How to Save Change

When we think about savings, most of us tend to think we have to make big changes to get a savings account started. On the contrary if we start small, like saving coins, we get into the habit of saving and see the benefits of sticking to those habits grow before our eyes.

Difficulty: Easy

Instructions

Things You'll Need:

• a bowl, canister, or box for change collection
• coin wrappers
• coins of all denominations

1. Put your bowl/canister in a high-traffic area of your home so it's easy to see. If you see it often you'll be reminded to add to it.

2. Make a habit of emptying pockets and purses of change once a day, putting all change in your chosen container. Great to do as a couple or a family. Getting those you live with involved will keep you motivated.

3. 
    

   In a world where most purchases are made with ATM and credit cards, and paychecks are direct deposited to accounts, not a lot of cash is used anymore.
   A good idea is to withdraw $10-$20 in cash a week from your account. Use this money to make small purchases throughout the week such as ordering a cup of coffee or buying lunch. Save the coins from all transactions, using only the bills you receive towards your next purchase. You'll be surprised how quickly your pile of change grows.

4. 
    

   Continue adding to your change bowl/canister.

5. 
    

   Every 3-6 months, empty your collection container, count your change and roll it in coin wrappers. These can be purchased for $1-$3 at grocery stores, pharmacies, and Wal-mart.

6. Take your rolled change, go to your bank and either deposit it into your savings account or take the money you receive home and save it in a secure location to use towards a vacation or a costly purchase.
   Do whatever is more comfortable for you. Some people do better when the cash is outta mind outta sight versus in an account. If it's in an account it could be more tempting to spend.

7. Enjoy your savings!

Tips & Warnings

• Kitchens, entryway console tables and near your telephone make excellent places to put a collection container.
• If you are felling adventurous, in addition to saving all coins, save all one dollar bills that you get too. I met a man in the check-out line at Walgreens once that did this, and I couldn't believe how much it benefited him.
• Don't discount pennies. They add up quickly and as the old adage goes, every penny really does count!

[happystar]

on 9/27/2009 Good idea.

[starlet67]

on 3/22/2009 I'd love to have one of those electric coin sorters!Saving up change does add up!5*

[MrsPerrin]

on 2/22/2009 Thank you.

[taylorplay4him]

on 4/21/2008 thanks! this will be very helpful info as I begin my saving adventures!! You know I once thought that I had to make "BIG CHANGES" in order to start saving. then someone began to point out to me that it's not true. Start small!!