Benefits: Easy to start, easy to remember, quick result
Material: Jelly jar, piggy bank, beer mug, aquarium, 5-gallon water jug, accessories to personalize
There are several ways to save money using a change jar. You can dump all your coins at the end of the day, week, or month. Your jar will fill up quickly with this method; however you may not get as much saved in comparison to saving only certain coins. If you go with saving only nickel, dimes, and/or quarters your savings amount will be larger. You may decide to save only pennies in one jar and silver coins in another. To take it further you may save all your half dollars in one place as well. It’s completely up to you to decide how you will save.
Your savings goal is important to decide. What are you saving your money for; a trip, a new pair of shoes, a new bedroom suite, a down payment on a house? The choice is completely yours. How long will it take to save for your targeted goal? You will have to find out how much it cost and estimate how long it will take based on the average amount of change deposited each day or week. To stay motivated, find a picture of your desired target and attach it to your container.
Saving your change not only benefits you but it also benefits your children. When they see the change jar they are going to ask you why you are keeping all that money. That is a great time to explain your project and teach them the importance of saving for the things you want versus using a credit card, getting into debt, and paying more in the long run. It is also a good lesson in learning patience and delayed gratification. They may want to set up their own change jar and save for they toy, video game, or clothing they’ve been wanting for a while.
So where are you going to find all this change? The bottom of your purse is the first answer that comes to mind. I am always accumulating change in my purse from where I have dumped the change after a purchase. Other places may be in your sofa and chair cushions, in your car under and between the seats as well as the little cubbies in the car. On the ground, at the beach, in parking lots, or anywhere that people spend money. You might even invest in a metal detector.
When your change jar fills up you can take it to either a local grocery store that has a coin exchange machine and get cash for your coins or go to your local bank and exchange the coins there. At your bank you may want to simply deposit your coins into a savings account. After you’ve accumulated the minimum amount, open a money market account and earn more interest on your saving. Once you’ve reached your goal you can withdraw your money from your regular savings account and purchase your long awaited product.
Rich Single Momma