Time to Change Your Ways
I have heard people say they don’t like to collect a lot of change. Perhaps they find it too cumbersome, however it can change your life and add more value to your bottom line. Starting today we will begin making all that loose change your new best friend for life. It is time to change your ways and realize though small in value individually, collectively it can mount up to a good size savings or emergency account.
Set a New Routine
The first thing you must do is set a new routine to help you do this and manage all that change that gathers around, especially in the bottom of our pocketbooks for you ladies out there. Go find some old container now that would make a perfect thing to collect your loose change every day and put it where you will remember to unload your coinage every day. Here I have chosen an old pitcher that is chipped at the top, and put it on the back of my counter or laundry shelf or somewhere you will be reminded to stop and drop in your change for the day.
Reap the Benefit of Saving with Change
Once a week, or every other week, dump the contents into something like a money bag that is sturdy and can withstand the weight of a lot of change. Put the money bag away, perhaps in an underwear drawer away from temptation to dip into it. Now you have made room to collect more change in that pitcher for the remainder of the month.
Make Monthly Deposit to Your Savings
The last day of the month, empty the pitcher once more into the money bag to leave it empty and fresh to start the next month. Find a bank near you where you can open a “savings only” account and gives you some interest to build up as you put more and more change in. Also, one where they may have a coin counter to count the change for you and then deposit it into your new account.
Tracking Change is a Measurable Goal
Like anything we attempt to change, always make sure it has a measurable benefit. To change your ways abo
ut saving Change is just that – very measurable and rewarding. Get a check register from the bank and start with your initial monthly deposit, adding the amount of change and calculating the current new balance with every monthly deposit. If you collect and deposit just $50 a month, and deposit it into your new savings, that is $600 a year. In ten years you will have $6,000 in your savings change fund. So you see, change is more valuable as it collects with other change.
While you are at it, why not make it a family affair and see who can save the most in a year. The winner may get $5-10 from each of the other members funds to add to theirs; and the process then would begin a new year. Make it a fun challenge for all members of your family.
What a fun way to start saving for your emergency fund and just see how high you can get it – all simply by saving your loose change every day.
Now, let’s hear your thoughts and progress on the subject of saving loose change.