Saving loose change adds up
Let me assure you that you are not alone. A Lot of people today do not know what a budget is or even how to save money. They're just living paycheck to paycheck hoping they have enough funds for the next car payment that is due. The number one reason most people don’t save is that they don’t have a savings plan.
It should be no surprise that you should start with your loose change. You have heard that saving loose change quickly adds up, it really does.
Here's what you can do to start today when you get home after a long day's work. Find a jar or large container that will be used for loose change only. Empty your pockets, jackets, pocketbook, and chair of all loose change.
Put it in the container or jar. Do this everyday single day, or at the end of the week if that is easier for you to maintain. After you fill your jar, forget about, that's right don't think about it anymore until it's time to put your loose change in for the next day or the end of the week. That’s one reason I do most of my day to day living by spending cash. Any pennies or coins I find get deposited into the jar. It’s not much each time, but it typically when small jar can add up fairly quickly. When the jar is filled, it can be $50-$70 at a time.
Here is are some of the benefits of Saving loose change.
- If you’re broke, the cash can get you through a minor emergency. If you’re fairly solvent, it might pay for a small luxury. And if you’re forward-thinking, it can make your future a little brighter
- Pay down debt: the extra cash that you generate from your jar or piggy bank can go towards paying down your debt.
- Create an emergency fund: recommend at least $1000 in your emergency fund
- Vacation funds. Can easily use for fun money variations, your meals, or even your stay.
- Baby stuff/Weddings: everyone knows how expense, expecting a baby can be our wedding can cost. By saving your loose change a little can go long ways.
- Gifts can be used as Christmas or birthday gifts for the year.