account), so I just take the change jar up with my other business and ask them if I can deposit this into my checking account. From there, I usually deposit it into a high yield savings account that will earn interest on my accumulated change.
It’s also useful to keep an eye out for change where you can. Some of the best places to look are at drive-through windows and coin return slots in vending machines and pay phones. If you happen to be near one, check and see if there’s any change and if there is, drop it in your pocket and put it in the jar. Every little bit helps and it takes almost no effort at all.
On an average day, I have about 75 cents in pocket change; I used to have much more, but my habits have subtly changed (less vending machine, mostly). This means that I usually have a hair over twenty dollars in the jar at the end of each month, which often feels like “free money.”
It’s a simple and nearly effortless way to build up your personal savings.
I let it stack up and take it to Coinstar. They used to take a high % (8% maybe?) to count it for you which was silly…but now you can get the value in giftcards with no %…so walk-in with a bag of change ..walk out with a $80 gift card to home depot, gap, itunes. I did itunes last time and have a little kitty for music with my account.
My brother and uncle both save their coins in a large jar everyday. At the end of a year, they usually have $600 - $1000 each. They both use the money once a year, my uncle at Christmas to buy his only daughter’s gifts and my brother to pay for our sister’s summer camp tuition. My brother has taken this to the next level, saving all $1 bills which allows him to save about another $1000 a year. Such a simple thing can yield great results.
I also save change and roll it myself–something about doing that is very satisfying. I use it as spending money on vacations. I take it to the bank when I get at least $100. I also save $10 and $100 bills. Why those?? Seems like I get less $10 bills in change than others. The 100’s come along even more infrequently. This money is saved for the actual vacation that I use the coins saved for spending money.
It’s nice to know that I am not the only person who will bend over for a penny & check pay phones and vending machines for left behind change!!! It does add up. I wait until I am short on cash to cash mine in–my bank doesn’t charge a fee if you are an account holder to use thier coin-counting machine. (and my checking account is a free one) Silly, but, it is kind of fun to watch the machine work. My husband says I am easily amused but, he isn’t laughing when I pay for dinner with my savings jar.
I love finding change. At high school, change is frequently found on the ground. I usually find two or three pennies a day, and some days I find more. I found a dime and a penny today, and I’ve found quarters some days. The change return in coinstar machines is great too.
If, like me, you’re not too comfortable about Coinstar charging 8 cts for every dollar counted, you might be interested in coin-wraps from The Coin-Tainer Co. LLC.
A pack of these can easily be found at Wal-Mart for less than $2.00. Do the math :-)
If you are the person who is in such financial shape that requires you person to look at “coin return slots in vending machines and pay phones” to see if someone has left them change, you have my sympathies
For most of us, looking for change left by strangers or bringing in change to deposit once a month to a bank isnt a good use of our time.
I do employ a jar to save change, but only to keep the clutter to a minimum. when the jar is full, which takes about a year, I give it to a kid, a niece/nephew, and the smile you get is worth every penny.
Reminds me of a time when I was 12 years old. I made a goal of saving all the loose change I could for a whole year, then using that money to invest into my first CD. Well, I made it through that year and ended up saving over $700 in change to invest into that CD. That money over the years, invested into other things has got me over $26k. A wise investment?! :)
First of all I would like to say that,its refreshing to see other people doing the same thing I do(getting change from the ground,or simply from their own pockets).I too keep a small jar by my laptop,and the change adds up real quick! It’s unfortunate for other people to just toss pennies and even quarters on the floor.Well,its quite a benefit for me really because whenever I hear the sound(the way a coin drops,kinda noise)I immediatly get it(in a casual way of course).I find about maybe 40 to 70 cents on the floor and very rarly have I found actual paper money($1,$5,$10).I usually find alot of change in a local bars,most typically in stores(walmart,shoprite,etc…)and where ever people use change.
It was a first for me, but at the local Wells Fargo branch they have a “no-fee if you have an account” change machine like the coinstar. Pretty nice.
I save my change everyday and put it into an empty 5 gallon water jug at the end of the week. It’s been almost six months and I now have enough money to go on a vacation. I always say when I have change or see loose change sitting around, “It’ll go in my vacation fund!”
Leave a reply







Unfortunately the ease of using a debit/credit card makes it hard to build up change. I do the same thing, but takes me a lot longer to build up a decent amount of cash.
MoneyFwd @ 11:01 am November 1st, 2006 (comment #1)